Extra Space Storage® Announces Management Agreement for Eight Properties with the Irvine Company

SALT LAKE CITY, Oct. 12, 2012 /PRNewswire/ -- Extra Space Storage Inc. (NYSE: EXR) today announced it has entered into an agreement with the Irvine Company, a leading real estate development company, to assume management of eight self-storage assets. Effective September 28, 2012, the eight properties, located in Southern California, have been managed by Extra Space Storage. All of these assets will be reflagged and rebranded as Extra Space Storage properties.

(Logo: http://photos.prnewswire.com/prnh/20120730/LA48662LOGO)

"We are excited to form a partnership with the Irvine Company while at the same time continuing to grow the Extra Space Storage brand," said Spencer Kirk, Chief Executive Officer for Extra Space Storage. "An expanded footprint in these markets solidifies our ability to provide best-in-class efficiencies in online marketing, revenue management and property operations. Our company has been built on long-term strategic partnerships and we are excited to foster a mutually-beneficial relationship with a world-class organization like the Irvine Company."

Extra Space Storage® has been a leader in the storage industry for over 30 years. Since expanding to third party management, Extra Space Storage has become the largest self-storage management company in the country.

The Irvine Company's eight properties are located in high-quality, Irvine communities. The portfolio consists of 732,000 square feet and rents in excess of $15.00 per square foot. The individual properties are located at:

About Extra Space Storage Inc.
Extra Space Storage Inc., headquartered in Salt Lake City, is a fully integrated, self-administered and self-managed real estate investment trust. As of September 30, 2012, the Company owned and/or operated 910 self-storage properties in 34 states, Washington, D.C. and Puerto Rico. The Company's properties comprise approximately 610,000 units and approximately 66.5 million square feet of rentable storage space offering customers conveniently located and secure storage solutions, including business storage. Extra Space Storage is the second-largest owner and/or operator of self-storage properties and is the largest self-storage management company in the United States. For more information, visit www.extraspace.com. For more information on the Extra Space Storage's third-party management program, Extra Space ManagementPlus, visit www.extraspace.com/ManagementPlus.

About the Irvine Company Founded in 1864, the Irvine Company is an internationally renowned real estate development company known for its award-winning master-planned communities, its vast portfolio of high-quality investment properties, and its leadership in conservation and natural resource management. The growing real estate portfolio encompasses office, apartment, retail and resort holdings located throughout California's premier markets, including assets in San Diego, Orange and Los Angeles Counties, and holdings in Northern California. As a steward of some of America's most beautiful and scientifically important open space and parklands, the company has donated to Orange County more than half of the historic 93,000-acre Irvine Ranch in Orange County — 50,000 acres — to permanently preserve these lands. The U.S. Department of Interior and the State of California have designated these parklands as "Natural Landmarks," one of the most prestigious land preservation designations. The privately held, diversified company traces its roots to the 1860s with the formation of The Irvine Ranch® from Mexican and Spanish land grants.

SOURCE Extra Space Storage Inc.