SALT LAKE CITY, June 20, 2023 /PRNewswire/ -- Extra Space Storage Inc. ("EXR") (NYSE: EXR) announced today that as of 5:00 p.m., New York City time, on June 16, 2023 (the "Early Consent Date"), the aggregate principal amounts of each series of notes listed in the table below (collectively, the "Life Storage Notes") previously issued by Life Storage LP ("Life Storage OP") and guaranteed by Life Storage, Inc. ("LSI" and together with Life Storage OP, "Life Storage"), had been validly tendered and not validly withdrawn in connection with EXR's previously announced offers to exchange all validly tendered and accepted Life Storage Notes of each such series for notes to be issued by Extra Space Storage LP ("Extra Space OP" and together with EXR, "Extra Space" or the "Company") and guaranteed by EXR and certain of its subsidiaries (collectively, the "EXR Notes"), and the related solicitation of consents from holders of the Life Storage Notes to amend the indenture governing the Life Storage Notes to eliminate (1) substantially all of the restrictive covenants in the Life Storage indenture and (2) any of Life Storage's reporting obligations under the Life Storage Notes other than those required by applicable law (together, the "Proposed Amendments"). Extra Space is hereby amending the terms of the Exchange Offers (as defined below) so that, for each $1,000 principal amount of Life Storage Notes validly tendered for exchange (and not validly withdrawn) after the Early Consent Date but prior to the Expiration Date (which is 5:00 p.m., New York City time, on July 21, 2023 unless extended), eligible holders of Life Storage Notes will now also be eligible to receive $1,000 principal amount of EXR Notes plus $1.00 in cash, which includes the early participation premium (the "Total Consideration"). To be eligible to receive the Total Consideration, holders of Life Storage Notes must validly tender (and not validly withdraw) their Life Storage Notes at or prior to the Expiration Date. A Registration Statement on Form S-4 (File No. 333-272407) (the "Registration Statement") relating to the issuance of the EXR Notes was filed with the Securities and Exchange Commission ("SEC") on June 5, 2023, and was declared effective by the SEC on June 16, 2023.