Extra Space Storage Inc. — Director's Dealing 2012

May 23, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Extra Space Storage Inc. (EXR)
CIK: 0001289490
Period of Report: 2012-05-22

Reporting Person: SKOUSEN K FRED (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-05-22	Common Stock	A	3024	—	Acquired	34542	Direct
2012-05-23	Common Stock	M	5000	$12.50	Acquired	39542	Direct
2012-05-23	Common Stock	M	2300	$27.8566	Disposed	37242	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-05-23	Stock Options	$12.50	M	5000	Disposed		Common Stock (5000)	Direct

Footnotes

F1: Market price on date of grant was $28.11.

F2: Options vest ratably over four years from the option grant date.

F3: Options expire 10 years from the option grant date.