<SEC-DOCUMENT>0001179110-21-001969.txt : 20210218
<SEC-HEADER>0001179110-21-001969.hdr.sgml : 20210218
<ACCEPTANCE-DATETIME>20210218202944
ACCESSION NUMBER:		0001179110-21-001969
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20210216
FILED AS OF DATE:		20210218
DATE AS OF CHANGE:		20210218

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Sondhi Samrat
		CENTRAL INDEX KEY:			0001596298

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32269
		FILM NUMBER:		21651625

	MAIL ADDRESS:	
		STREET 1:		2795 E COTTONWOOD PARKWAY
		STREET 2:		SUITE 400
		CITY:			SALT LAKE CITY
		STATE:			UT
		ZIP:			84121

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Extra Space Storage Inc.
		CENTRAL INDEX KEY:			0001289490
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				201076777
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		2795 COTTONWOOD PARKWAY, SUITE 400
		CITY:			SALT LAKE CITY
		STATE:			UT
		ZIP:			84121
		BUSINESS PHONE:		801-562-5556

	MAIL ADDRESS:	
		STREET 1:		2795 COTTONWOOD PARKWAY, SUITE 400
		CITY:			SALT LAKE CITY
		STATE:			UT
		ZIP:			84121
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
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    <documentType>4</documentType>

    <periodOfReport>2021-02-16</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001289490</issuerCik>
        <issuerName>Extra Space Storage Inc.</issuerName>
        <issuerTradingSymbol>EXR</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001596298</rptOwnerCik>
            <rptOwnerName>Sondhi Samrat</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2795 E COTTONWOOD PARKWAY</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 300</rptOwnerStreet2>
            <rptOwnerCity>SALT LAKE CITY</rptOwnerCity>
            <rptOwnerState>UT</rptOwnerState>
            <rptOwnerZipCode>84121</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Executive VP and CMO</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2021-02-16</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>F</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>304</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>116.80</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>75265</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
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                <directOrIndirectOwnership>
                    <value>D</value>
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        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
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            <transactionDate>
                <value>2021-02-16</value>
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                <transactionFormType>4</transactionFormType>
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                <transactionShares>
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                    <value>116.80</value>
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                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
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                <sharesOwnedFollowingTransaction>
                    <value>74914</value>
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            <ownershipNature>
                <directOrIndirectOwnership>
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        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
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            <transactionDate>
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            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>F</transactionCode>
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            <transactionAmounts>
                <transactionShares>
                    <value>266</value>
                    <footnoteId id="F3"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>116.80</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>74648</value>
                </sharesOwnedFollowingTransaction>
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                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2021-02-16</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>5194</value>
                    <footnoteId id="F4"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>117.19</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>79842</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2021-02-16</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2332</value>
                    <footnoteId id="F5"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>117.19</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>82174</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">Represents shares withheld by the Issuer in payment of the tax liability arising in connection with the settlement of vested restricted stock awards.  Restricted stock awards vest 25% annually over four years, beginning on the first anniversary of the grant date 2/12/2020.</footnote>
        <footnote id="F2">Represents shares withheld by the Issuer in payment of the tax liability arising in connection with the settlement of vested restricted stock awards.  Restricted stock awards vest 25% annually over four years, beginning on the first anniversary of the grant date 2/14/2018.</footnote>
        <footnote id="F3">Represents shares withheld by the Issuer in payment of the tax liability arising in connection with the settlement of vested restricted stock awards.  Restricted stock awards vest 25% annually over four years, beginning on the first anniversary of the grant date 2/15/2017.</footnote>
        <footnote id="F4">Represents the number of shares of common stock issued upon the vesting of performance stock units (PSUs). Each PSU represented a contingent right to receive shares of the Issuer common stock. The PSUs were originally granted on February 14, 2018 and were eligible to vest based on the Issuer achievement of certain performance objectives during the three-year performance period ending December 31, 2020. On February 16, 2021, the Compensation Committee of the Board of Directors of the Issuer certified the Issuer achievement relative to the applicable performance objectives and approved the vesting of the PSUs with respect to these shares.</footnote>
        <footnote id="F5">Restricted stock awards vest 25% annually over four years, beginning on the first anniversary of the grant date.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Grace Kunde - attorney in fact</signatureName>
        <signatureDate>2021-02-18</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
