Jefferson Scott Shreve - Sep 15, 2022 Form 3 Insider Report for Extra Space Storage Inc. (EXR)

Role: Director
Signature: Grace Kunde - attorney in fact
Stock symbol: EXR
Transactions as of: Sep 15, 2022
Transactions value $: $0
Form type: 3
Date filed: 9/19/2022, 05:16 PM
Next filing: May 26, 2023

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	EXR	Common Operating Partnership Units							Sep 15, 2022	Common Stock	619K	$0.00	Direct	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Extra Space Storage LP's (the "Operating Partnership") common operating partnership units ("OP Units") will be redeemable, at the option of the holder, following the expiration of a lock-up period of at least one year from the date of issuance. The redemption obligation may be satisfied, at the option of Extra Space Storage Inc. (the "Company"), in cash or shares of the Company's common stock ("Common Stock"). If the Company chooses to satisfy its redemption obligations with respect to the OP Units in Common Stock, each OP Unit would receive one share of Common Stock, subject to adjustment pursuant to the Operating Partnership's Fourth Amended and Restated Agreement of Limited Partnership (the "Partnership Agreement"). The OP Units have no expiration date.

Content

Extra Space Storage LP's (the "Operating Partnership") common operating partnership units ("OP Units") will be redeemable, at the option of the holder, following the expiration of a lock-up period of at least one year from the date of issuance. The redemption obligation may be satisfied, at the option of Extra Space Storage Inc. (the "Company"), in cash or shares of the Company's common stock ("Common Stock"). If the Company chooses to satisfy its redemption obligations with respect to the OP Units in Common Stock, each OP Unit would receive one share of Common Stock, subject to adjustment pursuant to the Operating Partnership's Fourth Amended and Restated Agreement of Limited Partnership (the "Partnership Agreement"). The OP Units have no expiration date.