OREANDA-NEWS. On March 20, 2007 Extra Space Storage Inc. (the "Company") (NYSE: EXR) announced that its operating partnership subsidiary, Extra Space Storage LP (the "Operating Partnership"), has commenced a private offering, subject to market conditions, of $200.0 million aggregate principal amount of Exchangeable Senior Notes due 2027 (the "Notes"),  reported the press-centre of  Extra Space Storage Inc.

Up to an additional $30.0 million aggregate principal amount of Notes may be issued at the option of the initial purchasers within thirty (30) days of the initial issuance of the Notes, to cover over-allotments, if any.

The Notes will be senior unsecured obligations of the Operating Partnership and will be fully and unconditionally guaranteed by the Company. Upon the occurrence of specified events, the Notes will be exchangeable into shares of the Company's common stock. The interest rate, exchange rate and offering price will be determined by negotiations between the Operating Partnership and the initial purchasers of the Notes. The Operating Partnership intends to use the net proceeds from the private offering for general corporate purposes and self-storage property acquisitions.

The Notes will be offered and sold only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the "Securities Act").

The Notes and the Company's common stock issuable upon exchange of the Notes have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This release shall not constitute an offer to sell or the solicitation of an offer to buy any of these securities, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.