Summary of EXTRA SPACE STORAGE INC.

ITEM 8.01 OTHER EVENTS

Extra Space Storage Inc. (the "Company") is re-issuing its historical consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2008 ("Form 10-K"), and the accompanying selected financial data to satisfy Securities and Exchange Commission requirements as they relate to the Company's adoption and retroactive application of the following accounting pronouncements as of January 1, 2009: (i) FASB Statement of Position No. APB 14-1 "Accounting for Convertible Debt Instruments That May Be Settled in Cash Upon Conversion (Including Partial Cash Settlement)" ("FSP APB 14-1"); (ii) Statement No. 160 "Noncontrolling Interests in Consolidated Financial Statements-An Amendment of ARB No. 51" ("FAS 160"); and (iii) FASB Staff Position EITF 03-6-1, "Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities" ("FSP EITF 03-6-1"). The Company is also re-issuing the Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") that accompanied those consolidated financial statements. In addition, the Company has revised the amounts allocated to its noncontrolling interests in its operating partnership and updated earnings per share accordingly.

This Current Report on Form 8-K updates Items 6, 7 and 8 of the Company's Form 10-K, including the financial statements therein, to reflect the application of FSP APB 14-1, FAS 160, and FSP EITF 03-6-1. The updated financial information is attached to this Current Report on Form 8-K as Exhibit 99.1. Except as expressly noted above, the information contained in this report has not been updated to reflect any developments since December 31, 2008.