EXTRA SPACE STORAGE (EXR)

Item 11.    Executive Compensation

        Information with respect to executive compensation is incorporated by reference to the information set forth under the caption "Executive Compensation" in our definitive Proxy Statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A within 120 days after December 31, 2007.

Item 11.    Executive Compensation

        Information with respect to executive compensation is incorporated by reference to the information set forth under the caption "Executive Compensation" in our
definitive Proxy Statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A within 120 days after December 31, 2007.

Executive Compensation

        The executive compensation plan has been structured to provide short and long term incentives that promote continuing improvements in the Company's financial results and returns to stockholders. The Company's executive compensation is comprised of three elements designed to complement each other.

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Base salaries.  The Company's base salaries are designed to be competitive with those of executives of other equity REITs, which compete with the Company, while also taking into account the executive officers' performance.



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Annual Incentive Bonus.  Under the 2005 Performance Bonus Plan, the Company provides for the payment of cash incentive bonuses based on the Company's performance in relation to predetermined objectives and individual executive performance.



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Long Term Incentives.  The Company's long term incentive program allows for awards of stock options and grants of restricted stock under the Company's 2004 Incentive Plan. Stock options vest 25% each year for four years from the date of grant. Executives only benefit from the grant of stock options if the stock price increases and shareholders also benefit.

        During 2005, the Committee also approved bonus awards for selected executives heavily involved in the Company's successful acquisition of Storage USA.

Executive Compensation

Because the Company was only recently organized, meaningful individual compensation information is not available for prior periods. The following table sets forth the compensation for services rendered during the fiscal years ended 2004 and 2003, by Kenneth M. Woolley, Chief Executive Officer and for the four other most highly compensated officers of the Company during the fiscal year ended December 31, 2004. Such executive officers are referred to herein collectively as the “named executives.”

Item 11. Executive Compensation

Information required by this Item is hereby incorporated by reference to the material appearing in the Company’s Proxy Statement for its 2005 Annual Meeting of Stockholders to be filed within 120 days after December 31, 2004.