THIS ELEVENTH SUPPLEMENTAL INDENTURE (this Eleventh Supplemental
Indenture) is entered into as of December 1, 2023 among Extra Space Storage LP, a Delaware limited partnership (the Company), Extra Space Storage Inc., a Maryland corporation (the Parent), ESS
Holdings Business Trust I, a Massachusetts trust (Trust I), ESS Holdings Business Trust II, a Massachusetts trust (Trust II, and together with the Parent and Trust I, the Guarantors), and
Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), a national banking association organized under the laws of the United States, as trustee (the Trustee).
WITNESSETH:
WHEREAS, the Company has delivered to the Trustee an Indenture, dated as of May 11, 2021 (the Base
Indenture), providing for the issuance by the Company from time to time of Securities in one or more Series;
WHEREAS, Section 2.2 of the Base Indenture provides for various matters with respect to any Series of Securities issued
under the Base Indenture to be established in an indenture supplemental to the Base Indenture;
WHEREAS, each of the
Company and each of the Guarantors previously entered into the First Supplemental Indenture, dated as of May 11, 2021, to establish the form and to provide for the issuance of a Series of the Companys senior notes designated as 2.550%
Senior Notes due 2031, in an initial aggregate principal amount of $450,000,000;
WHEREAS, each of the Company and each of
the Guarantors previously entered into the Second Supplemental Indenture, dated as of September 22, 2021, to establish the form and to provide for the issuance of a Series of the Companys senior notes designated as 2.350% Senior Notes due
2032, in an initial aggregate principal amount of $600,000,000;
WHEREAS, each of the Company and each of the Guarantors
previously entered into the Third Supplemental Indenture, dated as of March 31, 2022, to establish the form and to provide for the issuance of a Series of the Companys senior notes designated as 3.900% Senior Notes due 2029, in an initial
aggregate principal amount of $400,000,000;
WHEREAS, each of the Company and each of the Guarantors previously entered
into the Fourth Supplemental Indenture, dated as of March 28, 2023, to establish the form and to provide for the issuance of a Series of the Companys senior notes designated as 5.700% Senior Notes due 2028, in an initial aggregate
principal amount of $500,000,000;
WHEREAS, each of the Company and each of the Guarantors previously entered into the
Fifth Supplemental Indenture, dated as of June 16, 2023, to establish the form and to provide for the issuance of a Series of the Companys senior notes designated as 5.500% Senior Notes due 2030, in an initial aggregate principal amount
of $450,000,000;
WHEREAS, each of the Company and each of the Guarantors previously entered into the Sixth Supplemental
Indenture, dated as of July 25, 2023, to establish the form and to provide for the issuance of a Series of the Companys senior notes designated as 3.500% Senior Notes due 2026, in an initial aggregate principal amount of $582,627,000;
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