ITEM 8.01 OTHER EVENTS
On October 2, 2020, Extra Space Storage LP (the "Company") issued a notice of
full redemption pursuant to the Indenture, dated as of September 21, 2015 (the
"Indenture"), among the Company, Extra Space Storage Inc., as guarantor (the
"Guarantor"), and Wells Fargo Bank, N.A., as trustee and paying agent, governing
its 3.125% Exchangeable Senior Notes due 2035 (CUSIP No. 30225VAD9) (the
"Notes"). The Company announced that it intends to redeem all of its outstanding
Notes on November 2, 2020 (such date, the "Redemption Date") at a redemption
price equal to 100% of the principal amount of the Notes, plus accrued and
unpaid interest thereon to, but excluding, the Redemption Date.
The Notes may be exchanged into shares of the Guarantor's common stock, par
value $0.01 per share, subject to the terms, conditions and adjustments
specified in the Indenture and the Notes prior to 5:00 p.m. New York City Time
on October 29, 2020, the second scheduled trading day prior to the Redemption
Date. As of October 2, 2020, the Notes are exchangeable at an Exchange Price (as
defined in the Indenture) of approximately $90.91 per share and an Exchange Rate
of 11.0001 shares of the Guarantor's common stock per $1,000 principal amount of
Notes.
The redemption is being made solely pursuant to the Company's Notice of Full
Redemption dated October 2, 2020, which will deliver to the registered holders
of the Notes by Wells Fargo Bank, N.A., as trustee and paying agent. This
Current Report on Form 8-K does not constitute a notice of redemption of the
Notes.
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EXTRA SPACE STORAGE INC. 
