ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS

On February 2, 2009, Extra Space Storage Inc. issued a press release announcing Kenneth M. Woolley, the Company's Chairman and Chief Executive Officer, has accepted an invitation to serve a mission for the Church of Jesus Christ of Latter-day Saints. In accepting this opportunity, Mr. Woolley will take a three-year leave from the Company's management team beginning April 1, 2009. The Company's board of directors has selected the Company's current President, Spencer F. Kirk, to succeed Mr. Woolley as Chairman and Chief Executive Officer as of April 1, 2009. The composition of the board of directors will remain the same with the exception of the Chairman position which will be assumed by Mr. Kirk.

Information related to Mr. Kirk's background and relationship with the Company is set forth in the Company's Proxy Statement for the 2008 Annual Meeting filed with the Securities and Exchange Commission on April 14, 2008.