SALT LAKE CITY, Feb. 16 /PRNewswire-FirstCall/ -- Extra Space Storage Inc. (NYSE: EXR) announced today that 100% of its 2004 Common Share dividend qualifies as return of capital. The table below summarizes the income tax treatment for 2004 distributions for the Common Shares of Extra Space Storage Inc. (CUSIP# 30225T102).

          Record        Payable       Distribution     Ordinary     Return of
           Date          Date          Per Share       Taxable       Capital
                                                       Dividend
          9/15/04        9/30/04        $0.1113        $0.0000       $0.1113
          12/15/04      12/31/04        $0.2275        $0.0000       $0.2275

The Company's third quarter dividend of $.1113 per share was a pro-rata distribution for the period commencing upon completion of Extra Space Storage's initial public offering on August 17, 2004 and ending September 30, 2004. The Company's fourth quarter dividend was a full quarterly distribution of $.2275 based on a $.91 per share dividend for a full year.

About Extra Space Storage Inc.

Extra Space Storage Inc., headquartered in Salt Lake City, Utah, is a real estate investment trust that owns and operates 141 self-storage properties in 20 states. The Company's properties comprise more than 87,000 units and 9 million square feet rented by over 70,000 tenants. Additional Extra Space Storage information is available at www.extraspace.com.

SOURCE Extra Space Storage Inc.
02/16/2005
CONTACT: James Overturf of Extra Space Storage Inc., +1-801-365-4501; or William Coffin of CCG Investor Relations, +1-818-789-0100, for Extra Space Storage Inc.
Web site: http://www.extraspace.com