Extra Space Storage LP, a subsidiary of Extra Space Storage Inc., has issued $550,000,000 in aggregate principal amount of 4.900% Senior Notes due 2032. The Notes are fully and unconditionally guaranteed by Extra Space Storage Inc., ESS Holdings Business Trust I, and ESS Holdings Business Trust II. The offering price was 99.702% of the principal amount. Interest on the Notes is payable semi-annually on February 1 and August 1, starting February 1, 2027, with a maturity date of February 1, 2032. The Indenture includes restrictive covenants limiting the incurrence of additional indebtedness and requiring the maintenance of unencumbered assets. The Notes are senior unsecured obligations, ranking equally with other senior unsecured debt but are structurally subordinated to mortgage and other secured indebtedness, as well as debt of subsidiaries.