10-K

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Table of Contents
Item 8. Financial Statements and Supplementary Data

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-K

(Mark One)
ý	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2012
OR
o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                                  to                                   .

Commission File Number: 001-32269

EXTRA SPACE STORAGE INC.
(Exact name of registrant as specified in its charter)

Maryland (State or other jurisdiction of incorporation or organization)	20-1076777 (I.R.S. Employer Identification No.)
2795 East Cottonwood Parkway, Suite 400 Salt Lake City, Utah 84121 (Address of principal executive offices and zip code)

Registrant's telephone number, including area code: (801) 365-4600

         Securities Registered Pursuant to Section 12(b) of the Act:

Title of Each Class	Name of exchange on which registered
Common Stock, $0.01 par value	New York Stock Exchange, Inc.

         Securities registered pursuant to Section 12(g) of the Act: None

         Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ý    No o

         Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o    No ý

         Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý    No o

         Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ý    No o

         Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment of this Form 10-K. o

         Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ý Accelerated filer o Non-accelerated filer o
(Do not check if a
smaller reporting company) Smaller reporting company o

         Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o    No ý.

         The aggregate market value of the common stock held by non-affiliates of the registrant was $2,990,113,517 based upon the closing price on the New York Stock Exchange on June 29, 2012, the last business day of the registrant's most recently completed second fiscal quarter. This calculation does not reflect a determination that persons whose shares are excluded from the computation are affiliates for any other purpose.

The number of shares outstanding of the registrant's common stock, $0.01 par value per share, as of February 15, 2013 was 110,742,088.

Documents Incorporated by Reference

         Portions of the registrant's definitive proxy statement to be issued in connection with the registrant's annual stockholders' meeting to be held in 2013 are incorporated by reference into Part III of this Annual Report on Form 10-K.

EXTRA SPACE STORAGE INC.

Table of Contents

PART I		3
Item 1.	Business	3
Item 1A.	Risk Factors	7
Item 1B.	Unresolved Staff Comments	20
Item 2.	Properties	20
Item 3.	Legal Proceedings	25
Item 4.	Mine Safety Disclosures	25
PART II		25
Item 5.	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	25
Item 6.	Selected Financial Data	27
Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	28
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	46
Item 8.	Financial Statements and Supplementary Data	47
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	109
Item 9A.	Controls and Procedures	109
Item 9B.	Other Information	111
PART III		111
Item 10.	Directors, Executive Officers and Corporate Governance	111
Item 11.	Executive Compensation	112
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	112
Item 13.	Certain Relationships and Related Transactions, and Director Independence	112
Item 14.	Principal Accounting Fees and Services	112
PART IV		113
Item 15.	Exhibits and Financial Statement Schedules	113
SIGNATURES		117

1

Statements Regarding Forward-Looking Information

Certain information set forth in this report contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions and other information that is not historical information. In some cases, forward-looking statements can be identified by terminology such as "believes," "expects," "estimates," "may," "will," "should," "anticipates," or "intends" or the negative of such terms or other comparable terminology, or by discussions of strategy. We may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by us or on our behalf, are also expressly qualified by these cautionary statements.

All forward-looking statements, including without limitation, management's examination of historical operating trends and estimates of future earnings, are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them, but there can be no assurance that management's expectations, beliefs and projections will result or be achieved. All forward-looking statements apply only as of the date made. We undertake no obligation to publicly update or revise forward-looking statements which may be made to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.

There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in or contemplated by this report. Any forward-looking statements should be considered in light of the risks referenced in "Part I. Item 1A. Risk Factors" below. Such factors include, but are not limited to:

•

adverse changes in general economic conditions, the real estate industry and in the markets in which we operate;

•

the effect of competition from new and existing self-storage facilities or other storage alternatives, which could cause rents and occupancy rates to decline;

•

difficulties in our ability to evaluate, finance, complete and integrate acquisitions and developments successfully and to lease up those properties, which could adversely affect our profitability;

•

potential liability for uninsured losses and environmental contamination;

•

the impact of the regulatory environment as well as national, state, and local laws and regulations including, without limitation, those governing Real Estate Investment Trusts ("REITs"), which could increase our expenses and reduce our cash available for distribution;

•

disruptions in credit and financial markets and resulting difficulties in raising capital or obtaining credit at reasonable rates or at all, which could impede our ability to grow;

•

increased interest rates and operating costs;

•

reductions in asset valuations and related impairment charges;

•

the failure of our joint venture partners to fulfill their obligations to us or their pursuit of actions that are inconsistent with our objectives;

•

the failure to maintain our REIT status for federal income tax purposes;

•

economic uncertainty due to the impact of war or terrorism, which could adversely affect our business plan; and

•

difficulties in our ability to attract and retain qualified personnel and management members.

The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. These beliefs, assumptions and

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expectations are subject to risks and uncertainties and can change as a result of many possible events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking statements. You should carefully consider these risks before you make an investment decision with respect to our securities.

We disclaim any duty or obligation to update or revise any forward-looking statements set forth in this Annual Report on Form 10-K to reflect new information, future events or otherwise.

PART I

Item 1.    Business

General

        Extra Space Storage Inc. ("we," "our," "us" or the "Company") is a self-administered and self-managed real estate investment trust ("REIT") formed as a Maryland corporation on April 30, 2004, to own, operate, manage, acquire, develop and redevelop professionally managed self-storage facilities. We closed our initial public offering ("IPO") on August 17, 2004. Our common stock is traded on the New York Stock Exchange under the symbol "EXR."

        We were formed to continue the business of Extra Space Storage LLC and its subsidiaries (the "Predecessor"), which had engaged in the self-storage business since 1977. These companies were reorganized after the consummation of our IPO and various formation transactions. As of December 31, 2012, we held ownership interests in 729 operating properties. Of these operating properties, 448 are wholly-owned, and 281 are owned in joint venture partnerships. An additional 181 operating properties are owned by third parties and operated by us in exchange for a management fee, bringing the total number of operating properties which we own and/or manage to 910. These operating properties are located in 34 states, Washington, D.C. and Puerto Rico and contain approximately 67.0 million square feet of net rentable space in approximately 610,000 units and currently serve a customer base of over 490,000 tenants.

        We operate in three distinct segments: (1) property management, acquisition and development; (2) rental operations; and (3) tenant reinsurance. Our property management, acquisition and development activities include managing, acquiring, developing and redeveloping self-storage facilities. Our rental operations activities include rental operations of self-storage facilities. Tenant reinsurance activities include the reinsurance of risks relating to the loss of goods stored by tenants in the Company's self storage facilities.

        Substantially all of our business is conducted through Extra Space Storage LP (the "Operating Partnership"). Our primary assets are general partner and limited partner interests in the Operating Partnership. This structure is commonly referred to as an umbrella partnership REIT, or UPREIT. We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). To the extent we continue to qualify as a REIT we will not be subject to tax, with certain exceptions, on our net taxable income that is distributed to our stockholders.

        We file our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports with the Securities and Exchange Commission (the "SEC"). You may obtain copies of these documents by visiting the SEC's Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549, by calling the SEC at 1-800-SEC-0330 or by accessing the SEC's website at www.sec.gov. In addition, as soon as reasonably practicable after such materials are furnished to the SEC, we make copies of these documents available to the public free of charge through our website at www.extraspace.com, or by contacting our Secretary at our principal offices, which are located at 2795 East Cottonwood Parkway, Suite 400, Salt Lake City, Utah 84121, telephone number (801) 365-4600.

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Management

        Members of our executive management team have significant experience in all aspects of the self-storage industry, having acquired and/or developed a significant number of properties since before our IPO. Our executive management team and their years of industry experience are as follows: Spencer F. Kirk, Chief Executive Officer, 15 years; Scott Stubbs, Executive Vice President and Chief Financial Officer, 12 years; Karl Haas, Executive Vice President and Chief Operating Officer, 25 years; Charles L. Allen, Executive Vice President and Chief Legal Officer, 15 years; and Kenneth M. Woolley, Executive Chairman and Chief Investment Officer, 32 years.

        Our executive management team and board of directors have a significant ownership position in the Company with executive officers and directors owning approximately 6,119,889 shares or 5.5% of our outstanding common stock as of February 15, 2013.

Industry & Competition

        Self-storage facilities refers to properties that offer month-to-month storage space rental for personal or business use. Self-storage offers a cost-effective and flexible storage alternative. Tenants rent fully enclosed spaces that can vary in size according to their specific needs and to which they have unlimited, exclusive access. Tenants have responsibility for moving their items into and out of their units. Self-storage unit sizes typically range from 5 feet by 5 feet to 20 feet by 20 feet, with an interior height of 8 feet to 12 feet. Properties generally have on-site managers who supervise and run the day-to-day operations, providing tenants with assistance as needed.

        Self-storage provides a convenient way for individuals and businesses to store their possessions due to life changes, or simply because of a need for storage space. The mix of residential tenants using a self-storage property is determined by a property's local demographics and often includes people who are looking to downsize their living space or others who are not yet settled into a permanent residence. Items that residential tenants place in self-storage properties range from cars, boats and recreational vehicles, to furniture, household items and appliances. Commercial tenants tend to include small business owners who require easy and frequent access to their goods, records, inventory or storage for seasonal goods.

        Our research has shown that tenants choose a self-storage property based primarily on the convenience of the site to their home or business, making high-density, high-traffic population centers ideal locations for self-storage properties. A property's perceived security and the general professionalism of the site managers and staff are also contributing factors to a site's ability to successfully secure rentals. Although most self-storage properties are leased to tenants on a month-to-month basis, tenants tend to continue their leases for extended periods of time.

        There are seasonal fluctuations in occupancy rates for self-storage properties. Based on our experience, generally, there is increased leasing activity at self-storage properties during the spring and summer months. The highest level of occupancy is typically at the end of July, while the lowest level of occupancy is seen in late February and early March.

        Since inception in the early 1970's, the self-storage industry has experienced significant growth. According to the Self-Storage Almanac (the "Almanac"), in 2002 there were only 35,176 self-storage properties in the United States, with an average physical occupancy rate of 85.4% of net rentable square feet, compared to 50,859 self-storage properties in 2012 with an average physical occupancy rate of 79.7% of net rentable square feet.

        We have encountered competition when we have sought to acquire properties, especially for brokered portfolios. Aggressive bidding practices have been commonplace between both public and private entities, and this competition will likely continue.

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        The industry is also characterized by fragmented ownership. According to the Almanac, the top ten self-storage companies in the United States owned approximately 11.4% of total U.S. self-storage properties, and the top 50 self-storage companies owned approximately 15.1% of the total U.S. properties as of December 31, 2012. We believe this fragmentation will contribute to continued consolidation at some level in the future. We also believe that we are well positioned to compete for acquisitions given our historical reputation for closing deals.

        We are the second largest self-storage operator in the United States. We are one of four public self-storage REITs along with Public Storage Inc., Sovran Self-Storage, Inc., and CubeSmart.

Long-Term Growth and Investment Strategies

        Our primary business objectives are to maximize cash flow available for distribution to our stockholders and to achieve sustainable long-term growth in cash flow per share in order to maximize long-term stockholder value. We continue to evaluate a range of growth initiatives and opportunities, including the following:

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Maximize the performance of properties through strategic, efficient and proactive management.  We pursue revenue-generating and expense-minimizing opportunities in our operations. Our revenue management team seeks to maximize revenue by responding to changing market conditions through our technology system's ability to provide real-time, interactive rental rate and discount management. Our size allows us greater ability than the majority of our competitors to implement national, regional and local marketing programs, which we believe will attract more customers to our stores at a lower net cost.

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Acquire self-storage properties from strategic partners and third parties.  Our acquisitions team continues to pursue the acquisition of single properties and multi-property portfolios that we believe can provide stockholder value. We have established a reputation as a reliable, ethical buyer, which we believe enhances our ability to negotiate and close acquisitions. In addition, we believe our status as an UPREIT enables flexibility when structuring deals. We continue to see available acquisitions on which to bid and are seeing increasing prices. However, we remain a disciplined buyer and look for acquisitions that will strengthen our portfolio and increase stockholder value.

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Expand our management business.  Our management business enables us to generate increased revenues through management fees and expand our geographic footprint. This expanded footprint enables us to reduce our operating costs through economies of scale. In addition, we see our management business as a future acquisition pipeline. We pursue strategic relationships with owners whose properties would enhance our portfolio in the event an opportunity arises to acquire such properties.

5

Financing of Our Long-Term Growth Strategies

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Acquisition and Development Financing

The following table presents information on our lines of credit (the "Credit Lines") for the periods indicated (amounts in thousands):

	As of December 31, 2012
Line of Credit	Amount Drawn		Capacity		Interest Rate			Origination Date	Maturity	Basis Rate	Notes
Credit Line 1	$	35,000	$	75,000		2.36	%	2/13/2009	2/13/2014	LIBOR plus 2.15%	(1)(4)(5)
Credit Line 2		—		75,000		2.41	%	6/4/2010	5/31/2013	LIBOR plus 2.20%	(2)(4)(5)
Credit Line 3		—		40,000		2.41	%	11/16/2010	11/16/2013	LIBOR plus 2.20%	(3)(4)(5)
Credit Line 4		50,000		50,000		2.36	%	4/29/2011	5/1/2014	LIBOR plus 2.15%	(3)(4)(5)
	$	85,000	$	240,000

(1)

One year extension available

(2)

One two-year extension available

(3)

Two one-year extensions available

(4)

Guaranteed by the Company

(5)

Secured by mortgages on certain real estate assets

We expect to maintain a flexible approach in financing new property acquisitions. We plan to finance future acquisitions through a combination of cash, borrowings under the Credit Lines, traditional secured mortgage financing, joint ventures and additional equity offerings.

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Joint Venture Financing

We own 280 of our stabilized properties and one of our lease-up properties through joint ventures with third parties, including affiliates of Prudential Financial, Inc. In each joint venture, we generally manage the day-to-day operations of the underlying properties and have the right to participate in major decisions relating to sales of properties or financings by the applicable joint venture. Our joint venture partners typically provide most of the equity capital required for the operation of the respective business. Under the operating agreements for the joint ventures, we maintain the right to receive between 2.0% and 58.3% of the available cash flow from operations after our joint venture partners and the Company have received a predetermined return, and between 17.0% and 65.0% of the available cash flow from capital transactions after our joint venture partners and the Company have received a return of their capital plus such predetermined return. Most joint venture agreements include buy-sell rights, as well as rights of first refusal in connection with the sale of properties by the joint venture.

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Disposition of Properties

We will continue to review our portfolio for properties or groups of properties that are not strategically located and determine whether to dispose of these properties to fund other growth.

Regulation

        Generally, self-storage properties are subject to various laws, ordinances and regulations, including regulations relating to lien sale rights and procedures. Changes in any of these laws or regulations, as well as changes in laws, such as the Comprehensive Environmental Response and Compensation

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Liability Act, which increase the potential liability for environmental conditions or circumstances existing or created by tenants or others on properties, or laws affecting development, construction, operation, upkeep, safety and taxation may result in significant unanticipated expenditures, loss of self-storage sites or other impairments to operations, which would adversely affect our financial position, results of operations or cash flows.

        Under the Americans with Disabilities Act of 1990 (the "ADA"), places of public accommodation are required to meet certain federal requirements related to access and use by disabled persons. These requirements became effective in 1992. A number of additional U.S. federal, state and local laws also exist that may require modifications to the properties, or restrict further renovations thereof, with respect to access thereto by disabled persons. Noncompliance with the ADA could result in the imposition of fines or an award of damages to private litigants and also could result in an order to correct any non-complying feature, thereby requiring substantial capital expenditures. To the extent our properties are not in compliance, we are likely to incur additional costs to comply with the ADA.

        Insurance activities are subject to state insurance laws and regulations as determined by the particular insurance commissioner for each state in accordance with the McCarran-Ferguson Act, and are subject to the Gramm-Leach-Bliley Act and the privacy regulations promulgated by the Federal Trade Commission pursuant thereto.

        Property management activities are often subject to state real estate brokerage laws and regulations as determined by the particular real estate commission for each state.

        Changes in any of the laws governing our conduct could have an adverse impact on our ability to conduct our business or could materially affect our financial position, results of operations or cash flows.

Employees

        As of February 15, 2013, we had 2,283 employees and believe our relationship with our employees is good. Our employees are not represented by a collective bargaining agreement.

Item 1A.    Risk Factors

        An investment in our securities involves various risks. All investors should carefully consider the following risk factors in conjunction with the other information contained in this Annual Report before trading in our securities. If any of the events set forth in the following risks actually occur, our business, operating results, prospects and financial condition could be harmed.

        Our performance is subject to risks associated with real estate investments. We are a real estate company that derives our income from operation of our properties. There are a number of factors that may adversely affect the income that our properties generate, including the following:

Risks Related to Our Properties and Operations

Adverse economic or other conditions in the markets in which we do business could negatively affect our occupancy levels and rental rates and therefore our operating results.

        Our operating results are dependent upon our ability to maximize occupancy levels and rental rates in our self-storage properties. Adverse economic or other conditions in the markets in which we operate may lower our occupancy levels and limit our ability to increase rents or require us to offer rental discounts. If our properties fail to generate revenues sufficient to meet our cash requirements, including operating and other expenses, debt service and capital expenditures, our net income, funds from operations ("FFO"), cash flow, financial condition, ability to make cash distributions to

7

stockholders and the trading price of our securities could be adversely affected. The following factors, among others, may adversely affect the operating performance of our properties:

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the national economic climate and the local or regional economic climate in the markets in which we operate, which may be adversely impacted by, among other factors, industry slowdowns, relocation of businesses and changing demographics;

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periods of economic slowdown or recession, rising interest rates, or declining demand for self-storage or the public perception that any of these events may occur could result in a general decline in rental rates or an increase in tenant defaults;

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a decline or worsening of the current economic environment;

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local or regional real estate market conditions such as competing properties, the oversupply of self-storage or a reduction in demand for self-storage in a particular area;

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perceptions by prospective users of our self-storage properties of the safety, convenience and attractiveness of our properties and the neighborhoods in which they are located;

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increased operating costs, including the need for capital improvements, insurance premiums, real estate taxes and utilities;

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the impact of environmental protection laws;

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earthquakes, hurricanes and other natural disasters, terrorist acts, civil disturbances or acts of war which may result in uninsured or underinsured losses; and

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changes in tax, real estate and zoning laws.

If we are unable to promptly re-let our units or if the rates upon such re-letting are significantly lower than expected, our business and results of operations would be adversely affected.

        Virtually all of our leases are on a month-to-month basis. Any delay in re-letting units as vacancies arise would reduce our revenues and harm our operating results. In addition, lower than expected rental rates upon re-letting could adversely affect our revenues and impede our growth.

We depend upon our on-site personnel to maximize tenant satisfaction at each of our properties, and any difficulties we encounter in hiring, training and maintaining skilled field personnel may harm our operating performance.

        We had 1,925 field personnel as of February 15, 2013 in the management and operation of our properties. The general professionalism of our site managers and staff are contributing factors to a site's ability to successfully secure rentals and retain tenants. We also rely upon our field personnel to maintain clean and secure self-storage properties. If we are unable to successfully recruit, train and retain qualified field personnel, the quality of service we strive to provide at our properties could be adversely affected which could lead to decreased occupancy levels and reduced operating performance.

Uninsured losses or losses in excess of our insurance coverage could adversely affect our financial condition and our cash flow.

        We maintain comprehensive liability, fire, flood, earthquake, wind (as deemed necessary or as required by our lenders), extended coverage and rental loss insurance with respect to our properties. Certain types of losses, however, may be either uninsurable or not economically insurable, such as losses due to earthquakes, hurricanes, tornadoes, riots, acts of war or terrorism. Should an uninsured loss occur, we could lose both our investment in and anticipated profits and cash flow from a property. In addition, if any such loss is insured, we may be required to pay significant amounts on any claim for recovery of such a loss prior to our insurer being obligated to reimburse us for the loss, or the amount of the loss may exceed our coverage for the loss. As a result, our operating results may be adversely affected.

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Increases in taxes and regulatory compliance costs may reduce our income.

        Costs resulting from changes in real estate tax laws generally are not passed through to tenants directly and will affect us. Increases in income, property or other taxes generally are not passed through to tenants under leases and may reduce our net income, FFO, cash flow, financial condition, ability to pay or refinance our debt obligations, ability to make cash distributions to stockholders, and the trading price of our securities. Similarly, changes in laws increasing the potential liability for environmental conditions existing on properties or increasing the restrictions on discharges or other conditions may result in significant unanticipated expenditures, which could similarly adversely affect our business and results of operations.

Environmental compliance costs and liabilities associated with operating our properties may affect our results of operations.

        Under various U.S. federal, state and local laws, ordinances and regulations, owners and operators of real estate may be liable for the costs of investigating and remediating certain hazardous substances or other regulated materials on or in such property. Such laws often impose such liability without regard to whether the owner or operator knew of, or was responsible for, the presence of such substances or materials. The presence of such substances or materials, or the failure to properly remediate such substances, may adversely affect the owner's or operator's ability to lease, sell or rent such property or to borrow using such property as collateral. Persons who arrange for the disposal or treatment of hazardous substances or other regulated materials may be liable for the costs of removal or remediation of such substances at a disposal or treatment facility, whether or not such facility is owned or operated by such person. Certain environmental laws impose liability for release of asbestos-containing materials into the air and third parties may seek recovery from owners or operators of real properties for personal injury associated with asbestos-containing materials.

        Certain environmental laws also impose liability, without regard to knowledge or fault, for removal or remediation of hazardous substances or other regulated materials upon owners and operators of contaminated property even after they no longer own or operate the property. Moreover, the past or present owner or operator from which a release emanates could be liable for any personal injuries or property damages that may result from such releases, as well as any damages to natural resources that may arise from such releases.

        Certain environmental laws impose compliance obligations on owners and operators of real property with respect to the management of hazardous materials and other regulated substances. For example, environmental laws govern the management of asbestos-containing materials and lead-based paint. Failure to comply with these laws can result in penalties or other sanctions.

        No assurances can be given that existing environmental studies with respect to any of our properties reveal all environmental liabilities, that any prior owner or operator of our properties did not create any material environmental condition not known to us, or that a material environmental condition does not otherwise exist as to any one or more of our properties. There also exists the risk that material environmental conditions, liabilities or compliance concerns may have arisen after the review was completed or may arise in the future. Finally, future laws, ordinances or regulations and future interpretations of existing laws, ordinances or regulations may impose additional material environmental liability.

Costs associated with complying with the Americans with Disabilities Act of 1990 may result in unanticipated expenses.

        Under the ADA, places of public accommodation are required to meet certain federal requirements related to access and use by disabled persons. These requirements became effective in 1992. A number of additional U.S. federal, state and local laws may also require modifications to our properties, or restrict certain further renovations of the properties, with respect to access thereto by disabled persons. Noncompliance with the ADA could result in the imposition of fines or an award of

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damages to private litigants and also could result in an order to correct any non-complying feature, which could result in substantial capital expenditures. We have not conducted an audit or investigation of all of our properties to determine our compliance and we cannot predict the ultimate cost of compliance with the ADA or other legislation. If one or more of our properties is not in compliance with the ADA or other legislation, then we would be required to incur additional costs to bring the facility into compliance. If we incur substantial costs to comply with the ADA or other legislation, our financial condition, results of operations, cash flow, per share trading price of our securities and our ability to satisfy our debt service obligations and to make cash distributions to our stockholders could be adversely affected.

Our tenant reinsurance business is subject to significant governmental regulation, which may adversely affect our results.

        Our tenant reinsurance business is subject to significant governmental regulation. The regulatory authorities generally have broad discretion to grant, renew and revoke licenses and approvals, to promulgate, interpret and implement regulations, and to evaluate compliance with regulations through periodic examinations, audits and investigations of the affairs of insurance providers. As a result of regulatory or private action in any jurisdiction, we may be temporarily or permanently suspended from continuing some or all of our reinsurance activities, or otherwise fined or penalized or suffer an adverse judgment, which could adversely affect our business and results of operations.

We face competition for the acquisition of self-storage properties and other assets, which may impede our ability to make future acquisitions or may increase the cost of these acquisitions.

        We compete with many other entities engaged in real estate investment activities for acquisitions of self-storage properties and other assets, including national, regional and local operators and developers of self-storage properties. These competitors may drive up the price we pay for self-storage properties or other assets we seek to acquire or may succeed in acquiring those properties or assets themselves. In addition, our potential acquisition targets may find our competitors to be more attractive suitors because they may have greater resources, may be willing to pay more or may have a more compatible operating philosophy. In addition, the number of entities and the amount of funds competing for suitable investment properties may increase. This competition would result in increased demand for these assets and therefore increased prices paid for them. Because of an increased interest in single- property acquisitions among tax-motivated individual purchasers, we may pay higher prices if we purchase single properties in comparison with portfolio acquisitions. If we pay higher prices for self-storage properties or other assets, our profitability will be reduced.

We may not be successful in identifying and consummating suitable acquisitions that meet our criteria, which may impede our growth.

        Our ability to expand through acquisitions is integral to our business strategy and requires us to identify suitable acquisition candidates or investment opportunities that meet our criteria and are compatible with our growth strategy. We may not be successful in identifying suitable properties or other assets that meet our acquisition criteria or in consummating acquisitions or investments on satisfactory terms or at all. Failure to identify or consummate acquisitions will slow our growth, which could in turn adversely affect our stock price.

        Our ability to acquire properties on favorable terms and successfully integrate and operate them may be constrained by the following significant risks:

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competition from local investors and other real estate investors with significant capital, including other publicly-traded REITs and institutional investment funds;

•

competition from other potential acquirers may significantly increase the purchase price which could reduce our profitability;

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•

the inability to achieve satisfactory completion of due diligence investigations and other customary closing conditions;

•

failure to finance an acquisition on favorable terms or at all;

•

we may spend more than the time and amounts budgeted to make necessary improvements or renovations to acquired properties; and

•

we may acquire properties subject to liabilities without any recourse, or with only limited recourse, with respect to unknown liabilities such as liabilities for clean-up of undisclosed environmental contamination, claims by persons dealing with the former owners of the properties and claims for indemnification by general partners, directors, officers and others indemnified by the former owners of the properties.

        In addition, strategic decisions by us, such as acquisitions, may adversely affect the price of our securities.

We may not be successful in integrating and operating acquired properties.

        We expect to make future acquisitions of self-storage properties. If we acquire any self-storage properties, we will be required to integrate them into our existing portfolio. The acquired properties may turn out to be less compatible with our growth strategy than originally anticipated, may cause disruptions in our operations or may divert management's attention away from day-to-day operations, which could impair our operating results as a whole.

We do not always obtain independent appraisals of our properties, and thus the consideration paid for these properties may exceed the value that may be indicated by third-party appraisals.

        We do not always obtain third-party appraisals in connection with our acquisition of properties and the consideration being paid by us in exchange for those properties may exceed the value determined by third-party appraisals. In such cases, the value of the properties was determined by our senior management team.

Our investments in development and redevelopment projects may not yield anticipated returns, which would harm our operating results and reduce the amount of funds available for distributions.

        To the extent that we engage in development and redevelopment activities, we will be subject to the following risks normally associated with these projects:

•

we may be unable to obtain financing for these projects on favorable terms or at all;

•

we may not complete development or redevelopment projects on schedule or within budgeted amounts;

•

we may encounter delays or refusals in obtaining all necessary zoning, land use, building, occupancy and other required governmental permits and authorizations; and

•

occupancy rates and rents at newly developed or redeveloped properties may fluctuate depending on a number of factors, including market and economic conditions, and may result in our investment not being profitable.

        In deciding whether to develop or redevelop a particular property, we make certain assumptions regarding the expected future performance of that property. We may underestimate the costs necessary to bring the property up to the standards established for its intended market position or may be unable to increase occupancy at a newly developed property as quickly as expected or at all. Any substantial unanticipated delays or expenses could adversely affect the investment returns from these development or redevelopment projects and harm our operating results, liquidity and financial condition, which could result in a decline in the value of our securities.

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        We may rely on the investments of our joint venture partners for funding certain of our development and redevelopment projects. If our reputation in the self-storage industry changes or the number of investors considering us an attractive strategic partner is otherwise reduced, our ability to develop or redevelop properties could be affected, which would limit our growth.

Risks Related to Our Organization and Structure

Our business could be harmed if key personnel with long-standing business relationships in the self-storage industry terminate their employment with us.

        Our success depends on the continued services of members of our executive management team, who have substantial experience in the self-storage industry. In addition, our ability to acquire or develop properties in the future depends on the significant relationships our executive management team has developed with our institutional joint venture partners such as affiliates of Prudential Financial, Inc. There is no guarantee that any of them will remain employed by us. We do not maintain key person life insurance on any of our officers. The loss of services of one or more members of our executive management team could harm our business and our prospects.

We may change our investment and financing strategies and enter into new lines of business without stockholder consent, which may subject us to different risks.

        We may change our investment and financing strategies and enter into new lines of business at any time without the consent of our stockholders, which could result in our making investments and engaging in business activities that are different from, and possibly riskier than, the investments and businesses described in this document. A change in our investment strategy or our entry into new lines of business may increase our exposure to other risks or real estate market fluctuations.

If other self-storage companies convert to an UPREIT structure or if tax laws change, we may no longer have an advantage in competing for potential acquisitions.

        Because we are structured as an UPREIT, we are a more attractive acquirer of properties to tax-motivated sellers than our competitors that are not structured as UPREITs. However, if other self-storage companies restructure their holdings to become UPREITs, this competitive advantage will disappear. In addition, new legislation may be enacted or new interpretations of existing legislation may be issued by the Internal Revenue Service ("IRS"), or the U.S. Treasury Department that could affect the attractiveness of our UPREIT structure so that it may no longer assist us in competing for acquisitions.

Tax indemnification obligations may require the Operating Partnership to maintain certain debt levels.

        We have provided certain tax protections to various third parties in connection with their property contributions to the Operating Partnership upon acquisition by the Company, including making available the opportunity to (1) guarantee debt or (2) enter into a special loss allocation and deficit restoration obligation. We have agreed to these provisions in order to assist these contributors in preserving their tax position after their contributions. These obligations may require us to maintain certain indebtedness levels that we would not otherwise require for our business.

Our joint venture investments could be adversely affected by our lack of sole decision-making authority.

        As of December 31, 2012, we held interests in 281 operating properties through joint ventures. Some of these arrangements could be adversely affected by our lack of sole decision-making authority, our reliance on co-venturers financial conditions and disputes between us and our co-venturers. We expect to continue our joint venture strategy by entering into more joint ventures for the purpose of developing new self-storage properties and acquiring existing properties. In such event, we would not be in a position to exercise sole decision-making authority regarding the property, partnership, joint venture or other entity. The decision-making authority regarding the properties we currently hold

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through joint ventures is either vested exclusively with our joint venture partners, is subject to a majority vote of the joint venture partners or equally shared by us and the joint venture partners. In addition, investments in partnerships, joint ventures or other entities may, under certain circumstances, involve risks not present were a third party not involved, including the possibility that partners or co-venturers might become bankrupt or fail to fund their share of required capital contributions. Partners or co-venturers may have economic or other business interests or goals which are inconsistent with our business interests or goals, and may be in a position to take actions contrary to our policies or objectives. Such investments may also have the potential risk of impasses on decisions, such as a sale, because neither we nor the partner or co-venturer would have full control over the partnership or joint venture. Disputes between us and partners or co-venturers may result in litigation or arbitration that would increase our expenses and prevent our officers and/or directors from focusing their time and efforts on our business. Consequently, actions by or disputes with partners or co-venturers might result in subjecting properties owned by the partnership or joint venture to additional risk. In addition, we may in certain circumstances be liable for the actions of our third-party partners or co-venturers, which could harm our financial condition.

Conflicts of interest could arise as a result of our relationship with our Operating Partnership.

        Conflicts of interest could arise in the future as a result of the relationships between us and our affiliates, and our Operating Partnership or any partner thereof. Our directors and officers have duties to our Company under applicable Maryland law in connection with their management of our Company. At the same time, we, through our wholly-owned subsidiary, have fiduciary duties, as a general partner, to our Operating Partnership and to the limited partners under Delaware law in connection with the management of our Operating Partnership. Our duties, through our wholly-owned subsidiary, as a general partner to our Operating Partnership and its partners may come into conflict with the duties of our directors and officers to our Company. The partnership agreement of our Operating Partnership does not require us to resolve such conflicts in favor of either our Company or the limited partners in our Operating Partnership. Unless otherwise provided for in the relevant partnership agreement, Delaware law generally requires a general partner of a Delaware limited partnership to adhere to fiduciary duty standards under which it owes its limited partners the highest duties of good faith, fairness, and loyalty and which generally prohibit such general partner from taking any action or engaging in any transaction as to which it has a conflict of interest.

        Additionally, the partnership agreement expressly limits our liability by providing that neither we, our direct wholly-owned Massachusetts business trust subsidiary, as the general partner of the Operating Partnership, nor any of our or their trustees, directors or officers, will be liable or accountable in damages to our Operating Partnership, the limited partners or assignees for errors in judgment, mistakes of fact or law or for any act or omission if we, or such trustee, director or officer, acted in good faith. In addition, our Operating Partnership is required to indemnify us, our affiliates and each of our respective trustees, officers, directors, employees and agents to the fullest extent permitted by applicable law against any and all losses, claims, damages, liabilities (whether joint or several), expenses (including, without limitation, attorneys' fees and other legal fees and expenses), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, that relate to the operations of the Operating Partnership, provided that our Operating Partnership will not indemnify for (1) willful misconduct or a knowing violation of the law, (2) any transaction for which such person received an improper personal benefit in violation or breach of any provision of the partnership agreement, or (3) in the case of a criminal proceeding, the person had reasonable cause to believe the act or omission was unlawful.

        The provisions of Delaware law that allow the common law fiduciary duties of a general partner to be modified by a partnership agreement have not been resolved in a court of law, and we have not obtained an opinion of counsel covering the provisions set forth in the partnership agreement that

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purport to waive or restrict our fiduciary duties that would be in effect under common law were it not for the partnership agreement.

Certain provisions of Maryland law and our organizational documents, including the stock ownership limit imposed by our charter, may inhibit market activity in our stock and could prevent or delay a change in control transaction.

        Our charter, subject to certain exceptions, authorizes our directors to take such actions as are necessary and desirable to preserve our qualification as a REIT and to limit any person to actual or constructive ownership of no more than 7.0% (by value or by number of shares, whichever is more restrictive) of our outstanding common stock or 7.0% (by value or by number of shares, whichever is more restrictive) of our outstanding capital stock. Our board of directors, in its sole discretion, may exempt a proposed transferee from the ownership limit. However, our board of directors may not grant an exemption from the ownership limit to any proposed transferee whose ownership could jeopardize our qualification as a REIT. These restrictions on ownership will not apply if our board of directors determines that it is no longer in our best interests to attempt to qualify, or to continue to qualify, as a REIT. The ownership limit may delay or impede a transaction or a change of control that might involve a premium price for our securities or otherwise be in the best interests of our stockholders. Different ownership limits apply to the family of Kenneth M. Woolley, certain of his affiliates, family members and estates and trusts formed for the benefit of the foregoing; to Spencer F. Kirk, certain of his affiliates, family members and estates and trusts formed for the benefit of the foregoing; and to certain designated investment entities as defined in our charter.

Our board of directors has the power to issue additional shares of our stock in a manner that may not be in the best interest of our stockholders.

        Our charter authorizes our board of directors to issue additional authorized but unissued shares of common stock or preferred stock and to increase the aggregate number of authorized shares or the number of shares of any class or series without stockholder approval. In addition, our board of directors may classify or reclassify any unissued shares of common stock or preferred stock and set the preferences, rights and other terms of the classified or reclassified shares. Our board of directors could issue additional shares of our common stock or establish a series of preferred stock that could have the effect of delaying, deferring or preventing a change in control or other transaction that might involve a premium price for our securities or otherwise not be in the best interests of our stockholders.

Our rights and the rights of our stockholders to take action against our directors and officers are limited.

        Maryland law provides that a director or officer has no liability in that capacity if he or she performs his or her duties in good faith, in a manner he or she reasonably believes to be in our best interests and with the care that an ordinarily prudent person in a like position would use under similar circumstances. In addition, our charter eliminates our directors' and officers' liability to us and our stockholders for money damages except for liability resulting from actual receipt of an improper benefit in money, property or services or active and deliberate dishonesty established by a final judgment and which is material to the cause of action. Our bylaws require us to indemnify our directors and officers for liability resulting from actions taken by them in those capacities to the maximum extent permitted by Maryland law. As a result, we and our stockholders may have more limited rights against our directors and officers than might otherwise exist under common law. In addition, we may be obligated to fund the defense costs incurred by our directors and officers.

To the extent our distributions represent a return of capital for U.S. federal income tax purposes, our stockholders could recognize an increased capital gain upon a subsequent sale of common stock.

        Distributions in excess of our current and accumulated earnings and profits and not treated by us as a dividend will not be taxable to a U.S. stockholder under current U.S. federal income tax law to the extent those distributions do not exceed the stockholder's adjusted tax basis in his, her, or its common

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stock, but instead will constitute a return of capital and will reduce such adjusted basis. If distributions result in a reduction of a stockholder's adjusted basis in such holder's common stock, subsequent sales of such holder's common stock will result in recognition of an increased capital gain or decreased capital loss due to the reduction in such adjusted basis.

Risks Related to the Real Estate Industry

Our primary business involves the ownership and operation of self-storage properties.

        Our current strategy is to own, operate, manage, acquire, develop and redevelop only self-storage properties. Consequently, we are subject to risks inherent in investments in a single industry. Because investments in real estate are inherently illiquid, this strategy makes it difficult for us to diversify our investment portfolio and to limit our risk when economic conditions change. Decreases in market rents, negative tax, real estate and zoning law changes and changes in environmental protection laws may also increase our costs, lower the value of our investments and decrease our income, which would adversely affect our business, financial condition and operating results.

Illiquidity of real estate investments could significantly impede our ability to respond to adverse changes in the performance of our properties.

        Because real estate investments are relatively illiquid, our ability to promptly sell one or more properties in our portfolio in response to changing economic, financial and investment conditions is limited. The real estate market is affected by many factors, such as general economic conditions, availability of financing, interest rates and other factors, including supply and demand, that are beyond our control. We cannot predict whether we will be able to sell any property for the price or on the terms set by us or whether any price or other terms offered by a prospective purchaser would be acceptable to us. We also cannot predict the length of time needed to find a willing purchaser and to close the sale of a property.

        We may be required to expend funds to correct defects or to make improvements before a property can be sold. We cannot assure you that we will have funds available to correct those defects or to make those improvements. In acquiring a property, we may agree to transfer restrictions that materially restrict us from selling that property for a period of time or impose other restrictions, such as a limitation on the amount of debt that can be placed or repaid on that property. These transfer restrictions would impede our ability to sell a property even if we deem it necessary or appropriate.

Any investments in unimproved real property may take significantly longer to yield income-producing returns, if at all, and may result in additional costs to us to comply with re-zoning restrictions or environmental regulations.

        We have invested in the past, and may invest in the future, in unimproved real property. Unimproved properties generally take longer to yield income-producing returns based on the typical time required for development. Any development of unimproved property may also expose us to the risks and uncertainties associated with re-zoning the land for a higher use or development and environmental concerns of governmental entities and/or community groups. Any unsuccessful investments or delays in realizing an income-producing return or increased costs to develop unimproved real estate could restrict our ability to earn our targeted rate of return on an investment or adversely affect our ability to pay operating expenses which would harm our financial condition and operating results.

Any negative perceptions of the self-storage industry generally may result in a decline in our stock price.

        To the extent that the investing public has a negative perception of the self-storage industry, the value of our securities may be negatively impacted, which could result in our securities trading below the inherent value of our assets.

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Risks Related to Our Debt Financings

Disruptions in the financial markets could affect our ability to obtain debt financing on reasonable terms and have other adverse effects on us.

        Uncertainty in the credit markets may negatively impact our ability to access additional debt financing or to refinance existing debt maturities on favorable terms (or at all), which may negatively affect our ability to make acquisitions and fund development projects. A downturn in the credit markets may cause us to seek alternative sources of potentially less attractive financing, and may require us to adjust our business plan accordingly. In addition, these factors may make it more difficult for us to sell properties or may adversely affect the price we receive for properties that we do sell, as prospective buyers may experience increased costs of debt financing or difficulties in obtaining debt financing.

Required payments of principal and interest on borrowings may leave us with insufficient cash to operate our properties or to pay the distributions currently contemplated or necessary to maintain our qualification as a REIT and may expose us to the risk of default under our debt obligations.

        As of December 31, 2012, we had approximately $1.6 billion of outstanding indebtedness. We may incur additional debt in connection with future acquisitions and development. We may borrow under our Credit Lines or borrow new funds to finance these future properties. Additionally, we do not anticipate that our internally generated cash flow will be adequate to repay our existing indebtedness upon maturity and, therefore, we expect to repay our indebtedness through refinancings and equity and/or debt offerings. Further, we may need to borrow funds in order to make cash distributions to maintain our qualification as a REIT or to make our expected distributions.

        If we are required to utilize our Credit Lines for purposes other than acquisition activity, this will reduce the amount available for acquisitions and could slow our growth. Therefore, our level of debt and the limitations imposed on us by our debt agreements could have significant adverse consequences, including the following:

•

our cash flow may be insufficient to meet our required principal and interest payments;

•

we may be unable to borrow additional funds as needed or on favorable terms, including to make acquisitions or to continue to make distributions required to maintain our qualification as a REIT;

•

we may be unable to refinance our indebtedness at maturity or the refinancing terms may be less favorable than the terms of our original indebtedness;

•

because a portion of our debt bears interest at variable rates, an increase in interest rates could materially increase our interest expense;

•

we may be forced to dispose of one or more of our properties, possibly on disadvantageous terms;

•

after debt service, the amount available for cash distributions to our stockholders is reduced;

•

our debt level could place us at a competitive disadvantage compared to our competitors with less debt;

•

we may experience increased vulnerability to economic and industry downturns, reducing our ability to respond to changing business and economic conditions;

•

we may default on our obligations and the lenders or mortgagees may foreclose on our properties that secure their loans and receive an assignment of rents and leases;

•

we may default on our obligations and the lenders or mortgages may enforce our guarantees;

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•

we may violate restrictive covenants in our loan documents, which would entitle the lenders to accelerate our debt obligations; and

•

our default under any one of our mortgage loans with cross-default or cross-collateralization provisions could result in a default on other indebtedness or result in the foreclosures of other properties.

We could become highly leveraged in the future because our organizational documents contain no limitation on the amount of debt we may incur.

        Our organizational documents contain no limitations on the amount of indebtedness that we or our Operating Partnership may incur. We could alter the balance between our total outstanding indebtedness and the value of our portfolio at any time. If we become more highly leveraged, the resulting increase in debt service could adversely affect our ability to make payments on our outstanding indebtedness and to pay our anticipated cash distributions and/or to continue to make cash distributions to maintain our REIT qualification, and could harm our financial condition.

Increases in interest rates may increase our interest expense and adversely affect our cash flow and our ability to service our indebtedness and make cash distributions to our stockholders.

        As of December 31, 2012, we had approximately $1.6 billion of debt outstanding, of which approximately $298.7 million or 19.0% was subject to variable interest rates (excluding debt with interest rate swaps). This variable rate debt had a weighted average interest rate of approximately 2.3% per annum. Increases in interest rates on this variable rate debt would increase our interest expense, which could harm our cash flow and our ability to pay cash distributions. For example, if market rates of interest on this variable rate debt increased by 100 basis points (excluding variable rate debt with interest rate floors), the increase in interest expense would decrease future earnings and cash flows by approximately $2.6 million annually.

Failure to hedge effectively against interest rate changes may adversely affect our results of operations.

        In certain cases we may seek to manage our exposure to interest rate volatility by using interest rate hedging arrangements. Hedging involves risks, such as the risk that the counterparty may fail to honor its obligations under an arrangement. Failure to hedge effectively against interest rate changes may adversely affect our financial condition, results of operations and ability to make cash distributions to our stockholders.

Risks Related to Qualification and Operation as a REIT

To maintain our qualification as a REIT, we may be forced to borrow funds on a short-term basis during unfavorable market conditions.

        To qualify as a REIT, we generally must distribute to our stockholders at least 90% of our net taxable income each year, excluding net capital gains, and we are subject to regular corporate income taxes to the extent that we distribute less than 100% of our net taxable income each year. In addition, we are subject to a 4% nondeductible excise tax on the amount, if any, by which distributions made by us in any calendar year are less than the sum of 85% of our ordinary income, 95% of our capital gain net income and 100% of our undistributed income from prior years. While historically we have satisfied these distribution requirements by making cash distributions to our stockholders, a REIT is permitted to satisfy these requirements by making distributions of cash or other property, including, in limited circumstances, its own stock. Assuming we continue to satisfy these distributions requirements with cash, we may need to borrow funds on a short-term basis, or possibly long-term, to meet the REIT distribution requirements even if the then prevailing market conditions are not favorable for these borrowings. These borrowing needs could result from a difference in timing between the actual receipt

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of cash and inclusion of income for U.S. federal income tax purposes, or the effect of non-deductible capital expenditures, the creation of reserves or required debt amortization payments.

Dividends payable by REITs generally do not qualify for reduced tax rates.

        The maximum U.S. federal income tax rate for dividends paid by domestic corporations to individual U.S. stockholders is 15% (through 2012). Dividends paid by REITs, however, are generally not eligible for the reduced rates. The more favorable rates applicable to regular corporate dividends could cause stockholders who are individuals to perceive investments in REITs to be relatively less attractive than investments in the stocks of non-REIT corporations that pay dividends, which could adversely affect the value of the stock of REITs, including our securities.

        In addition, the relative attractiveness of real estate in general may be adversely affected by the favorable tax treatment given to corporate dividends, which could negatively affect the value of our properties.

Possible legislative or other actions affecting REITs could adversely affect our stockholders.

        The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Treasury Department. Changes to tax laws (which changes may have retroactive application) could adversely affect our stockholders. It cannot be predicted whether, when, in what forms, or with what effective dates, the tax laws applicable to us or our stockholders will be changed.

The power of our board of directors to revoke our REIT election without stockholder approval may cause adverse consequences to our stockholders.

        Our charter provides that our board of directors may revoke or otherwise terminate our REIT election, without the approval of our stockholders, if it determines that it is no longer in our best interest to continue to qualify as a REIT. If we cease to qualify as a REIT, we would become subject to U.S. federal income tax on our taxable income and would no longer be required to distribute most of our net taxable income to our stockholders, which may have adverse consequences on the total return to our stockholders.

Our failure to qualify as a REIT would have significant adverse consequences to us and the value of our stock.

        We believe we operate in a manner that allows us to qualify as a REIT for U.S. federal income tax purposes under the Internal Revenue Code. If we fail to qualify as a REIT or lose our qualification as a REIT at any time, we will face serious tax consequences that would substantially reduce the funds available for distribution for each of the years involved because:

•

we would not be allowed a deduction for distributions to stockholders in computing our taxable income and would be subject to U.S. federal income tax at regular corporate rates;

•

we also could be subject to the U.S. federal alternative minimum tax and possibly increased state and local taxes; and

•

unless we are entitled to relief under applicable statutory provisions, we could not elect to be taxed as a REIT for four taxable years following a year during which we were disqualified.

        In addition, if we fail to qualify as a REIT, we will not be required to make distributions to stockholders, and all distributions to stockholders will be subject to tax as regular corporate dividends to the extent of our current and accumulated earnings and profits. This means that our U.S. individual stockholders would be taxed on our dividends at capital gains rates, and our U.S. corporate

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stockholders would be entitled to the dividends received deduction with respect to such dividends, subject, in each case, to applicable limitations under the Internal Revenue Code. If we fail to qualify as a REIT for federal income tax purposes and are able to avail ourselves of one or more of the relief provisions under the Internal Revenue Code in order to maintain our REIT status, we may nevertheless be required to pay penalty taxes of $50,000 or more for each such failure. As a result of all these factors, our failure to qualify as a REIT also could impair our ability to expand our business and raise capital, and could adversely affect the value of our securities.

        Qualification as a REIT involves the application of highly technical and complex Internal Revenue Code provisions for which there are only limited judicial and administrative interpretations. The complexity of these provisions and of the applicable Treasury regulations that have been promulgated under the Internal Revenue Code is greater in the case of a REIT that, like us, holds its assets through a partnership. The determination of various factual matters and circumstances not entirely within our control may affect our ability to qualify as a REIT. In order to qualify as a REIT, we must satisfy a number of requirements, including requirements regarding the composition of our assets, the sources of our gross income and the owners of our stock. Our ability to satisfy the asset tests depends upon our analysis of the fair market value of our assets, some of which are not susceptible to precise determination, and for which we will not obtain independent appraisals. Also, we must make distributions to stockholders aggregating annually at least 90% of our net taxable income, excluding capital gains, and we will be subject to income tax at regular corporate rates to the extent we distribute less than 100% of our net taxable income including capital gains. In addition, legislation, new regulations, administrative interpretations or court decisions may adversely affect our investors, our ability to qualify as a REIT for U.S. federal income tax purposes or the desirability of an investment in a REIT relative to other investments. Although we believe that we have been organized and have operated in a manner that is intended to allow us to qualify for taxation as a REIT, we can give no assurance that we have qualified or will continue to qualify as a REIT for tax purposes. We have not requested and do not plan to request a ruling from the Internal Revenue Service regarding our qualification as a REIT.

We will pay some taxes.

        Even though we qualify as a REIT for U.S. federal income tax purposes, we will be required to pay some U.S. federal, state and local taxes on our income and property. Extra Space Management, Inc. manages self-storage properties for our joint venture properties and properties owned by third parties. We, jointly with Extra Space Management, Inc., elected to treat Extra Space Management, Inc. as a taxable REIT subsidiary ("TRS") of our Company for U.S. federal income tax purposes. A taxable REIT subsidiary is a fully taxable corporation, and may be limited in its ability to deduct interest payments made to us. ESM Reinsurance Limited, a wholly-owned subsidiary of Extra Space Management, Inc., generates income from insurance premiums that are subject to federal income tax and state insurance premiums tax. In addition, we will be subject to a 100% penalty tax on certain amounts if the economic arrangements among our tenants, our taxable REIT subsidiary and us are not comparable to similar arrangements among unrelated parties or if we receive payments for inventory or property held for sale to customers in the ordinary course of business. Also, if we sell property as a dealer (i.e., to customers in the ordinary course of our trade or business), we will be subject to a 100% penalty tax on any gain arising from such sales. While we don't intend to sell properties as a dealer, the IRS could take a contrary position. To the extent that we are, or our taxable REIT subsidiary is, required to pay U.S. federal, state or local taxes, we will have less cash available for distribution to stockholders.

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Complying with REIT requirements may cause us to forego otherwise attractive opportunities.

        To qualify as a REIT for U.S. federal income tax purposes, we must continually satisfy tests concerning, among other things, the sources of our income, the nature and diversification of our assets, the amounts we distribute to our stockholders and the ownership of our stock. In order to meet these tests, we may be required to forego attractive business or investment opportunities. Thus, compliance with the REIT requirements may adversely affect our ability to operate solely to maximize profits.

Item 1B.    Unresolved Staff Comments

        None.

Item 2.    Properties

        As of December 31, 2012, we owned or had ownership interests in 729 operating self-storage properties. Of these properties, 448 are wholly-owned and 281 are held in joint ventures. In addition, we managed an additional 181 properties for third parties bringing the total number of properties which we own and/or manage to 910. These properties are located in 34 states, Washington, D.C. and Puerto Rico. We receive a management fee generally equal to approximately 6% of cash collected from total revenues to manage the joint venture and third party sites. As of December 31, 2012, we owned and/or managed approximately 67.0 million square feet of rentable space configured in approximately 610,000 separate storage units. Approximately 81% of our properties are clustered around large population centers, such as Atlanta, Baltimore/Washington, D.C., Boston, Chicago, Dallas, Houston, Las Vegas, Los Angeles, Miami, New York City, Orlando, Philadelphia, Phoenix, St. Petersburg/Tampa and San Francisco/Oakland. These markets contain above-average population and income demographics for new self-storage properties. The clustering of assets around these population centers enables us to reduce our operating costs through economies of scale. Our acquisitions have given us an increased scale in many core markets as well as a foothold in many markets where we had no previous presence.

        We consider a property to be in the lease-up stage after it has been issued a certificate of occupancy, but before it has achieved stabilization. We consider a property to be stabilized once it has achieved either an 80% occupancy rate for a full year measured as of January 1, or has been open for three years.

        As of December 31, 2012, over 490,000 tenants were leasing storage units at the 910 operating properties that we own and/or manage, primarily on a month-to-month basis, providing the flexibility to increase rental rates over time as market conditions permit. Although leases are short-term in duration, the typical tenant tends to remain at our properties for an extended period of time. For properties that were stabilized as of December 31, 2012, the average length of stay was approximately 13 months. The average annual rent per square foot at these stabilized properties was approximately $13.88 at December 31, 2012, compared to $13.50 at December 31, 2011.

        Our property portfolio is made up of different types of construction and building configurations depending on the site and the municipality where it is located. Most often sites are what we consider "hybrid" facilities, a mix of both drive-up buildings and multi-floor buildings. We have a number of multi-floor buildings with elevator access only, and a number of facilities featuring ground-floor access only.

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        The following table presents additional information regarding the occupancy of our stabilized properties by state as of December 31, 2012 and 2011. The information as of December 31, 2011, is on a pro forma basis as though all the properties owned at December 31, 2012, were under our control as of December 31, 2011.

Stabilized Property Data Based on Location

			Company		Pro forma		Company		Pro forma		Company			Pro forma
Location	Number of Properties		Number of Units as of December 31, 2012(1)		Number of Units as of December 31, 2011		Net Rentable Square Feet as of December 31, 2012(2)		Net Rentable Square Feet as of December 31, 2011		Square Foot Occupancy % December 31, 2012			Square Foot Occupancy % December 31, 2011
Wholly-owned properties
Alabama		4		1,971		1,957		233,643		233,429		85.4	%		77.2	%
Arizona		9		5,754		5,745		664,711		664,886		87.4	%		86.5	%
California		78		58,300		58,107		6,008,132		6,009,544		87.0	%		83.6	%
Colorado		11		5,290		5,256		660,425		661,320		88.6	%		86.5	%
Connecticut		4		2,644		2,650		257,813		257,848		88.8	%		90.0	%
Florida		43		29,213		29,197		3,175,399		3,178,605		86.5	%		84.2	%
Georgia		17		9,190		9,194		1,176,667		1,177,561		86.9	%		84.1	%
Hawaii		2		2,788		2,796		137,785		138,084		86.0	%		85.7	%
Illinois		12		8,070		8,032		872,672		873,699		90.6	%		85.8	%
Indiana		9		4,600		4,615		542,543		541,609		89.6	%		87.2	%
Kansas		1		506		505		50,350		50,340		84.9	%		89.5	%
Kentucky		4		2,151		2,155		254,115		254,065		90.1	%		89.2	%
Louisiana		2		1,412		1,413		149,865		150,165		89.3	%		88.5	%
Maryland		20		14,559		14,536		1,572,741		1,570,891		87.3	%		87.4	%
Massachusetts		32		19,572		19,390		2,000,034		1,988,816		89.2	%		88.8	%
Michigan		3		1,781		1,772		253,072		252,512		87.1	%		87.7	%
Missouri		6		3,155		3,156		374,537		374,912		86.9	%		88.5	%
Nevada		5		3,207		3,214		546,203		495,277		83.4	%		79.2	%
New Hampshire		2		1,005		1,005		125,773		124,873		90.2	%		90.3	%
New Jersey		44		35,248		35,328		3,402,478		3,404,398		89.6	%		87.7	%
New Mexico		3		1,592		1,579		216,064		215,864		86.2	%		87.8	%
New York		21		17,543		17,552		1,481,265		1,481,570		89.0	%		88.6	%
Ohio		18		9,670		9,748		1,257,321		1,248,006		88.9	%		83.7	%
Oregon		2		1,409		1,409		174,660		174,670		92.0	%		93.0	%
Pennsylvania		9		5,728		5,726		650,755		655,710		88.8	%		90.2	%
Rhode Island		2		1,180		1,181		130,836		130,756		86.3	%		84.2	%
South Carolina		5		2,700		2,698		327,725		327,478		85.9	%		84.6	%
Tennessee		9		4,926		4,889		673,159		668,954		85.3	%		84.3	%
Texas		25		16,095		16,085		1,894,205		1,891,005		87.4	%		85.5	%
Utah		8		4,032		3,845		503,750		484,974		87.3	%		87.0	%
Virginia		11		7,485		7,490		757,546		757,432		86.8	%		86.3	%
Washington		5		3,054		3,072		370,630		370,745		86.6	%		84.2	%
Total Wholly-Owned Stabilized		426		285,830		285,297		30,896,874		30,809,998		87.8	%		85.8	%

21

			Company		Pro forma		Company		Pro forma		Company			Pro forma
Location	Number of Properties		Number of Units as of December 31, 2012(1)		Number of Units as of December 31, 2011		Net Rentable Square Feet as of December 31, 2012(2)		Net Rentable Square Feet as of December 31, 2011		Square Foot Occupancy % December 31, 2012			Square Foot Occupancy % December 31, 2011
Joint-venture properties
Alabama		2		1,147		1,145		145,213		145,063		89.7	%		84.6	%
Arizona		7		4,211		4,195		493,191		493,422		88.6	%		89.2	%
California		77		55,510		55,292		5,732,449		5,732,572		90.9	%		88.0	%
Colorado		2		1,320		1,316		158,553		158,513		88.5	%		82.3	%
Connecticut		7		5,298		5,299		612,255		611,890		88.9	%		89.2	%
Delaware		1		589		585		71,680		71,680		92.8	%		93.7	%
Florida		19		15,274		15,673		1,532,906		1,565,600		87.8	%		85.4	%
Georgia		2		1,061		1,063		151,684		151,644		86.8	%		79.5	%
Illinois		6		4,328		4,288		436,411		436,371		89.4	%		87.6	%
Indiana		5		2,145		2,135		283,611		284,591		91.9	%		89.3	%
Kansas		2		842		838		108,990		108,905		85.0	%		82.2	%
Kentucky		4		2,289		2,281		270,013		269,845		89.5	%		87.1	%
Maryland		13		10,534		10,492		1,023,779		1,019,754		88.8	%		87.9	%
Massachusetts		13		6,871		6,867		777,077		777,977		90.2	%		86.7	%
Michigan		8		4,749		4,696		611,558		611,943		91.2	%		88.8	%
Missouri		1		532		530		61,275		61,275		88.5	%		90.8	%
Nevada		5		3,062		3,082		325,923		326,895		86.7	%		81.7	%
New Hampshire		3		1,309		1,310		137,024		137,314		89.7	%		87.2	%
New Jersey		16		12,869		12,880		1,356,579		1,357,758		90.7	%		87.9	%
New Mexico		7		3,612		3,603		398,007		398,376		80.8	%		85.2	%
New York		13		14,119		14,121		1,106,469		1,105,940		92.8	%		89.9	%
Ohio		8		3,946		3,926		531,937		532,477		87.1	%		85.8	%
Oregon		1		652		651		64,970		64,970		93.2	%		94.9	%
Pennsylvania		10		7,944		7,991		799,590		799,911		89.6	%		88.9	%
Tennessee		17		9,288		9,238		1,214,916		1,213,839		85.8	%		84.7	%
Texas		17		10,536		10,464		1,388,171		1,381,405		89.3	%		88.2	%
Virginia		13		9,337		9,343		993,256		993,239		86.7	%		87.2	%
Washington, DC		1		1,529		1,529		101,989		101,989		90.6	%		89.1	%
Total Joint-Ventures Stabilized		280		194,903		194,833		20,889,476		20,915,158		89.4	%		87.4	%

22

			Company		Pro forma		Company		Pro forma		Company			Pro forma
Location	Number of Properties		Number of Units as of December 31, 2012(1)		Number of Units as of December 31, 2011		Net Rentable Square Feet as of December 31, 2012(2)		Net Rentable Square Feet as of December 31, 2011		Square Foot Occupancy % December 31, 2012			Square Foot Occupancy % December 31, 2011
Managed properties
Arizona		1		578		578		67,460		67,300		69.5	%		54.8	%
California		48		32,763		33,075		4,275,594		4,255,844		73.8	%		71.6	%
Colorado		4		1,525		1,521		167,393		167,290		91.0	%		87.6	%
Connecticut		1		481		489		61,480		61,360		78.6	%		72.8	%
Florida		17		9,016		9,025		1,059,613		1,053,656		81.8	%		78.0	%
Georgia		2		1,437		1,432		183,800		180,550		80.0	%		77.0	%
Hawaii		3		3,449		3,516		195,833		202,429		65.5	%		57.1	%
Illinois		5		2,984		2,952		312,785		312,808		88.4	%		74.5	%
Indiana		1		498		501		55,225		55,225		81.0	%		74.9	%
Kentucky		1		535		526		66,868		66,100		89.4	%		91.2	%
Louisiana		1		1,013		1,015		134,940		135,315		76.5	%		65.7	%
Maryland		7		4,237		4,216		448,335		448,500		90.3	%		87.2	%
Massachusetts		4		4,267		4,306		376,423		376,623		61.7	%		59.8	%
Missouri		2		1,206		1,222		151,716		152,736		84.7	%		82.2	%
Nevada		2		1,562		1,566		170,575		170,375		75.6	%		78.4	%
New Jersey		7		4,114		4,127		430,198		427,358		74.4	%		70.3	%
New Mexico		2		1,109		1,105		132,137		132,262		88.8	%		87.5	%
North Carolina		8		5,130		5,224		577,589		577,804		80.0	%		79.0	%
Pennsylvania		15		6,980		7,031		860,662		860,285		82.9	%		79.5	%
South Carolina		1		606		617		88,430		88,130		88.6	%		80.5	%
Tennessee		3		1,503		1,491		206,465		205,225		87.3	%		86.4	%
Texas		8		4,119		4,128		551,599		544,094		87.0	%		83.4	%
Utah		1		795		795		136,005		136,005		74.8	%		74.8	%
Virginia		4		2,517		2,516		258,481		258,472		76.0	%		74.6	%
Washington		1		468		464		56,590		56,590		85.6	%		82.9	%
Washington, DC		2		1,263		1,263		112,459		112,459		84.7	%		89.0	%
Puerto Rico		4		2,775		2,775		289,003		289,003		80.2	%		80.2	%
Total Managed Stabilized		155		96,930		97,476		11,427,658		11,393,798		78.3	%		75.3	%
Total Stabilized Properties		861		577,663		577,606		63,214,008		63,118,954		86.6	%		84.5	%

(1)

Represents unit count as of December 31, 2012, which may differ from unit count as of December 31, 2011, due to unit conversions or expansions.

(2)

Represents net rentable square feet as of December 31, 2012, which may differ from net rentable square feet as of December 31, 2011, due to unit conversions or expansions.

        The following table presents additional information regarding the occupancy of our lease-up properties by state as of December 31, 2012 and 2011. The information as of December 31, 2011, is on a pro forma basis as though all the properties owned at December 31, 2012, were under our control as of December 31, 2011.

23

Lease-up Property Data Based on Location

			Company		Pro forma		Company		Pro forma		Company			Pro forma
Location	Number of Properties		Number of Units as of December 31, 2012(1)		Number of Units as of December 31, 2011		Net Rentable Square Feet as of December 31, 2012(2)		Net Rentable Square Feet as of December 31, 2011		Square Foot Occupancy % December 31, 2012			Square Foot Occupancy % December 31, 2011
Wholly-owned properties
Arizona		1		633		636		71,355		71,355		57.0	%		36.0	%
California		8		5,455		4,806		591,953		528,983		78.5	%		66.6	%
Florida		7		5,522		5,670		576,266		577,001		81.1	%		54.4	%
Maryland		2		1,675		1,677		172,035		172,035		72.5	%		45.3	%
Massachusetts		1		684		615		72,770		74,025		64.4	%		63.8	%
New Jersey		1		614		575		66,267		66,967		90.6	%		75.4	%
Oregon		1		731		717		75,950		75,950		92.0	%		77.3	%
Tennessee		1		517		505		70,700		68,750		77.1	%		68.9	%
Total Wholly-Owned in Lease up		22		15,831		15,201		1,697,296		1,635,066		78.3	%		59.5	%
Joint-venture properties
California		1		971		982		88,013		87,853		88.5	%		75.2	%
Total Joint-Ventures in Lease up		1		971		982		88,013		87,853		88.5	%		75.2	%
Managed properties
Colorado		2		1,086		1,100		121,044		121,494		87.9	%		44.0	%
Florida		6		4,113		4,174		404,548		401,422		66.2	%		56.8	%
Georgia		4		2,138		2,167		374,470		374,104		72.9	%		62.3	%
Maryland		2		1,822		955		170,295		88,200		45.5	%		12.1	%
Massachusetts		2		1,572		1,573		137,337		137,207		43.9	%		33.0	%
New York		1		908		—		94,545		—		22.2	%		0.0	%
North Carolina		3		1,353		643		175,592		103,655		64.5	%		81.8	%
Pennsylvania		1		852		866		68,409		68,609		81.3	%		74.6	%
Rhode Island		1		964		969		91,095		91,075		41.0	%		42.4	%
South Carolina		1		720		734		76,335		76,435		83.3	%		65.4	%
Texas		2		1,551		1,594		171,238		172,377		50.7	%		26.8	%
Utah		1		429		—		66,750		—		82.8	%		0.0	%
Total Managed in Lease up		26		17,508		14,775		1,951,658		1,634,578		62.4	%		51.5	%
Total Lease up Properties		49		34,310		30,958		3,736,967		3,357,497		70.2	%		56.0	%

(1)

Represents unit count as of December 31, 2012, which may differ from unit count as of December 31, 2011, due to unit conversions or expansions.

(2)

Represents net rentable square feet as of December 31, 2012, which may differ from net rentable square feet as of December 31, 2011, due to unit conversions or expansions.

24

Item 3.    Legal Proceedings

        We are involved in various litigation and legal proceedings in the ordinary course of business. We are not a party to any material litigation or legal proceedings, or to the best of our knowledge, any threatened litigation or legal proceedings which, in the opinion of management, will have a material adverse effect on our financial condition or results of operations either individually or in the aggregate.

Item 4.    Mine Safety Disclosures

        Not Applicable.

PART II

Item 5.    Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Market Information

        Our common stock has been traded on the New York Stock Exchange ("NYSE") under the symbol "EXR" since our IPO on August 17, 2004. Prior to that time there was no public market for our common stock.

        The following table presents, for the periods indicated, the high and low sales price for our common stock as reported by the NYSE and the per share dividends declared:

		Range
						Dividends Declared
Year	Quarter	High		Low
2011	1st	$	20.92	$	17.39	$	0.14
	2nd		22.22		19.27		0.14
	3rd		22.44		17.81		0.14
	4th		24.68		17.29		0.14
2012	1st		28.92		23.80		0.20
	2nd		30.82		27.45		0.20
	3rd		35.17		30.21		0.20
	4th		36.56		32.59		0.25

        On February 15, 2013, the closing price of our common stock as reported by the NYSE was $38.70. At February 15, 2013, we had 275 holders of record of our common stock. Certain shares of the Company are held in "street" name and accordingly, the number of beneficial owners of such shares is not known or included in the foregoing number.

        Holders of shares of common stock are entitled to receive distributions when declared by our board of directors out of any assets legally available for that purpose. As a REIT, we are required to distribute at least 90% of our "REIT taxable income," which is generally equivalent to our net taxable ordinary income, determined without regard to the deduction for dividends paid to our stockholders annually in order to maintain our REIT qualification for U.S. federal income tax purposes.

        Information about our equity compensation plans is incorporated by reference in Item 12 of Part III of this Annual Report on Form 10-K.

Unregistered Sales of Equity Securities

        On April 26, 2012, we issued 684,685 shares of our common stock and the Operating Partnership paid approximately $87.7 million in cash to holders of the Operating Partnership's exchangeable senior

25

notes in exchange for approximately $87.7 million in aggregate principal amount of the exchangeable senior notes at the request of holders pursuant to the terms of the indenture governing the notes.

        The shares were issued in transactions exempt from registration pursuant to Section 4(2) of the Securities Act of 1933, as amended (the "Securities Act"), and Rule 506 of Regulation D promulgated thereunder. The issuance of the shares did not involve a public offering and was made without general solicitation or advertising.

        In December 2012, we issued 304,817 shares of our common stock to limited partners in the Operating Partnership in exchange for an equal number of Operating Partnership units. The shares were issued pursuant to the terms of the partnership agreement of the Operating Partnership in transactions exempt from registration pursuant to Section 4(2) of the Securities Act.

26

Item 6.    Selected Financial Data

        The following table presents selected financial data and should be read in conjunction with the financial statements and notes thereto included in Item 8, "Financial Statements and Supplementary Data" and Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this Form 10-K (amounts in thousands, except share and per share data).

	For the Year Ended December 31,
	2012			2011			2010			2009			2008
Revenues:
Property rental	$	346,874		$	268,725		$	232,447		$	238,256		$	235,695
Tenant reinsurance and management fees		62,522			61,105			49,050			41,890			37,036
Total revenues		409,396			329,830			281,497			280,146			272,731
Expenses:
Property operations		114,028			95,481			86,165			88,935			84,522
Tenant reinsurance		7,869			6,143			6,505			5,461			5,066
Acquisition related costs, loss on sublease and severance		5,351			5,033			3,235			21,236			1,727
General and administrative		50,454			49,683			44,428			40,224			39,388
Depreciation and amortization		74,453			58,014			50,349			52,403			49,566
Total expenses		252,155			214,354			190,682			208,259			180,269
Income from operations		157,241			115,476			90,815			71,887			92,462
Interest expense		(72,294	)		(69,062	)		(65,780	)		(69,818	)		(68,671	)
Interest income		6,666			5,877			5,748			6,432			8,249
Gain on repurchase of exchangeable senior notes		—			—			—			27,928			6,311
Loss on investments available for sale		—			—			—			—			(1,415	)
Income before equity in earnings of real estate ventures and income tax expense		91,613			52,291			30,783			36,429			36,936
Equity in earnings of real estate ventures		10,859			7,287			6,753			6,964			6,932
Equity in earnings of real estate ventures—gain on sale of real estate assets and purchase of joint venture partners' interests		30,630			—			—			—			—
Income tax expense		(5,413	)		(1,155	)		(4,162	)		(4,300	)		(519	)
Net income		127,689			58,423			33,374			39,093			43,349
Noncontrolling interests in Operating Partnership and other		(10,380	)		(7,974	)		(7,043	)		(7,116	)		(7,568	)
Net income attributable to common stockholders	$	117,309		$	50,449		$	26,331		$	31,977		$	35,781
Net income per common share
Basic	$	1.15		$	0.55		$	0.30		$	0.37		$	0.46
Diluted	$	1.14		$	0.54		$	0.30		$	0.37		$	0.46
Weighted average number of shares
Basic		102,290,200			92,097,008			87,324,104			86,343,029			76,966,754
Diluted		106,523,015			96,683,508			92,050,453			91,082,834			82,352,988
Cash dividends paid per common share	$	0.85		$	0.56		$	0.40		$	0.38		$	1.00
Balance Sheet Data
Total assets	$	3,223,477		$	2,517,524		$	2,249,820		$	2,407,566		$	2,291,008
Total notes payable, notes payable to trusts, exchangeable senior notes and lines of credit	$	1,577,599		$	1,363,656		$	1,402,977		$	1,402,977		$	1,286,820
Noncontrolling interests	$	53,524		$	54,814		$	57,670		$	62,040		$	68,023
Total stockholders' equity	$	1,491,807		$	1,018,947		$	881,401		$	884,179		$	878,770
Other Data
Net cash provided by operating activities	$	215,879		$	144,164		$	104,815		$	81,165		$	98,391
Net cash used in investing activities	$	(606,938	)	$	(251,919	)	$	(83,706	)	$	(104,410	)	$	(244,481	)
Net cash provided by (used in) financing activities	$	395,360		$	87,489		$	(106,309	)	$	91,223		$	172,685

27

Item 7.    Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with the financial statements and notes thereto appearing elsewhere in this report. We make statements in this section that are forward-looking statements within the meaning of the federal securities laws. For a complete discussion of forward-looking statements, see the section in this Form 10-K entitled "Statements Regarding Forward-Looking Information." Certain risk factors may cause actual results, performance or achievements to differ materially from those expressed or implied by the following discussion. For a discussion of such risk factors, see the section in this Form 10-K entitled "Risk Factors." Amounts in thousands, except share and per share data.

Overview

        We are a fully integrated, self-administered and self-managed real estate investment trust, or REIT, formed to continue the business commenced in 1977 by our predecessor companies to own, operate, manage, acquire, develop and redevelop professionally managed self-storage properties.

        At December 31, 2012, we owned, had ownership interests in, or managed 910 operating properties in 34 states, Washington, D.C. and Puerto Rico. Of these 910 operating properties, we owned 448, we held joint venture interests in 281 properties, and our taxable REIT subsidiary, Extra Space Management, Inc., operated an additional 181 properties that are owned by third parties. These operating properties contain approximately 67.0 million square feet of rentable space in approximately 610,000 units and currently serve a customer base of over 490,000 tenants.

        Our properties are generally situated in convenient, highly visible locations clustered around large population centers such as Atlanta, Baltimore/Washington, D.C., Boston, Chicago, Dallas, Houston, Las Vegas, Los Angeles, Miami, New York City, Orlando, Philadelphia, Phoenix, St. Petersburg/Tampa and San Francisco/Oakland. These areas all enjoy above average population growth and income levels. The clustering of our assets around these population centers enables us to reduce our operating costs through economies of scale. We consider a property to be in the lease-up stage after it has been issued a certificate of occupancy, but before it has achieved stabilization. A property is considered to be stabilized once it has achieved an 80% occupancy rate for a full year measured as of January 1, or has been open for three years.

        To maximize the performance of our properties, we employ state-of-the-art, web-based tracking and yield management technology, and an industry-leading revenue management system. Developed by our management team, these systems enable us to analyze, set and adjust rental rates in real time across our portfolio in order to respond to changing market conditions. We believe our systems and processes allow us to more proactively manage revenues.

        We derive substantially all of our revenues from rents received from tenants under existing leases at each of our wholly-owned self-storage properties, from management fees on the properties we manage for joint-venture partners and unaffiliated third parties, and from our tenant reinsurance program. Our management fee is generally equal to approximately 6% of cash collected from total revenues generated by the managed properties. We also receive an asset management fee of 0.5% of the total asset value from one of our joint ventures.

        We operate in competitive markets, often where consumers have multiple self-storage properties from which to choose. Competition has impacted, and will continue to impact, our property results. We experience seasonal fluctuations in occupancy levels, with occupancy levels generally higher in the summer months due to increased moving activity. Our operating results depend materially on our ability to lease available self-storage units, to actively manage unit rental rates, and on the ability of our tenants to make required rental payments. We believe that we are able to respond quickly and effectively to changes in local, regional and national economic conditions by adjusting rental rates through the use of our systems.

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        We continue to evaluate and implement a range of new initiatives and opportunities in order to enable us to maximize stockholder value. Our strategies to maximize stockholder value include the following:

•

Maximize the performance of properties through strategic, efficient and proactive management. We pursue revenue-generating and expense-minimizing opportunities in our operations. Our revenue management team seeks to maximize revenue by responding to changing market conditions through our technology system's ability to provide real-time, interactive rental rate and discount management. Our size allows us greater ability than the majority of our competitors to implement national, regional and local marketing programs, which we believe will attract more customers to our stores at a lower net cost.

•

Acquire self-storage properties from strategic partners and third parties.  Our acquisitions team continues to pursue the acquisition of single properties and multi-property portfolios that we believe can provide stockholder value. We have established a reputation as a reliable, ethical buyer, which we believe enhances our ability to negotiate and close acquisitions. In addition, we believe our status as an UPREIT enables flexibility when structuring deals. We continue to see available acquisitions on which to bid and are seeing increasing prices. However, we remain a disciplined buyer and look for acquisitions that will strengthen our portfolio and increase stockholder value.

•

Expand our management business.  Our management business enables us to generate increased revenues through management fees and expand our geographic footprint. This expanded footprint enables us to reduce our operating costs through economies of scale. In addition, we see our management business as a future acquisition pipeline. We pursue strategic relationships with owners whose properties would enhance our portfolio in the event an opportunity arises to acquire the properties.

        During 2012, we acquired 91 wholly-owned properties and completed the development of one wholly-owned property.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

        Our financial statements have been prepared in accordance with U.S. generally accepted accounting principles. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. On an ongoing basis, we evaluate our estimates and assumptions, including those that impact our most critical accounting policies. We base our estimates and assumptions on historical experience and on various other factors that we believe are reasonable under the circumstances. Actual results may differ from these estimates. We believe the following are our most critical accounting policies:

        CONSOLIDATION:    Arrangements that are not controlled through voting or similar rights are accounted for as variable interest entities ("VIEs"). An enterprise is required to consolidate a VIE if it is the primary beneficiary of the VIE.

        A VIE is created when (i) the equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support from other parties, or (ii) the entity's equity holders as a group either: (a) lack the power, through voting or similar rights, to direct the activities of the entity that most significantly impact the entity's economic performance, (b) are not obligated to absorb expected losses of the entity if they occur, or (c) do not have the right to receive expected residual returns of the entity if they occur. If an entity is deemed to be a VIE, the enterprise that is deemed to have a variable interest, or combination of variable interests, that provides the

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enterprise with a controlling financial interest in the VIE is considered the primary beneficiary and must consolidate the VIE.

        We have concluded that under certain circumstances when we (1) enter into option agreements for the purchase of land or facilities from an entity and pay a non-refundable deposit, or (2) enter into arrangements for the formation of joint ventures, a VIE may be created under condition (i), (ii) (b) or (c) of the previous paragraph. For each VIE created, we have performed a qualitative analysis, including considering which party, if any, has the power to direct the activities most significant to the economic performance of each VIE and whether that party has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. If we are determined to be the primary beneficiary of the VIE, the assets, liabilities and operations of the VIE are consolidated with our financial statements. As of December 31, 2012, the Company had no consolidated VIEs. Additionally, our Operating Partnership has notes payable to three trusts that are VIEs under condition (ii)(a) above. Since the Operating Partnership is not the primary beneficiary of the trusts, these VIEs are not consolidated.

        REAL ESTATE ASSETS:    Real estate assets are stated at cost, less accumulated depreciation. Direct and allowable internal costs associated with the development, construction, renovation, and improvement of real estate assets are capitalized. Interest, property taxes, and other costs associated with development incurred during the construction period are capitalized.

        Expenditures for maintenance and repairs are charged to expense as incurred. Major replacements and betterments that improve or extend the life of the asset are capitalized and depreciated over their estimated useful lives. Depreciation is computed using the straight-line method over the estimated useful lives of the buildings and improvements, which are generally between 5 and 39 years.

        In connection with our acquisition of properties, the purchase price is allocated to the tangible and intangible assets and liabilities acquired based on their fair values, which are estimated using significant unobservable inputs. The value of the tangible assets, consisting of land and buildings, are determined as if vacant. Intangible assets, which represent the value of existing tenant relationships, are recorded at their fair values based on the avoided cost to replace the current leases. We measure the value of tenant relationships based on the rent lost due to the amount of time required to replace existing customers which is based on our historical experience with turnover in our facilities. Debt assumed as part of an acquisition is recorded at fair value based on current interest rates compared to contractual rates. Acquisition-related transaction costs are expensed as incurred.

        Intangible lease rights include: (1) purchase price amounts allocated to leases on three properties that cannot be classified as ground or building leases; these rights are amortized to expense over the term of the leases; and (2) intangibles related to ground leases on five properties where the ground leases were assumed by the Company at rates that were different than the current market rates for similar leases. The value associated with these assumed leases were recorded as intangibles, which will be amortized over the lease terms.

        EVALUATION OF ASSET IMPAIRMENT:    We evaluate long lived assets held for use when events or circumstances indicate that there may be impairment. We review each property at least annually to determine if any such events or circumstances have occurred or exist. We focus on properties where occupancy and/or rental income have decreased by a significant amount. For these properties, we determine whether the decrease is temporary or permanent and whether the property will likely recover the lost occupancy and/or revenue in the short term. In addition, we carefully review properties in the lease-up stage and compare actual operating results to original projections.

        When we determine that an event that may indicate impairment has occurred, we compare the carrying value of the related long-lived assets to the undiscounted future net operating cash flows attributable to the assets. An impairment loss is recorded if the net carrying value of the assets exceeds

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the undiscounted future net operating cash flows attributable to the assets. The impairment loss recognized equals the excess of net carrying value over the related fair value of the assets.

        When real estate assets are identified as held for sale, we discontinue depreciating the assets and estimate the fair value of the assets, net of selling costs. If the estimated fair values, net of selling costs, of the assets that have been identified for sale are less than the net carrying value of the assets, a valuation allowance is established. The operations of assets held for sale or sold during the period are generally presented as discontinued operations for all periods presented.

        INVESTMENTS IN REAL ESTATE VENTURES:    Our investments in real estate joint ventures where we have significant influence but not control, and joint ventures which are VIEs in which we are not the primary beneficiary, are recorded under the equity method of accounting on the accompanying consolidated financial statements.

        Under the equity method, our investment in real estate ventures is stated at cost and adjusted for our share of net earnings or losses and reduced by distributions. Equity in earnings of real estate ventures is generally recognized based on our ownership interest in the earnings of each of the unconsolidated real estate ventures. For the purposes of presentation in the statement of cash flows, we follow the "look through" approach for classification of distributions from joint ventures. Under this approach, distributions are reported under operating cash flow unless the facts and circumstances of a specific distribution clearly indicate that it is a return of capital (e.g., a liquidating dividend or distribution of the proceeds from the joint venture's sale of assets) in which case it is reported as an investing activity.

        Our management assesses annually whether there are any indicators that the value of our investments in unconsolidated real estate ventures may be impaired and when events or circumstances indicate that there may be impairment. An investment is impaired if management's estimate of the fair value of the investment, using significant unobservable inputs, is less than its carrying value. To the extent impairment has occurred and is considered to be other than temporary, the loss is measured as the excess of the carrying amount of the investment over the fair value of the investment.

        DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES:    The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability or firm commitment attributable to a particular risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges.

        For derivatives designated as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income, outside of earnings and subsequently reclassified to earnings when the hedged transaction affects earnings.

        REVENUE AND EXPENSE RECOGNITION:    Rental revenues are recognized as earned based upon amounts that are currently due from tenants. Leases are generally on month-to-month terms. Prepaid rents are recognized on a straight-line basis over the term of the leases. Promotional discounts are recognized as a reduction to rental income over the promotional period. Late charges, administrative fees, merchandise sales and truck rentals are recognized in income when earned. Management fee revenues are recognized monthly as services are performed and in accordance with the terms of the related management agreements. Tenant reinsurance premiums are recognized as revenues over the period of insurance coverage. Equity in earnings of real estate entities is recognized based on our ownership interest in the earnings of each of the unconsolidated real estate entities. Interest income is recognized as earned.

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        Property expenses, including utilities, property taxes, repairs and maintenance and other costs to manage the facilities are recognized as incurred. We accrue for property tax expense based upon invoice amounts, estimates and historical trends. If these estimates are incorrect, the timing of expense recognition could be affected.

        INCOME TAXES:    We have elected to be treated as a REIT under Sections 856 through 860 of the Internal Revenue Code. In order to maintain our qualification as a REIT, among other things, we are required to distribute at least 90% of our REIT taxable income to our stockholders and meet certain tests regarding the nature of our income and assets. As a REIT, we are not subject to federal income tax with respect to that portion of our income which meets certain criteria and is distributed annually to our stockholders. We plan to continue to operate so that we meet the requirements for taxation as a REIT. Many of these requirements, however, are highly technical and complex. If we were to fail to meet these requirements, we would be subject to federal income tax. We are subject to certain state and local taxes. Provision for such taxes has been included in income tax expense in our consolidated statements of operations.

        We have elected to treat one of our corporate subsidiaries, Extra Space Management, Inc., as a taxable REIT subsidiary ("TRS"). In general, our TRS may perform additional services for tenants and generally may engage in any real estate or non-real estate related business. A TRS is subject to corporate federal income tax. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities. Interest and penalties relating to uncertain tax positions will be recognized in income tax expense when incurred.

RECENT ACCOUNTING PRONOUNCEMENTS

        In July 2012, the Financial Accounting Standards Board issued ASU No. 2012-02, "Testing Indefinite-Lived Intangible Assets for Impairment" ("ASU 2012-02"), which provides companies with the option to first assess qualitative factors in determining whether events and circumstances indicate that it is more likely than not that an indefinite-lived intangible asset is impaired. If, after assessing the totality of events and circumstances, an entity concludes that it is not more likely than not that an indefinite-lived intangible asset is impaired, then the entity is not required to take further action. However, if an entity concludes otherwise, then it is required to determine the fair value of the indefinite-lived intangible asset and perform the quantitative impairment test by comparing the fair value with the carrying value. Previously, companies were required to perform the quantitative impairment test at least annually. As permitted, we adopted these provisions in 2012. The adoption of ASU 2012-02 did not have a material impact on our financial position or results of operations.

RESULTS OF OPERATIONS

Comparison of the Year Ended December 31, 2012 to the Year Ended December 31, 2011

Overview

        Results for the year ended December 31, 2012, included the operations of 729 properties (449 of which were consolidated and 280 of which were in joint ventures accounted for using the equity method) compared to the results for the year ended December 31, 2011, which included operations of 697 properties (357 of which were consolidated and 340 of which were in joint ventures accounted for using the equity method).

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Revenues

        The following table presents information on revenues earned for the years indicated:

	For the Year Ended December 31,
	2012		2011		$ Change			% Change
Revenues:
Property rental	$	346,874	$	268,725	$	78,149			29.1	%
Tenant reinsurance		36,816		31,181		5,635			18.1	%
Management fees		25,706		29,924		(4,218	)		(14.1	)%
Total revenues	$	409,396	$	329,830	$	79,566			24.1	%

        Property Rental—The increase in property rental revenues consists primarily of an increase of $56,777 associated with acquisitions completed in 2012 and 2011. We completed the acquisition of 91 properties during 2012 and 55 properties during 2011. In addition, revenues increased by $15,493 as a result of increases in occupancy and rental rates to existing customers at our stabilized properties. We have seen no significant increase in overall customer renewal rates; our average length of stay is approximately 13 months. For existing customers we seek to increase rental rates approximately 7% to 10% at least annually. Occupancy at our stabilized properties increased to 87.8% at December 31, 2012, as compared to 85.8% at December 31, 2011. Rental rates to new tenants increased by approximately 4.1% over the same period in the prior year. Finally, revenues at our lease-up properties increased by $5,879 as a result of increased occupancy.

        Tenant Reinsurance—The increase in tenant reinsurance revenues was partially due to the increase in overall customer participation to 67% at December 31, 2012, compared to approximately 63% at December 31, 2011. In addition, we operated 910 properties at December 31, 2012, compared to 882 at December 31, 2011.

        Management Fees—Our taxable REIT subsidiary, Extra Space Management, Inc., manages properties owned by our joint ventures and third parties. Management fees generally represent 6% of cash collected from properties owned by third parties and unconsolidated joint ventures. The Company also earns an asset management fee from the Storage Portfolio I ("SPI") joint venture, equal to 0.50% multiplied by the total asset value, provided certain conditions are met.

        During 2011, it was discovered that the asset management fee owed to the Company by the SPI joint venture had not been recorded by either party for the five-year period ended December 31, 2010. The annual asset management fee for this period was $885. After determining that the amounts were not material either in the prior periods or the year ended December 31, 2011 for restatement purposes, $4,425 of asset management fees earned during the five-year period ended December 31, 2010, was recorded in the year ended December 31, 2011. There were no such adjustments made during the year ended December 31, 2012.

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Expenses

        The following table presents information on expenses for the years indicated:

	For the Year Ended December 31,
	2012		2011		$ Change			% Change
Expenses:
Property operations	$	114,028	$	95,481	$	18,547			19.4	%
Tenant reinsurance		7,869		6,143		1,726			28.1	%
Acquisition-related costs		5,351		2,896		2,455			84.8	%
Severance costs		—		2,137		(2,137	)		(100.0	)%
General and administrative		50,454		49,683		771			1.6	%
Depreciation and amortization		74,453		58,014		16,439			28.3	%
Total expenses	$	252,155	$	214,354	$	37,801			17.6	%

        Property Operations—The increase in property operations expense consists primarily of increases of $18,375 related to acquisitions completed in 2012 and 2011. We completed the acquisition of 91 properties during the year ended December 31, 2012 and completed the acquisition of 55 properties during the year ended December 31, 2011.

        Tenant Reinsurance—Tenant reinsurance expense represents the costs that are incurred to provide tenant reinsurance. The increase is due primarily to approximately $1,000 of claims related to Superstorm Sandy which affected sites in the northeastern United States in October 2012.

        Acquisition-Related Costs—These costs relate to acquisition activities during the periods indicated. The increases were related to increased acquisition activity when compared to the prior year. During 2012, we acquired 91 properties, compared to 55 properties during the year ended December 31, 2011.

        Severance Costs—The severance costs recorded during the year ended December 31, 2011, relate to severance granted to our former Executive Vice President and Chief Financial Officer, Kent Christensen, who left the Company on December 7, 2011. There were no severance costs incurred during the year ended December 31, 2012.

        General and Administrative—General and administrative expenses primarily include all expenses not related to our properties, including corporate payroll, travel and professional fees. The expenses are recognized as incurred. General and administrative expense increased over the prior year primarily as a result of the costs related to the management of additional properties. During the year ended December 31, 2012, we purchased 91 properties, 31 of which we did not previously manage. We did not observe any material trends specific to payroll, travel or other expense that contributed significantly to the increase in general and administrative expenses apart from the increase due to the management of additional properties. Also included in general and administrative expenses for the year ended December 31, 2011, is an expense of $1,800 related to litigation matters. There were no such expenses incurred during the year ended December 31, 2012.

        Depreciation and Amortization—Depreciation and amortization expense increased as a result of the acquisition and development of new properties. We acquired 91 properties and completed the development of one property during the year ended December 31, 2012.

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Other Income and Expenses

        The following table presents information on other revenues and expenses for the years indicated:

	For the Year Ended December 31,
	2012			2011			$ Change			% Change
Other income and expenses:
Interest expense	$	(71,850	)	$	(67,301	)	$	(4,549	)		6.8	%
Non-cash interest expense related to amortization of discount on exchangeable senior notes		(444	)		(1,761	)		1,317			(74.8	)%
Interest income		1,816			1,027			789			76.8	%
Interest income on note receivable from Preferred Operating Partnership unit holder		4,850			4,850			—			—
Equity in earnings of real estate ventures		10,859			7,287			3,572			49.0	%
Equity in earnings of real estate assets—gain on sale of real estate ventures and purchase of joint venture partners' interests		30,630			—			30,630			100.0	%
Income tax expense		(5,413	)		(1,155	)		(4,258	)		100.0	%
Total other expense, net	$	(29,552	)	$	(57,053	)	$	27,501			(48.2	)%

        Interest Expense—The increase in interest expense was primarily the result of an increase in the total amount of debt outstanding. At December 31, 2012, our total face value of debt was $1,574,280, compared to total face value of debt of $1,359,254 at December 31, 2011. The increase was partially offset by lower average interest rates of 4.2% as of December 31, 2012, compared to 4.7% as of December 31, 2011.

        Non-cash Interest Expense Related to Amortization of Discount on Exchangeable Senior Notes—Represents the amortization of the discount on exchangeable senior notes, which reflects the effective interest rate relative to the carrying amount of the liability. All of the outstanding notes were surrendered for exchange in April 2012.

        Interest Income—Interest income represents amounts earned on cash and cash equivalents deposited with financial institutions. The increase in interest income is due to higher average cash balances during the year ended December 31, 2012, primarily as a result of the cash proceeds received from stock offerings completed in April 2012 and November 2012.

        Interest Income on Note Receivable from Preferred Operating Partnership Unit Holder —Represents interest on a $100,000 loan to the holder of the Series A Participating Redeemable Preferred units of our Operating Partnership (the "Preferred OP units").

        Equity in Earnings of Real Estate Ventures—The increase in equity in earnings of real estate ventures was due primarily to an increase in revenues at joint ventures, which resulted from higher occupancy and rental rates to new and existing customers. This increase was partially offset by a slight decrease in equity in earnings due to the acquisition of our joint venture partners' interests in two joint ventures in July 2012 and November 2012.

        During 2011, there was an increase of approximately $1,100 in equity in earnings as a result of the asset management fee expense recorded by the SPI joint venture in the prior year. During 2011, it was discovered that the asset management fee owed to us by the SPI joint venture had not been recorded by either party for the five-year period ended December 31, 2010. The annual asset management fee for this period was $885, offset by an annual reduction of $221 of equity in earnings of SPI. The total prior period adjustment for the years 2006 through 2010 that was recorded during the year ended

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December 31, 2011, increased asset management fee revenues by $4,425 and decreased equity in earnings by $1,106. There were no similar adjustments made during the year ended December 31, 2012.

        Equity in Earnings of Real Estate Ventures—Gain on Sale of Real Estate Assets and Purchase of Joint Venture Partners' Interests—In December 2012, two joint ventures in which we held a 20.0% equity interest, each sold its only self-storage property. As a result of the sales, the joint ventures were dissolved, and we received cash proceeds which resulted in a gain of $1,409.

        On November 30, 2012, we acquired our joint venture partner's 80.0% interest in the Storage Portfolio Bravo II LLC joint venture ("SPB II"). This transaction resulted in a non-cash gain of $10,171, which represents the increase in fair value of our 20.0% interest in SPB II from the formation of the joint venture to the acquisition date.

        On July 2, 2012, we acquired Prudential Real Estate Investors' ("PREI®") 94.9% interest in the ESS PRISA III LLC joint venture ("PRISA III"). This transaction resulted in a non-cash gain of $13,499, which represents the increase in fair value of our 5.1% interest in PRISA III from the formation of the joint venture to the acquisition date.

        In February 2012, a joint venture in which we held a 40% equity interest sold its only self-storage property. As a result of the sale, the joint venture was dissolved, and we received cash proceeds which resulted in a gain of $5,550.

        Income Tax Expense—The increase in income tax expense relates primarily to increased tenant reinsurance income earned by our taxable REIT subsidiary.

Net Income Allocated to Noncontrolling Interests

        The following table presents information on net income allocated to noncontrolling interests for the years indicated:

	For the Year Ended December 31,
	2012			2011			$ Change			% Change
Net income allocated to noncontrolling interests:
Net income allocated to Preferred Operating Partnership noncontrolling interests	$	(6,876	)	$	(6,289	)	$	(587	)		9.3	%
Net income allocated to Operating Partnership and other noncontrolling interests		(3,504	)		(1,685	)		(1,819	)		108.0	%
Total income allocated to noncontrolling interests:	$	(10,380	)	$	(7,974	)	$	(2,406	)		30.2	%

        Net Income Allocated to Preferred Operating Partnership Noncontrolling Interests —Income allocated to the Preferred Operating Partnership equals the fixed distribution paid to the Preferred OP unit holder plus approximately 0.9% and 1.0% of the remaining net income allocated after the adjustment for the fixed distribution paid for the years ended December 31, 2012 and 2011, respectively. The amount allocated to Preferred Operating Partnership noncontrolling interest was higher in 2012 when compared to 2011, as a result of an increase in net income.

        Net Income Allocated to Operating Partnership and Other Noncontrolling Interests —Income allocated to the Operating Partnership represents approximately 2.9% and 3.2% of net income after the allocation of the fixed distribution paid to the Preferred OP unit holder for the years ended December 31, 2012 and 2011, respectively.

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Comparison of the Year Ended December 31, 2011 to the Year Ended December 31, 2010

Overview

        Results for the year ended December 31, 2011, included the operations of 697 properties (357 of which were consolidated and 340 of which were in joint ventures accounted for using the equity method) compared to the results for the year ended December 31, 2010, which included operations of 660 properties (296 of which were consolidated and 364 of which were in joint ventures accounted for using the equity method).

Revenues

        The following table sets forth information on revenues earned for the years indicated:

	For the Year Ended December 31,
	2011		2010		$ Change		% Change
Revenues:
Property rental	$	268,725	$	232,447	$	36,278		15.6	%
Management and franchise fees		29,924		23,122		6,802		29.4	%
Tenant reinsurance		31,181		25,928		5,253		20.3	%
Total revenues	$	329,830	$	281,497	$	48,333		17.2	%

        Property Rental—The increase in property rental revenues consists primarily of an increase of $20,303 associated with acquisitions completed in 2011 and 2010, an increase of $9,934 resulting from increases in occupancy and rental rates to existing customers at our stabilized properties and an increase of $6,961 related to increases in occupancy at our lease-up properties. This is offset by a decrease of $920 related to the sale of 19 properties to a joint venture with Harrison Street Real Estate Capital LLC in January 2010.

        Tenant Reinsurance—The increase in tenant reinsurance revenues was partially due to the increase in overall customer participation to 63% at December 31, 2011, compared to approximately 60% at December 31, 2010. In addition, we operated 882 properties at December 31, 2011, compared to 820 at December 31, 2010.

        Management Fees—Our taxable REIT subsidiary, Extra Space Management, Inc., manages properties owned by our joint ventures and third parties. Management fees generally represent 6% of cash collected from properties owned by third parties and unconsolidated joint ventures. We also earn an asset management fee from the SPI joint venture, equal to 0.50% of the total asset value, provided certain conditions are met.

        During 2011, it was discovered that the asset management fee owed to us by the SPI joint venture had not been recorded by either party for the five-year period ended December 31, 2010. The annual asset management fee for this period was $885. After determining that the amounts were not material either in the prior periods or the year ended December 31, 2011 for restatement purposes, $4,425 of asset management fees earned during the five-year period ended December 31, 2010, was recorded in the year ended December 31, 2011. Additionally, asset management fees earned during the year ended December 31, 2011, of $812 were recorded. The remainder of the increase in management fees is related to the increase in third-party properties under management during 2011 compared to the prior year. We managed 185 third-party properties as of December 31, 2011, compared to 160 as of December 31, 2010.

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Expenses

        The following table sets forth information on expenses for the years indicated:

	For the Year Ended December 31,
	2011		2010		$ Change			% Change
Expenses:
Property operations	$	95,481	$	86,165	$	9,316			10.8	%
Tenant reinsurance		6,143		6,505		(362	)		(5.6	)%
Acquisition-related costs		2,896		1,235		1,661			134.5	%
Loss on sublease		—		2,000		(2,000	)		(100.0	)%
Severance costs		2,137		—		2,137			100.0	%
General and administrative		49,683		44,428		5,255			11.8	%
Depreciation and amortization		58,014		50,349		7,665			15.2	%
Total expenses	$	214,354	$	190,682	$	23,672			12.4	%

        Property Operations—The increase in property operations expense consists primarily of increases of $8,481 related to acquisitions completed in 2011 and 2010, and $1,781 related to increases in expenses at our lease-up properties. These increases were offset by a decrease of $946 resulting from lower expenses at our stabilized properties, which relates mainly to decreases in property taxes and advertising and utilities expenses.

        Tenant Reinsurance—Tenant reinsurance expense represents the costs that are incurred to provide tenant reinsurance.

        Acquisition-Related Costs—These costs relate to acquisition activities during the periods indicated. The increase was related to increased acquisition activity when compared to the prior year. During 2011, we acquired 55 properties, compared to only 15 during the year ended December 31, 2010.

        Loss on Sublease—This expense is a result of a $2,000 charge recorded in the year ended December 31, 2010, relating to the bankruptcy of a tenant subleasing office space from us in Memphis, TN. The Memphis, TN office lease is a liability assumed as part of the Storage USA acquisition in July 2005. There were no such losses recorded for the year ended December 31, 2011.

        Severance Costs—The severance costs recorded during the year ended December 31, 2011, relate to severance granted to our former Executive Vice President and Chief Financial Officer, Kent Christensen, who left the Company on December 7, 2011. There were no severance costs incurred during the year ended December 31, 2010.

        General and Administrative—General and administrative expenses increased primarily as a result of costs related to the management of additional properties. During the year ended December 31, 2011, we purchased 55 properties, 40 of which we did not previously manage. In addition, we managed 185 third-party properties at December 31, 2011, compared to 160 at December 31, 2010. Also included in general and administrative expenses for the year ended December 31, 2011, is an expense of $1,800 related to litigation matters. There were no such expenses incurred during the year ended December 31, 2010.

        Depreciation and Amortization—Depreciation and amortization expense increased as a result of the acquisition and development of new properties. We acquired 55 properties and completed the development of five properties during the year ended December 31, 2011.

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Other Revenues and Expenses

        The following table sets forth information on other revenues and expenses for the years indicated:

	For the Year Ended December 31,
	2011			2010			$ Change			% Change
Other revenues and expenses:
Interest expense	$	(67,301	)	$	(64,116	)	$	(3,185	)		5.0	%
Non-cash interest expense related to amortization of discount on exchangeable senior notes		(1,761	)		(1,664	)		(97	)		5.8	%
Interest income		1,027			898			129			14.4	%
Interest income on note receivable from Preferred Operating Partnership unit holder		4,850			4,850			—			—
Equity in earnings of real estate ventures		7,287			6,753			534			7.9	%
Income tax expense		(1,155	)		(4,162	)		3,007			(72.2	)%
Total other expense, net	$	(57,053	)	$	(57,441	)	$	388			(0.7	)%

        Interest Expense—The increase in interest expense was primarily the result of costs associated with prepaying certain loans and an increase in the average amount of debt outstanding when compared to the prior year.

        Non-cash Interest Expense Related to Amortization of Discount on Exchangeable Senior Notes—Represents the amortization of the discount on exchangeable senior notes, which reflects the effective interest rate relative to the carrying amount of the liability.

        Interest Income—Interest income represents amounts earned on cash and cash equivalents deposited with financial institutions. The increase in interest income is due to slightly higher cash balances during the year ended December 31, 2011, primarily as a result of the cash proceeds received from the stock offering completed in May 2011.

        Interest Income on Note Receivable from Preferred Operating Partnership Unit Holder —Represents interest on a $100,000 loan to the holder of the Preferred OP units.

        Equity in Earnings of Real Estate Ventures—The increase in equity in earnings of real estate ventures was due primarily to an increase in revenues at joint ventures resulting from increases in occupancy and rental rates to new and existing customers. This increase was offset by a reduction of approximately $1,300 from the SPI joint venture as a result of the asset management fee expense recorded by the joint venture.

        During 2011, it was discovered that the asset management fee owed to us by the SPI joint venture had not been recorded by either party for the five-year period ended December 31, 2010. The annual asset management fee for this period was $885, offset by an annual reduction of $221 of equity in earnings of SPI. The total prior period adjustment for the years 2006 through 2010 that was recorded during the year ended December 31, 2011, increased asset management fee revenues by $4,425 and decreased equity in earnings by $1,106. The remaining reduction to equity in earnings related to the net effect of the current year asset management fee of $203.

        Income Tax Expense—The decrease in income tax expense relates primarily to solar tax credits. The decrease related to the credit was partially offset by increased taxes resulting from increased tenant reinsurance income earned by our taxable REIT subsidiary.

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Net Income Allocated to Noncontrolling Interests

        The following table sets forth information on net income allocated to noncontrolling interests for the years indicated:

	For the Year Ended December 31,
	2011			2010			$ Change			% Change
Net income allocated to noncontrolling interests:
Net income allocated to Preferred Operating Partnership noncontrolling interests	$	(6,289	)	$	(6,048	)	$	(241	)		4.0	%
Net income allocated to Operating Partnership and other noncontrolling interests		(1,685	)		(995	)		(690	)		69.3	%
Total income allocated to noncontrolling interests:	$	(7,974	)	$	(7,043	)	$	(931	)		13.2	%

        Net Income Allocated to Preferred Operating Partnership Noncontrolling Interests —Income allocated to the Preferred Operating Partnership equals the fixed distribution paid to the Preferred OP unit holder plus approximately 1.0% and 1.1% of the remaining net income allocated after the adjustment for the fixed distribution paid for the years ended December 31, 2011 and 2010, respectively. The amount allocated to Preferred Operating Partnership noncontrolling interest was higher in 2011 than in 2010 as our net income was higher in 2011 than it was in 2010.

        Net Income Allocated to Operating Partnership and Other Noncontrolling Interests —Income allocated to the Operating Partnership represents approximately 3.2% and 3.8% of net income after the allocation of the fixed distribution paid to the Preferred OP unit holder for the years ended December 31, 2011 and 2010, respectively. Losses allocated to other noncontrolling interests represents the losses allocated to partners in consolidated joint ventures.

FUNDS FROM OPERATIONS

        FFO provides relevant and meaningful information about our operating performance that is necessary, along with net income and cash flows, for an understanding of our operating results. We believe FFO is a meaningful disclosure as a supplement to net earnings. Net earnings assume that the values of real estate assets diminish predictably over time as reflected through depreciation and amortization expenses. The values of real estate assets fluctuate due to market conditions and we believe FFO more accurately reflects the value of our real estate assets. FFO is defined by the National Association of Real Estate Investment Trusts, Inc. ("NAREIT") as net income computed in accordance with U.S. generally accepted accounting principles ("GAAP"), excluding gains or losses on sales of operating properties and impairment write-downs of depreciable real estate assets, plus depreciation and amortization and after adjustments to record unconsolidated partnerships and joint ventures on the same basis. We believe that to further understand our performance, FFO should be considered along with the reported net income and cash flows in accordance with GAAP, as presented in the consolidated financial statements.

        The computation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently. FFO does not represent cash generated from operating activities determined in accordance with GAAP, and should not be considered as an alternative to net income as an indication of our performance, as an alternative to net cash flow from

40

operating activities as a measure of our liquidity, or as an indicator of our ability to make cash distributions. The following table presents the calculation of FFO for the periods indicated:

	For the Year Ended December 31,
	2012			2011			2010
Net income attributable to common stockholders	$	117,309		$	50,449		$	26,331
Adjustments:
Real estate depreciation		64,301			52,647			47,063
Amortization of intangibles		6,763			2,375			650
Joint venture real estate depreciation and amortization		7,014			7,931			8,269
Joint venture (gain) / loss on sale of properties and purchase of partner's interest		(30,630	)		185			65
Distributions paid on Preferred Operating Partnership units		(5,750	)		(5,750	)		(5,750	)
Income allocated to Operating Partnership noncontrolling interests		10,349			7,978			7,096
Funds from operations	$	169,356		$	115,815		$	83,724

SAME-STORE STABILIZED PROPERTY RESULTS

        We consider our same-store stabilized portfolio to consist of only those properties which were wholly-owned at the beginning and at the end of the applicable periods presented and that have achieved stabilization as of the first day of such period. The following tables present operating data for our same-store portfolio. We consider the following same-store presentation to be meaningful in regards to the properties shown below because these results provide information relating to property level operating changes without the effects of acquisitions and completed developments.

	For the Three Months Ended December 31,									For the Year Ended December 31,
							Percent Change									Percent Change
	2012			2011						2012			2011
Same-store rental and tenant reinsurance revenues	$	70,751		$	66,433			6.5	%	$	276,811		$	259,733			6.6	%
Same-store operating and tenant reinsurance expenses		21,698			21,208			2.3	%		86,414			86,953			(0.6	)%
Same-store net operating income	$	49,053		$	45,225			8.5	%	$	190,397		$	172,780			10.2	%
Non same-store rental and tenant reinsurance revenues	$	36,686		$	15,319			139.5	%	$	106,879		$	40,173			166.0	%
Non same-store operating and tenant reinsurance expenses	$	12,825		$	5,497			133.3	%	$	35,483		$	14,671			141.9	%
Total rental and tenant reinsurance revenues	$	107,437		$	81,752			31.4	%	$	383,690		$	299,906			27.9	%
Total operating and tenant reinsurance expenses	$	34,523		$	26,705			29.3	%	$	121,897		$	101,624			19.9	%
Same-store square foot occupancy as of quarter end		88.6	%		86.9	%					88.6	%		86.9	%
Properties included in same-store		282			282						282			282

41

	For the Three Months Ended December 31,									For the Year Ended December 31,
							Percent Change									Percent Change
	2011			2010						2011			2010
Same-store rental and tenant reinsurance revenues	$	61,395		$	58,026			5.8	%	$	241,001		$	229,785			4.9	%
Same-store operating and tenant reinsurance expenses		19,387			19,593			(1.1	)%		78,892			79,098			(0.3	)%
Same-store net operating income	$	42,008		$	38,433			9.3	%	$	162,109		$	150,687			7.6	%
Non same-store rental and tenant reinsurance revenues	$	20,357		$	9,062			124.6	%	$	58,905		$	28,590			106.0	%
Non same-store operating and tenant reinsurance expenses	$	7,318		$	4,430			65.2	%	$	22,732		$	13,572			67.5	%
Total rental and tenant reinsurance revenues	$	81,752		$	67,088			21.9	%	$	299,906		$	258,375			16.1	%
Total operating and tenant reinsurance expenses	$	26,705		$	24,023			11.2	%	$	101,624		$	92,670			9.7	%
Same-store square foot occupancy as of quarter end		87.8	%		84.7	%					87.8	%		84.7	%
Properties included in same-store		253			253						253			253

Comparison of the Year Ended December 31, 2012 to the Year Ended December 31, 2011

        The increase in same-store rental revenues was primarily due to increases in occupancy and rental rates to both incoming and existing customers, and to decreases in discounts to new customers. The decreases in same-store operating expenses for the year ended December 31, 2012 were primarily due to decreases in utilities and office expenses. These decreases were partially offset by increased expenses as a result of Superstorm Sandy and higher property taxes.

Comparison of the Year Ended December 31, 2011 to the Year Ended December 31, 2010

        The increase in same-store rental revenues was primarily due to increased rental rates to both incoming and existing customers and increased occupancy. Occupancy increased 310 basis points over the prior year. The decreases in same-store operating expenses for the year ended December 31, 2011, were primarily due to lower utility costs, a decrease in yellow page advertising and lower than anticipated snow removal costs.

CASH FLOWS

Comparison of the Year Ended December 31, 2012 to the Year Ended December 31, 2011

        Cash flows provided by operating activities were $215,879 and $144,164 for the years ended December 31, 2012 and 2011, respectively. The increase when compared to the prior year was primarily due to a $69,266 increase in net income. There was also an increase in depreciation and amortization of $16,439 and an increase of $16,073 in cash received from affiliated joint ventures and related parties in 2012 when compared to 2011. These increases were offset by a $23,670 non-cash gain on the purchase of joint venture partners' interests.

        Cash used in investing activities was $606,938 and $251,919 for the years ended December 31, 2012 and 2011, respectively. The increase in 2012 was primarily the result of $406,768 more cash being used to acquire new properties in 2012 compared to 2011. This increase was offset by a decrease of $42,265 in the amount paid to purchase notes receivable.

        Cash provided by financing activities was $395,360 and $87,489 for the years ended December 31, 2012 and 2011, respectively. The increase in cash provided was the result of an increase of $317,239 in

42

the net cash proceeds generated from the sale of common stock in the current year compared to 2011, along with an increase of $598,776 in cash proceeds received from notes payable and lines of credit in 2012 when compared to 2011. These increases of cash were offset by the increase of $469,484 of cash used for principal repayments on notes payable and lines of credit during 2012 when compared to 2011, the use of $87,663 of cash to repurchase exchangeable senior notes in 2012, compared to $0 in 2011, and the increase of $36,260 of dividends paid on common stock in 2012, compared to 2011.

Comparison of the Year Ended December 31, 2011 to the Year Ended December 31, 2010

        Cash flows provided by operating activities were $144,164 and $104,815 for the years ended December 31, 2011 and 2010, respectively. The increase when compared to the prior year was due primarily to an increase in net income and a decrease in the amount of cash used to pay accounts payable and accrued expenses, which were offset by a decrease in cash received from affiliated joint ventures and related parties during 2011 compared to 2010.

        Cash used in investing activities was $251,919 and $83,706 for the years ended December 31, 2011 and 2010, respectively. The increase in 2011 was primarily the result of $125,371 more cash being used to acquire new properties in 2011 compared to 2010. We also paid $51,000 to purchase a note receivable, which was offset by $860 of principal payments received in 2011, compared to $0 in 2010. Additionally, we received $15,750 in proceeds from the sale of 19 properties to a joint venture in 2010, compared to $0 in 2011. These increases in cash used in investing activities were offset by a decrease of $29,002 in the amount of cash used to fund development activities in 2011 compared to 2010.

        Cash provided by financing activities was $87,489 for the year ended December 31, 2011, compared to cash used in financing activities of $106,309 for the year ended December 31, 2010. The increase in cash provided was the result of $112,349 of net cash proceeds generated from the sale of common stock in the year ended December 31, 2011, compared with $0 in 2010, along with an increase of $284,425 in cash proceeds received from notes payable and lines of credit in 2011 when compared to 2010. These increases of cash were offset by the increase of $199,947 of cash used for principal repayments on notes payable and lines of credit during 2011 when compared to 2010.

LIQUIDITY AND CAPITAL RESOURCES

        As of December 31, 2012, we had $30,785 available in cash and cash equivalents. We intend to use this cash to repay debt scheduled to mature in 2013 and for general corporate purposes. We are required to distribute at least 90% of our net taxable income, excluding net capital gains, to our stockholders on an annual basis to maintain our qualification as a REIT.

        Our cash and cash equivalents are held in accounts managed by third party financial institutions and consist of invested cash and cash in our operating accounts. During 2012, we experienced no loss or lack of access to our cash or cash equivalents; however, there can be no assurance that access to our cash and cash equivalents will not be impacted by adverse conditions in the financial markets.

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        The following table presents information on our lines of credit:

	As of December 31, 2012
Line of Credit	Amount Drawn		Capacity		Interest Rate			Origination Date	Maturity	Basis Rate	Notes
Credit Line 1	$	35,000	$	75,000		2.36	%	2/13/2009	2/13/2014	LIBOR plus 2.15%	(1)(4)(5)
Credit Line 2		—		75,000		2.41	%	6/4/2010	5/31/2013	LIBOR plus 2.20%	(2)(4)(5)
Credit Line 3		—		40,000		2.41	%	11/16/2010	11/16/2013	LIBOR plus 2.20%	(3)(4)(5)
Credit Line 4		50,000		50,000		2.36	%	4/29/2011	5/1/2014	LIBOR plus 2.15%	(3)(4)(5)
	$	85,000	$	240,000

(1)

One year extension available

(2)

One two-year extension available

(3)

Two one-year extensions available

(4)

Guaranteed by the Company

(5)

Secured by mortgages on certain real estate assets

        As of December 31, 2012, we had $1,574,280 of debt, resulting in a debt to total capitalization ratio of 27.5%. As of December 31, 2012, the ratio of total fixed rate debt and other instruments to total debt was 81.0% (including $776,381 on which we have interest rate swaps that have been included as fixed-rate debt). The weighted average interest rate of the total of fixed and variable rate debt at December 31, 2012 was 4.2%. Certain of our real estate assets are pledged as collateral for our debt. We are subject to certain restrictive covenants relating to our outstanding debt. We were in compliance with all financial covenants at December 31, 2012.

        We expect to fund our short-term liquidity requirements, including operating expenses, recurring capital expenditures, dividends to stockholders, distributions to holders of OP units and interest on our outstanding indebtedness out of our operating cash flow, cash on hand and borrowings under our Credit Lines. In addition, we are pursuing additional term loans secured by unencumbered properties.

        Our liquidity needs consist primarily of cash distributions to stockholders, property acquisitions, principal payments under our borrowings and non-recurring capital expenditures. We may from time to time seek to repurchase our outstanding debt, shares of common stock or other securities in open market purchases, privately negotiated transactions or otherwise. Such repurchases, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. In addition, we evaluate, on an ongoing basis, the merits of strategic acquisitions and other relationships, which may require us to raise additional funds. We do not expect that our operating cash flow will be sufficient to fund our liquidity needs and instead expect to fund such needs out of additional borrowings of secured or unsecured indebtedness, joint ventures with third parties, and from the proceeds of public and private offerings of equity and debt. Additional capital may not be available on terms favorable to us or at all. Any additional issuance of equity or equity-linked securities may result in dilution to our stockholders. In addition, any new securities we issue could have rights, preferences and privileges senior to holders of our common stock. We may also use OP units as currency to fund acquisitions from self-storage owners who desire tax-deferral in their exiting transactions.

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OFF-BALANCE SHEET ARRANGEMENTS

        Except as disclosed in the notes to our financial statements, we do not currently have any relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purposes entities, which typically are established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes. Further, except as disclosed in the notes to our financial statements, we have not guaranteed any obligations of unconsolidated entities nor do we have any commitments or intent to provide funding to any such entities. Accordingly, we are not materially exposed to any financing, liquidity, market or credit risk that could arise if we had engaged in these relationships.

CONTRACTUAL OBLIGATIONS

        The following table sets forth information on future payments due by period as of December 31, 2012:

	Payments due by Period:
	Total		Less Than 1 Year		1 - 3 Years		3 - 5 Years		After 5 Years
Operating leases	$	69,396	$	7,463	$	12,536	$	6,855	$	42,542
Notes payable, notes payable to trusts and lines of credit
Interest		364,774		63,727		103,948		62,007		135,092
Principal		1,574,280		110,483		430,922		517,568		515,307
Total contractual obligations	$	2,008,450	$	181,673	$	547,406	$	586,430	$	692,941

As of December 31, 2012, the weighted average interest rate for all fixed rate loans was 4.6%, and the weighted average interest rate on all variable rate loans was 2.3%.

FINANCING STRATEGY

        We will continue to employ leverage in our capital structure in amounts reviewed from time to time by our board of directors. Although our board of directors has not adopted a policy which limits the total amount of indebtedness that we may incur, we will consider a number of factors in evaluating our level of indebtedness from time to time, as well as the amount of such indebtedness that will be either fixed or variable rate. In making financing decisions, we will consider factors including but not limited to:

•

the interest rate of the proposed financing;

•

the extent to which the financing impacts flexibility in managing our properties;

•

prepayment penalties and restrictions on refinancing;

•

the purchase price of properties acquired with debt financing;

•

long-term objectives with respect to the financing;

•

target investment returns;

•

the ability of particular properties, and our Company as a whole, to generate cash flow sufficient to cover expected debt service payments;

•

overall level of consolidated indebtedness;

•

timing of debt and lease maturities;

45

•

provisions that require recourse and cross-collateralization;

•

corporate credit ratios including debt service coverage, debt to total capitalization and debt to undepreciated assets; and

•

the overall ratio of fixed and variable rate debt.

        Our indebtedness may be recourse, non-recourse or cross-collateralized. If the indebtedness is non-recourse, the collateral will be limited to the particular properties to which the indebtedness relates. In addition, we may invest in properties subject to existing loans collateralized by mortgages or similar liens on our properties, or may refinance properties acquired on a leveraged basis. We may use the proceeds from any borrowings to refinance existing indebtedness, to refinance investments, including the redevelopment of existing properties, for general working capital or to purchase additional interests in partnerships or joint ventures or for other purposes when we believe it is advisable.

        We may from time to time seek to retire or repurchase our outstanding debt, as well as shares of common stock or other securities in open market purchases, privately negotiated transactions or otherwise. Such repurchases, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material.

SEASONALITY

        The self-storage business is subject to seasonal fluctuations. A greater portion of revenues and profits are realized from May through September. Historically, our highest level of occupancy has been at the end of July, while our lowest level of occupancy has been in late February and early March. Results for any quarter may not be indicative of the results that may be achieved for the full fiscal year.

Item 7a.    Quantitative and Qualitative Disclosures About Market Risk

Market Risk

        Market risk refers to the risk of loss from adverse changes in market prices and interest rates. Our future income, cash flows and fair values of financial instruments are dependent upon prevailing market interest rates.

Interest Rate Risk

        Interest rate risk is highly sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political considerations and other factors beyond our control.

        As of December 31, 2012, we had approximately $1,574,280 in total debt, of which approximately $298,675 was subject to variable interest rates (excluding debt with interest rate swaps). If LIBOR were to increase or decrease by 100 basis points, the increase or decrease in interest expense on the variable rate debt (excluding variable rate debt with interest rate floors) would increase or decrease future earnings and cash flows by approximately $2,600 annually.

        Interest rate risk amounts were determined by considering the impact of hypothetical interest rates on our financial instruments. These analyses do not consider the effect of any change in overall economic activity that could occur. Further, in the event of a change of that magnitude, we may take actions to further mitigate our exposure to the change. However, due to the uncertainty of the specific actions that would be taken and their possible effects, these analyses assume no changes in our financial structure.

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Item 8.    Financial Statements and Supplementary Data

EXTRA SPACE STORAGE INC.
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
AND SCHEDULES

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	48
CONSOLIDATED BALANCE SHEETS	49
CONSOLIDATED STATEMENTS OF OPERATIONS	50
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	51
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY	52
CONSOLIDATED STATEMENTS OF CASH FLOWS	54
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS	56
SCHEDULE III	95

        All other schedules have been omitted since the required information is not present or not present in amounts sufficient to require submission of the schedule, or because the information required is included in the consolidated financial statements or notes thereto.

47

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders of Extra Space Storage Inc.

        We have audited the accompanying consolidated balance sheets of Extra Space Storage Inc. ("the Company") as of December 31, 2012 and 2011, and the related consolidated statements of operations, comprehensive income, stockholders' equity, and cash flows for each of the three years in the period ended December 31, 2012. Our audits also included the financial statement schedule listed in the index at Item 8. These financial statements and schedule are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements and schedule based on our audits.

        We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

        In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of the Company at December 31, 2012 and 2011 and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2012, in conformity with U.S. generally accepted accounting principles. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly in all material respects the information set forth therein.

        We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company's internal control over financial reporting as of December 31, 2012, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 28, 2013 expressed an unqualified opinion thereon.

/s/ Ernst & Young LLP

Salt Lake City, Utah
February 28, 2013

48

Extra Space Storage Inc.

Consolidated Balance Sheets

(dollars in thousands, except share data)

	December 31, 2012			December 31, 2011
Assets:
Real estate assets, net	$	2,991,722		$	2,263,795
Investments in real estate ventures		106,313			130,410
Cash and cash equivalents		30,785			26,484
Restricted cash		16,976			25,768
Receivables from related parties and affiliated real estate joint ventures		11,078			18,517
Other assets, net		66,603			52,550
Total assets	$	3,223,477		$	2,517,524
Liabilities, Noncontrolling Interests and Equity:
Notes payable	$	1,369,690		$	937,001
Premium on notes payable		3,319			4,402
Notes payable to trusts		119,590			119,590
Exchangeable senior notes		—			87,663
Lines of credit		85,000			215,000
Accounts payable and accrued expenses		52,299			46,353
Other liabilities		48,248			33,754
Total liabilities		1,678,146			1,443,763
Commitments and contingencies
Noncontrolling Interests and Equity:
Extra Space Storage Inc. stockholders' equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued or outstanding		—			—
Common stock, $0.01 par value, 300,000,000 shares authorized, 110,737,205 and 94,783,590 shares issued and outstanding at December 31, 2012, and December 31, 2011, respectively		1,107			948
Paid-in capital		1,740,037			1,290,021
Accumulated other comprehensive deficit		(14,273	)		(7,936	)
Accumulated deficit		(235,064	)		(264,086	)
Total Extra Space Storage Inc. stockholders' equity		1,491,807			1,018,947
Noncontrolling interest represented by Preferred Operating Partnership units, net of $100,000 note receivable		29,918			29,695
Noncontrolling interests in Operating Partnership		22,492			24,018
Other noncontrolling interests		1,114			1,101
Total noncontrolling interests and equity		1,545,331			1,073,761
Total liabilities, noncontrolling interests and equity	$	3,223,477		$	2,517,524

See accompanying notes.

49

Extra Space Storage Inc.

Consolidated Statements of Operations

(dollars in thousands, except share data)

	For the Year Ended December 31,
	2012			2011			2010
Revenues:
Property rental	$	346,874		$	268,725		$	232,447
Tenant reinsurance		36,816			31,181			25,928
Management fees		25,706			29,924			23,122
Total revenues		409,396			329,830			281,497
Expenses:
Property operations		114,028			95,481			86,165
Tenant reinsurance		7,869			6,143			6,505
Acquisition related costs		5,351			2,896			1,235
Loss on sublease		—			—			2,000
Severance costs		—			2,137			—
General and administrative		50,454			49,683			44,428
Depreciation and amortization		74,453			58,014			50,349
Total expenses		252,155			214,354			190,682
Income from operations		157,241			115,476			90,815
Interest expense		(71,850	)		(67,301	)		(64,116	)
Non-cash interest expense related to amortization of discount on exchangeable senior notes		(444	)		(1,761	)		(1,664	)
Interest income		1,816			1,027			898
Interest income on note receivable from Preferred Operating Partnership unit holder		4,850			4,850			4,850
Income before equity in earnings of real estate ventures and income tax expense		91,613			52,291			30,783
Equity in earnings of real estate ventures		10,859			7,287			6,753
Equity in earnings of real estate ventures—gain on sale of real estate assets and purchase of joint venture partners' interests		30,630			—			—
Income tax expense		(5,413	)		(1,155	)		(4,162	)
Net income		127,689			58,423			33,374
Net income allocated to Preferred Operating Partnership noncontrolling interests		(6,876	)		(6,289	)		(6,048	)
Net income allocated to Operating Partnership and other noncontrolling interests		(3,504	)		(1,685	)		(995	)
Net income attributable to common stockholders	$	117,309		$	50,449		$	26,331
Net income per common share
Basic	$	1.15		$	0.55		$	0.30
Diluted	$	1.14		$	0.54		$	0.30
Weighted average number of shares
Basic		102,290,200			92,097,008			87,324,104
Diluted		106,523,015			96,683,508			92,050,453

See accompanying notes.

50

Extra Space Storage Inc.

Consolidated Statements of Comprehensive Income

(dollars in thousands)

	For the Year Ended December 31,
	2012			2011			2010
Net income	$	127,689		$	58,423		$	33,374
Other comprehensive income:
Change in fair value of interest rate swaps		(6,587	)		(2,237	)		(4,963	)
Total comprehensive income		121,102			56,186			28,411
Less: comprehensive income attributable to noncontrolling interests		10,130			7,886			6,811
Comprehensive income attributable to common stockholders	$	110,972		$	48,300		$	21,600

See accompanying notes

51

Extra Space Storage Inc.

Consolidated Statements of Stockholders' Equity

(dollars in thousands, except share data)

										Extra Space Storage Inc. Stockholders' Equity
	Noncontrolling Interests
																		Accumulated Other Comprehensive Deficit
	Preferred Operating Partnership			Operating Partnership			Other			Shares			Par Value		Paid-in Capital						Accumulated Deficit			Total Equity
Balances at December 31, 2009	$	29,886		$	31,381		$	773			86,721,841		$	867	$	1,138,243		$	(1,056	)	$	(253,875	)	$	946,219
Issuance of common stock upon the exercise of options		—			—			—			484,261			5		5,656			—			—			5,661
Restricted stock grants issued		—			—			—			445,230			4		—			—			—			4
Restricted stock grants cancelled		—			—			—			(64,010	)		—		—			—			—			—
Compensation expense related to stock-based awards		—			—			—			—			—		4,580			—			—			4,580
Deconsolidation of noncontrolling interests		—			—			104			—			—		—			—			—			104
Redemption of Operating Partnership units for cash		—			(4,116	)		—			—			—		—			—			—			(4,116	)
Investments from other noncontrolling interests		—			—			87			—			—		—			—			—			87
Purchase of noncontrolling interest		—			—			223			—			—		—			—			—			223
Net income (loss)		6,048			1,048			(53	)		—			—		—			—			26,331			33,374
Other comprehensive loss		(55	)		(177	)		—			—			—		—			(4,731	)		—			(4,963	)
Tax effect from vesting of restricted stock grants and stock option exercises		—			—			—			—			—		836			—			—			836
Tax effect from contribution of property to Taxable REIT Subsidiary		—			—			—			—			—		(495	)		—			—			(495	)
Distributions to Operating Partnership units held by noncontrolling interests		(6,146	)		(1,333	)		—			—			—		—			—			—			(7,479	)
Dividends paid on common stock at $0.40 per share		—			—			—			—			—		—			—			(34,964	)		(34,964	)
Balances at December 31, 2010	$	29,733		$	26,803		$	1,134			87,587,322		$	876	$	1,148,820		$	(5,787	)	$	(262,508	)	$	939,071
Issuance of common stock upon the exercise of options		—			—			—			1,388,269			14		18,608			—			—			18,622
Restricted stock grants issued		—			—			—			226,630			2		—			—			—			2
Restricted stock grants cancelled		—			—			—			(47,695	)		—		—			—			—			—
Issuance of common stock, net of offering costs		—			—			—			5,335,423			53		112,296			—			—			112,349
Compensation expense related to stock-based awards		—			—			—			—			—		5,757			—			—			5,757
Redemption of Operating Partnership units for common stock		—			(2,344	)		—			293,641			3		2,341			—			—			—
Redemption of Operating Partnership units for cash		—			(271	)		—			—			—		—			—			—			(271	)
Net income (loss)		6,289			1,689			(4	)		—			—		—			—			50,449			58,423
Other comprehensive loss		(22	)		(66	)		—			—			—		—			(2,149	)		—			(2,237	)
Tax effect from vesting of restricted stock grants and stock option exercises		—			—			—			—			—		2,199			—			—			2,199
Distributions to Operating Partnership units held by noncontrolling interests		(6,305	)		(1,793	)		—			—			—		—			—			—			(8,098	)
Distributions to other noncontrolling interests		—			—			(29	)		—			—		—			—			—			(29	)
Dividends paid on common stock at $0.56 per share		—			—			—			—			—		—			—			(52,027	)		(52,027	)
Balances at December 31, 2011	$	29,695		$	24,018		$	1,101			94,783,590		$	948	$	1,290,021		$	(7,936	)	$	(264,086	)	$	1,073,761

See accompanying notes.

52

Extra Space Storage Inc.

Consolidated Statements of Stockholders' Equity (Continued)

(dollars in thousands, except share data)

										Extra Space Storage Inc. Stockholders' Equity
	Noncontrolling Interests
																	Accumulated Other Comprehensive Deficit
	Preferred Operating Partnership			Operating Partnership			Other			Shares			Par Value		Paid-in Capital					Accumulated Deficit			Total Equity
Issuance of common stock upon the exercise of options		—			—			—			768,853			7		10,260		—			—			10,267
Restricted stock grants issued		—			—			—			182,052			2		—		—			—			2
Restricted stock grants cancelled		—			—			—			(16,792	)		—		—		—			—			—
Issuance of common stock, net of offering costs		—			—			—			14,030,000			140		429,448		—			—			429,588
Issuance of common stock related to settlement of exchangeable senior notes		—			—			—			684,685			7		—		—			—			7
Compensation expense related to stock-based awards		—			—			—			—			—		4,356		—			—			4,356
New issuance of Operating Partnership units		—			429			—			—			—		—		—			—			429
Redemption of Operating Partnership units for common stock		—			(2,479	)		—			304,817			3		2,476		—			—			—
Redemption of Operating Partnership units for cash		—			(155	)		—			—			—		—		—			—			(155	)
Net income		6,876			3,473			31			—			—		—		—			117,309			127,689
Other comprehensive loss		(61	)		(189	)		—			—			—		—		(6,337	)		—			(6,587	)
Tax effect from vesting of restricted stock grants and stock option exercises		—			—			—			—			—		3,476		—			—			3,476
Distributions to Operating Partnership units held by noncontrolling interests		(6,592	)		(2,605	)		—			—			—		—		—			—			(9,197	)
Distributions to other noncontrolling interests		—			—			(18	)		—			—		—		—			—			(18	)
Dividends paid on common stock at $0.85 per share		—			—			—			—			—		—		—			(88,287	)		(88,287	)
Balances at December 31, 2012	$	29,918		$	22,492		$	1,114			110,737,205		$	1,107	$	1,740,037	$	(14,273	)	$	(235,064	)	$	1,545,331

See accompanying notes.

53

Extra Space Storage Inc.

Consolidated Statements of Cash Flows

(dollars in thousands)

	For the Year Ended December 31,
	2012			2011			2010
Cash flows from operating activities:
Net income	$	127,689		$	58,423		$	33,374
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		74,453			58,014			50,349
Amortization of deferred financing costs		5,889			5,583			4,354
Non-cash interest expense related to amortization of discount on exchangeable senior notes		444			1,761			1,664
Non-cash interest expense related to amortization of premium on notes payable		(1,270	)		—			—
Compensation expense related to stock-based awards		4,356			5,757			4,580
Gain on purchase of joint venture partners' interests		(23,670	)		—			—
Loss on sublease		—			—			2,000
Distributions from real estate ventures in excess of earnings		2,581			7,008			6,722
Changes in operating assets and liabilities:
Receivables from related parties and affiliated real estate joint ventures		7,439			(8,634	)		3,011
Other assets		8,746			7,533			(1,676	)
Accounts payable and accrued expenses		7,220			9,837			1,856
Other liabilities		2,002			(1,118	)		(1,419	)
Net cash provided by operating activities		215,879			144,164			104,815
Cash flows from investing activities:
Acquisition of real estate assets		(601,727	)		(194,959	)		(69,588	)
Development and construction of real estate assets		(3,759	)		(7,060	)		(36,062	)
Proceeds from sale of properties to joint venture		—			—			15,750
Investments in real estate ventures		(1,423	)		(4,088	)		(9,699	)
Return of investment in real estate ventures		2,421			4,614			8,802
Change in restricted cash		8,792			4,730			9,036
Purchase of notes receivable		(7,875	)		(50,140	)		—
Purchase of equipment and fixtures		(3,367	)		(5,016	)		(1,945	)
Net cash used in investing activities		(606,938	)		(251,919	)		(83,706	)
Cash flows from financing activities:
Proceeds from the sale of common stock, net of offering costs		429,588			112,349			—
Proceeds from notes payable and lines of credit		1,074,263			475,487			191,062
Principal payments on notes payable and lines of credit		(921,831	)		(452,347	)		(252,400	)
Deferred financing costs		(11,607	)		(6,197	)		(4,160	)
Repurchase of exchangeable senior notes		(87,663	)		—			—
Investments from other noncontrolling interests		—			—			87
Redemption of Operating Partnership units held by noncontrolling interest		(155	)		(271	)		(4,116	)
Net proceeds from exercise of stock options		10,267			18,622			5,661
Dividends paid on common stock		(88,287	)		(52,027	)		(34,964	)
Distributions to noncontrolling interests		(9,215	)		(8,127	)		(7,479	)
Net cash provided by (used in) financing activities		395,360			87,489			(106,309	)
Net increase (decrease) in cash and cash equivalents		4,301			(20,266	)		(85,200	)
Cash and cash equivalents, beginning of the period		26,484			46,750			131,950
Cash and cash equivalents, end of the period	$	30,785		$	26,484		$	46,750

See accompanying notes.

54

Extra Space Storage Inc.

Consolidated Statements of Cash Flows (Continued)

(dollars in thousands)

	For the Year Ended December 31,
	2012			2011			2010
Supplemental schedule of cash flow information
Interest paid, net of amounts capitalized	$	65,687		$	61,726		$	60,100
Income taxes paid		831			665			6,539
Supplemental schedule of noncash investing and financing activities:
Deconsolidation of joint ventures due to application of Accounting Standards Codification 810:
Real estate assets, net	$	—		$	—		$	(42,739	)
Investments in real estate ventures		—			—			404
Receivables from related parties and affiliated real estate joint ventures		—			—			21,142
Other assets and other liabilities		—			—			(51	)
Notes payable		—			—			21,348
Other noncontrolling interests		—			—			(104	)
Redemption of Operating Partnership units held by noncontrolling interests for common stock:
Noncontrolling interests in Operating Partnership	$	2,479		$	2,344		$	—
Common stock and paid-in capital		(2,479	)		(2,344	)		—
Tax effect from vesting of restricted stock grants and stock option exercises
Other assets	$	3,476		$	2,199		$	836
Paid-in capital		(3,476	)		(2,199	)		(836	)
Acquisitions of real estate assets
Real estate assets, net	$	159,297		$	137,177		$	25,963
Notes payable assumed		(150,284	)		(132,327	)		(25,963	)
Notes payable issued to seller		(8,584	)		(4,850	)		—
OP Units Issued		(429	)		—			—

See accompanying notes.

55

Extra Space Storage Inc.

Notes to Consolidated Financial Statements

December 31, 2012

(amounts in thousands, except property and share data)

1. DESCRIPTION OF BUSINESS

        Extra Space Storage Inc. (the "Company") is a self-administered and self-managed real estate investment trust ("REIT"), formed as a Maryland Corporation on April 30, 2004, to own, operate, manage, acquire, develop and redevelop professionally managed self-storage facilities located throughout the United States. The Company continues the business of Extra Space Storage LLC and its subsidiaries, which had engaged in the self-storage business since 1977. The Company's interest in its properties is held through its operating partnership, Extra Space Storage LP (the "Operating Partnership"), which was formed on May 5, 2004. The Company's primary assets are general partner and limited partner interests in the Operating Partnership. This structure is commonly referred to as an umbrella partnership REIT, or UPREIT. The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). To the extent the Company continues to qualify as a REIT, it will not be subject to tax, with certain limited exceptions, on the taxable income that is distributed to its stockholders.

        The Company invests in self-storage facilities by acquiring wholly-owned facilities or by acquiring an equity interest in real estate entities. At December 31, 2012, the Company had direct and indirect equity interests in 729 storage facilities. In addition, the Company managed 181 properties third parties bringing the total number of properties which it owns and/or manages to 910, located in 34 states, Washington, D.C. and Puerto Rico.

        The Company operates in three distinct segments: (1) property management, acquisition and development; (2) rental operations; and (3) tenant reinsurance. The Company's property management, acquisition and development activities include managing, acquiring, developing and redeveloping self-storage facilities. The rental operations activities include rental operations of self-storage facilities. No single tenant accounts for more than 5% of rental income. Tenant reinsurance activities include the reinsurance of risks relating to the loss of goods stored by tenants in the Company's self-storage facilities.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

        The consolidated financial statements are presented on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles ("GAAP") and include the accounts of the Company and its wholly- or majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Variable Interest Entities

        The Company accounts for arrangements that are not controlled through voting or similar rights as variable interest entities ("VIEs"). An enterprise is required to consolidate a VIE if it is the primary beneficiary of the VIE. A VIE is created when (i) the equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support from other parties, or (ii) the entity's equity holders as a group either: (a) lack the power, through voting or similar rights, to direct the activities of the entity that most significantly impact the entity's economic performance, (b) are not obligated to absorb expected losses of the entity if they occur, or (c) do not

56

Extra Space Storage Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2012

(amounts in thousands, except property and share data)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

have the right to receive expected residual returns of the entity if they occur. If an entity is deemed to be a VIE, the enterprise that is deemed to have a variable interest, or combination of variable interests, that provides the enterprise with a controlling financial interest in the VIE, is considered the primary beneficiary and must consolidate the VIE.

        The Company has concluded that under certain circumstances when the Company (1) enters into option agreements for the purchase of land or facilities from an entity and pays a non-refundable deposit, or (2) enters into arrangements for the formation of joint ventures, a VIE may be created under condition (i), (ii) (b) or (c) of the previous paragraph. For each VIE created, the Company has performed a qualitative analysis, including considering which party, if any, has the power to direct the activities most significant to the economic performance of each VIE and whether that party has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. If the Company is determined to be the primary beneficiary of the VIE, the assets, liabilities and operations of the VIE are consolidated with the Company's financial statements. Additionally, the Operating Partnership has notes payable to three trusts that are VIEs under condition (ii)(a) above. Since the Operating Partnership is not the primary beneficiary of the trusts, these VIEs are not consolidated.

        The Company's investments in real estate joint ventures, where the Company has significant influence, but not control, and joint ventures which are VIEs in which the Company is not the primary beneficiary, are recorded under the equity method of accounting on the accompanying consolidated financial statements.

Use of Estimates

        The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Reclassifications

        Certain amounts in the 2011 and 2010 financial statements and supporting note disclosures have been reclassified to conform to the current year presentation. Such reclassifications did not impact previously reported net income or accumulated deficit.

Fair Value Disclosures

Derivative financial instruments

        Currently, the Company uses interest rate swaps to manage its interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including

57

Extra Space Storage Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2012

(amounts in thousands, except property and share data)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

interest rate curves. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate forward curves.

        The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. In conjunction with the Financial Accounting Standard Board's fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio.

        Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2012, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

        The table below presents the Company's assets and liabilities measured at fair value on a recurring basis as of December 31, 2012, aggregated by the level in the fair value hierarchy within which those measurements fall.

				Fair Value Measurements at Reporting Date Using
Description	December 31, 2012			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Other liabilities—Cash Flow Hedge Swap Agreements	$	(15,228	)	$	—	$	(15,228	)	$	—

        There were no transfers of assets and liabilities between Level 1 and Level 2 during the year ended December 31, 2012. The Company did not have any significant assets or liabilities that are re-measured on a recurring basis using significant unobservable inputs as of December 31, 2012 or 2011.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

        Long-lived assets held for use are evaluated by the Company for impairment when events or circumstances indicate that there may be impairment. The Company reviews each self-storage facility at least annually to determine if any such events or circumstances have occurred or exist. The Company

58

Extra Space Storage Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2012

(amounts in thousands, except property and share data)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

focuses on facilities where occupancy and/or rental income have decreased by a significant amount. For these facilities, the Company determines whether the decrease is temporary or permanent and whether the facility will likely recover the lost occupancy and/or revenue in the short term. In addition, the Company carefully reviews facilities in the lease-up stage and compares actual operating results to original projections.

        When the Company determines that an event that may indicate impairment has occurred, the Company compares the carrying value of the related long-lived assets to the undiscounted future net operating cash flows attributable to the assets. An impairment loss is recorded if the net carrying value of the assets exceeds the undiscounted future net operating cash flows attributable to the assets. The impairment loss recognized equals the excess of net carrying value over the related fair value of the assets.

        When real estate assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the fair value of the assets, net of selling costs. If the estimated fair value, net of selling costs, of the assets that have been identified for sale is less than the net carrying value of the assets, then a valuation allowance is established. The operations of assets held for sale or sold during the period are generally presented as discontinued operations for all periods presented.

        The Company assesses whether there are any indicators that the value of the Company's investments in unconsolidated real estate ventures may be impaired annually and when events or circumstances indicate that there may be impairment. An investment is impaired if management's estimate of the fair value of the investment is less than its carrying value. To the extent impairment has occurred, and is considered to be other than temporary, the loss is measured as the excess of the carrying amount of the investment over the fair value of the investment.

        As of December 31, 2012 and 2011, the Company did not have any assets or liabilities measured at fair value on a nonrecurring basis.

Fair Value of Financial Instruments

        The carrying values of cash and cash equivalents, restricted cash, receivables, other financial instruments included in other assets, accounts payable and accrued expenses, variable-rate notes payable, lines of credit and other liabilities reflected in the consolidated balance sheets at December 31, 2012 and 2011, approximate fair value. The fair values of the Company's note receivable

59

Extra Space Storage Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2012

(amounts in thousands, except property and share data)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

from Preferred Operating Partnership unit holder, fixed rate notes payable and notes payable to trusts, and exchangeable senior notes at December 31, 2012 and 2011 were as follows:

	December 31, 2012				December 31, 2011
	Fair Value		Carrying Value		Fair Value		Carrying Value
Note receivable from Preferred Operating Partnership unit holder	$	108,138	$	100,000	$	104,049	$	100,000
Fixed rate notes payable and notes payable to trusts	$	1,342,957	$	1,275,605	$	1,008,039	$	938,681
Exchangeable senior notes	$	—	$	—	$	92,265	$	87,663

Real Estate Assets

        Real estate assets are stated at cost, less accumulated depreciation. Direct and allowable internal costs associated with the development, construction, renovation, and improvement of real estate assets are capitalized. Interest, property taxes, and other costs associated with development incurred during the construction period are capitalized. The construction period begins when expenditures for the real estate assets have been made and activities that are necessary to prepare the asset for its intended use are in progress. The construction period ends when the asset is substantially complete and ready for its intended use. Capitalized interest during the years ended December 31, 2012, 2011 and 2010, was $0, $752 and $2,013, respectively.

        Expenditures for maintenance and repairs are charged to expense as incurred. Major replacements and betterments that improve or extend the life of the asset are capitalized and depreciated over their estimated useful lives. Depreciation is computed using the straight-line method over the estimated useful lives of the buildings and improvements, which are generally between five and 39 years.

        In connection with the Company's acquisition of self-storage facilities, the purchase price is allocated to the tangible and intangible assets and liabilities acquired based on their fair values, which are estimated using significant unobservable inputs. The value of the tangible assets, consisting of land and buildings, are determined as if vacant. Intangible assets, which represent the value of existing tenant relationships, are recorded at their fair values based on the avoided cost to replace the current leases. The Company measures the value of tenant relationships based on the rent lost due to the amount of time required to replace existing customers which is based on the Company's historical experience with turnover in its facilities. Debt assumed as part of an acquisition is recorded at fair value based on current interest rates compared to contractual rates. Acquisition-related transaction costs are expensed as incurred.

        Intangible lease rights represent: (1) purchase price amounts allocated to leases on three properties that cannot be classified as ground or building leases; these rights are amortized to expense over the life of the leases and (2) intangibles related to ground leases on five properties where the leases were assumed by the Company at rates that were lower than the current market rates for similar leases. The values associated with these assumed leases were recorded as intangibles, which will be amortized over the lease terms.

60

Extra Space Storage Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2012

(amounts in thousands, except property and share data)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Investments in Real Estate Ventures

        The Company's investments in real estate joint ventures, where the Company has significant influence, but not control and joint ventures which are VIEs in which the Company is not the primary beneficiary, are recorded under the equity method of accounting in the accompanying consolidated financial statements.

        Under the equity method, the Company's investment in real estate ventures is stated at cost and adjusted for the Company's share of net earnings or losses and reduced by distributions. Equity in earnings of real estate ventures is generally recognized based on the Company's ownership interest in the earnings of each of the unconsolidated real estate ventures. For the purposes of presentation in the statement of cash flows, the Company follows the "look through" approach for classification of distributions from joint ventures. Under this approach, distributions are reported under operating cash flow unless the facts and circumstances of a specific distribution clearly indicate that it is a return of capital (e.g., a liquidating dividend or distribution of the proceeds from the joint venture's sale of assets), in which case it is reported as an investing activity.

Cash and Cash Equivalents

        The Company's cash is deposited with financial institutions located throughout the United States of America and at times may exceed federally insured limits. The Company considers all highly liquid debt instruments with a maturity date of three months or less to be cash equivalents.

Restricted Cash

        Restricted cash is comprised of letters of credit and escrowed funds deposited with financial institutions located throughout the United States relating to earnest money deposits on potential acquisitions, real estate taxes, insurance and capital expenditures.

Other Assets

        Other assets consist primarily of equipment and fixtures, deferred financing costs, customer accounts receivable, investments in trusts, other intangible assets, income taxes receivable, deferred tax assets and prepaid expenses. Depreciation of equipment and fixtures is computed on a straight-line basis over three to five years. Deferred financing costs are amortized to interest expense using the effective interest method over the terms of the respective debt agreements.

Derivative Instruments and Hedging Activities

        The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability or firm commitment attributable to a particular risk, such as interest rate risk, are

61

Extra Space Storage Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2012

(amounts in thousands, except property and share data)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting.

        The Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio.

Risk Management and Use of Financial Instruments

        In the normal course of its ongoing business operations, the Company encounters economic risk. There are three main components of economic risk: interest rate risk, credit risk and market risk. The Company is subject to interest rate risk on its interest-bearing liabilities. Credit risk is the risk of inability or unwillingness of tenants to make contractually required payments. Market risk is the risk of declines in the value of properties due to changes in rental rates, interest rates or other market factors affecting the value of properties held by the Company. The Company has entered into interest rate swap agreements to manage a portion of its interest rate risk.

Conversion of Operating Partnership Units

        Conversions of Operating Partnership units to common stock, when converted under the original provisions of the Operating Partnership agreement, are accounted for by reclassifying the underlying net book value of the units from noncontrolling interest to the Company's equity. The difference between the fair value of the consideration paid and the adjustment to the carrying amount of the noncontrolling interest is recognized as additional paid in capital for the Company.

Revenue and Expense Recognition

        Rental revenues are recognized as earned based upon amounts that are currently due from tenants. Leases are generally on month-to-month terms. Prepaid rents are recognized on a straight-line basis over the term of the leases. Promotional discounts are recognized as a reduction to rental income over the promotional period. Late charges, administrative fees, merchandise sales and truck rentals are recognized as income when earned. Management fee revenues are recognized monthly as services are performed and in accordance with the terms of the related management agreements. Tenant reinsurance premiums are recognized as revenue over the period of insurance coverage. Equity in earnings of real estate entities is recognized based on our ownership interest in the earnings of each of the unconsolidated real estate entities. Interest income is recognized as earned.

        Property expenses, including utilities, property taxes, repairs and maintenance and other costs to manage the facilities are recognized as incurred. The Company accrues for property tax expense based

62

Extra Space Storage Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2012

(amounts in thousands, except property and share data)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

upon invoice amounts, estimates and historical trends. If these estimates are incorrect, the timing of expense recognition could be affected.

Real Estate Sales

        In general, sales of real estate and related profits/losses are recognized when all consideration has changed hands and risks and rewards of ownership have been transferred. Certain types of continuing involvement preclude sale treatment and related profit recognition; other forms of continuing involvement allow for sale recognition but require deferral of profit recognition.

Advertising Costs

        The Company incurs advertising costs primarily attributable to directory, direct mail, internet and other advertising. Direct response advertising costs are deferred and amortized over the expected benefit period determined to be 12 months. As of December 31, 2012 and 2011, the Company had $0 and $860, respectively, of prepaid advertising included in other assets on the consolidated balance sheets. All other advertising costs are expensed as incurred. The Company recognized $6,026, $5,958, and $6,430 in advertising expense for the years ended December 31, 2012, 2011 and 2010, respectively.

Income Taxes

        The Company has elected to be treated as a REIT under Sections 856 through 860 of the Internal Revenue Code. In order to maintain its qualification as a REIT, among other things, the Company is required to distribute at least 90% of its REIT taxable income to its stockholders and meet certain tests regarding the nature of its income and assets. As a REIT, the Company is not subject to federal income tax with respect to that portion of its income which meets certain criteria and is distributed annually to stockholders. The Company plans to continue to operate so that it meets the requirements for taxation as a REIT. Many of these requirements, however, are highly technical and complex. If the Company were to fail to meet these requirements, it would be subject to federal income tax. The Company is subject to certain state and local taxes. Provision for such taxes has been included in income tax expense on the Company's consolidated statements of operations. For the year ended December 31, 2012, 0% (unaudited) of all distributions to stockholders qualified as a return of capital.

        The Company has elected to treat its corporate subsidiary, Extra Space Management, Inc. ("ESMI"), as a taxable REIT subsidiary ("TRS"). In general, the Company's TRS may perform additional services for tenants and may engage in any real estate or non-real estate related business. A TRS is subject to corporate federal income tax. ESM Reinsurance Limited, a wholly-owned subsidiary of ESMI, generates income from insurance premiums that are subject to corporate federal income tax and state insurance premiums tax.

        Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities. At December 31, 2012 and 2011, there were no material unrecognized tax benefits. Interest and penalties relating to uncertain tax positions will be recognized in income tax expense when incurred. As of December 31, 2012 and 2011, the Company had no interest or penalties related to uncertain tax provisions.

63

Extra Space Storage Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2012

(amounts in thousands, except property and share data)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Stock-Based Compensation

        The measurement and recognition of compensation expense for all share-based payment awards to employees and directors are based on estimated fair values. Awards granted are valued at fair value and any compensation element is recognized on a straight line basis over the service periods of each award.

Net Income Per Share

        Basic net income per common share is computed by dividing net income by the weighted average common shares outstanding, including unvested share-based payment awards that contain a non-forfeitable right to dividends or dividend equivalents. Diluted earnings per common share measures the performance of the Company over the reporting period while giving effect to all potential common shares that were dilutive and outstanding during the period. The denominator includes the weighted average number of basic shares and the number of additional common shares that would have been outstanding if the potential common shares that were dilutive had been issued, and is calculated using either the treasury stock or as if-converted method. Potential common shares are securities (such as options, convertible debt, exchangeable Series A Participating Redeemable Preferred Operating Partnership units ("Preferred OP units") and exchangeable Operating Partnership units ("OP units")) that do not have a current right to participate in earnings but could do so in the future by virtue of their option or conversion right. In computing the dilutive effect of convertible securities, net income is adjusted to add back any changes in earnings in the period associated with the convertible security. The numerator also is adjusted for the effects of any other non-discretionary changes in income or loss that would result from the assumed conversion of those potential common shares. In computing diluted earnings per share, only potential common shares that are dilutive (those that reduce earnings per share) are included.

        The Company's Operating Partnership had $87,663 of exchangeable senior notes (the "Notes") that were surrendered for exchange in April 2012. Prior to their exchange, the Notes could potentially have had a dilutive effect on the Company's earnings per share calculations. The Notes were exchangeable by holders into cash and shares of the Company's common stock under certain circumstances per the terms of the indenture governing the Notes and at the time prior to surrender had an exchange price of $23.20 per share. The Company had irrevocably agreed to pay only cash for the accreted principal amount of the Notes relative to its exchange obligations, but retained the right to satisfy the exchange obligations in excess of the accreted principal amount in cash and/or common stock. Though the Company retained that right, Accounting Standards Codification ("ASC") 260, "Earnings Per Share," required an assumption that shares would be used to pay the exchange obligations in excess of the accreted principal amount, and required that those shares be included in the Company's calculation of weighted average common shares outstanding for the diluted earnings per share computation. No shares were included in the diluted share calculation for the years ended December 31, 2011 or 2010 as the stock price during this time did not exceed the exchange price. No shares were included for the year ended December 31, 2012 as the Notes were no longer outstanding.

64

Extra Space Storage Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2012

(amounts in thousands, except property and share data)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

        For the purposes of computing the diluted impact on earnings per share of the potential conversion of Preferred OP units into common shares, where the Company has the option to redeem in cash or shares and where the Company has stated the positive intent and ability to settle at least $115,000 of the instrument in cash (or net settle a portion of the Preferred OP units against the related outstanding note receivable), only the amount of the instrument in excess of $115,000 is considered in the calculation of shares contingently issuable for the purposes of computing diluted earnings per share as allowed by ASC 260-10-45-46.

        For the years ended December 31, 2012, 2011 and 2010, options to purchase approximately 57,335 shares, 107,523 shares and 1,788,142 shares of common stock, respectively, were excluded from the computation of earnings per share as their effect would have been anti-dilutive. All restricted stock grants have been included in basic and diluted shares outstanding because such shares earn a non-forfeitable dividend and carry voting rights.

        The computation of net income per share is as follows:

	For the Year Ended December 31,
	2012			2011			2010
Net income attributable to common stockholders	$	117,309		$	50,449		$	26,331
Add: Income allocated to noncontrolling interest—Preferred Operating Partnership and Operating Partnership		10,349			7,978			7,096
Subtract: Fixed component of income allocated to noncontrolling interest—Preferred Operating Partnership		(5,750	)		(5,750	)		(5,750	)
Net income for diluted computations	$	121,908		$	52,677		$	27,677
Weighted average common shares outstanding:
Average number of common shares outstanding—basic		102,290,200			92,097,008			87,324,104
Operating Partnership units		2,755,650			3,049,935			3,356,963
Preferred Operating Partnership units		989,980			989,980			989,980
Dilutive and cancelled stock options		487,185			546,585			379,406
Average number of common shares outstanding—diluted		106,523,015			96,683,508			92,050,453
Net income per common share
Basic	$	1.15		$	0.55		$	0.30
Diluted	$	1.14		$	0.54		$	0.30

Recently Issued Accounting Standards

        In July 2012, the Financial Accounting Standards Board issued ASU No. 2012-02, "Testing Indefinite-Lived Intangible Assets for Impairment" ("ASU 2012-02"), which provides companies with the option to first assess qualitative factors in determining whether events and circumstances indicates that it is more likely than not that an indefinite-lived intangible asset is impaired. If, after assessing the

65

Extra Space Storage Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2012

(amounts in thousands, except property and share data)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

totality of events and circumstances, an entity concludes that it is not more likely than not that an indefinite-lived intangible asset is impaired, then the entity is not required to take further action. However, if an entity concludes otherwise, then it is required to determine the fair value of the indefinite-lived intangible asset and perform the quantitative impairment test by comparing the fair value with the carrying value. Previously, companies were required to perform the quantitative impairment test at least annually. As permitted the Company adopted these provisions in 2012. The adoption of ASU 2012-02 did not have a material impact on the Company's financial position or results of operations.

3. REAL ESTATE ASSETS

        The components of real estate assets are summarized as follows:

	December 31, 2012			December 31, 2011
Land—operating	$	755,565		$	580,995
Land—development		12,050			14,600
Buildings and improvements		2,551,886			1,934,693
Intangible assets—tenant relationships		51,355			37,293
Intangible lease rights		8,656			6,150
		3,379,512			2,573,731
Less: accumulated depreciation and amortization		(391,928	)		(319,302	)
Net operating real estate assets		2,987,584			2,254,429
Real estate under development/redevelopment		4,138			9,366
Net real estate assets	$	2,991,722		$	2,263,795
Real estate assets held for sale included in net real estate assets	$	8,600		$	7,875

        The Company amortizes to expense intangible assets—tenant relationships on a straight-line basis over the average period that a tenant is expected to utilize the facility (currently estimated at 18 months). The Company amortizes to expense the intangible lease rights over the terms of the related leases. Amortization related to the tenant relationships and lease rights was $7,068, $2,633, and $907, for the years ended December 31, 2012, 2011 and 2010, respectively. The remaining balance of the unamortized lease rights will be amortized over the next 5 to 49 years.

        Real estate assets held for sale included in net real estate assets as of December 31, 2012 are recorded at fair value and consisted of undeveloped land and one self-storage property.

66

Extra Space Storage Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2012

(amounts in thousands, except property and share data)

4. PROPERTY ACQUISITIONS

        The following table shows the Company's acquisition of operating properties for the years ended December 31, 2012 and 2011, and does not include purchases of raw land or improvements made to existing assets:

					Consideration Paid
																								Acquisition Date Fair Value
													Notes Issued to/from Seller				Net Liabilities/ (Assets) Assumed			Value of OP Units Issued		Number of OP Units Issued
Property Location	Number of Properties		Date of Acquisition		Total		Cash Paid		Loan Assumed		Non-cash gain				Previous equity interest									Land		Building		Intangible		Closing costs— expensed			Source of Acquisition	Notes
Florida		1		12/28/2012	$	4,270	$	4,258	$	—	$	—	$	—	$	—	$	12		$	—		—	$	805	$	3,345	$	95	$	25		Unrelated third party
Maryland		1		12/27/2012		13,107		10,596		2,692		—		—		—		(181	)		—		—		4,314		8,412		206		175		Unrelated third party
Arizona		1		12/27/2012		8,667		8,608		—		—		—		—		59			—		—		2,973		5,545		141		8		Unrelated third party
Florida		2		12/27/2012		8,766		142		—		—		8,584		—		40			—		—		1,597		6,862		215		92		Unrelated third party	(4)
Florida		1		12/3/2012		4,273		4,254		—		—		—		—		19			—		—		1,133		3,017		99		24		Unrelated third party
Various states		21		11/30/2012		164,566		140,513		—		10,171		—		14,184		(302	)		—		—		41,988		119,681		2,881		16		Affiliated joint venture	(3)
New Jersey		4		11/30/2012		39,336		39,283		—		—		—		—		53			—		—		10,920		26,712		825		879		Unrelated third party
Massachusetts		1		11/9/2012		9,011		8,994		—		—		—		—		17			—		—		3,115		5,684		190		22		Unrelated third party
Utah		1		9/28/2012		7,410		7,322		—		—		—		—		88			—		—		2,063		5,202		132		13		Related party	(2)
Virginia		1		9/20/2012		6,884		6,850		—		—		—		—		34			—		—		1,172		5,562		119		31		Unrelated third party
New Jersey		1		8/28/2012		13,678		13,678		—		—		—		—		—			—		—		1,511		11,732		241		194		Unrelated third party
New Jersey		1		8/23/2012		9,091		9,099		—		—		—		—		(8	)		—		—		2,144		6,660		158		129		Unrelated third party
New Jersey		1		8/23/2012		15,475		15,431		—		—		—		—		44			—		—		1,890		13,112		269		204		Unrelated third party
New York		1		8/10/2012		15,300		15,377		—		—		—		—		(77	)		—		—		2,800		12,173		269		58		Unrelated third party
Texas		2		8/10/2012		9,948		9,775		—		—		—		—		173			—		—		4,869		4,826		241		12		Unrelated third party
California		1		7/26/2012		4,860		2,376		2,592		—		—		—		(108	)		—		—		2,428		2,317		93		22		Unrelated third party
South Carolina		1		7/19/2012		4,651		4,621		—		—		—		—		30			—		—		1,784		2,755		107		5		Unrelated third party
New Jersey, New York		6		7/18/2012		55,622		55,748		—		—		—		—		(126	)		—		—		8,584		45,359		1,227		452		Unrelated third party
Colorado		1		7/18/2012		7,085		7,038		—		—		—		—		47			—		—		—		6,945		137		3		Unrelated third party
Various states		36		7/2/2012		322,516		162,705		145,000		13,499		—		3,355		(2,043	)		—		—		67,550		246,133		8,142		691		Affiliated joint venture	(1)
Maryland		1		5/31/2012		6,501		6,438		—		—		—		—		11			52		1,814		1,185		5,051		147		118		Unrelated third party
Florida		3		5/2/2012		14,942		14,792		—		—		—		—		150			—		—		1,933		12,682		321		6		Unrelated third party
Maryland		1		3/7/2012		6,284		5,886		—		—		—		—		21			377		14,193		465		5,600		128		91		Unrelated third party
Texas		1		2/29/2012		9,405		9,323		—		—		—		—		82			—		—		1,036		8,133		187		49		Unrelated third party
2012 Totals		91			$	761,648	$	563,107	$	150,284	$	23,670	$	8,584	$	17,539	$	(1,965	)	$	429		16,007	$	168,259	$	573,500	$	16,570	$	3,319
New Jersey		1		12/16/2011	$	6,832	$	6,806	$	—	$	—	$	—	$	—	$	26		$	—		—	$	1,093	$	5,492	$	157	$	90		Unrelated third party
Various		6		12/1/2011		61,797		4,941		50,140		—		4,850		1,817		49			—		—		15,645		46,139		—		13		Affiliated joint venture
Florida		1		10/25/2011		5,853		5,615		—		—		—		—		238			—		—		521		5,198		113		21		Unrelated third party
California		19		10/19/2011		104,029		31,464		73,527		—		—		—		(962	)		—		—		32,270		69,496		2,164		99		Unrelated third party
New Jersey		1		10/6/2011		18,372		18,334		—		—		—		—		38			—		—		861		17,127		333		51		Unrelated third party
Texas		1		8/2/2011		2,402		2,353		—		—		—		—		49			—		—		978		1,347		73		4		Unrelated third party
Maryland		1		8/1/2011		7,343		7,342		—		—		—		—		1			—		—		764		6,331		143		105		Unrelated third party
Maryland		1		7/8/2011		5,785		5,795		—		—		—		—		(10	)		—		—		1,303		4,218		125		139		Unrelated third party
Ohio, Indiana, Kentucky		15		6/27/2011		39,773		39,387		—		—		—		—		386			—		—		13,478		25,098		903		294		Unrelated third party
Nevada		1		6/22/2011		3,355		3,339		—		—		—		—		16			—		—		1,441		1,810		98		6		Unrelated third party
Colorado		1		6/10/2011		4,600		2,664		1,907		—		—		—		29			—		—		296		4,199		98		7		Unrelated third party
New Jersey		1		6/2/2011		4,963		4,959		—		—		—		—		4			—		—		1,644		3,115		135		69		Affiliated joint venture
Virginia		1		5/26/2011		10,514		5,205		5,463		—		—		—		(154	)		—		—		932		9,349		202		31		Unrelated third party
Colorado		1		5/25/2011		3,540		2,262		1,290		—		—		—		(12	)		—		—		407		3,077		61		(5	)	Unrelated third party
Tennessee		1		4/15/2011		2,539		2,514		—		—		—		—		25			—		—		652		1,791		79		17		Unrelated third party
California		1		4/7/2011		8,207		8,150		—		—		—		—		57			—		—		2,211		5,829		163		4		Unrelated third party
Utah, Texas		2		4/1/2011		7,262		7,205		—		—		—		—		57			—		—		1,512		5,548		188		14		Affiliated joint venture
2011 Totals		55			$	297,166	$	158,335	$	132,327	$	—	$	4,850	$	1,817	$	(163	)	$	—		—	$	76,008	$	215,164	$	5,035	$	959

(1)

This represents the acquisition of Prudential Real Estate Investors' ("PREI®") 94.9% interest in the ESS PRISA III LLC joint venture ("PRISA III") that was formed in 2005, resulting in full ownership by the Company. The joint venture owned 36 properties located in 18 states. Prior to the acquisition date, the Company accounted for its 5.1% interest in PRISA III as an equity-method investment. The acquisition date fair value of the previous equity interest was approximately $16,300 and is included as consideration transferred. The Company recognized a non-cash gain of $13,499 as a result of re-measuring its prior equity interest in PRISA III held before the acquisition.

(2)

This property was purchased from Sandy Self Storage, LLC, which was partially owned by Kenneth T. Woolley, the son of Kenneth M. Woolley, Executive Chairman and Chief Investment Officer.

(3)

This represents the acquisition of the Company's joint venture partner's 80% interest in the Storage Portfolio Bravo II LLC ("SPB II") joint venture, resulting in full ownership by the Company. The joint venture owned 21 properties in eleven states. Prior to the acquisition date, the Company accounted for its 20% interest in the joint venture as an equity-method investment. The acquisition date fair value of the previous equity interest was approximately $31,500 and is included as consideration transferred. The Company recognized a non-cash gain of $10,171 as a result of re-measuring its prior equity interest in SPB II held before the acquisition.

(4)

On May 1, 2012, the Company purchased two notes receivable from Capmark Bank for a total of $7,875. These receivables were due from Spacebox Land O'Lakes, LLC and Spacebox North Fort Myers, LLC (collectively, "Spacebox"), a third party. The notes bore interest at 15% per annum. Spacebox owned two self-storage facilities located in Florida that served as collateral for the notes. On December 27, 2012, the Company acquired the two properties owned by Spacebox in exchange for $142 of cash and forgiveness of the notes, which had an outstanding balance at the time of purchase of $8,584, including accrued interest.

67

Extra Space Storage Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2012

(amounts in thousands, except property and share data)

4. PROPERTY ACQUISITIONS (Continued)

        On July 31, 2012, the Company acquired the land it had previously been leasing associated with a property in Bethesda, Maryland for a cash payment of $3,671.

        As noted above, during the year ended December 31, 2012, the Company acquired 91 properties. The following pro forma financial information includes 77 of the 91 properties acquired. Fourteen properties were excluded as it was impractical to obtain the historical information from the previous owners, and in total they represent an immaterial amount of total revenues. The pro forma information is based on the combined historical financial statements of the Company and 77 of the properties acquired, and presents the Company's results as if the acquisitions had occurred as of January 1, 2011:

	For the Year Ended December 31,
	2012		2011
Total revenues	$	450,787	$	392,932
Net income attributable to common stockholders	$	124,248	$	56,454
Net income per common share
Basic	$	1.21	$	0.61
Diluted	$	1.20	$	0.60

        The following table summarizes the revenues and earnings related to the 91 acquisitions since the acquisition dates, included in the consolidated statements of operations for the year ended December 31, 2012:

	For the Year Ended December 31, 2012
Total revenues	$	29,381
Net income	$	9,225

        As part of the acquisition of the 19-property portfolio purchased on October 19, 2011, the Company assumed three different mortgage loans with a total amount due of $68,681 at the closing date. At the time of purchase, the Company recorded a $4,846 premium on the debt assumed in order to record the loans at their fair values at the purchase date. This premium is included in premium on notes payable in the consolidated balance sheets and will be amortized to interest expense over the remaining term of the loans.

68

Extra Space Storage Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2012

(amounts in thousands, except property and share data)

5. INVESTMENTS IN REAL ESTATE VENTURES

        Investments in real estate ventures consist of the following:

							Investment balance at December 31,
	Equity Ownership %			Excess Profit Participation %
							2012			2011
Extra Space West One LLC ("ESW")		5	%		40	%	$	413		$	689
Extra Space West Two LLC ("ESW II")		5	%		40	%		4,404			4,501
Extra Space Northern Properties Six LLC ("ESNPS")		10	%		35	%		626			953
Extra Space of Santa Monica LLC ("ESSM")		48	%		48	%		2,655			3,015
Clarendon Storage Associates Limited Partnership ("Clarendon")		50	%		50	%		3,160			3,171
HSRE-ESP IA, LLC ("HSRE")		50	%		50	%		12,506			11,528
PRISA Self Storage LLC ("PRISA")		2	%		17	%		10,972			11,141
PRISA II Self Storage LLC ("PRISA II")		2	%		17	%		9,331			9,502
PRISA III Self Storage LLC ("PRISA III")		5	%		20	%		—			3,410
VRS Self Storage LLC ("VRS")		45	%		54	%		43,107			43,974
WCOT Self Storage LLC ("WCOT")		5	%		20	%		4,315			4,495
Storage Portfolio I LLC ("SP I")		25	%		25 - 40	%		12,587			11,853
Storage Portfolio Bravo II ("SPB II")		20	%		20 - 45	%		—			14,435
Extra Space Joint Ventures with Everest Real Estate Fund ("Everest")		39 - 58	%		40 - 50	%		3,478			3,609
U-Storage de Mexico S.A. and related entities ("U-Storage")		40	%		40	%		—			4,841
Other minority owned properties		18 - 50	%		19 - 50	%		(1,241	)		(707	)
							$	106,313		$	130,410

        In these joint ventures, the Company and the joint venture partner generally receive a preferred return on their invested capital. To the extent that cash/profits in excess of these preferred returns are generated through operations or capital transactions, the Company would receive a higher percentage of the excess cash/profits than its equity interest.

        In accordance with ASC 810, the Company reviews all of its joint venture relationships quarterly to ensure that there are no entities that require consolidation. As of December 31, 2012, there were no previously unconsolidated entities that were required to be consolidated as a result of this review.

        On December 20, 2012 two joint ventures in which the Company held 20% interests each sold their only self storage properties. Both properties were located in Illinois. As a result of the sale, the joint ventures were dissolved, and the Company received cash proceeds which resulted in a gain of $1,409.

        On November 30, 2012, the Company completed the acquisition of its joint venture partner's 80% interest in SPB II, which owned 21 properties located in eleven states. Prior to the acquisition, the remaining 20% interest was owned by the Company, which accounted for its investment in SPB II using

69

Extra Space Storage Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2012

(amounts in thousands, except property and share data)

5. INVESTMENTS IN REAL ESTATE VENTURES (Continued)

the equity method. Subsequent to the acquisition, the Company had full ownership. GAAP requires an entity that completes a business combination in stages to re-measure its previously held equity interest in the acquiree at its acquisition date fair value and recognize the resulting gain or loss, if any, in earnings. The Company recorded a gain of $10,171 related to this transaction, which represents the increase in fair value of the Company's 20% interest in SPB II from the time the Company purchased its interest in the joint venture to the acquisition date.

        On July 2, 2012, the Company completed the acquisition of PREI®'s 94.9% interest in PRISA III, which was formed in 2005 and owned 36 properties located in 18 states. Prior to the acquisition, the remaining 5.1% interest was owned by the Company, which accounted for its investment in PRISA III using the equity method. Subsequent to the acquisition, the Company had full ownership. GAAP requires an entity that completes a business combination in stages to re-measure its previously held equity interest in the acquiree at its acquisition date fair value and recognize the resulting gain or loss, if any, in earnings. The Company recorded a gain of $13,499 related to this transaction, which represents the increase in fair value of the Company's 5.1% interest in PRISA III from the formation of the joint venture to the acquisition date.

        On February 17, 2012, a joint venture in which the Company held a 40% equity interest sold its only self-storage property. The property was located in New York. As a result of the sale, the joint venture was dissolved, and the Company received cash proceeds which resulted in a gain of $5,550.

        On January 15, 2012, the Company sold its 40% equity interest in U-Storage de Mexico S.A. and related entities to its joint venture partners for $4,841. The Company received cash of $1,492 and a note receivable of $3,349. No gain or loss was recorded on the sale. At December 31, 2012, the balance of the note receivable was $1,853. The note receivable is due December 15, 2014.

        On December 1, 2011, the Company purchased Everest Real Estate Fund LLC's interest in Storage Associates Holdco, LLC, a joint venture in which the Company previously held a 10% equity interest, for $4,941 in cash and a $4,850 promissory note. This joint venture owned six properties located in Florida, Illinois, Massachusetts, New York and Rhode Island. These properties became wholly-owned and consolidated as of the date of the purchase. During September 2011, the Company purchased a note payable due from Holdco to the Bank of America for $51,000. The note payable had a monthly interest rate of LIBOR plus 185 basis points and was due in March 2012. Upon the purchase of the remaining equity interest in Holdco on December 1, 2011, the balance of the note of $50,140 was assumed by the Company and was subsequently eliminated in consolidation.

        On January 1, 2011, the Company paid $320 in cash to obtain its joint venture partners' equity interests in a joint venture. No gain or loss was recognized on this transaction. The joint venture owned a single stabilized self-storage property located in Pennsylvania and was previously accounted for under the equity method. The property is now wholly-owned and consolidated by the Company.

70

Extra Space Storage Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2012

(amounts in thousands, except property and share data)

5. INVESTMENTS IN REAL ESTATE VENTURES (Continued)

        Equity in earnings of real estate ventures consists of the following:

	For the Year Ended December 31,
	2012		2011			2010
Equity in earnings of ESW	$	1,263	$	1,156		$	1,213
Equity in earnings (losses) of ESW II		26		(8	)		(31	)
Equity in earnings of ESNPS		382		338			239
Equity in earnings (losses) of ESSM		314		114			(142	)
Equity in earnings of Clarendon		471		465			417
Equity in earnings (losses) of HSRE		1,298		388			(161	)
Equity in earnings of PRISA		821		674			641
Equity in earnings of PRISA II		643		530			481
Equity in earnings of PRISA III		187		330			262
Equity in earnings of VRS		2,849		2,279			2,221
Equity in earnings of WCOT		370		92			251
Equity in earnings (losses) of SP I		1,103		(116	)		934
Equity in earnings of SPB II		430		301			184
Equity in earnings of Everest		137		179			195
Equity in earnings (losses) of U-Storage		—		(11	)		55
Equity in earnings (losses) of other minority owned properties		565		576			(6	)
	$	10,859	$	7,287		$	6,753

Equity in earnings (losses) of ESW II, SP I and SPB II includes the amortization of the Company's excess purchase price of $25,713 of these equity investments over its original basis. The excess basis is amortized over 40 years.

        Information (unaudited) related to the real estate ventures' debt at December 31, 2012, is presented below:

	Loan Amount		Current Interest Rate	Debt Maturity
ESW—Fixed	$	16,700	5.00%	September 2015
ESW II—Swapped to fixed		19,717	3.57%	February 2019
ESNPS—Fixed		34,500	5.27%	June 2015
ESSM—Variable		11,125	3.01%	November 2014
Clarendon—Swapped to fixed		8,151	5.93%	September 2018
HSRE—Fixed		97,779	5.29%	August 2015
VRS—Swapped to fixed		52,100	3.34%	July 2019
WCOT—Swapped to fixed		87,500	3.34%	August 2019
SP I—Fixed		96,334	4.66%	April 2018
Other minority owned properties		62,458	Various	Various

71

Extra Space Storage Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2012

(amounts in thousands, except property and share data)

5. INVESTMENTS IN REAL ESTATE VENTURES (Continued)

        Combined, condensed unaudited financial information of ESW, ESW II, ESNPS, PRISA, PRISA II, PRISA III, VRS, WCOT, SP I and SPB II and HSRE as of December 31, 2012 and 2011, and for the years ended December 31, 2012, 2011, and 2010, follows:

	December 31,
Balance Sheets:	2012(a)		2011
Assets:
Net real estate assets	$	1,629,402	$	1,971,431
Other		33,103		48,728
	$	1,662,505	$	2,020,159
Liabilities and members' equity:
Notes payable	$	404,630	$	615,561
Other liabilities		27,383		37,558
Members' equity		1,234,492		1,367,040
	$	1,666,505	$	2,020,159

	For the Year Ended December 31,
Statements of Operations:	2012		2011		2010
Rents and other income	$	266,222	$	304,499	$	297,658
Expenses		164,285		217,114		211,283
Net income	$	101,937	$	87,385	$	86,375

(a)

The balance sheet information as of December 31, 2012 does not include PRISA III or SPB II, which were acquired by the Company during 2012.

Variable Interests in Unconsolidated Real Estate Joint Ventures:

        The Company has interests in two unconsolidated joint ventures with unrelated third parties which are variable interest entities ("VIEs" or the "VIE JVs"). The Company holds 18% and 39% of the equity interests in the two VIE JVs, and has 50% of the voting rights in each of the VIE JVs. Qualification as a VIE was based on the determination that the equity investments at risk for each of these joint ventures were not sufficient based on a qualitative and quantitative analysis performed by the Company. The Company performed a qualitative analysis for these joint ventures to determine which party was the primary beneficiary of each VIE. The Company determined that since the powers to direct the activities most significant to the economic performance of these entities are shared equally by the Company and its joint venture partners, there is no primary beneficiary. Accordingly, these interests are recorded using the equity method.

        The VIE JVs each own a single self-storage property. These joint ventures are financed through a combination of (1) equity contributions from the Company and its joint venture partners, (2) mortgage notes payable and (3) payables to the Company. The payables to the Company consist of amounts

72

Extra Space Storage Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2012

(amounts in thousands, except property and share data)

5. INVESTMENTS IN REAL ESTATE VENTURES (Continued)

owed for expenses paid on behalf of the joint ventures by the Company as manager and mortgage notes payable to the Company. The Company performs management services for the VIE JVs in exchange for a management fee of approximately 6% of cash collected by the properties. Except as disclosed, the Company has not provided financial or other support during the periods presented to the VIE JVs that it was not previously contractually obligated to provide.

        The Company guarantees the mortgage notes payable of the VIE JVs. The Company's maximum exposure to loss for these joint ventures as of December 31, 2012, is the total of the guaranteed loan balances, the payables due to the Company and the Company's investment balances in the joint ventures. The Company believes that the risk of incurring a material loss as a result of having to perform on the loan guarantees is unlikely and, therefore, no liability has been recorded related to these guarantees. Also, repossessing and/or selling the self-storage facility and land that collateralize the loans could provide funds sufficient to reimburse the Company. Additionally, the Company believes the payables to the Company are collectible.

        The following table compares the liability balance and the maximum exposure to loss related to the VIE JVs as of December 31, 2012:

	Liability Balance		Investment Balance			Balance of Guaranteed Loan		Payables to Company		Maximum Exposure to Loss		Difference
Extra Space of Montrose Avenue LLC	$	—	$	1,173		$	5,120	$	2,216	$	8,509	$	(8,509	)
Extra Space of Sacramento One LLC		—		(1,015	)		4,307		6,083		9,375		(9,375	)
	$	—	$	158		$	9,427	$	8,299	$	17,884	$	(17,884	)

The Company had no consolidated VIEs for the year ended December 31, 2012.

6. OTHER ASSETS

        The components of other assets are summarized as follows:

	December 31, 2012			December 31, 2011
Equipment and fixtures	$	15,090		$	12,146
Less: accumulated depreciation		(10,223	)		(8,847	)
Other intangible assets		3,434			3,424
Deferred financing costs, net		19,783			15,386
Prepaid expenses and deposits		7,934			5,265
Receivables, net		19,881			15,536
Investments in Trusts		3,590			3,590
Income taxes receivable		3,609			2,447
Deferred tax asset		3,505			3,603
	$	66,603		$	52,550

73

Extra Space Storage Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2012

(amounts in thousands, except property and share data)

7. NOTES PAYABLE

        The components of notes payable are summarized as follows:

	December 31, 2012		December 31, 2011
Fixed Rate
Mortgage loans with banks (including loans subject to interest rate swaps) bearing interest at fixed rates between 2.8% and 7.0%. The loans are collateralized by mortgages on real estate assets and the assignment of rents. Principal and interest payments are made monthly with all outstanding principal and interest due between April 2013 and February 2021.	$	1,156,015	$	819,091
Variable Rate
Mortgage and construction loans with banks bearing floating interest rates based on LIBOR. Interest rates based on LIBOR are between LIBOR plus 2.0% (2.21% at December 31, 2012 and 2.30% December 31, 2011) and LIBOR plus 3.0% (3.21% at December 31, 2012 and 3.30% December 31, 2011). The loans are collateralized by mortgages on real estate assets and the assignment of rents. Principal and interest payments are made monthly with all outstanding principal and interest due between December 2013 and November 2019.		213,675		117,910
	$	1,369,690	$	937,001

The following table summarizes the scheduled maturities of notes payable at December 31, 2012:

2013	$	110,483
2014		144,822
2015		201,100
2016		167,604
2017		349,964
Thereafter		395,717
	$	1,369,690

Certain mortgage and construction loans with variable interest rates are subject to interest rate floors starting at 2.15%. Real estate assets are pledged as collateral for the notes payable. Of the Company's $1,369,690 in notes payable outstanding at December 31, 2012, $845,317 were recourse due to guarantees or other security provisions. The Company is subject to certain restrictive covenants relating to the outstanding notes payable. The Company was in compliance with all financial covenants at December 31, 2012.

74

Extra Space Storage Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2012

(amounts in thousands, except property and share data)

8. DERIVATIVES

        The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company's derivative financial instruments are used to manage differences in the amount, timing and duration of the Company's known or expected cash receipts and its known or expected cash payments principally related to the Company's investments and borrowings.

Cash Flow Hedges of Interest Rate Risk

        The Company's objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

        The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive deficit and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the years ended December 31, 2012, 2011 and 2010, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. During 2013, the Company estimates that an additional $7,600 will be reclassified as an increase to interest expense.

        The following table summarizes the terms of the Company's derivative financial instruments as of December 31, 2012:

Hedge Product	Current Notional Amounts	Strike	Effective Dates		Maturity Dates
Swap Agreements	$7,983 - $97,579	2.79% - 6.98%		2/1/2009 - 12/14/2012		6/30/2013 - 5/1/2020

Fair Values of Derivative Instruments

        The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2012 and 2011.

	Asset (Liability) Derivatives
	December 31, 2012				December 31, 2011
Derivatives designated as hedging instruments:	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Swap Agreements	Other liabilities	$	(15,228	)	Other liabilities	$	(8,311	)

75

Extra Space Storage Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2012

(amounts in thousands, except property and share data)

8. DERIVATIVES (Continued)

Effect of Derivative Instruments

        The tables below present the effect of the Company's derivative financial instruments on the consolidated statements of operations for the years ended December 31, 2012, 2011 and 2010.

		For the Year Ended December 31,
	Classification of Income (Expense)
Type		2012			2011			2010
Swap Agreements	Interest expense	$	(6,758	)	$	(3,771	)	$	(3,078	)

					Gain (loss) reclassified from OCI
	Gain (loss) recognized in OCI
				Location of amounts reclassified from OCI into income	For the Year Ended December 31, 2012
Type	December 31, 2012
Swap Agreements	$	(6,917	)	Interest expense	$	(6,758	)

					Gain (loss) reclassified from OCI
	Gain (loss) recognized in OCI
				Location of amounts reclassified from OCI into income	For the Year Ended December 31, 2011
Type	December 31, 2011
Swap Agreements	$	(2,237	)	Interest expense	$	(3,771	)

Credit-risk-related Contingent Features

        The Company has agreements with some of its derivative counterparties that contain provisions pursuant to which, the Company could be declared in default of its derivative obligations if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender.

        The Company also has an agreement with some of its derivative counterparties that incorporates the loan covenant provisions of the Company's indebtedness with a lender affiliate of the derivative counterparty. Failure to comply with the loan covenant provisions would result in the Company being in default on any derivative instrument obligations covered by the agreement.

        As of December 31, 2012, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $15,569. As of December 31, 2012, the Company had not posted any collateral related to these agreements. If the Company had breached any of these provisions as of December 31, 2012, it could have been required to settle its obligations under the agreements at their termination value of $15,569.

9. NOTES PAYABLE TO TRUSTS

        During July 2005, ESS Statutory Trust III (the "Trust III"), a newly formed Delaware statutory trust and a wholly-owned, unconsolidated subsidiary of the Operating Partnership, issued an aggregate of $40,000 of preferred securities which mature on July 31, 2035. In addition, the Trust III issued 1,238

76

Extra Space Storage Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2012

(amounts in thousands, except property and share data)

9. NOTES PAYABLE TO TRUSTS (Continued)

of Trust common securities to the Operating Partnership for a purchase price of $1,238. On July 27, 2005, the proceeds from the sale of the preferred and common securities of $41,238 were loaned in the form of a note to the Operating Partnership ("Note 3"). Note 3 had a fixed rate of 6.91% through July 31, 2010, and then was payable at a variable rate equal to the three-month LIBOR plus 2.40% per annum. Effective July 11, 2011, the Trust III entered into an interest rate swap that fixes the interest rate to be paid at 4.99% per annum and matures July 11, 2018. The interest on Note 3, payable quarterly, will be used by the Trust III to pay dividends on the trust preferred securities. The trust preferred securities became redeemable by the Trust III with no prepayment premium on July 27, 2010.

        During May 2005, ESS Statutory Trust II (the "Trust II"), a newly formed Delaware statutory trust and a wholly-owned, unconsolidated subsidiary of the Operating Partnership of the Company, issued an aggregate of $41,000 of preferred securities which mature on June 30, 2035. In addition, the Trust II issued 1,269 of Trust common securities to the Operating Partnership for a purchase price of $1,269. On May 24, 2005, the proceeds from the sale of the preferred and common securities of $42,269 were loaned in the form of a note to the Operating Partnership ("Note 2"). Note 2 had a fixed rate of 6.67% through June 30, 2010, and then was payable at a variable rate equal to the three-month LIBOR plus 2.40% per annum. Effective July 11, 2011, the Trust II entered into an interest rate swap that fixes the interest rate to be paid at 4.99% per annum and matures July 11, 2018. The interest on Note 2, payable quarterly, will be used by the Trust II to pay dividends on the trust preferred securities. The trust preferred securities became redeemable by the Trust II with no prepayment premium on June 30, 2010.

        During April 2005, ESS Statutory Trust I (the "Trust"), a newly formed Delaware statutory trust and a wholly-owned, unconsolidated subsidiary of the Operating Partnership of the Company issued an aggregate of $35,000 of trust preferred securities which mature on June 30, 2035. In addition, the Trust issued 1,083 of Trust common securities to the Operating Partnership for a purchase price of $1,083. On April 8, 2005, the proceeds from the sale of the trust preferred and common securities of $36,083 were loaned in the form of a note to the Operating Partnership (the "Note"). The Note has a variable rate equal to the three-month LIBOR plus 2.25% per annum. Effective June 30, 2010, the Trust entered into an interest rate swap that fixes the interest rate to be paid at 5.62% per annum and matures on June 30, 2015. The interest on the Note, payable quarterly, will be used by the Trust to pay dividends on the trust preferred securities. The trust preferred securities became redeemable by the Trust with no prepayment premium on June 30, 2010.

        Trust, Trust II and Trust III are VIEs because the holders of the equity investment at risk (the trust preferred securities) do not have the power to direct the activities of the entities that most significantly affect the entities' economic performance because of their lack of voting or similar rights. Because the Operating Partnership's investment in the trusts' common securities was financed directly by the trusts as a result of its loan of the proceeds to the Operating Partnership, that investment is not considered to be an equity investment at risk. The Operating Partnership's investment in the trusts is not a variable interest because equity interests are variable interests only to the extent that the investment is considered to be at risk, and therefore the Operating Partnership cannot be the primary beneficiary of the trusts. Since the Company is not the primary beneficiary of the trusts, they have not been consolidated. A debt obligation has been recorded in the form of notes as discussed above for the

77

Extra Space Storage Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2012

(amounts in thousands, except property and share data)

9. NOTES PAYABLE TO TRUSTS (Continued)

proceeds, which are owed to the Trust, Trust II, and Trust III by the Company. The Company has also recorded its investment in the trusts' common securities as other assets.

        The Company has not provided financing or other support during the periods presented to the trusts that it was not previously contractually obligated to provide. The Company's maximum exposure to loss as a result of its involvement with the trusts is equal to the total amount of the notes discussed above less the amounts of the Company's investments in the trusts' common securities. The net amount is the notes payable that the trusts owe to third parties for their investments in the trusts' preferred securities.

        Following is a tabular comparison of the carrying amounts of the liabilities the Company has recorded as a result of its involvements with the trusts to the maximum exposure to loss the Company is subject to related to the trusts as of December 31, 2012:

	Notes payable to Trusts		Investment Balance		Maximum exposure to loss		Difference
Trust	$	36,083	$	1,083	$	35,000	$	—
Trust II		42,269		1,269		41,000		—
Trust III		41,238		1,238		40,000		—
	$	119,590	$	3,590	$	116,000	$	—

10. EXCHANGEABLE SENIOR NOTES

        On March 27, 2007, the Company's Operating Partnership issued $250,000 of 3.625% Exchangeable Senior Notes ("the Notes"). The Notes bore interest at 3.625% per annum and contained an exchange settlement feature, which provided that the Notes, under certain circumstances, could have been exchanged for cash (up to the principal amount of the Notes) and, with respect to any excess exchange value, for cash, shares of the Company's common stock, or a combination of cash and shares of the Company's common stock at the option of the Operating Partnership.

        On March 1, 2012, the Company announced that the holders of the Operating Partnership's then-outstanding $87,663 principal amount of the Notes had the right to surrender their Notes for repurchase by the Operating Partnership on April 1, 2012 for 100% of the principal amount of the Notes, pursuant to the holders' rights under the indenture governing the Notes.

        As of April 3, 2012, the Company received notice that the holders of the entire $87,663 principal amount of the Notes had surrendered their Notes for exchange. On April 26, 2012, the Company settled the exchange by paying cash for the principal amount of the Notes, as required by the indenture, and issuing 684,685 shares of common stock for the value in excess of the principal amount. The issuance of shares was reflected as an increase in paid-in-capital with a corresponding decrease in paid-in-capital attributable to the reacquisition of the equity component of the convertible debt, as discussed below.

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Extra Space Storage Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2012

(amounts in thousands, except property and share data)

10. EXCHANGEABLE SENIOR NOTES (Continued)

        GAAP requires entities with convertible debt instruments that may be settled entirely or partially in cash upon conversion to separately account for the liability and equity components of the instrument in a manner that reflects the issuer's economic interest cost. The Company, therefore, accounted for the liability and equity components of the Notes separately. The equity component was included in paid-in-capital in stockholders' equity in the condensed consolidated balance sheet, and the value of the equity component was treated as original issue discount for purposes of accounting for the debt component. The discount was amortized over the period of the debt as additional interest expense. The effective interest rate on the liability component was 5.75%.

        The carrying amounts of the equity component, the principal amount of the liability component, its unamortized discount, and its net carrying amount for the years ended December 31, 2012 and 2011 were as follows:

	December 31, 2012		December 31, 2011
Carrying amount of equity component	$	—	$	19,545
Principal amount of liability component	$	—	$	87,663
Unamortized discount		—		(444	)
Net carrying amount of liability component	$	—	$	87,219

        The amount of interest cost recognized relating to the contractual interest rate and the amortization of the discount on the liability component for the years ended December 31, 2012 and 2011 were as follows:

	For the Year Ended December 31,
	2012		2011		2010
Contractual interest	$	790	$	3,178	$	3,178
Amortization of discount		444		1,761		1,664
Total interest expense recognized	$	1,234	$	4,939	$	4,842

79

Extra Space Storage Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2012

(amounts in thousands, except property and share data)

11. LINES OF CREDIT

        Information about the Company's lines of credit, the proceeds of which are used to repay debt and for general corporate purposes, is summarized as follows:

	As of December 31, 2012
Line of Credit	Amount Drawn		Capacity		Interest Rate			Origination Date	Maturity	Basis Rate			Notes
Credit Line 1	$	35,000	$	75,000		2.36	%	2/13/2009	2/13/2014		LIBOR plus 2.15	%	(1)(4)(5)
Credit Line 2		—		75,000		2.41	%	6/4/2010	5/31/2013		LIBOR plus 2.20	%	(2)(4)(5)
Credit Line 3		—		40,000		2.41	%	11/16/2010	11/16/2013		LIBOR plus 2.20	%	(3)(4)(5)
Credit Line 4		50,000		50,000		2.36	%	4/29/2011	5/1/2014		LIBOR plus 2.15	%	(3)(4)(5)
	$	85,000	$	240,000

(1)

One year extension available

(2)

One two-year extension available

(3)

Two one-year extensions available

(4)

Guaranteed by the Company

(5)

Secured by mortgages on certain real estate assets

12. OTHER LIABILITIES

        The components of other liabilities are summarized as follows:

	December 31, 2012		December 31, 2011
Deferred rental income	$	20,752	$	14,907
Lease obligation liability		3,826		5,828
Fair value of interest rate swaps		15,228		8,311
Other miscellaneous liabilities		8,442		4,708
	$	48,248	$	33,754

        Included in the lease obligation liability is approximately $3,826 and $1,747 for the years ended December 31, 2012 and 2011, respectively, related to minimum rentals to be received in the future under non cancelable subleases.

13. RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS

        The Company provides management services to certain joint ventures, third parties and other related party properties. Management agreements provide generally for management fees of 6% of cash collected from total revenues for the management of operations at the self-storage facilities. In addition, the Company receives an asset management fee equal to 50 basis points multiplied by the

80

Extra Space Storage Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2012

(amounts in thousands, except property and share data)

13. RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS (Continued)

total asset value of the properties owned by the SPI joint venture, provided certain requirements are met.

        Management fee revenues for related party and affiliated real estate joint ventures are summarized as follows:

		For the Year Ended December 31,
Entity	Type	2012		2011		2010
ESW	Affiliated real estate joint ventures	$	430	$	410	$	403
ESW II	Affiliated real estate joint ventures		354		335		318
ESNPS	Affiliated real estate joint ventures		498		479		458
ESSM	Affiliated real estate joint ventures		107		85		44
HSRE	Affiliated real estate joint ventures		1,094		1,045		961
PRISA	Affiliated real estate joint ventures		5,174		4,961		4,917
PRISA II	Affiliated real estate joint ventures		4,138		4,016		3,964
PRISA III	Affiliated real estate joint ventures		920		1,796		1,722
VRS	Affiliated real estate joint ventures		1,207		1,156		1,136
WCOT	Affiliated real estate joint ventures		1,520		1,497		1,468
SP I	Affiliated real estate joint ventures		1,885		6,392		1,256
SPB II	Affiliated real estate joint ventures		923		969		943
Everest	Affiliated real estate joint ventures		133		528		491
Other	Franchisees, third parties and other		7,323		6,255		5,041
		$	25,706	$	29,924	$	23,122

        During 2011, it was discovered that the asset management fee owed to the Company by the SPI joint venture had not been recorded by either party for the five-year period ended December 31, 2010. The annual asset management fee for this period was $885, offset by an annual reduction of $221 of equity in earnings of SPI. Therefore, the Company's net income was understated by $664 for each year in the five-year period ended December 31, 2010. After determining that the amounts were not material either in the prior periods or the year ended December 31, 2011 for restatement purposes, the Company recorded the asset management fee adjustments for the years 2006 through 2010 in 2011. The total prior period adjustment increased asset management fee revenues by $4,425 and decreased equity in earnings by $1,106. Additionally, the Company recorded a receivable of $5,327 which represents the asset management fee owed for 2006 through 2011. This receivable was paid in full by December 31, 2012.

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Extra Space Storage Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2012

(amounts in thousands, except property and share data)

13. RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS (Continued)

        Receivables from related parties and affiliated real estate joint ventures balances are summarized as follows:

	December 31, 2012		December 31, 2011
Mortgage notes receivable	$	7,670	$	7,253
Other receivables from properties		3,408		11,264
	$	11,078	$	18,517

        Other receivables from properties consist of amounts due for management fees, asset management fees and expenses paid on behalf of the properties that the Company manages. The Company believes that all of these related party and affiliated real estate joint venture receivables are fully collectible. The Company does not have any payables to related parties at December 31, 2012 and 2011.

        Centershift, a related party service provider, is partially owned by certain members of management of the Company. Effective January 1, 2004, the Company entered into a license agreement with Centershift which secures a perpetual right for continued use of STORE (the site management software used at all sites operated by the Company) in all aspects of the Company's property acquisition, development, redevelopment and operational activities. During the years ended December 31, 2012, 2011 and 2010, the Company paid Centershift $1,235, $1,087, and $778, respectively, relating to the purchase of software and license agreements.

        The Company has entered into an annual aircraft dry lease and service and management agreement with SpenAero, L.C. ("SpenAero"), an affiliate of Spencer F. Kirk, the Company's Chief Executive Officer. Under the terms of the agreement, the Company pays a defined hourly rate for use of the aircraft. During the years ended December 31, 2012, 2011 and 2010, the Company paid SpenAero $649, $608, and $668, respectively. The services that the Company receives from SpenAero are similar in nature and price to those that are provided to other outside third parties.

14. STOCKHOLDERS' EQUITY

        The Company's charter provides that it can issue up to 300,000,000 shares of common stock, $0.01 par value per share and 50,000,000 shares of preferred stock, $0.01 par value per share. As of December 31, 2012, 110,737,205 shares of common stock were issued and outstanding, and no shares of preferred stock were issued or outstanding.

        All holders of the Company's common stock are entitled to receive dividends and to one vote on all matters submitted to a vote of stockholders. The transfer agent and registrar for the Company's common stock is American Stock Transfer & Trust Company.

        On November 9, 2012, the Company issued and sold 5,980,000 shares of its common stock in a public offering at a price to the underwriter of $33.98 per share. The Company received gross proceeds of $203,200. Transaction costs were $300, resulting in net proceeds of $202,900.

82

Extra Space Storage Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2012

(amounts in thousands, except property and share data)

14. STOCKHOLDERS' EQUITY (Continued)

        On April 16, 2012, the Company issued and sold 8,050,000 shares of its common stock in a public offering at a price to the underwriter of $28.22 per share. The Company received gross proceeds of $227,171. Transaction costs were $483, resulting in net proceeds of $226,688.

        In May 2011, the Company closed a public stock offering of 5,335,423 shares of its common stock at an offering price of $21.16 per share. The Company received gross proceeds of $112,898. Transaction costs were $549, for net proceeds of $112,349.

15. NONCONTROLLING INTEREST REPRESENTED BY PREFERRED OPERATING PARTNERSHIP UNITS

        On June 15, 2007, the Operating Partnership entered into a Contribution Agreement with various limited partnerships affiliated with AAAAA Rent-A-Space to acquire ten self-storage facilities (the "Properties") in exchange for 989,980 Preferred OP units of the Operating Partnership. The self-storage facilities are located in California and Hawaii.

        On June 25, 2007, the Company loaned the holder of the Preferred OP units $100,000. The note receivable bears interest at 4.85%, and is due September 1, 2017. The loan is secured by the borrower's Preferred OP units. The holder of the Preferred OP units can convert up to 114,500 Preferred OP units prior to the maturity date of the loan. If any redemption in excess of 114,500 Preferred OP units occurs prior to the maturity date, the holder of the Preferred OP units is required to repay the loan as of the date of that Preferred OP unit redemption. Preferred OP units are shown on the balance sheet net of the $100,000 loan because the borrower under the loan receivable is also the holder of the Preferred OP units.

        The Operating Partnership entered into a Second Amended and Restated Agreement of Limited Partnership (the "Partnership Agreement") which provides for the designation and issuance of the Preferred OP units. The Preferred OP units will have priority over all other partnership interests of the Operating Partnership with respect to distributions and liquidation.

        Under the Partnership Agreement, Preferred OP units in the amount of $115,000 bear a fixed priority return of 5% and have a fixed liquidation value of $115,000. The remaining balance will participate in distributions with and have a liquidation value equal to that of the common Operating Partnership units. The Preferred OP units became redeemable at the option of the holder on September 1, 2008, which redemption obligation may be satisfied, at the Company's option, in cash or shares of common stock.

        GAAP requires a company to present ownership interests in subsidiaries held by parties other than the company in the consolidated financial statements within the equity section but separate from the company's equity. It also requires the amount of consolidated net income attributable to the parent and to the noncontrolling interest to be clearly identified and presented on the face of the consolidated statement of operations and requires changes in ownership interest to be accounted for similarly as equity transactions. If noncontrolling interests are determined to be redeemable, they are to be carried at their redemption value as of the balance sheet date and reported as temporary equity.

83

Extra Space Storage Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2012

(amounts in thousands, except property and share data)

15. NONCONTROLLING INTEREST REPRESENTED BY PREFERRED OPERATING PARTNERSHIP UNITS (Continued)

        The Company has evaluated the terms of the Preferred OP units and classifies the noncontrolling interest represented by the Preferred OP units as stockholders' equity in the accompanying consolidated balance sheets. The Company will periodically evaluate individual noncontrolling interests for the ability to continue to recognize the noncontrolling amount as permanent equity in the consolidated balance sheets. Any noncontrolling interests that fail to qualify as permanent equity will be reclassified as temporary equity and adjusted to the greater of (1) the carrying amount, or (2) its redemption value as of the end of the period in which the determination is made.

16. NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP

        The Company's interest in its properties is held through the Operating Partnership. ESS Holding Business Trust I, a wholly-owned subsidiary of the Company, is the sole general partner of the Operating Partnership. ESS Business Trust II, also a wholly-owned subsidiary of the Company, is a limited partner of the Operating Partnership. Between its general partner and limited partner interests, the Company held a 96.7% majority ownership interest therein as of December 31, 2012. The remaining ownership interests in the Operating Partnership (including Preferred OP units) of 3.3% are held by certain former owners of assets acquired by the Operating Partnership. As of December 31, 2012, the Operating Partnership had 2,755,650 common OP units outstanding.

        The noncontrolling interest in the Operating Partnership represents OP units that are not owned by the Company. In conjunction with the formation of the Company and as a result of subsequent acquisitions, certain persons and entities contributing interests in properties to the Operating Partnership received limited partnership units in the form of OP units. Limited partners who received OP units in the formation transactions or in exchange for contributions for interests in properties have the right to require the Operating Partnership to redeem part or all of their OP units for cash based upon the fair market value of an equivalent number of shares of the Company's common stock (10 day average) at the time of the redemption. Alternatively, the Company may, at its option, elect to acquire those OP units in exchange for shares of its common stock on a one-for-one basis, subject to anti-dilution adjustments provided in the Operating Partnership agreement. The ten day average closing stock price at December 31, 2012, was $36.03 and there were 2,755,650 OP units outstanding. Assuming that all of the unit holders exercised their right to redeem all of their OP units on December 31, 2012 and the Company elected to pay the non-controlling members cash, the Company would have paid $99,272 in cash consideration to redeem the units.

        In December 2012, 304,817 OP units were redeemed in exchange for the Company's common stock. In April 2012, 5,475 OP units were redeemed for $155 in cash.

        In January 2011, 150,000 OP units were redeemed in exchange for the Company's common stock. During April 2011, 143,641 OP units were redeemed in exchange for the Company's common stock and 13,387 OP units were redeemed for $271 in cash.

        GAAP requires a company to present ownership interests in subsidiaries held by parties other than the company in the consolidated financial statements within the equity section but separate from the company's equity. It also requires the amount of consolidated net income attributable to the parent and

84

Extra Space Storage Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2012

(amounts in thousands, except property and share data)

16. NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP (Continued)

to the noncontrolling interest to be clearly identified and presented on the face of the consolidated statement of operations and requires changes in ownership interest to be accounted for similarly as equity transactions. If noncontrolling interests are determined to be redeemable, they are to be carried at their redemption value as of the balance sheet date and reported as temporary equity.

        The Company has evaluated the terms of the common OP units and classifies the noncontrolling interest represented by the common OP units as stockholders' equity in the accompanying consolidated balance sheets. The Company will periodically evaluate individual noncontrolling interests for the ability to continue to recognize the noncontrolling amount as permanent equity in the consolidated balance sheets. Any noncontrolling interests that fail to qualify as permanent equity will be reclassified as temporary equity and adjusted to the greater of (1) the carrying amount, or (2) its redemption value as of the end of the period in which the determination is made.

17. OTHER NONCONTROLLING INTERESTS

        Other noncontrolling interests represent the ownership interests of various third parties in three consolidated self-storage properties as of December 31, 2012. Two of these consolidated properties were undeveloped, and one was in the lease-up stage as of December 31, 2012. The ownership interests of the third party owners range from 5.0% to 27.6%. Other noncontrolling interests are included in the stockholders' equity section of the Company's consolidated balance sheet. The income or losses attributable to these third party owners based on their ownership percentages are reflected in net income allocated to the Operating Partnership and other noncontrolling interests in the consolidated statement of operations.

18. STOCK-BASED COMPENSATION

        The Company has the following plans under which shares were available for grant at December 31, 2012:

•

The 2004 Long-Term Incentive Compensation Plan as amended and restated, effective March 25, 2008, and

•

The 2004 Non-Employee Directors' Share Plan (together, the "Plans").

        Option grants are issued with an exercise price equal to the closing price of stock on the date of grant. Unless otherwise determined by the Compensation, Nominating and Governance Committee ("CNG Committee") at the time of grant, options shall vest ratably over a four-year period beginning on the date of grant. Each option will be exercisable once it has vested. Options are exercisable at such times and subject to such terms as determined by the CNG Committee, but under no circumstances may be exercised if such exercise would cause a violation of the ownership limit in the Company's charter. Options expire 10 years from the date of grant.

        Also as defined under the terms of the Plans, restricted stock grants may be awarded. The stock grants are subject to a vesting period over which the restrictions are released and the stock certificates are given to the grantee. During the performance or vesting period, the grantee is not permitted to sell, transfer, pledge, encumber or assign shares of restricted stock granted under the Plans; however, the

85

Extra Space Storage Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2012

(amounts in thousands, except property and share data)

18. STOCK-BASED COMPENSATION (Continued)

grantee has the ability to vote the shares and receive nonforfeitable dividends paid on shares. Unless otherwise determined by the CNG Committee at the time of grant, the forfeiture and transfer restrictions on the shares lapse over a four-year period beginning on the date of grant.

        As of December 31, 2012, 2,553,769 shares were available for issuance under the Plans.

Option Grants

        A summary of stock option activity is as follows:

Options	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value as of December 31, 2012
Outstanding at December 31, 2009		3,457,048		$	13.02
Granted		308,680			11.75
Exercised		(484,261	)		11.69
Forfeited		(175,562	)		12.27
Outstanding at December 31, 2010		3,105,905		$	13.13
Granted		110,900			19.60
Exercised		(1,388,269	)		13.44
Forfeited		(29,675	)		15.65
Outstanding at December 31, 2011		1,798,861		$	13.25
Granted		67,084			27.18
Exercised		(768,853	)		13.55
Outstanding at December 31, 2012		1,097,092		$	13.89		5.50	$	24,687
Vested and Expected to Vest		1,067,103		$	13.67		5.41	$	24,248
Ending Exercisable		724,368		$	13.87		4.56	$	16,313

        The aggregate intrinsic value in the table above represents the total value (the difference between the Company's closing stock price on the last trading day of 2012 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 31, 2012. The amount of aggregate intrinsic value will change based on the fair market value of the Company's stock.

86

Extra Space Storage Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2012

(amounts in thousands, except property and share data)

18. STOCK-BASED COMPENSATION (Continued)

        The weighted average fair value of stock options granted in 2012, 2011 and 2010, was $6.64, $5.39 and $3.27, respectively. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:

	For the Year Ended December 31,
	2012			2011			2010
Expected volatility		44	%		45	%		47	%
Dividend yield		4.5	%		4.9	%		5.3	%
Risk-free interest rate		0.9	%		2.4	%		2.3	%
Average expected term (years)		5			5			5

        The Black-Scholes model incorporates assumptions to value stock-based awards. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of the grant for the estimated life of the option. The Company uses actual historical data to calculate the expected price volatility, dividend yield and average expected term. The forfeiture rate, which is estimated at a weighted-average of 17.7% of unvested options outstanding as of December 31, 2012, is adjusted periodically based on the extent to which actual forfeitures differ, or are expected to differ, from the previous estimates.

        A summary of stock options outstanding and exercisable as of December 31, 2012, is as follows:

	Options Outstanding						Options Exercisable
Exercise Price	Shares		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price		Shares		Weighted Average Exercise Price
$6.22 - $11.50		273,715		6.13	$	6.22		145,965	$	6.22
$11.51 - $12.50		239,026		5.75		12.02		121,736		12.24
$12.51 - $15.50		204,000		3.91		14.73		204,000		14.73
$15.51 - $19.60		188,267		5.56		17.76		127,667		16.88
$19.61 - $28.79		192,084		5.90		22.45		125,000		19.91
$6.22 - $28.79		1,097,092		5.50	$	13.89		724,368	$	14.37

        The Company recorded compensation expense relating to outstanding options of $585, $942 and $801 in general and administrative expense for the years ended December 31, 2012, 2011 and 2010, respectively. Total cash received for the years ended December 31, 2012, 2011 and 2010, related to option exercises was $10,267, $18,622, and $5,661, respectively. At December 31, 2012, there was $742 of total unrecognized compensation expense related to non-vested stock options under the Company's 2004 Long-Term Incentive Compensation Plan. That cost is expected to be recognized over a weighted-average period of 1.32 years. The valuation model applied in this calculation utilizes subjective assumptions that could potentially change over time, including the expected forfeiture rate. Therefore, the amount of unrecognized compensation expense at December 31, 2012, noted above does not necessarily represent the expense that will ultimately be realized by the Company in the statement of operations.

87

Extra Space Storage Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2012

(amounts in thousands, except property and share data)

18. STOCK-BASED COMPENSATION (Continued)

Common Stock Granted to Employees and Directors

        The Company recorded $3,771, $4,815 and $3,779 of expense in general and administrative expense in its statement of operations related to outstanding shares of common stock granted to employees and directors for the years ended December 31, 2012, 2011 and 2010, respectively. The forfeiture rate, which is estimated at a weighted-average of 9.3% of unvested awards outstanding as of December 31, 2012, is adjusted periodically based on the extent to which actual forfeitures differ, or are expected to differ, from the previous estimates. At December 31, 2012, there was $6,117 of total unrecognized compensation expense related to non-vested restricted stock awards under the Company's 2004 Long-Term Incentive Compensation Plan. That cost is expected to be recognized over a weighted-average period of 1.89 years.

        The fair value of common stock awards is determined based on the closing trading price of the Company's common stock on the grant date.

        A summary of the Company's employee and director share grant activity is as follows:

Restricted Stock Grants	Shares			Weighted-Average Grant-Date Fair Value
Unreleased at December 31, 2009		766,854		$	9.94
Granted		445,230			12.24
Released		(256,950	)		11.50
Cancelled		(64,010	)		10.11
Unreleased at December 31, 2010		891,124		$	10.62
Granted		226,630			20.09
Released		(407,293	)		11.91
Cancelled		(47,695	)		14.31
Unreleased at December 31, 2011		662,766		$	12.81
Granted		182,052			28.39
Released		(287,754	)		12.98
Cancelled		(16,792	)		14.03
Unreleased at December 31, 2012		540,272		$	17.93

19. EMPLOYEE BENEFIT PLAN

        The Company has a retirement savings plan under Section 401(k) of the Internal Revenue Code under which eligible employees can contribute up to 15% of their annual salary, subject to a statutory prescribed annual limit. For the years ended December 31, 2012, 2011 and 2010, the Company made matching contributions to the plan of $884, $832 and $805, respectively, based on 100% of the first 3% and up to 50% of the next 2% of an employee's compensation.

88

Extra Space Storage Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2012

(amounts in thousands, except property and share data)

20. INCOME TAXES

        As a REIT, the Company is generally not subject to federal income tax with respect to that portion of its income which is distributed annually to its stockholders. However, the Company has elected to treat one of its corporate subsidiaries, Extra Space Management, Inc., as a taxable REIT subsidiary. In general, the Company's TRS may perform additional services for tenants and generally may engage in any real estate or non-real estate related business. A TRS is subject to corporate federal income tax. The Company accounts for income taxes in accordance with the provisions of ASC 740, "Income Taxes." Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities. The Company has elected to use the Tax-Law-Ordering approach to determine when excess tax benefits will be realized.

        The income tax provision for the years ended December 31, 2012, 2011 and 2010, is comprised of the following components:

	For the Year Ended December 31, 2012
	Federal			State		Total
Current expense	$	8,240		$	612	$	8,852
Tax credits		(5,528	)		—		(5,528	)
Change in deferred benefit		2,089			—		2,089
Total tax expense	$	4,801		$	612	$	5,413

	For the Year Ended December 31, 2011
	Federal			State		Total
Current expense	$	1,350		$	606	$	1,956
Tax credits		(6,849	)		—		(6,849	)
Change in deferred benefit		6,048			—		6,048
Total tax expense	$	549		$	606	$	1,155

	For the Year Ended December 31, 2010
	Federal			State		Total
Current expense	$	3,588		$	124	$	3,712
Tax credits		(832	)		—		(832	)
Change in deferred benefit		1,282			—		1,282
Total tax expense	$	4,038		$	124	$	4,162

89

Extra Space Storage Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2012

(amounts in thousands, except property and share data)

20. INCOME TAXES (Continued)

        A reconciliation of the statutory income tax provisions to the effective income tax provisions for the years ended December 31, 2012 and 2011 is as follows:

	December 31, 2012					December 31, 2011
Expected tax at statutory rate	$	46,586		35.0	%	$	20,854		35.0	%
Non-taxable REIT income		(37,729	)	(28.3	)%		(14,957	)	(25.1	)%
State and local tax expense—net of federal benefit		612		0.5	%		617		1.0	%
Change in valuation allowance		1,641		1.2	%		1,298		2.2	%
Tax credits		(5,528	)	(4.2	)%		(6,849	)	(11.5	)%
Miscellaneous		(169	)	(0.1	)%		192		0.3	%
Total provision	$	5,413		4.1	%	$	1,155		1.9	%

        The major sources of temporary differences stated at their deferred tax effects are as follows:

	December 31, 2012			December 31, 2011
Captive insurance subsidiary	$	385		$	232
Fixed assets		(10,791	)		(6,455	)
Various liabilities		1,721			1,542
Solar credit		10,313			6,849
Stock compensation		1,610			1,955
State net operating losses		4,402			2,691
		7,640			6,814
Valuation allowance		(4,135	)		(3,211	)
Net deferred tax asset	$	3,505		$	3,603

        The state income tax net operating losses expire between 2013 and 2031. The deferred tax benefits associated with the state income tax net operating losses have been fully reserved through the valuation allowance. The solar tax credit carryforwards expire in 2016. The tax years 2007 through 2011 remain open related to the state returns and 2010 for the federal return, and the federal return for 2010 remains open for the Operating Partnership.

21. SEGMENT INFORMATION

        The Company operates in three distinct segments; (1) property management, acquisition and development; (2) rental operations; and (3) tenant reinsurance. Management fees collected for

90

Extra Space Storage Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2012

(amounts in thousands, except property and share data)

21. SEGMENT INFORMATION (Continued)

wholly-owned properties are eliminated in consolidation. Financial information for the Company's business segments is set forth below:

	December 31, 2012		December 31, 2011
Balance Sheet
Investment in real estate ventures
Rental operations	$	106,313	$	130,410
Total assets
Property management, acquisition and development	$	199,379	$	250,953
Rental operations		2,996,453		2,244,715
Tenant reinsurance		27,645		21,856
	$	3,223,477	$	2,517,524

	For the Year Ended December 31,
	2012			2011			2010
Statement of Operations
Total revenues
Property management, acquisition and development	$	36,816		$	29,924		$	23,122
Rental operations		346,874			268,725			232,447
Tenant reinsurance		25,706			31,181			25,928
	$	409,396		$	329,830		$	281,497
Operating expenses, including depreciation and amortization
Property management, acquisition and development	$	59,746		$	58,012		$	49,762
Rental operations		184,540			150,199			134,415
Tenant reinsurance		7,869			6,143			6,505
	$	252,155		$	214,354		$	190,682
Income (loss) from operations
Property management, acquisition and development	$	(22,930	)	$	(28,088	)	$	(26,640	)
Rental operations		162,334			118,526			98,032
Tenant reinsurance		17,837			25,038			19,423
	$	157,241		$	115,476		$	90,815
Interest expense
Property management, acquisition and development	$	(1,822	)	$	(2,464	)	$	(3,126	)
Rental operations		(70,472	)		(66,598	)		(62,654	)
	$	(72,294	)	$	(69,062	)	$	(65,780	)

91

Extra Space Storage Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2012

(amounts in thousands, except property and share data)

21. SEGMENT INFORMATION (Continued)

	For the Year Ended December 31,
	2012			2011			2010
Interest income
Property management, acquisition and development	$	1,804		$	1,016		$	889
Tenant reinsurance		12			11			9
	$	1,816		$	1,027		$	898
Interest income on note receivable from Preferred Operating Partnership unit holder
Property management, acquisition and development	$	4,850		$	4,850		$	4,850
Equity in earnings of real estate ventures
Rental operations	$	10,859		$	7,287		$	6,753
Equity in earnings of real estate ventures-gain on sale of real estate assets and purchase of partners interests
Rental operations	$	30,630		$	—		$	—
Income tax expense
Property management, acquisition and development	$	4,986		$	7,612		$	2,639
Tenant reinsurance		(10,399	)		(8,767	)		(6,801	)
	$	(5,413	)	$	(1,155	)	$	(4,162	)
Net income (loss)
Property management, acquisition and development	$	(13,112	)	$	(17,074	)	$	(21,388	)
Rental operations		133,351			59,215			42,131
Tenant reinsurance		7,450			16,282			12,631
	$	127,689		$	58,423		$	33,374
Depreciation and amortization expense
Property management, acquisition and development	$	3,941		$	3,296		$	2,099
Rental operations		70,512			54,718			48,250
	$	74,453		$	58,014		$	50,349
Statement of Cash Flows
Acquisition of real estate assets
Property management, acquisition and development	$	(601,727	)	$	(194,959	)	$	(69,588	)
Development and construction of real estate assets
Property management, acquisition and development	$	(3,759	)	$	(7,060	)	$	(36,062	)

92

Extra Space Storage Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2012

(amounts in thousands, except property and share data)

22. COMMITMENTS AND CONTINGENCIES

        The Company has operating leases on its corporate offices and owns 18 self-storage facilities that are subject to ground leases. At December 31, 2012, future minimum rental payments under these non-cancelable operating leases were as follows (unaudited):

Less than 1 year	$	7,463
Year 2		7,330
Year 3		5,206
Year 4		4,072
Year 5		2,783
Thereafter		42,542
	$	69,396

        The monthly rental amounts for two of the ground leases include contingent rental payments based on the level of revenue achieved at the properties. The Company recorded expense of $2,830, $2,799 and $2,416 related to these leases in the years ended December 31, 2012, 2011 and 2010, respectively.

        The Company has fully guaranteed loans for the following unconsolidated joint ventures (unaudited):

	Date of Guaranty	Loan Maturity Date	Guaranteed Loan Amount		Estimated Fair Market Value of Assets
Extra Space of Montrose Avenue LLC	Dec-10	Dec-13	$	5,120	$	8,432
Extra Space of Sacramento One LLC	Apr-09	Apr-14	$	4,307	$	9,507
ESS Baltimore LLC	Nov-04	Feb-13	$	3,950	$	6,465

        If the joint ventures default on the loans, the Company may be forced to repay the loans. Repossessing and/or selling the self-storage facilities and land that collateralize the loans could provide funds sufficient to reimburse the Company. The Company has recorded no liability in relation to these guarantees as of December 31, 2012, as the fair value of the guarantees is not material. The Company believes the risk of incurring a material loss as a result of having to perform on these guarantees is remote.

        The Company has been involved in routine litigation arising in the ordinary course of business. As a result of these litigation matters, the Company recorded a liability of $1,800 during the year ended December 31, 2011, which is included in other liabilities on the consolidated balance sheets. The Company does not believe it to be reasonably possible that the loss related to these litigation matters will be in excess of the current amount accrued. As of December 31, 2012, the Company was not involved in any material litigation nor, to its knowledge, is any material litigation threatened against it which, in the opinion of management, is expected to have a material adverse effect on the Company's financial condition or results of operations.

93

Extra Space Storage Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2012

(amounts in thousands, except property and share data)

23. SUPPLEMENTARY QUARTERLY FINANCIAL DATA (UNAUDITED)

	For the Three Months Ended
	March 31, 2012		June 30, 2012		September 30, 2012		December 31, 2012
Revenues	$	90,987	$	94,951	$	109,791	$	113,667
Cost of operations		58,217		57,076		66,307		70,555
Revenues less cost of operations	$	32,770	$	37,875	$	43,484	$	43,112
Net income	$	22,518	$	24,745	$	41,553	$	38,873
Net income attributable to common stockholders	$	20,214	$	22,413	$	38,606	$	36,076
Net income—basic	$	0.21	$	0.22	$	0.37	$	0.33
Net income—diluted	$	0.21	$	0.22	$	0.37	$	0.33

	For the Three Months Ended
	March 31, 2011		June 30, 2011		September 30, 2011		December 31, 2011(1)
Revenues	$	74,481	$	78,040	$	84,097	$	93,212
Cost of operations		50,451		52,188		52,882		58,833
Revenues less cost of operations	$	24,030	$	25,852	$	31,215	$	34,379
Net income	$	10,140	$	12,517	$	17,352	$	18,414
Net income attributable to common stockholders	$	8,301	$	10,609	$	15,261	$	16,278
Net income—basic	$	0.09	$	0.12	$	0.16	$	0.17
Net income—diluted	$	0.09	$	0.12	$	0.16	$	0.17

(1)

Included in revenues is $4,425 of asset management fees related to the years 2006 through 2010. For further discussion on the complete impact to the financial statements, refer to Note 13.

24. SUBSEQUENT EVENTS

        On February 12, 2013, the Company acquired two properties located in Illinois and Maryland for approximately $12,900 in cash by purchasing a partner's interest in an existing joint venture.

94

Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation
(Dollars in thousands)

																			Gross carrying amount at December 31, 2012
											Building costs subsequent to acquisition																Date acquired or development completed
Property Number	Property Name	State	Debt		Land initial cost		Building and improvements initial cost		Land costs subsequent to acquisition				Land Adjustments		Notes	Building Adjustments		Notes	Land		Building and improvements		Total		Accumulated depreciation
0654	Hoover	AL	$	2,754	$	1,313	$	2,858	$	—	$	608	$	—		$	—		$	1,313	$	3,466	$	4,779	$	821	Aug-07
8115	Auburn	AL		2,538		324		1,895		—		106		—			—			324		2,001		2,325		130	Aug-10
0751	Birmingham	AL		4,706		790		9,369		—		—		—			—			790		9,369		10,159		110	Jul-12
8116	Auburn	AL		—		92		138		—		144		—			—			92		282		374		32	Aug-10
0338	Phoenix	AZ		7,164		1,441		7,982		—		545		—			—			1,441		8,527		9,968		1,813	Jul-05
0659	Phoenix	AZ		—		669		4,135		—		169		—			—			669		4,304		4,973		720	Jan-07
1211	Peoria	AZ		2,248		652		4,105		—		100		—			—			652		4,205		4,857		717	Apr-06
1356	Phoenix	AZ		3,405		552		3,530		—		211		—			—			552		3,741		4,293		708	Jun-06
8066	Mesa	AZ		1,275		849		2,547		—		145		—			—			849		2,692		3,541		605	Aug-04
1431	Peoria	AZ		—		1,060		4,731		—		97		—			—			1,060		4,828		5,888		222	Jan-11
0239	Mesa	AZ		3,395		1,129		4,402		—		8		—			—			1,129		4,410		5,539		52	Jul-12
0814	Tucson	AZ		—		1,090		7,845		—		2		—			—			1,090		7,847		8,937		25	Nov-12
0822	Phoenix	AZ		—		2,257		7,820		—		—		—			—			2,257		7,820		10,077		25	Nov-12
1499	Mesa	AZ		—		2,973		5,545		—		4		—			—			2,973		5,549		8,522		6	Dec-12
1373	Colma	CA		15,718		3,947		22,002		—		2,136		—			—			3,947		24,138		28,085		3,833	Jun-07
1371	Berkeley	CA		15,336		1,716		19,602		—		1,806		—			—			1,716		21,408		23,124		3,234	Jun-07
8008	Sherman Oaks	CA		16,938		4,051		12,152		—		297		—			—			4,051		12,449		16,500		2,716	Aug-04
0645	Oceanside	CA		9,391		3,241		11,361		—		664		—			—			3,241		12,025		15,266		2,548	Jul-05
1370	Alameda	CA		—		2,919		12,984		—		1,851		—			—			2,919		14,835		17,754		2,540	Jun-07
1071	Burbank	CA		8,473		3,199		5,082		—		594		419	(a)		672	(a)		3,618		6,348		9,966		2,068	Aug-00
1377	San Leandro	CA		9,664		4,601		9,777		—		1,929		—			—			4,601		11,706		16,307		2,050	Aug-07
1368	San Francisco	CA		12,776		8,457		9,928		—		1,668		—			—			8,457		11,596		20,053		1,980	Jun-07
8011	Venice	CA		6,260		2,803		8,410		—		180		—			—			2,803		8,590		11,393		1,870	Aug-04
1374	Hayward	CA		8,702		3,149		8,006		—		2,337		—			—			3,149		10,343		13,492		1,802	Jun-07
1053	Oakland	CA		2,874		—		3,777		—		490		—			494	(a)		—		4,761		4,761		1,620	Apr-00
1122	North Hollywood	CA		7,265		3,125		9,257		—		92		—			—			3,125		9,349		12,474		1,613	May-06
1009	Torrance	CA		—		3,710		6,271		—		530		400	(d)		—			4,110		6,801		10,911		1,586	Jun-04
1111	Palmdale	CA		5,021		1,225		5,379		—		2,156		—			—			1,225		7,535		8,760		1,510	Jan-05
1031	Glendale	CA		—		—		6,084		—		240		—			—			—		6,324		6,324		1,464	Jun-04
1070	Inglewood	CA		4,927		1,379		3,343		—		418		150	(a)		377	(a)		1,529		4,138		5,667		1,430	Aug-00
0177	Hemet	CA		5,131		1,146		6,369		—		246		—			—			1,146		6,615		7,761		1,355	Jul-05
1160	Los Angeles	CA		—		3,991		9,774		—		44		—			—			3,991		9,818		13,809		1,272	Dec-07
1029	Richmond	CA		5,011		953		4,635		—		581		—			—			953		5,216		6,169		1,235	Jun-04
1157	Fontana	CA		3,367		961		3,846		—		175		39	(a)		186	(a) (c)		1,000		4,207		5,207		1,173	Sep-02
1057	Los Angeles	CA		5,109		1,431		2,976		—		175		180	(a)		374	(a)		1,611		3,525		5,136		1,163	Mar-00
0328	Sacramento	CA		4,066		852		4,720		—		428		—			—			852		5,148		6,000		1,121	Jul-05
1358	Lancaster	CA		5,781		1,347		5,827		—		218		—			—			1,347		6,045		7,392		1,116	Jul-06
1384	Santa Fe Springs	CA		6,707		3,617		7,022		—		276		—			—			3,617		7,298		10,915		1,092	Oct-07
8016	Riverside	CA		2,260		1,075		4,042		—		471		—			—			1,075		4,513		5,588		1,092	Aug-04
1013	Livermore	CA		—		1,134		4,615		—		210		—			—			1,134		4,825		5,959		1,087	Jun-04
1020	Pico Rivera	CA		4,222		1,150		3,450		—		146		—			—			1,150		3,596		4,746		1,054	Aug-00

95

Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation (Continued)
(Dollars in thousands)

																						Gross carrying amount at December 31, 2012
											Building costs subsequent to acquisition																			Date acquired or development completed
Property Number	Property Name	State	Debt		Land initial cost		Building and improvements initial cost		Land costs subsequent to acquisition					Land Adjustments			Notes	Building Adjustments			Notes	Land		Building and improvements		Total		Accumulated depreciation
1222	Belmont	CA		—		3,500		7,280		—		51			—				—				3,500		7,331		10,831		1,015	May-07
1372	Castro Valley	CA		—		—		6,346		—		349			—				—				—		6,695		6,695		972	Jun-07
1030	Hawthorne	CA		3,911		1,532		3,871		—		208			—				—				1,532		4,079		5,611		969	Jun-04
1095	Stockton	CA		2,572		649		3,272		—		172			—				—				649		3,444		4,093		967	May-02
1378	El Sobrante	CA		—		1,209		4,018		—		1,213			—				—				1,209		5,231		6,440		953	Jun-07
1121	Fontana	CA		1,816		1,246		3,356		—		165			54		(a)		179		(a) (c)		1,300		3,700		5,000		927	Oct-03
1232	Antelope	CA		3,902		1,525		8,345		—		(17	)		(340	)	(b)		—				1,185		8,328		9,513		920	Jul-08
1235	Los Angeles	CA		4,938		2,200		8,108		—		20			—				—				2,200		8,128		10,328		901	Sep-08
1083	Whittier	CA		—		—		2,985		—		132			—				20		(c)		—		3,137		3,137		878	Jun-02
1382	Pleasanton	CA		2,894		1,208		4,283		—		403			—				—				1,208		4,686		5,894		861	May-07
1255	Compton	CA		4,060		1,426		7,582		—		38			—				—				1,426		7,620		9,046		842	Sep-08
1112	Tracy	CA		2,771		778		2,638		—		173			133		(a)		481		(a) (c)		911		3,292		4,203		839	Jul-03
1194	San Bernardino	CA		—		750		5,135		—		55			—				—				750		5,190		5,940		829	Jun-06
1007	San Bernardino	CA		—		1,213		3,061		—		148			—				—				1,213		3,209		4,422		753	Jun-04
1267	Oakland	CA		—		3,024		11,321		—		150			—				—				3,024		11,471		14,495		753	May-10
0144	Watsonville	CA		3,292		1,699		3,056		—		195			—				—				1,699		3,251		4,950		699	Jul-05
1261	Santa Clara	CA		8,414		4,750		8,218		—		31			—				—				4,750		8,249		12,999		699	Jul-09
1425	Sylmar	CA		4,209		3,058		4,671		—		247			—				—				3,058		4,918		7,976		687	May-08
1254	Pacoima	CA		2,302		3,050		7,597		—		80			—				—				3,050		7,677		10,727		649	Aug-09
8055	Manteca	CA		3,719		848		2,543		—		119			—				—				848		2,662		3,510		639	Jan-04
1433	Sacramento	CA		—		2,400		7,425		—		53			—				—				2,400		7,478		9,878		633	Sep-09
1379	Vallejo	CA		3,098		1,177		2,157		—		932			—				—				1,177		3,089		4,266		631	Jun-07
1174	Tracy	CA		—		946		1,937		—		216			—				10		(c)		946		2,163		3,109		592	Apr-04
8145	San Jose	CA		8,713		5,340		6,821		—		195			—				—				5,340		7,016		12,356		565	Sep-09
1383	Modesto	CA		1,468		909		3,043		—		269			—				—				909		3,312		4,221		554	Jun-07
1004	Claremont	CA		—		1,472		2,012		—		228			—				—				1,472		2,240		3,712		544	Jun-04
1404	El Cajon	CA		—		1,100		6,380		—		44			—				—				1,100		6,424		7,524		519	Sep-09
1474	Cerritos	CA		17,385		8,728		15,895		—		172			—				—				8,728		16,067		24,795		503	Oct-11
1278	Lancaster	CA		—		1,425		5,855		—		46			—				—				1,425		5,901		7,326		464	Oct-09
1256	Carson	CA		—		—		9,709		—		74			—				—				—		9,783		9,783		449	Mar-11
1166	Elk Grove	CA		2,962		952		6,936		—		54			123		(a)		234		(a)		1,075		7,224		8,299		419	Dec-07
1257	San Leandro	CA		4,299		3,343		6,630		—		51			(52	)	(a)		(237	)	(a)		3,291		6,444		9,735		378	Oct-10
1273	Sacramento	CA		3,130		1,738		5,522		—		60			106		(a)		(81	)	(a) (c)		1,844		5,501		7,345		322	Oct-10
1461	Burlingame	CA		5,555		2,211		5,829		—		95			—				—				2,211		5,924		8,135		260	Apr-11
1486	San Dimas	CA		5,533		1,867		6,354		—		44			—				—				1,867		6,398		8,265		201	Oct-11
1296	Los Gatos	CA		—		2,550		8,257		—		36			—				—				2,550		8,293		10,843		187	Jul-12
1485	Placentia	CA		6,917		4,798		5,483		—		65			—				—				4,798		5,548		10,346		176	Oct-11
1477	Fontana	CA		4,792		778		4,723		—		90			—				—				778		4,813		5,591		155	Oct-11
0305	Hawaiian Gardens	CA		9,613		2,964		12,478		—		95			—				—				2,964		12,573		15,537		148	Jul-12

96

Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation (Continued)
(Dollars in thousands)

																				Gross carrying amount at December 31, 2012
											Building costs subsequent to acquisition																	Date acquired or development completed
Property Number	Property Name	State	Debt		Land initial cost		Building and improvements initial cost		Land costs subsequent to acquisition				Land Adjustments			Notes	Building Adjustments		Notes	Land		Building and improvements		Total		Accumulated depreciation
1476	Fontana	CA		4,324		768		4,208		—		59		—				—			768		4,267		5,035		135	Oct-11
1481	Lake Elsinore	CA		—		587		4,219		—		34		—				—			587		4,253		4,840		134	Oct-11
0721	Santa Cruz	CA		—		1,588		11,160		—		5		—				—			1,588		11,165		12,753		131	Jul-12
1478	Fontana	CA		4,076		684		3,951		—		63		—				—			684		4,014		4,698		129	Oct-11
1480	Irvine	CA		5,118		3,821		3,999		—		48		—				—			3,821		4,047		7,868		129	Oct-11
0352	Los Angeles	CA		—		4,555		10,590		—		9		—				—			4,555		10,599		15,154		125	Jul-12
1488	Santa Maria	CA		3,268		1,310		3,526		—		38		—				—			1,310		3,564		4,874		112	Oct-11
1487	Santa Maria	CA		3,015		1,556		2,740		—		89		—				—			1,556		2,829		4,385		94	Oct-11
1483	Long Beach	CA		2,767		1,772		2,539		—		75		—				—			1,772		2,614		4,386		85	Oct-11
1484	Paramount	CA		2,663		1,404		2,549		—		105		—				—			1,404		2,654		4,058		85	Oct-11
1472	Bloomington	CA		2,496		934		1,937		—		129		—				—			934		2,066		3,000		75	Oct-11
1482	Lake Elsinore	CA		2,095		294		2,105		—		55		—				—			294		2,160		2,454		68	Oct-11
0353	Los Angeles	CA		—		3,099		4,889		—		29		—				—			3,099		4,918		8,017		58	Jul-12
1475	Claremont	CA		2,362		1,375		1,434		—		34		—				—			1,375		1,468		2,843		48	Oct-11
1473	Bloomington	CA		1,515		647		1,303		—		50		—				—			647		1,353		2,000		47	Oct-11
1471	Bellflower	CA		1,280		640		1,350		—		29		—				—			640		1,379		2,019		44	Oct-11
0231	Moreno Valley	CA		2,139		482		3,484		—		3		—				—			482		3,487		3,969		41	Jul-12
0825	Orange	CA		—		4,847		12,341		—		3		—				—			4,847		12,344		17,191		40	Nov-12
1489	Victorville	CA		713		151		751		—		85		—				—			151		836		987		28	Oct-11
1491	San Jose	CA		2,570		2,428		2,323		—		45		—				—			2,428		2,368		4,796		28	Jul-12
1479	Hesperia	CA		446		156		430		—		86		—				—			156		516		672		22	Oct-11
1253	Thousand Oaks	CA		—		4,500		—		—		—		(1,000	)	(e)		—			3,500		—		3,500		—
1275	Simi Valley	CA		—		5,533		—		—		—		(1,285	)	(e)		—			4,248		—		4,248		—
1075	Thornton	CO		2,966		212		2,044		—		651		36		(a)		389	(a)		248		3,084		3,332		1,084	Sep-00
1074	Denver	CO		2,708		602		2,052		—		598		143		(a)		512	(a)		745		3,162		3,907		1,060	Sep-00
1076	Westminster	CO		2,238		291		1,586		—		950		8		(a)		48	(a)		299		2,584		2,883		1,005	Sep-00
1359	Parker	CO		2,604		800		4,549		—		599		—				—			800		5,148		5,948		974	Sep-06
1073	Arvada	CO		1,913		286		1,521		—		647		—				—			286		2,168		2,454		824	Sep-00
0665	Colorado Springs	CO		4,024		781		3,400		—		207		—				—			781		3,607		4,388		566	Aug-07
0744	Colorado Springs	CO		3,314		1,525		4,310		—		212		—				—			1,525		4,522		6,047		524	Nov-08
0679	Denver	CO		2,678		368		1,574		—		202		—				—			368		1,776		2,144		406	Jul-05
1459	Colorado Springs	CO		1,833		296		4,199		—		192		—				—			296		4,391		4,687		181	Jun-11
1458	Castle Rock	CO		1,208		407		3,077		—		106		—				—			407		3,183		3,590		137	May-11
1460	Colorado Springs	CO		—		—		6,945		—		10		—				—			—		6,955		6,955		82	Jul-12
1097	Wethersfield	CT		4,197		709		4,205		—		187		—				16	(c)		709		4,408		5,117		1,203	Aug-02
1079	Groton	CT		2,309		1,277		3,992		—		383		—				46	(c)		1,277		4,421		5,698		1,166	Jan-04

97

Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation (Continued)
(Dollars in thousands)

																			Gross carrying amount at December 31, 2012
											Building costs subsequent to acquisition																Date acquired or development completed
Property Number	Property Name	State	Debt		Land initial cost		Building and improvements initial cost		Land costs subsequent to acquisition				Land Adjustments		Notes	Building Adjustments		Notes	Land		Building and improvements		Total		Accumulated depreciation
1192	Middletown	CT		2,914		932		2,810		—		170		—			—			932		2,980		3,912		397	Dec-07
0568	Brookfield	CT		5,233		991		7,891		—		39		—			—			991		7,930		8,921		94	Jul-12
1333	Orlando	FL		4,237		2,233		9,223		—		330		—			21	(c)		2,233		9,574		11,807		2,046	Mar-05
1066	Miami	FL		3,230		1,325		4,395		—		421		114	(a)		388	(a)		1,439		5,204		6,643		1,728	Aug-00
1060	North Miami	FL		—		1,256		6,535		—		484		—			—			1,256		7,019		8,275		1,673	Jun-04
1067	Miami	FL		8,219		5,315		4,305		—		284		544	(a)		447	(a)		5,859		5,036		10,895		1,635	Aug-00
1064	North Lauderdale	FL		4,270		428		3,516		—		663		31	(a)		260	(a)		459		4,439		4,898		1,572	Aug-00
1334	Orlando	FL		—		1,474		6,101		—		233		—			21	(c)		1,474		6,355		7,829		1,340	Mar-05
1068	Margate	FL		3,508		430		3,139		—		356		39	(a)		287	(a)		469		3,782		4,251		1,246	Aug-00
0763	Hollywood	FL		6,968		3,214		8,689		—		259		—			—			3,214		8,948		12,162		1,242	Nov-07
1317	Orlando	FL		4,407		1,216		5,008		—		290		—			39	(c)		1,216		5,337		6,553		1,228	Aug-04
1385	Miami	FL		4,678		1,238		7,597		—		259		—			—			1,238		7,856		9,094		1,226	May-07
1314	Madeira Beach	FL		—		1,686		5,163		—		161		—			29	(c)		1,686		5,353		7,039		1,213	Aug-04
1336	Orlando	FL		—		1,166		4,816		—		1,168		—			15	(c)		1,166		5,999		7,165		1,205	Mar-05
0976	West Palm Beach	FL		3,872		1,752		4,909		—		387		—			—			1,752		5,296		7,048		1,199	Jul-05
0692	Venice	FL		6,986		1,969		5,903		—		311		—			—			1,969		6,214		8,183		1,190	Jan-06
0101	Fort Myers	FL		4,260		1,985		4,983		—		387		—			—			1,985		5,370		7,355		1,187	Jul-05
1308	Fort Myers	FL		2,919		1,691		4,711		—		203		—			29	(c)		1,691		4,943		6,634		1,154	Aug-04
1069	West Palm Beach	FL		1,765		1,312		2,511		—		513		104	(a)		204	(a)		1,416		3,228		4,644		1,128	Aug-00
1318	Port Charlotte	FL		—		1,389		4,632		—		176		—			20	(c)		1,389		4,828		6,217		1,087	Aug-04
1310	Ft Lauderdale	FL		2,627		1,587		4,205		—		271		—			32	(c)		1,587		4,508		6,095		1,064	Aug-04
1324	Valrico	FL		3,013		1,197		4,411		—		185		—			34	(c)		1,197		4,630		5,827		1,060	Aug-04
1065	West Palm Beach	FL		1,533		1,164		2,511		—		390		82	(a)		180	(a)		1,246		3,081		4,327		1,032	Aug-00
1392	Coral Springs	FL		6,627		3,638		6,590		—		207		—			—			3,638		6,797		10,435		871	Jun-08
0545	Tampa	FL		—		1,425		4,766		—		289		—			—			1,425		5,055		6,480		863	Mar-07
1335	Ocoee	FL		—		872		3,642		—		187		—			17	(c)		872		3,846		4,718		861	Mar-05
1266	Hialeah	FL		—		2,800		7,588		—		80		—			—			2,800		7,668		10,468		860	Aug-08
0752	Deland	FL		2,866		1,318		3,971		—		245		—			—			1,318		4,216		5,534		783	Jan-06
1319	Riverview	FL		2,475		654		2,953		—		155		—			29	(c)		654		3,137		3,791		745	Aug-04
1429	Miami	FL		6,950		4,798		9,475		—		26		—			—			4,798		9,501		14,299		745	Nov-09
1337	Greenacres	FL		2,655		1,463		3,244		—		90		—			14	(c)		1,463		3,348		4,811		716	Mar-05
1402	Estero	FL		—		2,198		8,215		—		20		—			—			2,198		8,235		10,433		696	Jul-09
1366	Tampa	FL		3,390		883		3,533		—		146		—			—			883		3,679		4,562		620	Nov-06
1409	Hialeah	FL		1,103		1,750		7,150		—		36		—			—			1,750		7,186		8,936		547	Jan-10

98

Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation (Continued)
(Dollars in thousands)

																				Gross carrying amount at December 31, 2012
											Building costs subsequent to acquisition																	Date acquired or development completed
Property Number	Property Name	State	Debt		Land initial cost		Building and improvements initial cost		Land costs subsequent to acquisition				Land Adjustments			Notes	Building Adjustments		Notes	Land		Building and improvements		Total		Accumulated depreciation
1403	Hialeah	FL		—		1,678		6,807		—		28		—				—			1,678		6,835		8,513		402	Sep-10
1427	Ft Lauderdale	FL		5,122		2,750		7,002		—		469		—				—			2,750		7,471		10,221		344	May-11
1424	Kendall	FL		—		2,375		5,543		—		55		—				—			2,375		5,598		7,973		221	Feb-11
1466	Miami	FL		—		521		5,198		—		104		—				—			521		5,302		5,823		173	Oct-11
8136	Orlando	FL		—		625		2,133		—		49		—				—			625		2,182		2,807		151	Jul-10
0254	Miami	FL		8,235		3,257		9,713		—		40		—				—			3,257		9,753		13,010		115	Jul-12
1494	Lakeland	FL		5,754		871		6,905		—		178		—				—			871		7,083		7,954		115	May-12
1186	West Palm Beach	FL		3,488		1,729		4,058		—		12		—				—			1,729		4,070		5,799		109	Dec-11
1493	Lakeland	FL		4,005		593		4,701		—		143		—				—			593		4,844		5,437		79	May-12
0208	Miami	FL		5,911		1,979		6,513		—		17		—				—			1,979		6,530		8,509		77	Jul-12
0812	Sarasota	FL		—		4,665		9,016		—		—		—				—			4,665		9,016		13,681		29	Nov-12
1492	Auburndale	FL		1,323		470		1,076		—		72		—				—			470		1,148		1,618		19	May-12
0831	Brandon	FL		—		1,327		5,656		—		—		—				—			1,327		5,656		6,983		18	Nov-12
0819	Fort Lauderdale	FL		—		1,576		5,397		—		1		—				—			1,576		5,398		6,974		17	Nov-12
8298	Land O Lakes	FL		—		798		4,490		—		—		—				—			798		4,490		5,288		5	Dec-12
8137	St Petersburg	FL		—		805		3,345		—		—		—				—			805		3,345		4,150		4	Dec-12
8187	Seminole	FL		4,742		1,133		3,017		—		—		—				—			1,133		3,017		4,150		3	Dec-12
8297	North Fort Myers	FL		—		799		2,372		—		—		—				—			799		2,372		3,171		3	Dec-12
1432	Plantation	FL		—		3,850		—		—		—		(1,900	)	(e)		—			1,950		—		1,950		—
1304	Atlanta	GA		8,066		3,737		8,333		—		332		—				35	(c)		3,737		8,700		12,437		1,982	Aug-04
1338	Atlanta	GA		6,706		3,319		8,325		—		432		—				33	(c)		3,319		8,790		12,109		1,910	Feb-05
1322	Stone Mountain	GA		2,909		1,817		4,382		—		234		—				24	(c)		1,817		4,640		6,457		1,053	Aug-04
1321	Snellville	GA		—		2,691		4,026		—		251		—				23	(c)		2,691		4,300		6,991		989	Aug-04
0417	Stone Mountain	GA		1,761		925		3,505		—		278		—				—			925		3,783		4,708		788	Jul-05
0753	Duluth	GA		3,246		1,454		4,151		—		109		—				—			1,454		4,260		5,714		635	Jun-07
0693	Alpharetta	GA		2,648		1,893		3,161		—		138		—				—			1,893		3,299		5,192		598	Aug-06
0699	Dacula	GA		3,819		1,993		3,001		—		117		—				—			1,993		3,118		5,111		582	Jan-06
1320	Atlanta	GA		—		1,665		2,028		—		169		—				21	(c)		1,665		2,218		3,883		541	Aug-04
0754	Sugar Hill	GA		—		1,371		2,547		—		151		—				—			1,371		2,698		4,069		430	Jun-07
0745	Sugar Hill	GA		—		1,368		2,540		—		157		—				—			1,368		2,697		4,065		427	Jun-07
8134	Lithonia	GA		—		1,958		3,645		—		78		—				—			1,958		3,723		5,681		306	Nov-09
8161	Marietta	GA		—		887		2,617		—		201		—				—			887		2,818		3,705		188	Jun-10

99

Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation (Continued)
(Dollars in thousands)

																				Gross carrying amount at December 31, 2012
											Building costs subsequent to acquisition																	Date acquired or development completed
Property Number	Property Name	State	Debt		Land initial cost		Building and improvements initial cost		Land costs subsequent to acquisition				Land Adjustments			Notes	Building Adjustments		Notes	Land		Building and improvements		Total		Accumulated depreciation
8162	Kennesaw	GA		—		673		1,151		—		106		—				—			673		1,257		1,930		90	Jun-10
8163	Douglasville	GA		3,360		1,209		719		—		277		—				—			1,209		996		2,205		69	Jun-10
0815	Atlanta	GA		—		1,718		6,388		—		2		—				—			1,718		6,390		8,108		20	Nov-12
1313	Alpharetta	GL		—		1,973		1,587		—		182		—				20	(c)		1,973		1,789		3,762		432	Aug-04
1376	Kapolei	HI		14,545		—		24,701		—		417		—				—			—		25,118		25,118		3,670	Jun-07
1375	Kahului	HI		—		3,984		15,044		—		621		—				—			3,984		15,665		19,649		2,400	Jun-07
1171	Gurnee	IL		—		1,374		8,296		—		86		—				—			1,374		8,382		9,756		1,132	Oct-07
0731	Chicago	IL		4,260		621		3,428		—		851		—				—			621		4,279		4,900		1,073	Jul-05
1108	Crest Hill	IL		2,444		847		2,946		—		177		121		(a)		472	(a) (c)		968		3,595		4,563		907	Jul-03
1104	South Holland	IL		1,540		839		2,879		—		187		26		(a)		108	(a) (c)		865		3,174		4,039		879	Oct-02
0729	Chicago	IL		2,808		472		2,582		—		696		—				—			472		3,278		3,750		807	Jul-05
1259	Naperville	IL		—		2,800		7,355		—		116		(850	)	(e)		—			1,950		7,471		9,421		782	Dec-08
0728	Chicago	IL		3,098		449		2,471		—		698		—				—			449		3,169		3,618		754	Jul-05
1242	North Aurora	IL		2,523		600		5,833		—		101		—				—			600		5,934		6,534		710	May-08
1263	Tinley Park	IL		—		1,823		4,794		—		82		(275	)	(e)		—			1,548		4,876		6,424		540	Aug-08
1178	Highland Park	IL		7,344		5,798		6,016		—		64		—				—			5,798		6,080		11,878		165	Dec-11
1173	Naperville	IL		5,033		1,860		5,793		—		54		—				—			1,860		5,847		7,707		158	Dec-11
0730	Skokie	IL		4,260		1,119		7,502		—		26		—				—			1,119		7,528		8,647		88	Jul-12
1226	Chicago	IL		—		1,925		—		—		—		—				—			1,925		—		1,925		—
1396	Indianapolis	IN		—		850		4,545		—		307		—				—			850		4,852		5,702		614	Oct-08
0652	Indianapolis	IN		—		588		3,457		—		264		—				—			588		3,721		4,309		604	Aug-07
1393	Carmel	IN		—		1,169		4,393		—		223		—				—			1,169		4,616		5,785		569	Oct-08
1394	Fort Wayne	IN		—		1,899		3,292		—		258		—				—			1,899		3,550		5,449		460	Oct-08
1397	Mishawaka	IN		2,689		630		3,349		—		217		—				—			630		3,566		4,196		458	Oct-08
1395	Indianapolis	IN		—		426		2,903		—		248		—				—			426		3,151		3,577		422	Oct-08
1513	Richmond	IN		—		723		482		—		57		—				—			723		539		1,262		27	Jun-11
1514	Connersville	IN		—		472		315		—		56		—				—			472		371		843		20	Jun-11
0827	Indianapolis	IN		—		646		1,294		—		—		—				—			646		1,294		1,940		4	Nov-12
0586	Wichita	KS		2,132		366		1,897		—		361		—				—			366		2,258		2,624		499	Apr-06
0648	Louisville	KY		2,447		1,217		4,611		—		156		—				—			1,217		4,767		5,984		1,002	Jul-05
0343	Louisville	KY		2,904		586		3,244		—		355		—				—			586		3,599		4,185		785	Jul-05

100

Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation (Continued)
(Dollars in thousands)

																				Gross carrying amount at December 31, 2012
											Building costs subsequent to acquisition																	Date acquired or development completed
Property Number	Property Name	State	Debt		Land initial cost		Building and improvements initial cost		Land costs subsequent to acquisition				Land Adjustments			Notes	Building Adjustments		Notes	Land		Building and improvements		Total		Accumulated depreciation
0668	Louisville	KY		3,549		892		2,677		—		170		—				—			892		2,847		3,739		553	Dec-05
1515	Covington	KY		2,074		839		2,543		—		104		—				—			839		2,647		3,486		110	Jun-11
1316	New Orleans	LA		5,555		4,058		4,325		—		576		—				24	(c)		4,058		4,925		8,983		1,169	Aug-04
1315	Metairie	LA		3,929		2,056		4,216		—		130		—				18	(c)		2,056		4,364		6,420		986	Aug-04
1206	Waltham	MA		5,337		3,770		11,310		—		1,050		—				17	(c)		3,770		12,377		16,147		2,882	Feb-04
1205	Dedham	MA		—		2,443		7,328		—		1,229		—				16	(c)		2,443		8,573		11,016		2,101	Feb-04
1107	Somerville	MA		6,809		1,728		6,570		—		559		3		(a)		13	(a)		1,731		7,142		8,873		2,090	Jun-01
1003	Worcester	MA		4,660		896		4,377		—		3,076		—				—			896		7,453		8,349		1,996	May-04
1099	Milton	MA		—		2,838		3,979		—		6,499		—				20	(c)		2,838		10,498		13,336		1,863	Nov-02
1001	Foxboro	MA		—		759		4,158		—		507		—				—			759		4,665		5,424		1,778	May-04
1094	Saugus	MA		3,680		1,725		5,514		—		488		—				104	(c)		1,725		6,106		7,831		1,728	Jun-03
1098	Jamaica Plain	MA		9,894		3,285		11,275		—		132		—				—			3,285		11,407		14,692		1,508	Dec-07
1010	Auburn	MA		—		918		3,728		—		233		—				—			918		3,961		4,879		1,304	May-04
1002	Hudson	MA		3,409		806		3,122		—		322		—				—			806		3,444		4,250		1,255	May-04
0519	Plainville	MA		5,133		2,223		4,430		—		382		—				—			2,223		4,812		7,035		1,247	Jul-05
1056	Dedham	MA		2,393		2,127		3,041		—		518		—				28	(c)		2,127		3,587		5,714		1,190	Mar-02
1019	Norwood	MA		6,832		2,160		2,336		—		1,521		61		(a)		95	(a)		2,221		3,952		6,173		1,170	Aug-99
7001	Weymouth	MA		—		2,806		3,129		—		189		—				—			2,806		3,318		6,124		1,138	Sep-00
1022	Northborough	MA		4,654		280		2,715		—		498		—				—			280		3,213		3,493		1,133	Feb-01
1028	Ashland	MA		—		474		3,324		—		300		—				27	(c)		474		3,651		4,125		1,133	Jun-03
7002	Lynn	MA		—		1,703		3,237		—		314		—				—			1,703		3,551		5,254		1,131	Jun-01
0746	Stoneham	MA		6,087		944		5,241		—		163		—				—			944		5,404		6,348		1,105	Jul-05
1204	Quincy	MA		—		1,359		4,078		—		231		—				18	(c)		1,359		4,327		5,686		1,093	Feb-04
1047	Stoughton	MA		—		1,754		2,769		—		258		—				—			1,754		3,027		4,781		1,029	May-04
1035	Marshfield	MA		4,728		1,039		4,155		—		246		(13	)			—			1,026		4,401		5,427		1,024	Mar-04
1023	Raynham	MA		—		588		2,270		—		322		82		(a)		323	(a)		670		2,915		3,585		926	May-00
1025	Brockton	MA		—		647		2,762		—		148		—				—			647		2,910		3,557		878	May-04
1084	Kingston	MA		—		555		2,491		—		128		—				32	(c)		555		2,651		3,206		862	Oct-02
1011	North Oxford	MA		—		482		1,762		—		237		46		(a)		168	(a)		528		2,167		2,695		785	Oct-99
1219	Worcester	MA		4,269		1,350		4,433		—		120		—				—			1,350		4,553		5,903		740	Dec-06
0675	Everett	MA		—		692		2,129		—		672		—				—			692		2,801		3,493		702	Jul-05
1135	Revere	MA		5,230		2,275		6,935		—		68		—				—			2,275		7,003		9,278		190	Dec-11
1207	Woburn	MA		—		—		—		—		228		—				17	(c)		—		245		245		117	Feb-04

101

Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation (Continued)
(Dollars in thousands)

																				Gross carrying amount at December 31, 2012
											Building costs subsequent to acquisition																	Date acquired or development completed
Property Number	Property Name	State	Debt		Land initial cost		Building and improvements initial cost		Land costs subsequent to acquisition				Land Adjustments			Notes	Building Adjustments		Notes	Land		Building and improvements		Total		Accumulated depreciation
1208	East Somerville	MA		—		—		—		—		137		—				14	(c)		—		151		151		92	Feb-04
0261	Tyngsboro	MA		3,554		1,843		5,004		—		26		—				—			1,843		5,030		6,873		59	Jul-12
8074	Danvers	MA		—		3,115		5,736		—		1		—				—			3,115		5,737		8,852		18	Nov-12
0734	Framingham	MA		—		—		—		—		8		—				—			—		8		8		1	Jul-12
0552	Bethesda	MD		12,392		3,671		18,331		—		399		—				—			3,671		18,730		22,401		4,150	Jul-05
1195	Lanham	MD		12,823		3,346		10,079		—		1,279		(728	)	(b)		12	(c)		2,618		11,370		13,988		2,736	Feb-04
0950	Columbia	MD		8,132		1,736		9,632		—		257		—				—			1,736		9,889		11,625		1,988	Jul-05
0919	Arnold	MD		9,197		2,558		9,446		—		304		—				—			2,558		9,750		12,308		1,986	Jul-05
0380	Rockville	MD		12,502		4,596		11,328		—		253		—				—			4,596		11,581		16,177		1,930	Sep-06
0980	Ft. Washington	MD		9,424		4,920		9,174		—		193		—				—			4,920		9,367		14,287		1,488	Jan-07
0152	Annapolis	MD		6,229		1,375		8,896		—		288		—				—			1,375		9,184		10,559		1,388	Aug-07
1381	Annapolis	MD		6,704		5,248		7,247		—		186		—				—			5,248		7,433		12,681		1,145	Apr-07
0507	Towson	MD		3,969		861		4,742		—		204		—				—			861		4,946		5,807		1,041	Jul-05
1292	Laurel Heights	MD		6,232		3,000		5,930		—		67		—				—			3,000		5,997		8,997		809	Dec-07
1233	Baltimore	MD		4,550		800		5,955		—		105		—				—			800		6,060		6,860		655	Nov-08
1453	Capitol Heights	MD		8,617		1,461		9,866		—		182		—				—			1,461		10,048		11,509		586	Oct-10
0918	Pasadena	MD		3,869		1,869		3,056		—		701		—				—			1,869		3,757		5,626		551	Sep-08
1439	Baltimore	MD		—		1,900		5,277		—		90		—				—			1,900		5,367		7,267		352	Jun-10
1287	Pasadena	MD		—		3,500		7,407		—		128		—				—			3,500		7,535		11,035		297	Mar-11
8211	Randallstown	MD		1,967		764		6,331		—		146		—				—			764		6,477		7,241		234	Aug-11
8248	Glen Burnie	MD		—		1,303		4,218		—		172		—				—			1,303		4,390		5,693		179	Jul-11
0757	Cockeysville	MD		4,061		465		5,600		—		71		—				—			465		5,671		6,136		116	Mar-12
0588	Towson	MD		6,286		1,094		9,598		—		9		—				—			1,094		9,607		10,701		113	Jul-12
0258	Gambrills	MD		4,969		1,905		7,104		—		13		—				—			1,905		7,117		9,022		84	Jul-12
0750	Baltimore	MD		4,744		1,185		5,051		—		20		—				—			1,185		5,071		6,256		82	May-12
0512	Lexington Park	MD		2,665		4,314		8,412		—		—		—				—			4,314		8,412		12,726		9	Dec-12
1262	Edgewood	MD		—		1,000		—		—		—		(575	)	(e)		—			425		—		425		—
0556	Mount Clemens	MI		2,033		798		1,796		—		350		—				—			798		2,146		2,944		493	Jul-05
0309	Grandville	MI		1,646		726		1,298		—		373		—				—			726		1,671		2,397		434	Jul-05
0553	Belleville	MI		4,156		954		4,984		—		7		—				—			954		4,991		5,945		59	Jul-12
1061	St. Louis	MO		2,009		631		2,159		—		330		59		(a)		205	(a)		690		2,694		3,384		927	Jun-00

102

Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation (Continued)
(Dollars in thousands)

																			Gross carrying amount at December 31, 2012
											Building costs subsequent to acquisition																Date acquired or development completed
Property Number	Property Name	State	Debt		Land initial cost		Building and improvements initial cost		Land costs subsequent to acquisition				Land Adjustments		Notes	Building Adjustments		Notes	Land		Building and improvements		Total		Accumulated depreciation
0664	Florissant	MO		3,603		1,241		4,648		—		304		—			—			1,241		4,952		6,193		841	Aug-07
0656	St. Louis	MO		—		1,444		4,162		—		279		—			—			1,444		4,441		5,885		742	Aug-07
1062	St. Louis	MO		1,540		156		1,313		—		409		17	(a)		151	(a)		173		1,873		2,046		684	Jun-00
0663	St. Louis	MO		2,777		676		3,551		—		284		—			—			676		3,835		4,511		650	Aug-07
0985	Grandview	MO		1,065		612		1,770		—		341		—			—			612		2,111		2,723		557	Jul-05
8027	Merrimack	NH		3,933		754		3,299		—		233		63	(a)		279	(a)		817		3,811		4,628		1,045	Apr-99
0738	Nashua	NH		—		—		755		—		88		—			—			—		843		843		245	Jul-05
1117	Hazlet	NJ		7,920		1,362		10,262		—		579		—			—			1,362		10,841		12,203		3,149	Dec-01
1115	Edison	NJ		—		2,519		8,547		—		543		—			—			2,519		9,090		11,609		2,690	Dec-01
0809	North Bergen	NJ		10,476		2,299		12,728		—		402		—			—			2,299		13,130		15,429		2,620	Jul-05
0330	Hackensack	NJ		—		2,283		11,234		—		727		—			—			2,283		11,961		14,244		2,584	Jul-05
1196	Lawrenceville	NJ		5,724		3,402		10,230		—		440		—			8	(c)		3,402		10,678		14,080		2,555	Feb-04
1119	Old Bridge	NJ		5,765		2,758		6,450		—		963		—			—			2,758		7,413		10,171		2,213	Dec-01
0655	Toms River	NJ		5,060		1,790		9,935		—		303		—			—			1,790		10,238		12,028		2,189	Jul-05
1197	Morrisville	NJ		—		2,487		7,494		—		1,169		—			11	(c)		2,487		8,674		11,161		2,094	Feb-04
1032	Parlin	NJ		—		—		5,273		—		369		—			—			—		5,642		5,642		1,937	May-04
1089	North Bergen	NJ		6,402		2,100		6,606		—		248		—			74	(c)		2,100		6,928		9,028		1,830	Jul-03
1329	Avenel	NJ		7,859		1,518		8,037		—		279		—			24	(c)		1,518		8,340		9,858		1,797	Jan-05
1039	Hoboken	NJ		8,079		2,687		6,092		—		218		—			3	(c)		2,687		6,313		9,000		1,764	Jul-02
1116	Egg Harbor Twp.	NJ		3,319		1,724		5,001		—		675		—			—			1,724		5,676		7,400		1,764	Dec-01
0739	Linden	NJ		3,838		1,517		8,384		—		214		—			—			1,517		8,598		10,115		1,717	Jul-05
1120	Iselin	NJ		4,900		505		4,524		—		498		—			—			505		5,022		5,527		1,563	Dec-01
1360	Neptune	NJ		7,550		4,204		8,906		—		272		—			—			4,204		9,178		13,382		1,501	Nov-06

103

Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation (Continued)
(Dollars in thousands)

																				Gross carrying amount at December 31, 2012
											Building costs subsequent to acquisition																	Date acquired or development completed
Property Number	Property Name	State	Debt		Land initial cost		Building and improvements initial cost		Land costs subsequent to acquisition				Land Adjustments		Notes	Building Adjustments			Notes	Land		Building and improvements		Total		Accumulated depreciation
1040	Lyndhurst	NJ		—		2,679		4,644		—		276		250	(a)		446		(a) (c)		2,929		5,366		8,295		1,493	Mar-01
1331	Union	NJ		6,788		1,754		6,237		—		270		—			78		(c)		1,754		6,585		8,339		1,489	Dec-04
1054	Metuchen	NJ		5,992		1,153		4,462		—		261		—			—				1,153		4,723		5,876		1,377	Dec-01
1330	Bayville	NJ		3,146		1,193		5,312		—		280		—			41		(c)		1,193		5,633		6,826		1,257	Dec-04
0810	Parlin	NJ		—		2,517		4,516		—		444		—			—				2,517		4,960		7,477		1,218	Jul-05
1118	Howell	NJ		3,413		2,440		3,407		—		388		—			—				2,440		3,795		6,235		1,178	Dec-01
1328	Lumberton	NJ		3,576		831		4,060		—		176		—			22		(c)		831		4,258		5,089		1,007	Dec-04
1038	Glen Rock	NJ		—		1,109		2,401		—		151		113	(a)		249		(a) (c)		1,222		2,801		4,023		795	Mar-01
1258	Ewing	NJ		—		1,552		4,720		—		249		11	(c)		(362	)	(e)		1,563		4,607		6,170		730	Mar-07
0677	North Bergen	NJ		—		861		17,127		—		63		—			—				861		17,190		18,051		533	Oct-11
1408	Bellmawr	NJ		—		3,600		4,765		—		178		75	(c)		—				3,675		4,943		8,618		478	Sep-08
1428	Monmouth Junction	NJ		3,117		1,700		5,835		—		85		—			—				1,700		5,920		7,620		447	Dec-09
8093	Maple Shade	NJ		4,385		1,093		5,492		—		70		—			—				1,093		5,562		6,655		152	Dec-11
0784	Merchantville	NJ		3,802		1,644		3,115		—		187		—			—				1,644		3,302		4,946		145	Jun-11
8347	Mahwah	NJ		8,335		1,890		13,112		—		44		—			—				1,890		13,156		15,046		127	Aug-12
8348	Montville	NJ		—		1,511		11,749		—		9		—			—				1,511		11,758		13,269		113	Aug-12
8343	Fairfield	NJ		—		—		9,402		—		70		—			—				—		9,472		9,472		111	Jul-12
8344	Newark	NJ		—		806		8,340		—		57		—			—				806		8,397		9,203		99	Jul-12
8341	Parsippany	NJ		—		2,353		7,798		—		52		—			—				2,353		7,850		10,203		93	Jul-12
8342	Berkeley Heights	NJ		—		1,598		7,553		—		62		—			—				1,598		7,615		9,213		90	Jul-12
0332	Harrison	NJ		3,686		300		6,003		—		24		—			—				300		6,027		6,327		72	Jul-12
8346	Hackettstown	NJ		—		2,144		6,660		—		25		—			—				2,144		6,685		8,829		64	Aug-12
0381	Mt Laurel	NJ		3,126		329		5,217		—		39		—			—				329		5,256		5,585		62	Jul-12
8345	North Brunswick	NJ		—		2,789		4,404		—		82		—			—				2,789		4,486		7,275		54	Jul-12
1516	Fort Lee	NJ		—		4,402		9,831		—		1		—			—				4,402		9,832		14,234		32	Nov-12
1517	Union	NJ		—		1,133		7,239		—		—		—			—				1,133		7,239		8,372		23	Nov-12
0821	Lawnside	NJ		—		1,249		5,613		—		1		—			—				1,249		5,614		6,863		18	Nov-12
1519	Cranbury	NJ		—		3,543		5,095		—		—		—			—				3,543		5,095		8,638		16	Nov-12
1518	Watchung	NJ		—		1,843		4,499		—		—		—			—				1,843		4,499		6,342		14	Nov-12
0818	Cherry Hill	NJ		—		2,323		1,549		—		7		—			—				2,323		1,556		3,879		5	Nov-12
0547	Albuquerque	NM		4,902		1,298		4,628		—		619		—			—				1,298		5,247		6,545		842	Aug-07
0485	Santa Fe	NM		5,996		3,066		7,366		—		20		—			—				3,066		7,386		10,452		87	Jul-12
0817	Albuquerque	NM		—		755		1,797		—		6		—			—				755		1,803		2,558		6	Nov-12
1058	Las Vegas	NV		1,219		251		717		—		353		27	(a)		87		(a)		278		1,157		1,435		477	Feb-00
1465	Las Vegas	NV		2,491		1,441		1,810		—		88		—			—				1,441		1,898		3,339		80	Jun-11
0830	Henderson	NV		—		2,934		8,897		—		—		—			—				2,934		8,897		11,831		29	Nov-12
0820	Las Vegas	NV		—		773		6,006		—		—		—			—				773		6,006		6,779		19	Nov-12
0816	Las Vegas	NV		—		400		4,936		—		—		—			—				400		4,936		5,336		16	Nov-12
0539	New York	NY		9,867		3,060		16,978		—		648		—			—				3,060		17,626		20,686		3,599	Jul-05
1213	Bronx	NY		9,665		3,995		11,870		—		614		—			28		(c)		3,995		12,512		16,507		2,873	Aug-04

104

Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation (Continued)
(Dollars in thousands)

																			Gross carrying amount at December 31, 2012
											Building costs subsequent to acquisition																Date acquired or development completed
Property Number	Property Name	State	Debt		Land initial cost		Building and improvements initial cost		Land costs subsequent to acquisition				Land Adjustments		Notes	Building Adjustments		Notes	Land		Building and improvements		Total		Accumulated depreciation
1087	Mount Vernon	NY		7,297		1,926		7,622		—		612		—			33	(c)		1,926		8,267		10,193		2,229	Nov-02
1055	Nanuet	NY		3,733		2,072		4,644		667		992		—			24	(c)		2,739		5,660		8,399		1,589	Feb-02
0502	Mount Vernon	NY		3,819		1,585		6,025		—		1,422		—			—			1,585		7,447		9,032		1,572	Jul-05
1050	Plainview	NY		7,800		4,287		3,710		—		612		—			—			4,287		4,322		8,609		1,460	Dec-00
1399	Brooklyn	NY		13,788		12,993		10,405		—		272		—			—			12,993		10,677		23,670		1,183	Oct-08
0406	New Paltz	NY		3,146		2,059		3,715		—		399		—			—			2,059		4,114		6,173		958	Jul-05
1042	Bronx	NY		18,841		3,450		21,210		—		93		—			—			3,450		21,303		24,753		571	Dec-11
1450	Brooklyn	NY		8,335		2,802		6,536		—		157		—			—			2,802		6,693		9,495		467	May-10
1391	Bohemia	NY		1,527		1,456		1,398		—		329		—			—			1,456		1,727		3,183		273	Dec-07
0727	Brooklyn	NY		—		16,188		23,309		—		61		—			—			16,188		23,370		39,558		261	Jul-12
1451	Freeport	NY		5,373		5,676		3,784		—		429		—			—			5,676		4,213		9,889		244	Nov-10
1398	Centereach	NY		4,250		2,226		1,657		—		120		—			—			2,226		1,777		4,003		225	Oct-08
0630	Hicksville	NY		9,017		2,581		10,677		—		7		—			—			2,581		10,684		13,265		126	Jul-12
8349	Central Valley	NY		—		2,800		12,173		—		51		—			—			2,800		12,224		15,024		118	Aug-12
8350	Poughkeepsie	NY		—		1,038		7,862		—		7		—			—			1,038		7,869		8,907		93	Jul-12
0674	Hauppauge	NY		5,726		1,238		7,095		—		77		—			—			1,238		7,172		8,410		84	Jul-12
0470	Ridge	NY		6,319		1,762		6,934		—		4		—			—			1,762		6,938		8,700		82	Jul-12
0405	Kingston	NY		5,002		837		6,199		—		7		—			—			837		6,206		7,043		73	Jul-12
0409	Amsterdam	NY		922		715		241		—		45		—			—			715		286		1,001		6	Jul-12
0438	Columbus	OH		2,808		483		2,654		—		522		—			—			483		3,176		3,659		827	Jul-05
0365	Kent	OH		1,452		220		1,206		—		198		—			—			220		1,404		1,624		369	Jul-05
1502	Cincinnati	OH		4,735		1,815		5,733		—		206		—			—			1,815		5,939		7,754		255	Jun-11
1503	Cincinnati	OH		—		1,445		3,755		—		160		—			—			1,445		3,915		5,360		168	Jun-11
1505	Hamilton	OH		—		673		2,910		—		93		—			—			673		3,003		3,676		125	Jun-11
1501	Cincinnati	OH		—		2,941		2,177		—		185		—			—			2,941		2,362		5,303		109	Jun-11
1504	Cincinnati	OH		—		1,217		1,941		—		98		—			—			1,217		2,039		3,256		89	Jun-11
1506	Lebanon	OH		—		1,657		1,566		—		100		—			—			1,657		1,666		3,323		73	Jun-11
1507	Middletown	OH		1,351		534		1,047		—		67		—			—			534		1,114		1,648		50	Jun-11
1508	Xenia	OH		1,680		302		1,022		—		55		—			—			302		1,077		1,379		49	Jun-11
1510	Troy	OH		—		273		544		—		62		—			—			273		606		879		30	Jun-11
1512	Washington Court House	OH		—		197		499		—		54		—			—			197		553		750		27	Jun-11
0367	Willoughby	OH		1,143		155		1,811		—		—		—			—			155		1,811		1,966		21	Jul-12
0368	Mentor	OH		1,386		409		1,609		—		24		—			—			409		1,633		2,042		20	Jul-12
1509	Sidney	OH		—		201		262		—		62		—			—			201		324		525		18	Jun-11
1511	Greenville	OH		—		189		302		—		44		—			—			189		346		535		17	Jun-11
0829	Hilliard	OH		—		1,613		2,369		—		—		—			—			1,613		2,369		3,982		8	Nov-12

105

Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation (Continued)
(Dollars in thousands)

																			Gross carrying amount at December 31, 2012
											Building costs subsequent to acquisition																Date acquired or development completed
Property Number	Property Name	State	Debt		Land initial cost		Building and improvements initial cost		Land costs subsequent to acquisition				Land Adjustments		Notes	Building Adjustments		Notes	Land		Building and improvements		Total		Accumulated depreciation
0826	Mentor	OH		—		658		1,267		—		—		—			—			658		1,267		1,925		4	Nov-12
0288	Aloha	OR		6,292		1,221		6,262		—		231		—			—			1,221		6,493		7,714		1,364	Jul-05
1294	King City	OR		3,143		2,520		6,845		—		45		—			—			2,520		6,890		9,410		541	Sep-09
0286	Beaverton	OR		4,772		2,014		5,786		—		23		—			—			2,014		5,809		7,823		79	Jul-12
1198	Philadelphia	PA		5,732		1,965		5,925		—		1,034		—			7	(c)		1,965		6,966		8,931		1,702	Feb-04
1045	Pittsburgh	PA		3,868		889		4,117		—		546		—			—			889		4,663		5,552		1,516	May-04
1036	Doylestown	PA		—		220		3,442		—		347		301	(a) (d)		384	(a)		521		4,173		4,694		1,190	Nov-99
1046	Kennedy Township	PA		2,622		736		3,173		—		180		—			—			736		3,353		4,089		1,135	May-04
1332	Bensalem	PA		3,068		1,131		4,525		—		190		—			66	(c)		1,131		4,781		5,912		1,101	Dec-04
1063	Pittsburgh	PA		2,622		991		1,990		—		589		91	(a)		199	(a)		1,082		2,778		3,860		855	Aug-00
1354	Bensalem	PA		—		750		3,015		—		169		—			—			750		3,184		3,934		613	Mar-06
1048	Willow Grove	PA		5,244		1,297		4,027		—		198		—			—			1,297		4,225		5,522		234	Jan-11
0741	Johnston	RI		6,874		2,659		4,799		—		417		—			—			2,659		5,216		7,875		1,165	Jul-05
1150	Johnston	RI		1,982		533		2,127		—		24		—			—			533		2,151		2,684		58	Dec-11
1311	Goose Creek	SC		—		1,683		4,372		—		963		—			30	(c)		1,683		5,365		7,048		1,117	Aug-04
1323	Summerville	SC		—		450		4,454		—		141		—			26	(c)		450		4,621		5,071		1,050	Aug-04
1303	Charleston	SC		3,569		1,279		4,171		—		129		—			30	(c)		1,279		4,330		5,609		983	Aug-04
1305	Columbia	SC		2,860		838		3,312		—		159		—			38	(c)		838		3,509		4,347		841	Aug-04
8174	Columbia	SC		—		1,784		2,745		—		2		—			—			1,784		2,747		4,531		32	Jul-12
0574	Nashville	TN		2,930		390		2,598		—		680		—			—			390		3,278		3,668		781	Apr-06
0487	Cordova	TN		2,614		852		2,720		—		229		—			—			852		2,949		3,801		682	Jul-05
0704	Cordova	TN		—		894		2,680		—		139		—			—			894		2,819		3,713		471	Jan-07
8122	Cordova	TN		2,100		652		1,791		—		67		—			—			652		1,858		2,510		82	Apr-11
0578	Bartlett	TN		2,591		632		3,798		—		4		—			—			632		3,802		4,434		45	Jul-12
0680	Memphis	TN		1,766		274		2,623		—		6		—			—			274		2,629		2,903		31	Jul-12
0823	Franklin	TN		—		3,357		8,984		—		—		—			—			3,357		8,984		12,341		29	Nov-12
0374	Memphis	TN		1,074		110		1,280		—		4		—			—			110		1,284		1,394		19	Jul-12
0811	Memphis	TN		—		1,040		3,867		—		—		—			—			1,040		3,867		4,907		12	Nov-12
0813	Memphis	TN		—		1,617		2,875		—		—		—			—			1,617		2,875		4,492		9	Nov-12
0514	Dallas	TX		11,582		1,980		12,501		—		318		—			—			1,980		12,819		14,799		2,278	May-06
0584	Houston	TX		8,981		2,596		8,735		—		307		—			—			2,596		9,042		11,638		1,617	Apr-06
1307	Dallas	TX		10,989		4,432		6,181		—		481		—			36	(c)		4,432		6,698		11,130		1,557	Aug-04
1309	Fort Worth	TX		—		631		5,794		—		187		—			31	(c)		631		6,012		6,643		1,375	Aug-04

106

Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation (Continued)
(Dollars in thousands)

																				Gross carrying amount at December 31, 2012
											Building costs subsequent to acquisition																	Date acquired or development completed
Property Number	Property Name	State	Debt		Land initial cost		Building and improvements initial cost		Land costs subsequent to acquisition				Land Adjustments		Notes	Building Adjustments			Notes	Land		Building and improvements		Total		Accumulated depreciation
1302	Austin	TX		4,927		870		4,455		—		275		—			35		(c)		870		4,765		5,635		1,115	Aug-04
1364	Plano	TX		—		1,010		6,203		—		316		—			—				1,010		6,519		7,529		1,064	Nov-06
1363	Allen	TX		4,244		901		5,553		—		207		—			—				901		5,760		6,661		957	Nov-06
0521	South Houston	TX		2,330		478		4,069		—		744		—			—				478		4,813		5,291		928	Apr-06
1301	Arlington	TX		2,251		534		2,525		—		304		—			34		(c)		534		2,863		3,397		743	Aug-04
1365	Plano	TX		—		614		3,775		—		224		—			—				614		3,999		4,613		690	Nov-06
0561	Dallas	TX		2,059		337		2,216		—		444		—			—				337		2,660		2,997		621	Apr-06
1306	San Antonio	TX		—		1,269		1,816		—		558		—			30		(c)		1,269		2,404		3,673		616	Aug-04
1312	Grand Prairie	TX		2,279		551		2,330		—		240		—			31		(c)		551		2,601		3,152		607	Aug-04
1357	Rowlett	TX		2,013		1,002		2,601		—		284		—			—				1,002		2,885		3,887		541	Aug-06
1387	San Antonio	TX		—		2,471		3,556		—		198		—			(408	)	(f)		2,471		3,346		5,817		494	Dec-07
1326	San Antonio	TX		—		253		1,496		—		113		—			32		(c)		253		1,641		1,894		406	Aug-04
1490	Houston	TX		6,167		1,036		8,133		—		80		—			—				1,036		8,213		9,249		186	Feb-12
0795	Euless	TX		2,950		671		3,213		—		590		—			—				671		3,803		4,474		184	Apr-11
1456	La Porte	TX		—		1,608		2,351		—		255		—			—				1,608		2,606		4,214		162	Dec-10
1457	Houston	TX		—		402		1,870		—		146		—			—				402		2,016		2,418		118	Dec-10
0629	Dallas	TX		—		921		7,656		—		4		—			—				921		7,660		8,581		90	Jul-12
0306	Spring	TX		3,360		506		5,096		—		56		—			—				506		5,152		5,658		61	Jul-12
8246	Spring	TX		4,656		978		1,347		—		93		—			—				978		1,440		2,418		52	Aug-11
1497	Dallas	TX		3,986		2,542		3,274		—		54		—			—				2,542		3,328		5,870		32	Aug-12
1496	Grand Prairie	TX		—		2,327		1,551		—		8		—			—				2,327		1,559		3,886		15	Aug-12
0132	Sandy	UT		3,950		1,349		4,372		—		383		—			—				1,349		4,755		6,104		1,003	Jul-05
1006	Kearns	UT		—		642		2,607		—		283		—			—				642		2,890		3,532		723	Jun-04
0230	West Valley City	UT		1,775		461		1,722		—		144		—			—				461		1,866		2,327		419	Jul-05
8002	Salt Lake City	UT		3,116		986		3,455		—		157		—			—				986		3,612		4,598		208	Oct-10
1455	West Jordan	UT		2,168		735		2,146		—		315		—			—				735		2,461		3,196		132	Nov-10
0792	Orem	UT		2,155		841		2,335		—		91		—			—				841		2,426		3,267		105	Apr-11
1454	Murray	UT		—		571		986		—		440		—			—				571		1,426		1,997		91	Nov-10
8149	Sandy	UT		—		2,063		5,202		—		—		—			—				2,063		5,202		7,265		39	Sep-12
1380	Alexandria	VA		5,902		1,620		13,103		—		517		—			—				1,620		13,620		15,240		2,266	Jun-07
0678	Falls Church	VA		6,002		1,259		6,975		—		381		—			—				1,259		7,356		8,615		1,528	Jul-05
1325	Richmond	VA		4,644		2,305		5,467		—		152		—			8		(c)		2,305		5,627		7,932		1,244	Aug-04
1452	Arlington	VA		—		—		4,802		—		144		—			—				—		4,946		4,946		911	Oct-10
0764	Stafford	VA		4,498		2,076		5,175		—		77		—			—				2,076		5,252		7,328		545	Jan-09
0717	Dumfries	VA		5,345		932		9,349		—		131		—			—				932		9,480		10,412		406	May-11
0467	Alexandria	VA		13,770		5,029		18,943		—		15		—			—				5,029		18,958		23,987		223	Jul-12

107

Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation (Continued)
(Dollars in thousands)

																				Gross carrying amount at December 31, 2012
											Building costs subsequent to acquisition																	Date acquired or development completed
Property Number	Property Name	State	Debt		Land initial cost		Building and improvements initial cost		Land costs subsequent to acquisition				Land Adjustments			Notes	Building Adjustments		Notes	Land		Building and improvements		Total		Accumulated depreciation
0327	Fredericksburg	VA		4,377		2,128		5,398		—		17		—				—			2,128		5,415		7,543		63	Jul-12
0828	Falls Church	VA		—		5,703		13,307		—		5		—				—			5,703		13,312		19,015		43	Nov-12
1498	Stafford	VA		4,513		1,172		5,562		—		4		—				—			1,172		5,566		6,738		42	Sep-12
0824	Fredericksburg	VA		—		1,438		2,459		—		—		—				—			1,438		2,459		3,897		8	Nov-12
0643	Seattle	WA		7,480		2,727		7,241		—		220		—				—			2,727		7,461		10,188		1,530	Jul-05
1341	Lakewood	WA		4,529		1,917		5,256		—		181		—				—			1,917		5,437		7,354		1,004	Feb-06
1342	Lakewood	WA		4,526		1,389		4,780		—		216		—				—			1,389		4,996		6,385		942	Feb-06
1343	Tacoma	WA		3,301		1,031		3,103		—		141		—				—			1,031		3,244		4,275		628	Feb-06
0285	Vancouver	WA		3,159		709		4,280		—		35		—				—			709		4,315		5,024		51	Jul-12
	Other corporate assets			4,850		849		2,202		—		47,688		(849	)	(d)		—			—		49,890		49,890		5,689	Various
	Construction in progress			—		—		—		—		4,138		—				—			—		4,138		4,138		—
	Intangible tenant relationships and lease rights			—		—		60,011		—		—		—				—			—		60,011		60,011		44,359	Various
			$	1,369,690	$	770,764	$	2,430,654	$	667	$	175,903	$	(3,816	)		$	9,478		$	767,615	$	2,616,035	$	3,383,650	$	391,928

(a)

Adjustments relate to the acquisition of joint venture partners interests

(b)

Adjustment relates to partial disposition of land

(c)

Adjustment relates to asset transfers between land, building and/or equipment

(d)

Adjustment relates to asset transfers between entities

(e)

Adjustment relates to impairment charges

(f)

Adjustment relates to a purchase price adjustment

108

        Activity in real estate facilities during the years ended December 31, 2012, 2011 and 2010 is as follows:

	2012			2011			2010
Operating facilities
Balance at beginning of year	$	2,573,731		$	2,198,361		$	2,249,262
Acquisitions		761,977			301,531			89,750
Improvements		34,964			39,352			16,563
Transfers from real estate under development/redevelopment		8,957			34,777			33,407
Dispositions and other		(117	)		(290	)		(190,621	)
Balance at end of year	$	3,379,512		$	2,573,731		$	2,198,361
Accumulated depreciation:
Balance at beginning of year	$	319,302		$	263,042		$	233,830
Depreciation expense		72,626			56,702			48,665
Dispositions and other		—			(442	)		(19,453	)
Balance at end of year	$	391,928		$	319,302		$	263,042
Real estate under development/redevelopment:
Balance at beginning of year	$	9,366		$	37,083		$	34,427
Current development/redevelopment		3,759			7,060			36,063
Transfers to operating facilities		(8,987	)		(34,777	)		(33,407	)
Dispositions and other		—			—			—
Balance at end of year	$	4,138		$	9,366		$	37,083
Net real estate assets	$	2,991,722		$	2,263,795		$	1,972,402

        The aggregate cost of real estate for U.S. federal income tax purposes is $3,194,952.

Item 9.    Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

        None.

Item 9A.    Controls and Procedures

(i)    Disclosure Controls and Procedures

        We maintain disclosure controls and procedures to ensure that information required to be disclosed in the reports we file pursuant to the Securities Exchange Act of 1934, as amended (the "Exchange Act"), are recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure based on the definition of "disclosure controls and procedures" in Rule 13a-15(e) of the Exchange Act. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can only provide reasonable assurance of achieving the desired control objectives, and in reaching a reasonable level of assurance, management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

        We have a disclosure committee that is responsible for considering the materiality of information and determining the disclosure obligations of the Company on a timely basis. The disclosure committee meets quarterly and reports directly to our Chief Executive Officer and Chief Financial Officer.

109

        We carried out an evaluation, under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this Annual Report. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of the end of the period covered by this report.

(ii)   Internal Control over Financial Reporting

(a)   Management's Report on Internal Control over Financial Reporting

        Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) of the Exchange Act. Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on our evaluation, our management concluded that our internal control over financial reporting was effective as of December 31, 2012.

        Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

        Our independent registered public accounting firm, Ernst & Young LLP, has issued the following attestation report over our internal control over financial reporting.

(b)   Attestation Report of the Registered Public Accounting Firm

Report of Independent Registered Public Accounting Firm

The Board of Directors and Stockholders of Extra Space Storage Inc.

        We have audited Extra Space Storage Inc.'s (the "Company") internal control over financial reporting as of December 31, 2012, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (the COSO criteria). Extra Space Storage Inc.'s management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the company's internal control over financial reporting based on our audit.

        We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

        A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the

110

maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company's assets that could have a material effect on the financial statements.

        Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

        In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2012, based on the COSO criteria.

        We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets as of December 31, 2012, and 2011 and the related consolidated statements of operations, comprehensive income, stockholders' equity, and cash flows for each of the three years in the period ended December 31, 2012 of Extra Space Storage Inc. and our report dated February 28, 2013 expressed an unqualified opinion thereon.

/s/ Ernst & Young LLP

Salt Lake City, Utah
February 28, 2013

(c)   Changes in Internal Control over Financial Reporting

        There was no change in our internal control over financial reporting (as such term is defined in Exchange Act Rule 13a-15(f)) that occurred during our most recent quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Item 9B.    Other Information

        None.

PART III

Item 10.    Directors, Executive Officers and Corporate Governance

        Information required by this item is incorporated by reference to the information set forth under the captions "Executive Officers," and "Information About the Board of Directors and its Committees" in our definitive Proxy Statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A within 120 days after December 31, 2012.

        We have adopted a Code of Business Conduct and Ethics in compliance with rules of the SEC that applies to all of our personnel, including our board of directors, Chief Executive Officer, Chief Financial Officer and principal accounting officer. The Code of Business Conduct and Ethics is available free of charge on the "Investor Relations—Corporate Governance" section of our web site at www.extraspace.com. We intend to satisfy any disclosure requirements under Item 5.05 of Form 8-K regarding amendment to, or waiver from, a provision of this Code of Business Conduct and Ethics by posting such information on our web site at the address and location specified above.

        The board of directors has adopted Corporate Governance Guidelines and charters for our Audit Committee and Compensation, Nominating and Governance Committee, each of which is posted on

111

our website at the address and location specified above. Investors may obtain a free copy of the Code of Business Conduct and Ethics, the Corporate Governance Guidelines and the committee charters by contacting the Investor Relations Department at 2795 East Cottonwood Parkway, Suite 400, Salt Lake City, Utah 84121, Attn: Clint Halverson or by telephoning (801) 365-4600.

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, 2012.

Item 12.    Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

        Information with respect to security ownership of certain beneficial owners and management and related stockholder matters is incorporated by reference to the information set forth under the captions "Executive Compensation" and "Security Ownership of Directors and Officers" in our definitive Proxy Statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A within 120 days after December 31, 2012.

Item 13.    Certain Relationships and Related Transactions, and Director Independence

        Information with respect to certain relationships and related transactions is incorporated by reference to the information set forth under the captions "Information about the Board of Directors and its Committees" and "Certain Relationships and Related Transactions" in our Proxy Statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A within 120 days after December 31, 2012.

Item 14.    Principal Accounting Fees and Services

        Information with respect to principal accounting fees and services is incorporated by reference to the information set forth under the caption "Ratification of Appointment of Independent Registered Public Accounting Firm" in our Proxy Statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A within 120 days after December 31, 2012.

112

PART IV

Item 15.    Exhibits and Financial Statement Schedules

(a)

Documents filed as part of this report:

        (1)   and (2).    All Financial Statements and Financial Statement Schedules filed as part of this Annual Report on 10-K are included in Item 8—"Financial Statements and Supplementary Data" of this Annual Report on 10-K and reference is made thereto.

        (3)   The following documents are filed or incorporated by references as exhibits to this report:

Exhibit Number		Description
	2.1	Purchase and Sale Agreement, dated May 5, 2005 by and among Security Capital Self Storage Incorporated, as seller and Extra Space Storage LLC, PRISA Self Storage LLC, PRISA II Self Storage LLC, PRISA III Self Storage LLC, VRS Self Storage LLC, WCOT Self Storage LLC and Extra Space Storage LP, as purchaser parties and The Prudential Insurance Company of America (incorporated by reference from Exhibit 2.1 of Form 8-K filed on May 11, 2005).
	3.1	Amended and Restated Articles of Incorporation of Extra Space Storage Inc.(1)
	3.2	Articles of Amendment dated September 28, 2007 (incorporated by reference from Exhibit 3.1 of Form 8-K filed on October 3, 2007).
	3.3	Amended and Restated Bylaws of Extra Space Storage Inc.(incorporated by reference from Exhibit 3.1 of Form 8-K filed on May 26, 2009)
	3.4	Second Amended and Restated Agreement of Limited Partnership of Extra Space Storage LP (incorporated by reference from Exhibit 10.1 of Form 8-K filed on June 26, 2007).
	3.5	First Amendment to Second Amended and Restated Agreement of Limited Partnership of Extra Space Storage LP, dated September 18, 2008 (incorporated by reference from Exhibit 10.32 of Form 10-K filed on February 26, 2010).
	3.6	Declaration of Trust of ESS Holdings Business Trust I.(1)
	3.7	Declaration of Trust of ESS Holdings Business Trust II.(1)
	4.1	Junior Subordinated Indenture dated as of July 27, 2005, between Extra Space Storage LP and JPMorgan Chase Bank, National Association, as trustee (incorporated by reference from Exhibit 4.1 of Form 8-K filed on August 2, 2005).
	4.2	Amended and Restated Trust Agreement, dated as of July 27, 2005, among Extra Space Storage LP, as depositor and JPMorgan Chase Bank, National Association, as property trustee, Chase Bank USA, National Association, as Delaware trustee, the Administrative Trustees named therein and the holders of undivided beneficial interest in the assets of ESS Statutory Trust III (incorporated by reference from Exhibit 4.2 of Form 8-K filed on August 2, 2005).
	4.3	Junior Subordinated Note (incorporated by reference from Exhibit 4.3 of Form 10-K filed on February 26, 2010)
	4.4	Trust Preferred Security Certificates (incorporated by reference from Exhibit 4.4 of Form 10-K filed on February 26, 2010)
	4.5	Indenture, dated March 27, 2007 among Extra Space Storage LP, Extra Space Storage Inc. and Wells Fargo Bank, N.A., as trustee, including the form of 3.625% Exchangeable Senior Notes due 2027 and form of guarantee (incorporated by reference from Exhibit 4.1 of Form 8-K filed on March 28, 2007).

113

Exhibit Number		Description
	10.1	Registration Rights Agreement, by and among Extra Space Storage Inc. and the parties listed on Schedule I thereto.(1)
	10.2	License between Centershift Inc. and Extra Space Storage LP.(1)
	10.3	2004 Long-Term Compensation Incentive Plan as amended and restated effective March 25, 2008 (incorporated by reference from the Definitive Proxy Statement on Schedule 14A filed on April 14, 2008)
	10.4	Extra Space Storage Performance Bonus Plan.(1)
	10.5	Form of 2004 Long Term Incentive Compensation Plan Option Award Agreement for Employees with employment agreements. (incorporated by reference from Exhibit 10.11 of Form 10-K filed on February 26, 2010)
	10.6	Form of 2004 Long Term Incentive Compensation Plan Option Award Agreement for employees without employment agreements. (incorporated by reference from Exhibit 10.12 of Form 10-K filed on February 26, 2010)
	10.7	Form of 2004 Non-Employee Directors Share Plan Option Award Agreement for Directors. (incorporated by reference from Exhibit 10.13 of Form 10-K filed on February 26, 2010)
	10.8	Joint Venture Agreement, dated June 1, 2004, by and between Extra Space Storage LLC and Prudential Financial, Inc.(1)
	10.9	Extra Space Storage Non-Employee Directors' Share Plan (incorporated by reference from Exhibit 10.22 of Form 10-K/A filed on March 22, 2007).
	10.10	Registration Rights Agreement, dated June 20, 2005, among Extra Space Storage Inc. and the investors named therein (incorporated by reference from Exhibit 10.1 of Form 8-K filed on June 24, 2005).
	10.11	Purchase Agreement, dated as of July 27, 2005, among Extra Space Storage LP, ESS Statutory Trust III and the Purchaser named therein (incorporated by reference from Exhibit 10.1 of Form 8-K filed on August 2, 2005).
	10.12	Registration Rights Agreement, dated March 27, 2007, among Extra Space Storage LP, Extra Space Storage Inc., Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated (incorporated by reference from Exhibit 10.1 of Form 8-K filed on March 28, 2007).
	10.13	Contribution Agreement, dated June 15, 2007, among Extra Space Storage LP and various limited partnerships affiliated with AAAAA Rent-A-Space. (incorporated by reference from Exhibit 10.23 of Form 10-K filed on February 26, 2010)
	10.14	Promissory Note, dated June 25, 2007, among Extra Space Storage LP, H. James Knuppe and Barbara Knuppe (incorporated by reference to Exhibit 10.2 of Form 8-K filed on June 26, 2007).
	10.15	Pledge Agreement, dated June 25, 2007, among Extra Space Storage LP, H. James Knuppe and Barbara Knuppe (incorporated by reference to Exhibit 10.3 of Form 8-K filed on June 26, 2007).
	10.16	Registration Rights Agreement among Extra Space Storage LP, H. James Knuppe and Barbara Knuppe. (incorporated by reference from Exhibit 10.26 of Form 10-K filed on February 26, 2010)

114

Exhibit Number		Description
	10.17	First Amendment to Contribution Agreement and to Agreement Regarding Transfer of Series A units among Extra Space Storage LP, various limited partnerships affiliated with AAAAA Rent-A-Space, H. James Knuppe and Barbara Knuppe, dated September 28, 2007. (incorporated by reference to Exhibit 10.1 of Form 8-K filed on October 3, 2007).
	10.18	Membership Interest Purchase Agreement, dated as of April 13, 2012, between Extra Space Properties Sixty Three LLC and PRISA III Co-Investment LLC (incorporated by reference to Exhibit 10.1 of Form 8-K filed on April 16, 2012).
	10.19	2004 Long Term Incentive Compensation Plan Restricted Stock Award Agreement (incorporated by reference from Exhibit 10.2 of Form 10-Q filed on November 7, 2007).
	10.20	First Amendment to Extra Space Storage Inc. 2004 Non-Employee Directors' Share Plan (incorporated by reference from Exhibit 10.4 of Form 10-Q filed on November 7, 2007).
	10.21	Loan Agreement between ESP Seven Subsidiary LLC as Borrower and General Electric Capital Corporation as Lender, dated October 16, 2007. (incorporated by reference from Exhibit 10.30 of Form 10-K filed on February 26, 2010)
	10.22	Subscription Agreement, dated December 31, 2007, among Extra Space Storage LLC and Extra Space Development, LLC. (incorporated by reference from Exhibit 10.31 of Form 10-K filed on February 26, 2010)
	10.23	Revolving Promissory Note between Extra Space Properties Thirty LLC and Bank of America as Lender, dated February 13, 2009 (incorporated by reference from Exhibit 10.33 of Form 10-K filed on February 26, 2010)
	10.24	Revolving Line of Credit between Extra Space Properties Thirty LLC and Bank of America as Lender, dated February 13, 2009 (incorporated by reference from Exhibit 10.34 of Form 10-K filed on February 26, 2010)
	10.25	First Loan and Note Modification Agreement between Extra Space Properties Thirty LLC and Bank of America as lender, dated April 9, 2009 (incorporated by reference from Exhibit 10.27 of Form 10-K filed on February 29, 2012).
	10.26	Second Loan and Note Modification Agreement between Extra Space Properties Thirty LLC and Bank of America as lender, dated May 4, 2009 (incorporated by reference from Exhibit 10.28 of Form 10-K filed on February 29, 2012).
	10.27	Third Loan and Note Modification Agreement between Extra Space Properties Thirty LLC and Bank of America as lender, dated August 27, 2010 (incorporated by reference from Exhibit 10.29 of Form 10-K filed on February 29, 2012).
	10.28	Fourth Loan and Note Modification Agreement between Extra Space Properties Thirty LLC and Bank of America as lender, dated October 19, 2011 (incorporated by reference from Exhibit 10.30 of Form 10-K filed on February 29, 2012).
	10.29	Extra Space Storage Inc. Executive Change in Control Plan (incorporated by reference to Exhibit 10.1 of Form 8-K filed on August 31, 2011).
	10.30	Separation and Release Agreement, dated December 7, 2011, among Extra Space Storage Inc., Extra Space Storage LP and Kent W. Christensen (incorporated by reference to Exhibit 10.1 of Form 8-K filed on December 9, 2011).
	10.31	Retention Agreement, dated February 21, 2012, between Extra Space Storage Inc. and Karl Haas, incorporated by reference to Exhibit 10.1 of Form 8-K filed on February 21, 2012).

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Exhibit Number		Description
	21.1	Subsidiaries of the Company(2)
	23.1	Consent of Ernst & Young LLP(2)
	31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.(2)
	31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.(2)
	32	Certifications of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.(2)
	101	The following financial information from Registrant's Annual Report on Form 10-K for the period ended December 31, 2012, filed with the SEC on February 28, 2013, formatted in Extensible Business Reporting Language (XBRL): (i) Consolidated Balance Sheets as of December 31, 2012 and 2011; (ii) Consolidated Statements of Operations for the years ended December 31, 2012, 2011 and 2010; (iii) Consolidated Statements of Stockholders' Equity for the years ended December 31, 2012, 2011 and 2010; (iv) Consolidated Statements of Cash Flows for the years ended December 31, 2012, 2011 and 2010; and (v) Notes to Consolidated Financial Statements.

(1)

Incorporated by reference from our Registration Statement on Form S-11 (File No. 333-115436 dated August 11, 2004).

(2)

Filed herewith

(c)

See Item 15(a)(2) above.

116

SIGNATURES

        Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: February 28, 2013	EXTRA SPACE STORAGE INC.
	By:	/s/ SPENCER F. KIRK Spencer F. Kirk Chief Executive Officer

        Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Date: February 28, 2013	By:	/s/ SPENCER F. KIRK Spencer F. Kirk Chief Executive Officer (Principal Executive Officer)
Date: February 28, 2013	By:	/s/ P. SCOTT STUBBS P. Scott Stubbs Executive Vice President and Chief Financial Officer (Principal Financial Officer)
Date: February 28, 2013	By:	/s/ GRACE KUNDE Grace Kunde Vice President and Corporate Controller (Principal Accounting Officer)
Date: February 28, 2013	By:	/s/ KENNETH M. WOOLLEY Kenneth M. Woolley Executive Chairman and Chief Investment Officer
Date: February 28, 2013	By:	/s/ JOSEPH D. MARGOLIS Joseph D. Margolis Director
Date: February 28, 2013	By:	/s/ ROGER B. PORTER Roger B. Porter Director
Date: February 28, 2013	By:	/s/ K. FRED SKOUSEN K. Fred Skousen Director

117

EX-21.1

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Exhibit 21.1

Name	Jurisdiction of Formation/Incorporation
Extra Space Storage LP	Delaware

        The list above excludes consolidated wholly-owned subsidiaries carrying on the same line of business (the ownership and operation of commercial real estate). The list also excludes other subsidiaries which, considered in the aggregate as a single subsidiary, would not constitute a significant subsidiary as of December 31, 2012. A total of 273 subsidiaries have been excluded, each of which operates in the United States [other than one subsidiary which operates in Bermuda].

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Exhibit 21.1

EX-23.1

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Exhibit 23.1

Consent of Independent Registered Public Accounting Firm

        We consent to the incorporation by reference in the following Registration Statements:

Registration Statement (Form S-3 No. 333-176296, filed on August 12, 2011) of Extra Space Storage Inc.,

Registration Statement (Form S-3 No. 333-176277, filed on August 12, 2011) of Extra Space Storage Inc.,

Registration Statement (Form S-3 No. 333-176276, filed on August 12, 2011) of Extra Space Storage Inc.,

Registration Statement (Form S-8 No. 333-157559, filed on February 27, 2009) pertaining to the Extra Space Management, Inc. 401(k) Plan,

Registration Statement (Form S-3 No. 333-133407, filed on April 19, 2006) of Extra Space Storage Inc.,

Registration Statement (Form S-3 No. 333-128988, filed on October 13, 2005) of Extra Space Storage Inc.,

Registration Statement (Form S-3 No. 333-128504, filed on September 22, 2005) of Extra Space Storage Inc., and

Registration Statement (Form S-8 No. 333-126742, filed on July 20, 2005) pertaining to the Extra Space Storage Inc. 2004 Non-Employee Directors' Share Plan and the Extra Space Storage Inc. 2004 Long Term Incentive Compensation Plan,

of our reports dated February 28, 2013, with respect to the consolidated financial statements and schedule of Extra Space Storage Inc., and the effectiveness of internal control over financial reporting of Extra Space Storage Inc., included in this Annual Report (Form 10-K) for the year ended December 31, 2012.

/s/ Ernst & Young LLP

Salt Lake City, Utah
February 28, 2013

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Exhibit 23.1

Consent of Independent Registered Public Accounting Firm

EX-31.1

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Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002

I, Spencer F. Kirk, certify that:

1)

I have reviewed this annual report on Form 10-K of Extra Space Storage Inc.;

2)

Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)

The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5)

The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 28, 2013

By:	/s/ SPENCER F. KIRK
Name:	Spencer F. Kirk
Title:	Chief Executive Officer

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Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

EX-31.2

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Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002

I, P. Scott Stubbs, certify that:

1)

I have reviewed this annual report on Form 10-K of Extra Space Storage Inc.;

2)

Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)

The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5)

The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 28, 2013

By:	/s/ P. SCOTT STUBBS
Name:	P. Scott Stubbs
Title:	Executive Vice President and Chief Financial Officer

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Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

EX-32

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Exhibit 32

CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER
PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

        I, Spencer F. Kirk, Chief Executive Officer of Extra Space Storage Inc. (the "Company"), hereby certify as of the date hereof, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Annual Report of the Company on Form 10-K for the year ended December 31, 2012 (the "Form 10-K") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that information contained in the Form 10-K fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: February 28, 2013	By:	/s/ SPENCER F. KIRK
	Name:	Spencer F. Kirk
	Title:	Chief Executive Officer

        I, P. Scott Stubbs, the Chief Financial Officer of the Company, hereby certify as of the date hereof, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Annual Report of the Company on Form 10-K for the year ended December 31, 2012 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that information contained in the Form 10-K fairly presents in all material respects the financial condition and results of operations of the Company.

Dated: February 28, 2013	By:	/s/ P. SCOTT STUBBS
	Name:	P. Scott Stubbs
	Title:	Executive Vice President and Chief Financial Officer

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Exhibit 32

CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

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OTHER ASSETS (Tables)

12 Months Ended

Dec. 31, 2012

OTHER ASSETS

Schedule of other assets

	December 31, 2012			December 31, 2011
Equipment and fixtures	$	15,090		$	12,146
Less: accumulated depreciation		(10,223	)		(8,847	)
Other intangible assets		3,434			3,424
Deferred financing costs, net		19,783			15,386
Prepaid expenses and deposits		7,934			5,265
Receivables, net		19,881			15,536
Investments in Trusts		3,590			3,590
Income taxes receivable		3,609			2,447
Deferred tax asset		3,505			3,603
	$	66,603		$	52,550

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
Fair Value of Financial Instruments
Note receivable from Preferred Operating Partnership unit holder	$ 100,000	$ 100,000
Estimated Fair Value
Fair Value of Financial Instruments
Note receivable from Preferred Operating Partnership unit holder	108,138	104,049
Fixed rate notes payable and notes payable to trusts	1,342,957	1,008,039
Exchangeable senior notes		92,265
Carrying Value
Fair Value of Financial Instruments
Note receivable from Preferred Operating Partnership unit holder	100,000	100,000
Fixed rate notes payable and notes payable to trusts	1,275,605	938,681
Exchangeable senior notes		$ 87,663

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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2012

INCOME TAXES

Summarized statement of components of income tax provision

	For the Year Ended December 31, 2012
	Federal			State		Total
Current expense	$	8,240		$	612	$	8,852
Tax credits		(5,528	)		—		(5,528	)
Change in deferred benefit		2,089			—		2,089
Total tax expense	$	4,801		$	612	$	5,413

	For the Year Ended December 31, 2011
	Federal			State		Total
Current expense	$	1,350		$	606	$	1,956
Tax credits		(6,849	)		—		(6,849	)
Change in deferred benefit		6,048			—		6,048
Total tax expense	$	549		$	606	$	1,155

	For the Year Ended December 31, 2010
	Federal			State		Total
Current expense	$	3,588		$	124	$	3,712
Tax credits		(832	)		—		(832	)
Change in deferred benefit		1,282			—		1,282
Total tax expense	$	4,038		$	124	$	4,162

Schedule of reconciliation of the statutory income tax provisions to the effective income tax provisions

	December 31, 2012					December 31, 2011
Expected tax at statutory rate	$	46,586		35.0	%	$	20,854		35.0	%
Non-taxable REIT income		(37,729	)	(28.3	)%		(14,957	)	(25.1	)%
State and local tax expense—net of federal benefit		612		0.5	%		617		1.0	%
Change in valuation allowance		1,641		1.2	%		1,298		2.2	%
Tax credits		(5,528	)	(4.2	)%		(6,849	)	(11.5	)%
Miscellaneous		(169	)	(0.1	)%		192		0.3	%
Total provision	$	5,413		4.1	%	$	1,155		1.9	%

Schedule of major sources of temporary differences stated at their deferred tax effects

	December 31, 2012			December 31, 2011
Captive insurance subsidiary	$	385		$	232
Fixed assets		(10,791	)		(6,455	)
Various liabilities		1,721			1,542
Solar credit		10,313			6,849
Stock compensation		1,610			1,955
State net operating losses		4,402			2,691
		7,640			6,814
Valuation allowance		(4,135	)		(3,211	)
Net deferred tax asset	$	3,505		$	3,603

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LINES OF CREDIT (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012 Y
Line of Credit
Amount Drawn	$ 85,000
Capacity	240,000
Credit Line 1
Line of Credit
Amount Drawn	35,000
Capacity	75,000
Interest Rate (as a percent)	2.36%
Line of credit facility variable rate basis	LIBOR
Basis spread on variable rate (as a percent)	2.15%
Extension of maturity date (in years)	1
Credit Line 2
Line of Credit
Capacity	75,000
Interest Rate (as a percent)	2.41%
Line of credit facility variable rate basis	LIBOR
Basis spread on variable rate (as a percent)	2.20%
Extension of maturity date (in years)	2
Number of extensions to maturity date (in count)	1
Credit Line 3
Line of Credit
Capacity	40,000
Interest Rate (as a percent)	2.41%
Line of credit facility variable rate basis	LIBOR
Basis spread on variable rate (as a percent)	2.20%
Extension of maturity date (in years)	1
Number of extensions to maturity date (in count)	2
Credit Line 4
Line of Credit
Amount Drawn	50,000
Capacity	$ 50,000
Interest Rate (as a percent)	2.36%
Line of credit facility variable rate basis	LIBOR
Basis spread on variable rate (as a percent)	2.15%
Extension of maturity date (in years)	1
Number of extensions to maturity date (in count)	2

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012 component M property	Dec. 31, 2011	Dec. 31, 2010
REAL ESTATE ASSETS
Capitalized interest		$ 752	$ 2,013
Assets
Number of properties whereby leases cannot be classified as ground or building leases	3
Number of properties whereby leases have been assumed at rates lower than the current market rates	5
Risk Management and Use of Financial Instruments
Number of components of economic risk	3
Advertising Costs
Expected benefit period for amortization of direct response advertising costs (in months)	12
Prepaid advertising		860
Advertising expense	$ 6,026	$ 5,958	$ 6,430
Income Taxes
Minimum REIT taxable income that the company is required to distribute to its stockholders (as a percent)	90.00%
Percentage of all distributions to stockholders which qualifies as a return of capital	0.00%
Buildings and improvements
Assets
Estimated useful life, minimum (in years)	5
Estimated useful life, maximum (in years)	39
Equipment and fixtures
Assets
Estimated useful life, minimum (in years)	3
Estimated useful life, maximum (in years)	5

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STOCK-BASED COMPENSATION (Details 2) (Stock options, USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2012 Y	Dec. 31, 2011 Y	Dec. 31, 2010 Y
Stock options
Stock options activity
Balance at the beginning of the period (in shares)	1,798,861	3,105,905	3,457,048
Granted (in shares)	67,084	110,900	308,680
Exercised (in shares)	(768,853)	(1,388,269)	(484,261)
Forfeited (in shares)		(29,675)	(175,562)
Balance at the end of the period (in shares)	1,097,092	1,798,861	3,105,905
Vested and expected to vest (in shares)	1,067,103
Exercisable at the end of the period (in shares)	724,368
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per share)	$ 13.25	$ 13.13	$ 13.02
Granted (in dollars per share)	$ 27.18	$ 19.60	$ 11.75
Exercised (in dollars per share)	$ 13.55	$ 13.44	$ 11.69
Forfeited (in dollars per share)		$ 15.65	$ 12.27
Balance at the end of the period (in dollars per share)	$ 13.89	$ 13.25	$ 13.13
Vested and Expected to Vest (in dollars per share)	$ 13.67
Exercisable at the end of the period (in dollars per share)	$ 13.87
Weighted Average Remaining Contractual Term
Outstanding at the end of the period (in years)	5.50
Vested and Expected to Vest (in years)	5.41
Exercisable at the end of the period (in years)	4.56
Aggregate intrinsic value
Outstanding at the end of the period	$ 24,687
Vested and Expected to Vest at the end of the period	24,248
Exercisable at the end of the period	$ 16,313
Weighted average fair value of stock options granted (in dollars per share)	$ 6.64	$ 5.39	$ 3.27
Weighted average assumptions used to estimate fair value of option
Expected volatility (as a percent)	44.00%	45.00%	47.00%
Dividend yield (as a percent)	4.50%	4.90%	5.30%
Risk-free interest rate (as a percent)	0.90%	2.40%	2.30%
Average expected term (in years)	5	5	5
Weighted average forfeiture rate (as a percent)	17.70%

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RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2012

RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS

Summarized information of management fee revenues for related party and affiliated joint ventures

		For the Year Ended December 31,
Entity	Type	2012		2011		2010
ESW	Affiliated real estate joint ventures	$	430	$	410	$	403
ESW II	Affiliated real estate joint ventures		354		335		318
ESNPS	Affiliated real estate joint ventures		498		479		458
ESSM	Affiliated real estate joint ventures		107		85		44
HSRE	Affiliated real estate joint ventures		1,094		1,045		961
PRISA	Affiliated real estate joint ventures		5,174		4,961		4,917
PRISA II	Affiliated real estate joint ventures		4,138		4,016		3,964
PRISA III	Affiliated real estate joint ventures		920		1,796		1,722
VRS	Affiliated real estate joint ventures		1,207		1,156		1,136
WCOT	Affiliated real estate joint ventures		1,520		1,497		1,468
SP I	Affiliated real estate joint ventures		1,885		6,392		1,256
SPB II	Affiliated real estate joint ventures		923		969		943
Everest	Affiliated real estate joint ventures		133		528		491
Other	Franchisees, third parties and other		7,323		6,255		5,041
		$	25,706	$	29,924	$	23,122

Summarized information of receivables from related party and affiliated joint ventures

	December 31, 2012		December 31, 2011
Mortgage notes receivable	$	7,670	$	7,253
Other receivables from properties		3,408		11,264
	$	11,078	$	18,517

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Schedule III Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2012

Schedule III Real Estate and Accumulated Depreciation

Schedule III Real Estate and Accumulated Depreciation

Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation
(Dollars in thousands)

																			Gross carrying amount at December 31, 2012
											Building costs subsequent to acquisition																Date acquired or development completed
Property Number	Property Name	State	Debt		Land initial cost		Building and improvements initial cost		Land costs subsequent to acquisition				Land Adjustments		Notes	Building Adjustments		Notes	Land		Building and improvements		Total		Accumulated depreciation
0654	Hoover	AL	$	2,754	$	1,313	$	2,858	$	—	$	608	$	—		$	—		$	1,313	$	3,466	$	4,779	$	821	Aug-07
8115	Auburn	AL		2,538		324		1,895		—		106		—			—			324		2,001		2,325		130	Aug-10
0751	Birmingham	AL		4,706		790		9,369		—		—		—			—			790		9,369		10,159		110	Jul-12
8116	Auburn	AL		—		92		138		—		144		—			—			92		282		374		32	Aug-10
0338	Phoenix	AZ		7,164		1,441		7,982		—		545		—			—			1,441		8,527		9,968		1,813	Jul-05
0659	Phoenix	AZ		—		669		4,135		—		169		—			—			669		4,304		4,973		720	Jan-07
1211	Peoria	AZ		2,248		652		4,105		—		100		—			—			652		4,205		4,857		717	Apr-06
1356	Phoenix	AZ		3,405		552		3,530		—		211		—			—			552		3,741		4,293		708	Jun-06
8066	Mesa	AZ		1,275		849		2,547		—		145		—			—			849		2,692		3,541		605	Aug-04
1431	Peoria	AZ		—		1,060		4,731		—		97		—			—			1,060		4,828		5,888		222	Jan-11
0239	Mesa	AZ		3,395		1,129		4,402		—		8		—			—			1,129		4,410		5,539		52	Jul-12
0814	Tucson	AZ		—		1,090		7,845		—		2		—			—			1,090		7,847		8,937		25	Nov-12
0822	Phoenix	AZ		—		2,257		7,820		—		—		—			—			2,257		7,820		10,077		25	Nov-12
1499	Mesa	AZ		—		2,973		5,545		—		4		—			—			2,973		5,549		8,522		6	Dec-12
1373	Colma	CA		15,718		3,947		22,002		—		2,136		—			—			3,947		24,138		28,085		3,833	Jun-07
1371	Berkeley	CA		15,336		1,716		19,602		—		1,806		—			—			1,716		21,408		23,124		3,234	Jun-07
8008	Sherman Oaks	CA		16,938		4,051		12,152		—		297		—			—			4,051		12,449		16,500		2,716	Aug-04
0645	Oceanside	CA		9,391		3,241		11,361		—		664		—			—			3,241		12,025		15,266		2,548	Jul-05
1370	Alameda	CA		—		2,919		12,984		—		1,851		—			—			2,919		14,835		17,754		2,540	Jun-07
1071	Burbank	CA		8,473		3,199		5,082		—		594		419	(a)		672	(a)		3,618		6,348		9,966		2,068	Aug-00
1377	San Leandro	CA		9,664		4,601		9,777		—		1,929		—			—			4,601		11,706		16,307		2,050	Aug-07
1368	San Francisco	CA		12,776		8,457		9,928		—		1,668		—			—			8,457		11,596		20,053		1,980	Jun-07
8011	Venice	CA		6,260		2,803		8,410		—		180		—			—			2,803		8,590		11,393		1,870	Aug-04
1374	Hayward	CA		8,702		3,149		8,006		—		2,337		—			—			3,149		10,343		13,492		1,802	Jun-07
1053	Oakland	CA		2,874		—		3,777		—		490		—			494	(a)		—		4,761		4,761		1,620	Apr-00
1122	North Hollywood	CA		7,265		3,125		9,257		—		92		—			—			3,125		9,349		12,474		1,613	May-06
1009	Torrance	CA		—		3,710		6,271		—		530		400	(d)		—			4,110		6,801		10,911		1,586	Jun-04
1111	Palmdale	CA		5,021		1,225		5,379		—		2,156		—			—			1,225		7,535		8,760		1,510	Jan-05
1031	Glendale	CA		—		—		6,084		—		240		—			—			—		6,324		6,324		1,464	Jun-04
1070	Inglewood	CA		4,927		1,379		3,343		—		418		150	(a)		377	(a)		1,529		4,138		5,667		1,430	Aug-00
0177	Hemet	CA		5,131		1,146		6,369		—		246		—			—			1,146		6,615		7,761		1,355	Jul-05
1160	Los Angeles	CA		—		3,991		9,774		—		44		—			—			3,991		9,818		13,809		1,272	Dec-07
1029	Richmond	CA		5,011		953		4,635		—		581		—			—			953		5,216		6,169		1,235	Jun-04
1157	Fontana	CA		3,367		961		3,846		—		175		39	(a)		186	(a) (c)		1,000		4,207		5,207		1,173	Sep-02
1057	Los Angeles	CA		5,109		1,431		2,976		—		175		180	(a)		374	(a)		1,611		3,525		5,136		1,163	Mar-00
0328	Sacramento	CA		4,066		852		4,720		—		428		—			—			852		5,148		6,000		1,121	Jul-05
1358	Lancaster	CA		5,781		1,347		5,827		—		218		—			—			1,347		6,045		7,392		1,116	Jul-06
1384	Santa Fe Springs	CA		6,707		3,617		7,022		—		276		—			—			3,617		7,298		10,915		1,092	Oct-07
8016	Riverside	CA		2,260		1,075		4,042		—		471		—			—			1,075		4,513		5,588		1,092	Aug-04
1013	Livermore	CA		—		1,134		4,615		—		210		—			—			1,134		4,825		5,959		1,087	Jun-04
1020	Pico Rivera	CA		4,222		1,150		3,450		—		146		—			—			1,150		3,596		4,746		1,054	Aug-00

Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation (Continued)
(Dollars in thousands)

																						Gross carrying amount at December 31, 2012
											Building costs subsequent to acquisition																			Date acquired or development completed
Property Number	Property Name	State	Debt		Land initial cost		Building and improvements initial cost		Land costs subsequent to acquisition					Land Adjustments			Notes	Building Adjustments			Notes	Land		Building and improvements		Total		Accumulated depreciation
1222	Belmont	CA		—		3,500		7,280		—		51			—				—				3,500		7,331		10,831		1,015	May-07
1372	Castro Valley	CA		—		—		6,346		—		349			—				—				—		6,695		6,695		972	Jun-07
1030	Hawthorne	CA		3,911		1,532		3,871		—		208			—				—				1,532		4,079		5,611		969	Jun-04
1095	Stockton	CA		2,572		649		3,272		—		172			—				—				649		3,444		4,093		967	May-02
1378	El Sobrante	CA		—		1,209		4,018		—		1,213			—				—				1,209		5,231		6,440		953	Jun-07
1121	Fontana	CA		1,816		1,246		3,356		—		165			54		(a)		179		(a) (c)		1,300		3,700		5,000		927	Oct-03
1232	Antelope	CA		3,902		1,525		8,345		—		(17	)		(340	)	(b)		—				1,185		8,328		9,513		920	Jul-08
1235	Los Angeles	CA		4,938		2,200		8,108		—		20			—				—				2,200		8,128		10,328		901	Sep-08
1083	Whittier	CA		—		—		2,985		—		132			—				20		(c)		—		3,137		3,137		878	Jun-02
1382	Pleasanton	CA		2,894		1,208		4,283		—		403			—				—				1,208		4,686		5,894		861	May-07
1255	Compton	CA		4,060		1,426		7,582		—		38			—				—				1,426		7,620		9,046		842	Sep-08
1112	Tracy	CA		2,771		778		2,638		—		173			133		(a)		481		(a) (c)		911		3,292		4,203		839	Jul-03
1194	San Bernardino	CA		—		750		5,135		—		55			—				—				750		5,190		5,940		829	Jun-06
1007	San Bernardino	CA		—		1,213		3,061		—		148			—				—				1,213		3,209		4,422		753	Jun-04
1267	Oakland	CA		—		3,024		11,321		—		150			—				—				3,024		11,471		14,495		753	May-10
0144	Watsonville	CA		3,292		1,699		3,056		—		195			—				—				1,699		3,251		4,950		699	Jul-05
1261	Santa Clara	CA		8,414		4,750		8,218		—		31			—				—				4,750		8,249		12,999		699	Jul-09
1425	Sylmar	CA		4,209		3,058		4,671		—		247			—				—				3,058		4,918		7,976		687	May-08
1254	Pacoima	CA		2,302		3,050		7,597		—		80			—				—				3,050		7,677		10,727		649	Aug-09
8055	Manteca	CA		3,719		848		2,543		—		119			—				—				848		2,662		3,510		639	Jan-04
1433	Sacramento	CA		—		2,400		7,425		—		53			—				—				2,400		7,478		9,878		633	Sep-09
1379	Vallejo	CA		3,098		1,177		2,157		—		932			—				—				1,177		3,089		4,266		631	Jun-07
1174	Tracy	CA		—		946		1,937		—		216			—				10		(c)		946		2,163		3,109		592	Apr-04
8145	San Jose	CA		8,713		5,340		6,821		—		195			—				—				5,340		7,016		12,356		565	Sep-09
1383	Modesto	CA		1,468		909		3,043		—		269			—				—				909		3,312		4,221		554	Jun-07
1004	Claremont	CA		—		1,472		2,012		—		228			—				—				1,472		2,240		3,712		544	Jun-04
1404	El Cajon	CA		—		1,100		6,380		—		44			—				—				1,100		6,424		7,524		519	Sep-09
1474	Cerritos	CA		17,385		8,728		15,895		—		172			—				—				8,728		16,067		24,795		503	Oct-11
1278	Lancaster	CA		—		1,425		5,855		—		46			—				—				1,425		5,901		7,326		464	Oct-09
1256	Carson	CA		—		—		9,709		—		74			—				—				—		9,783		9,783		449	Mar-11
1166	Elk Grove	CA		2,962		952		6,936		—		54			123		(a)		234		(a)		1,075		7,224		8,299		419	Dec-07
1257	San Leandro	CA		4,299		3,343		6,630		—		51			(52	)	(a)		(237	)	(a)		3,291		6,444		9,735		378	Oct-10
1273	Sacramento	CA		3,130		1,738		5,522		—		60			106		(a)		(81	)	(a) (c)		1,844		5,501		7,345		322	Oct-10
1461	Burlingame	CA		5,555		2,211		5,829		—		95			—				—				2,211		5,924		8,135		260	Apr-11
1486	San Dimas	CA		5,533		1,867		6,354		—		44			—				—				1,867		6,398		8,265		201	Oct-11
1296	Los Gatos	CA		—		2,550		8,257		—		36			—				—				2,550		8,293		10,843		187	Jul-12
1485	Placentia	CA		6,917		4,798		5,483		—		65			—				—				4,798		5,548		10,346		176	Oct-11
1477	Fontana	CA		4,792		778		4,723		—		90			—				—				778		4,813		5,591		155	Oct-11
0305	Hawaiian Gardens	CA		9,613		2,964		12,478		—		95			—				—				2,964		12,573		15,537		148	Jul-12

Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation (Continued)
(Dollars in thousands)

																				Gross carrying amount at December 31, 2012
											Building costs subsequent to acquisition																	Date acquired or development completed
Property Number	Property Name	State	Debt		Land initial cost		Building and improvements initial cost		Land costs subsequent to acquisition				Land Adjustments			Notes	Building Adjustments		Notes	Land		Building and improvements		Total		Accumulated depreciation
1476	Fontana	CA		4,324		768		4,208		—		59		—				—			768		4,267		5,035		135	Oct-11
1481	Lake Elsinore	CA		—		587		4,219		—		34		—				—			587		4,253		4,840		134	Oct-11
0721	Santa Cruz	CA		—		1,588		11,160		—		5		—				—			1,588		11,165		12,753		131	Jul-12
1478	Fontana	CA		4,076		684		3,951		—		63		—				—			684		4,014		4,698		129	Oct-11
1480	Irvine	CA		5,118		3,821		3,999		—		48		—				—			3,821		4,047		7,868		129	Oct-11
0352	Los Angeles	CA		—		4,555		10,590		—		9		—				—			4,555		10,599		15,154		125	Jul-12
1488	Santa Maria	CA		3,268		1,310		3,526		—		38		—				—			1,310		3,564		4,874		112	Oct-11
1487	Santa Maria	CA		3,015		1,556		2,740		—		89		—				—			1,556		2,829		4,385		94	Oct-11
1483	Long Beach	CA		2,767		1,772		2,539		—		75		—				—			1,772		2,614		4,386		85	Oct-11
1484	Paramount	CA		2,663		1,404		2,549		—		105		—				—			1,404		2,654		4,058		85	Oct-11
1472	Bloomington	CA		2,496		934		1,937		—		129		—				—			934		2,066		3,000		75	Oct-11
1482	Lake Elsinore	CA		2,095		294		2,105		—		55		—				—			294		2,160		2,454		68	Oct-11
0353	Los Angeles	CA		—		3,099		4,889		—		29		—				—			3,099		4,918		8,017		58	Jul-12
1475	Claremont	CA		2,362		1,375		1,434		—		34		—				—			1,375		1,468		2,843		48	Oct-11
1473	Bloomington	CA		1,515		647		1,303		—		50		—				—			647		1,353		2,000		47	Oct-11
1471	Bellflower	CA		1,280		640		1,350		—		29		—				—			640		1,379		2,019		44	Oct-11
0231	Moreno Valley	CA		2,139		482		3,484		—		3		—				—			482		3,487		3,969		41	Jul-12
0825	Orange	CA		—		4,847		12,341		—		3		—				—			4,847		12,344		17,191		40	Nov-12
1489	Victorville	CA		713		151		751		—		85		—				—			151		836		987		28	Oct-11
1491	San Jose	CA		2,570		2,428		2,323		—		45		—				—			2,428		2,368		4,796		28	Jul-12
1479	Hesperia	CA		446		156		430		—		86		—				—			156		516		672		22	Oct-11
1253	Thousand Oaks	CA		—		4,500		—		—		—		(1,000	)	(e)		—			3,500		—		3,500		—
1275	Simi Valley	CA		—		5,533		—		—		—		(1,285	)	(e)		—			4,248		—		4,248		—
1075	Thornton	CO		2,966		212		2,044		—		651		36		(a)		389	(a)		248		3,084		3,332		1,084	Sep-00
1074	Denver	CO		2,708		602		2,052		—		598		143		(a)		512	(a)		745		3,162		3,907		1,060	Sep-00
1076	Westminster	CO		2,238		291		1,586		—		950		8		(a)		48	(a)		299		2,584		2,883		1,005	Sep-00
1359	Parker	CO		2,604		800		4,549		—		599		—				—			800		5,148		5,948		974	Sep-06
1073	Arvada	CO		1,913		286		1,521		—		647		—				—			286		2,168		2,454		824	Sep-00
0665	Colorado Springs	CO		4,024		781		3,400		—		207		—				—			781		3,607		4,388		566	Aug-07
0744	Colorado Springs	CO		3,314		1,525		4,310		—		212		—				—			1,525		4,522		6,047		524	Nov-08
0679	Denver	CO		2,678		368		1,574		—		202		—				—			368		1,776		2,144		406	Jul-05
1459	Colorado Springs	CO		1,833		296		4,199		—		192		—				—			296		4,391		4,687		181	Jun-11
1458	Castle Rock	CO		1,208		407		3,077		—		106		—				—			407		3,183		3,590		137	May-11
1460	Colorado Springs	CO		—		—		6,945		—		10		—				—			—		6,955		6,955		82	Jul-12
1097	Wethersfield	CT		4,197		709		4,205		—		187		—				16	(c)		709		4,408		5,117		1,203	Aug-02
1079	Groton	CT		2,309		1,277		3,992		—		383		—				46	(c)		1,277		4,421		5,698		1,166	Jan-04

Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation (Continued)
(Dollars in thousands)

																			Gross carrying amount at December 31, 2012
											Building costs subsequent to acquisition																Date acquired or development completed
Property Number	Property Name	State	Debt		Land initial cost		Building and improvements initial cost		Land costs subsequent to acquisition				Land Adjustments		Notes	Building Adjustments		Notes	Land		Building and improvements		Total		Accumulated depreciation
1192	Middletown	CT		2,914		932		2,810		—		170		—			—			932		2,980		3,912		397	Dec-07
0568	Brookfield	CT		5,233		991		7,891		—		39		—			—			991		7,930		8,921		94	Jul-12
1333	Orlando	FL		4,237		2,233		9,223		—		330		—			21	(c)		2,233		9,574		11,807		2,046	Mar-05
1066	Miami	FL		3,230		1,325		4,395		—		421		114	(a)		388	(a)		1,439		5,204		6,643		1,728	Aug-00
1060	North Miami	FL		—		1,256		6,535		—		484		—			—			1,256		7,019		8,275		1,673	Jun-04
1067	Miami	FL		8,219		5,315		4,305		—		284		544	(a)		447	(a)		5,859		5,036		10,895		1,635	Aug-00
1064	North Lauderdale	FL		4,270		428		3,516		—		663		31	(a)		260	(a)		459		4,439		4,898		1,572	Aug-00
1334	Orlando	FL		—		1,474		6,101		—		233		—			21	(c)		1,474		6,355		7,829		1,340	Mar-05
1068	Margate	FL		3,508		430		3,139		—		356		39	(a)		287	(a)		469		3,782		4,251		1,246	Aug-00
0763	Hollywood	FL		6,968		3,214		8,689		—		259		—			—			3,214		8,948		12,162		1,242	Nov-07
1317	Orlando	FL		4,407		1,216		5,008		—		290		—			39	(c)		1,216		5,337		6,553		1,228	Aug-04
1385	Miami	FL		4,678		1,238		7,597		—		259		—			—			1,238		7,856		9,094		1,226	May-07
1314	Madeira Beach	FL		—		1,686		5,163		—		161		—			29	(c)		1,686		5,353		7,039		1,213	Aug-04
1336	Orlando	FL		—		1,166		4,816		—		1,168		—			15	(c)		1,166		5,999		7,165		1,205	Mar-05
0976	West Palm Beach	FL		3,872		1,752		4,909		—		387		—			—			1,752		5,296		7,048		1,199	Jul-05
0692	Venice	FL		6,986		1,969		5,903		—		311		—			—			1,969		6,214		8,183		1,190	Jan-06
0101	Fort Myers	FL		4,260		1,985		4,983		—		387		—			—			1,985		5,370		7,355		1,187	Jul-05
1308	Fort Myers	FL		2,919		1,691		4,711		—		203		—			29	(c)		1,691		4,943		6,634		1,154	Aug-04
1069	West Palm Beach	FL		1,765		1,312		2,511		—		513		104	(a)		204	(a)		1,416		3,228		4,644		1,128	Aug-00
1318	Port Charlotte	FL		—		1,389		4,632		—		176		—			20	(c)		1,389		4,828		6,217		1,087	Aug-04
1310	Ft Lauderdale	FL		2,627		1,587		4,205		—		271		—			32	(c)		1,587		4,508		6,095		1,064	Aug-04
1324	Valrico	FL		3,013		1,197		4,411		—		185		—			34	(c)		1,197		4,630		5,827		1,060	Aug-04
1065	West Palm Beach	FL		1,533		1,164		2,511		—		390		82	(a)		180	(a)		1,246		3,081		4,327		1,032	Aug-00
1392	Coral Springs	FL		6,627		3,638		6,590		—		207		—			—			3,638		6,797		10,435		871	Jun-08
0545	Tampa	FL		—		1,425		4,766		—		289		—			—			1,425		5,055		6,480		863	Mar-07
1335	Ocoee	FL		—		872		3,642		—		187		—			17	(c)		872		3,846		4,718		861	Mar-05
1266	Hialeah	FL		—		2,800		7,588		—		80		—			—			2,800		7,668		10,468		860	Aug-08
0752	Deland	FL		2,866		1,318		3,971		—		245		—			—			1,318		4,216		5,534		783	Jan-06
1319	Riverview	FL		2,475		654		2,953		—		155		—			29	(c)		654		3,137		3,791		745	Aug-04
1429	Miami	FL		6,950		4,798		9,475		—		26		—			—			4,798		9,501		14,299		745	Nov-09
1337	Greenacres	FL		2,655		1,463		3,244		—		90		—			14	(c)		1,463		3,348		4,811		716	Mar-05
1402	Estero	FL		—		2,198		8,215		—		20		—			—			2,198		8,235		10,433		696	Jul-09
1366	Tampa	FL		3,390		883		3,533		—		146		—			—			883		3,679		4,562		620	Nov-06
1409	Hialeah	FL		1,103		1,750		7,150		—		36		—			—			1,750		7,186		8,936		547	Jan-10

Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation (Continued)
(Dollars in thousands)

																				Gross carrying amount at December 31, 2012
											Building costs subsequent to acquisition																	Date acquired or development completed
Property Number	Property Name	State	Debt		Land initial cost		Building and improvements initial cost		Land costs subsequent to acquisition				Land Adjustments			Notes	Building Adjustments		Notes	Land		Building and improvements		Total		Accumulated depreciation
1403	Hialeah	FL		—		1,678		6,807		—		28		—				—			1,678		6,835		8,513		402	Sep-10
1427	Ft Lauderdale	FL		5,122		2,750		7,002		—		469		—				—			2,750		7,471		10,221		344	May-11
1424	Kendall	FL		—		2,375		5,543		—		55		—				—			2,375		5,598		7,973		221	Feb-11
1466	Miami	FL		—		521		5,198		—		104		—				—			521		5,302		5,823		173	Oct-11
8136	Orlando	FL		—		625		2,133		—		49		—				—			625		2,182		2,807		151	Jul-10
0254	Miami	FL		8,235		3,257		9,713		—		40		—				—			3,257		9,753		13,010		115	Jul-12
1494	Lakeland	FL		5,754		871		6,905		—		178		—				—			871		7,083		7,954		115	May-12
1186	West Palm Beach	FL		3,488		1,729		4,058		—		12		—				—			1,729		4,070		5,799		109	Dec-11
1493	Lakeland	FL		4,005		593		4,701		—		143		—				—			593		4,844		5,437		79	May-12
0208	Miami	FL		5,911		1,979		6,513		—		17		—				—			1,979		6,530		8,509		77	Jul-12
0812	Sarasota	FL		—		4,665		9,016		—		—		—				—			4,665		9,016		13,681		29	Nov-12
1492	Auburndale	FL		1,323		470		1,076		—		72		—				—			470		1,148		1,618		19	May-12
0831	Brandon	FL		—		1,327		5,656		—		—		—				—			1,327		5,656		6,983		18	Nov-12
0819	Fort Lauderdale	FL		—		1,576		5,397		—		1		—				—			1,576		5,398		6,974		17	Nov-12
8298	Land O Lakes	FL		—		798		4,490		—		—		—				—			798		4,490		5,288		5	Dec-12
8137	St Petersburg	FL		—		805		3,345		—		—		—				—			805		3,345		4,150		4	Dec-12
8187	Seminole	FL		4,742		1,133		3,017		—		—		—				—			1,133		3,017		4,150		3	Dec-12
8297	North Fort Myers	FL		—		799		2,372		—		—		—				—			799		2,372		3,171		3	Dec-12
1432	Plantation	FL		—		3,850		—		—		—		(1,900	)	(e)		—			1,950		—		1,950		—
1304	Atlanta	GA		8,066		3,737		8,333		—		332		—				35	(c)		3,737		8,700		12,437		1,982	Aug-04
1338	Atlanta	GA		6,706		3,319		8,325		—		432		—				33	(c)		3,319		8,790		12,109		1,910	Feb-05
1322	Stone Mountain	GA		2,909		1,817		4,382		—		234		—				24	(c)		1,817		4,640		6,457		1,053	Aug-04
1321	Snellville	GA		—		2,691		4,026		—		251		—				23	(c)		2,691		4,300		6,991		989	Aug-04
0417	Stone Mountain	GA		1,761		925		3,505		—		278		—				—			925		3,783		4,708		788	Jul-05
0753	Duluth	GA		3,246		1,454		4,151		—		109		—				—			1,454		4,260		5,714		635	Jun-07
0693	Alpharetta	GA		2,648		1,893		3,161		—		138		—				—			1,893		3,299		5,192		598	Aug-06
0699	Dacula	GA		3,819		1,993		3,001		—		117		—				—			1,993		3,118		5,111		582	Jan-06
1320	Atlanta	GA		—		1,665		2,028		—		169		—				21	(c)		1,665		2,218		3,883		541	Aug-04
0754	Sugar Hill	GA		—		1,371		2,547		—		151		—				—			1,371		2,698		4,069		430	Jun-07
0745	Sugar Hill	GA		—		1,368		2,540		—		157		—				—			1,368		2,697		4,065		427	Jun-07
8134	Lithonia	GA		—		1,958		3,645		—		78		—				—			1,958		3,723		5,681		306	Nov-09
8161	Marietta	GA		—		887		2,617		—		201		—				—			887		2,818		3,705		188	Jun-10

Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation (Continued)
(Dollars in thousands)

																				Gross carrying amount at December 31, 2012
											Building costs subsequent to acquisition																	Date acquired or development completed
Property Number	Property Name	State	Debt		Land initial cost		Building and improvements initial cost		Land costs subsequent to acquisition				Land Adjustments			Notes	Building Adjustments		Notes	Land		Building and improvements		Total		Accumulated depreciation
8162	Kennesaw	GA		—		673		1,151		—		106		—				—			673		1,257		1,930		90	Jun-10
8163	Douglasville	GA		3,360		1,209		719		—		277		—				—			1,209		996		2,205		69	Jun-10
0815	Atlanta	GA		—		1,718		6,388		—		2		—				—			1,718		6,390		8,108		20	Nov-12
1313	Alpharetta	GL		—		1,973		1,587		—		182		—				20	(c)		1,973		1,789		3,762		432	Aug-04
1376	Kapolei	HI		14,545		—		24,701		—		417		—				—			—		25,118		25,118		3,670	Jun-07
1375	Kahului	HI		—		3,984		15,044		—		621		—				—			3,984		15,665		19,649		2,400	Jun-07
1171	Gurnee	IL		—		1,374		8,296		—		86		—				—			1,374		8,382		9,756		1,132	Oct-07
0731	Chicago	IL		4,260		621		3,428		—		851		—				—			621		4,279		4,900		1,073	Jul-05
1108	Crest Hill	IL		2,444		847		2,946		—		177		121		(a)		472	(a) (c)		968		3,595		4,563		907	Jul-03
1104	South Holland	IL		1,540		839		2,879		—		187		26		(a)		108	(a) (c)		865		3,174		4,039		879	Oct-02
0729	Chicago	IL		2,808		472		2,582		—		696		—				—			472		3,278		3,750		807	Jul-05
1259	Naperville	IL		—		2,800		7,355		—		116		(850	)	(e)		—			1,950		7,471		9,421		782	Dec-08
0728	Chicago	IL		3,098		449		2,471		—		698		—				—			449		3,169		3,618		754	Jul-05
1242	North Aurora	IL		2,523		600		5,833		—		101		—				—			600		5,934		6,534		710	May-08
1263	Tinley Park	IL		—		1,823		4,794		—		82		(275	)	(e)		—			1,548		4,876		6,424		540	Aug-08
1178	Highland Park	IL		7,344		5,798		6,016		—		64		—				—			5,798		6,080		11,878		165	Dec-11
1173	Naperville	IL		5,033		1,860		5,793		—		54		—				—			1,860		5,847		7,707		158	Dec-11
0730	Skokie	IL		4,260		1,119		7,502		—		26		—				—			1,119		7,528		8,647		88	Jul-12
1226	Chicago	IL		—		1,925		—		—		—		—				—			1,925		—		1,925		—
1396	Indianapolis	IN		—		850		4,545		—		307		—				—			850		4,852		5,702		614	Oct-08
0652	Indianapolis	IN		—		588		3,457		—		264		—				—			588		3,721		4,309		604	Aug-07
1393	Carmel	IN		—		1,169		4,393		—		223		—				—			1,169		4,616		5,785		569	Oct-08
1394	Fort Wayne	IN		—		1,899		3,292		—		258		—				—			1,899		3,550		5,449		460	Oct-08
1397	Mishawaka	IN		2,689		630		3,349		—		217		—				—			630		3,566		4,196		458	Oct-08
1395	Indianapolis	IN		—		426		2,903		—		248		—				—			426		3,151		3,577		422	Oct-08
1513	Richmond	IN		—		723		482		—		57		—				—			723		539		1,262		27	Jun-11
1514	Connersville	IN		—		472		315		—		56		—				—			472		371		843		20	Jun-11
0827	Indianapolis	IN		—		646		1,294		—		—		—				—			646		1,294		1,940		4	Nov-12
0586	Wichita	KS		2,132		366		1,897		—		361		—				—			366		2,258		2,624		499	Apr-06
0648	Louisville	KY		2,447		1,217		4,611		—		156		—				—			1,217		4,767		5,984		1,002	Jul-05
0343	Louisville	KY		2,904		586		3,244		—		355		—				—			586		3,599		4,185		785	Jul-05

Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation (Continued)
(Dollars in thousands)

																				Gross carrying amount at December 31, 2012
											Building costs subsequent to acquisition																	Date acquired or development completed
Property Number	Property Name	State	Debt		Land initial cost		Building and improvements initial cost		Land costs subsequent to acquisition				Land Adjustments			Notes	Building Adjustments		Notes	Land		Building and improvements		Total		Accumulated depreciation
0668	Louisville	KY		3,549		892		2,677		—		170		—				—			892		2,847		3,739		553	Dec-05
1515	Covington	KY		2,074		839		2,543		—		104		—				—			839		2,647		3,486		110	Jun-11
1316	New Orleans	LA		5,555		4,058		4,325		—		576		—				24	(c)		4,058		4,925		8,983		1,169	Aug-04
1315	Metairie	LA		3,929		2,056		4,216		—		130		—				18	(c)		2,056		4,364		6,420		986	Aug-04
1206	Waltham	MA		5,337		3,770		11,310		—		1,050		—				17	(c)		3,770		12,377		16,147		2,882	Feb-04
1205	Dedham	MA		—		2,443		7,328		—		1,229		—				16	(c)		2,443		8,573		11,016		2,101	Feb-04
1107	Somerville	MA		6,809		1,728		6,570		—		559		3		(a)		13	(a)		1,731		7,142		8,873		2,090	Jun-01
1003	Worcester	MA		4,660		896		4,377		—		3,076		—				—			896		7,453		8,349		1,996	May-04
1099	Milton	MA		—		2,838		3,979		—		6,499		—				20	(c)		2,838		10,498		13,336		1,863	Nov-02
1001	Foxboro	MA		—		759		4,158		—		507		—				—			759		4,665		5,424		1,778	May-04
1094	Saugus	MA		3,680		1,725		5,514		—		488		—				104	(c)		1,725		6,106		7,831		1,728	Jun-03
1098	Jamaica Plain	MA		9,894		3,285		11,275		—		132		—				—			3,285		11,407		14,692		1,508	Dec-07
1010	Auburn	MA		—		918		3,728		—		233		—				—			918		3,961		4,879		1,304	May-04
1002	Hudson	MA		3,409		806		3,122		—		322		—				—			806		3,444		4,250		1,255	May-04
0519	Plainville	MA		5,133		2,223		4,430		—		382		—				—			2,223		4,812		7,035		1,247	Jul-05
1056	Dedham	MA		2,393		2,127		3,041		—		518		—				28	(c)		2,127		3,587		5,714		1,190	Mar-02
1019	Norwood	MA		6,832		2,160		2,336		—		1,521		61		(a)		95	(a)		2,221		3,952		6,173		1,170	Aug-99
7001	Weymouth	MA		—		2,806		3,129		—		189		—				—			2,806		3,318		6,124		1,138	Sep-00
1022	Northborough	MA		4,654		280		2,715		—		498		—				—			280		3,213		3,493		1,133	Feb-01
1028	Ashland	MA		—		474		3,324		—		300		—				27	(c)		474		3,651		4,125		1,133	Jun-03
7002	Lynn	MA		—		1,703		3,237		—		314		—				—			1,703		3,551		5,254		1,131	Jun-01
0746	Stoneham	MA		6,087		944		5,241		—		163		—				—			944		5,404		6,348		1,105	Jul-05
1204	Quincy	MA		—		1,359		4,078		—		231		—				18	(c)		1,359		4,327		5,686		1,093	Feb-04
1047	Stoughton	MA		—		1,754		2,769		—		258		—				—			1,754		3,027		4,781		1,029	May-04
1035	Marshfield	MA		4,728		1,039		4,155		—		246		(13	)			—			1,026		4,401		5,427		1,024	Mar-04
1023	Raynham	MA		—		588		2,270		—		322		82		(a)		323	(a)		670		2,915		3,585		926	May-00
1025	Brockton	MA		—		647		2,762		—		148		—				—			647		2,910		3,557		878	May-04
1084	Kingston	MA		—		555		2,491		—		128		—				32	(c)		555		2,651		3,206		862	Oct-02
1011	North Oxford	MA		—		482		1,762		—		237		46		(a)		168	(a)		528		2,167		2,695		785	Oct-99
1219	Worcester	MA		4,269		1,350		4,433		—		120		—				—			1,350		4,553		5,903		740	Dec-06
0675	Everett	MA		—		692		2,129		—		672		—				—			692		2,801		3,493		702	Jul-05
1135	Revere	MA		5,230		2,275		6,935		—		68		—				—			2,275		7,003		9,278		190	Dec-11
1207	Woburn	MA		—		—		—		—		228		—				17	(c)		—		245		245		117	Feb-04

Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation (Continued)
(Dollars in thousands)

																				Gross carrying amount at December 31, 2012
											Building costs subsequent to acquisition																	Date acquired or development completed
Property Number	Property Name	State	Debt		Land initial cost		Building and improvements initial cost		Land costs subsequent to acquisition				Land Adjustments			Notes	Building Adjustments		Notes	Land		Building and improvements		Total		Accumulated depreciation
1208	East Somerville	MA		—		—		—		—		137		—				14	(c)		—		151		151		92	Feb-04
0261	Tyngsboro	MA		3,554		1,843		5,004		—		26		—				—			1,843		5,030		6,873		59	Jul-12
8074	Danvers	MA		—		3,115		5,736		—		1		—				—			3,115		5,737		8,852		18	Nov-12
0734	Framingham	MA		—		—		—		—		8		—				—			—		8		8		1	Jul-12
0552	Bethesda	MD		12,392		3,671		18,331		—		399		—				—			3,671		18,730		22,401		4,150	Jul-05
1195	Lanham	MD		12,823		3,346		10,079		—		1,279		(728	)	(b)		12	(c)		2,618		11,370		13,988		2,736	Feb-04
0950	Columbia	MD		8,132		1,736		9,632		—		257		—				—			1,736		9,889		11,625		1,988	Jul-05
0919	Arnold	MD		9,197		2,558		9,446		—		304		—				—			2,558		9,750		12,308		1,986	Jul-05
0380	Rockville	MD		12,502		4,596		11,328		—		253		—				—			4,596		11,581		16,177		1,930	Sep-06
0980	Ft. Washington	MD		9,424		4,920		9,174		—		193		—				—			4,920		9,367		14,287		1,488	Jan-07
0152	Annapolis	MD		6,229		1,375		8,896		—		288		—				—			1,375		9,184		10,559		1,388	Aug-07
1381	Annapolis	MD		6,704		5,248		7,247		—		186		—				—			5,248		7,433		12,681		1,145	Apr-07
0507	Towson	MD		3,969		861		4,742		—		204		—				—			861		4,946		5,807		1,041	Jul-05
1292	Laurel Heights	MD		6,232		3,000		5,930		—		67		—				—			3,000		5,997		8,997		809	Dec-07
1233	Baltimore	MD		4,550		800		5,955		—		105		—				—			800		6,060		6,860		655	Nov-08
1453	Capitol Heights	MD		8,617		1,461		9,866		—		182		—				—			1,461		10,048		11,509		586	Oct-10
0918	Pasadena	MD		3,869		1,869		3,056		—		701		—				—			1,869		3,757		5,626		551	Sep-08
1439	Baltimore	MD		—		1,900		5,277		—		90		—				—			1,900		5,367		7,267		352	Jun-10
1287	Pasadena	MD		—		3,500		7,407		—		128		—				—			3,500		7,535		11,035		297	Mar-11
8211	Randallstown	MD		1,967		764		6,331		—		146		—				—			764		6,477		7,241		234	Aug-11
8248	Glen Burnie	MD		—		1,303		4,218		—		172		—				—			1,303		4,390		5,693		179	Jul-11
0757	Cockeysville	MD		4,061		465		5,600		—		71		—				—			465		5,671		6,136		116	Mar-12
0588	Towson	MD		6,286		1,094		9,598		—		9		—				—			1,094		9,607		10,701		113	Jul-12
0258	Gambrills	MD		4,969		1,905		7,104		—		13		—				—			1,905		7,117		9,022		84	Jul-12
0750	Baltimore	MD		4,744		1,185		5,051		—		20		—				—			1,185		5,071		6,256		82	May-12
0512	Lexington Park	MD		2,665		4,314		8,412		—		—		—				—			4,314		8,412		12,726		9	Dec-12
1262	Edgewood	MD		—		1,000		—		—		—		(575	)	(e)		—			425		—		425		—
0556	Mount Clemens	MI		2,033		798		1,796		—		350		—				—			798		2,146		2,944		493	Jul-05
0309	Grandville	MI		1,646		726		1,298		—		373		—				—			726		1,671		2,397		434	Jul-05
0553	Belleville	MI		4,156		954		4,984		—		7		—				—			954		4,991		5,945		59	Jul-12
1061	St. Louis	MO		2,009		631		2,159		—		330		59		(a)		205	(a)		690		2,694		3,384		927	Jun-00

Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation (Continued)
(Dollars in thousands)

																			Gross carrying amount at December 31, 2012
											Building costs subsequent to acquisition																Date acquired or development completed
Property Number	Property Name	State	Debt		Land initial cost		Building and improvements initial cost		Land costs subsequent to acquisition				Land Adjustments		Notes	Building Adjustments		Notes	Land		Building and improvements		Total		Accumulated depreciation
0664	Florissant	MO		3,603		1,241		4,648		—		304		—			—			1,241		4,952		6,193		841	Aug-07
0656	St. Louis	MO		—		1,444		4,162		—		279		—			—			1,444		4,441		5,885		742	Aug-07
1062	St. Louis	MO		1,540		156		1,313		—		409		17	(a)		151	(a)		173		1,873		2,046		684	Jun-00
0663	St. Louis	MO		2,777		676		3,551		—		284		—			—			676		3,835		4,511		650	Aug-07
0985	Grandview	MO		1,065		612		1,770		—		341		—			—			612		2,111		2,723		557	Jul-05
8027	Merrimack	NH		3,933		754		3,299		—		233		63	(a)		279	(a)		817		3,811		4,628		1,045	Apr-99
0738	Nashua	NH		—		—		755		—		88		—			—			—		843		843		245	Jul-05
1117	Hazlet	NJ		7,920		1,362		10,262		—		579		—			—			1,362		10,841		12,203		3,149	Dec-01
1115	Edison	NJ		—		2,519		8,547		—		543		—			—			2,519		9,090		11,609		2,690	Dec-01
0809	North Bergen	NJ		10,476		2,299		12,728		—		402		—			—			2,299		13,130		15,429		2,620	Jul-05
0330	Hackensack	NJ		—		2,283		11,234		—		727		—			—			2,283		11,961		14,244		2,584	Jul-05
1196	Lawrenceville	NJ		5,724		3,402		10,230		—		440		—			8	(c)		3,402		10,678		14,080		2,555	Feb-04
1119	Old Bridge	NJ		5,765		2,758		6,450		—		963		—			—			2,758		7,413		10,171		2,213	Dec-01
0655	Toms River	NJ		5,060		1,790		9,935		—		303		—			—			1,790		10,238		12,028		2,189	Jul-05
1197	Morrisville	NJ		—		2,487		7,494		—		1,169		—			11	(c)		2,487		8,674		11,161		2,094	Feb-04
1032	Parlin	NJ		—		—		5,273		—		369		—			—			—		5,642		5,642		1,937	May-04
1089	North Bergen	NJ		6,402		2,100		6,606		—		248		—			74	(c)		2,100		6,928		9,028		1,830	Jul-03
1329	Avenel	NJ		7,859		1,518		8,037		—		279		—			24	(c)		1,518		8,340		9,858		1,797	Jan-05
1039	Hoboken	NJ		8,079		2,687		6,092		—		218		—			3	(c)		2,687		6,313		9,000		1,764	Jul-02
1116	Egg Harbor Twp.	NJ		3,319		1,724		5,001		—		675		—			—			1,724		5,676		7,400		1,764	Dec-01
0739	Linden	NJ		3,838		1,517		8,384		—		214		—			—			1,517		8,598		10,115		1,717	Jul-05
1120	Iselin	NJ		4,900		505		4,524		—		498		—			—			505		5,022		5,527		1,563	Dec-01
1360	Neptune	NJ		7,550		4,204		8,906		—		272		—			—			4,204		9,178		13,382		1,501	Nov-06

Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation (Continued)
(Dollars in thousands)

																				Gross carrying amount at December 31, 2012
											Building costs subsequent to acquisition																	Date acquired or development completed
Property Number	Property Name	State	Debt		Land initial cost		Building and improvements initial cost		Land costs subsequent to acquisition				Land Adjustments		Notes	Building Adjustments			Notes	Land		Building and improvements		Total		Accumulated depreciation
1040	Lyndhurst	NJ		—		2,679		4,644		—		276		250	(a)		446		(a) (c)		2,929		5,366		8,295		1,493	Mar-01
1331	Union	NJ		6,788		1,754		6,237		—		270		—			78		(c)		1,754		6,585		8,339		1,489	Dec-04
1054	Metuchen	NJ		5,992		1,153		4,462		—		261		—			—				1,153		4,723		5,876		1,377	Dec-01
1330	Bayville	NJ		3,146		1,193		5,312		—		280		—			41		(c)		1,193		5,633		6,826		1,257	Dec-04
0810	Parlin	NJ		—		2,517		4,516		—		444		—			—				2,517		4,960		7,477		1,218	Jul-05
1118	Howell	NJ		3,413		2,440		3,407		—		388		—			—				2,440		3,795		6,235		1,178	Dec-01
1328	Lumberton	NJ		3,576		831		4,060		—		176		—			22		(c)		831		4,258		5,089		1,007	Dec-04
1038	Glen Rock	NJ		—		1,109		2,401		—		151		113	(a)		249		(a) (c)		1,222		2,801		4,023		795	Mar-01
1258	Ewing	NJ		—		1,552		4,720		—		249		11	(c)		(362	)	(e)		1,563		4,607		6,170		730	Mar-07
0677	North Bergen	NJ		—		861		17,127		—		63		—			—				861		17,190		18,051		533	Oct-11
1408	Bellmawr	NJ		—		3,600		4,765		—		178		75	(c)		—				3,675		4,943		8,618		478	Sep-08
1428	Monmouth Junction	NJ		3,117		1,700		5,835		—		85		—			—				1,700		5,920		7,620		447	Dec-09
8093	Maple Shade	NJ		4,385		1,093		5,492		—		70		—			—				1,093		5,562		6,655		152	Dec-11
0784	Merchantville	NJ		3,802		1,644		3,115		—		187		—			—				1,644		3,302		4,946		145	Jun-11
8347	Mahwah	NJ		8,335		1,890		13,112		—		44		—			—				1,890		13,156		15,046		127	Aug-12
8348	Montville	NJ		—		1,511		11,749		—		9		—			—				1,511		11,758		13,269		113	Aug-12
8343	Fairfield	NJ		—		—		9,402		—		70		—			—				—		9,472		9,472		111	Jul-12
8344	Newark	NJ		—		806		8,340		—		57		—			—				806		8,397		9,203		99	Jul-12
8341	Parsippany	NJ		—		2,353		7,798		—		52		—			—				2,353		7,850		10,203		93	Jul-12
8342	Berkeley Heights	NJ		—		1,598		7,553		—		62		—			—				1,598		7,615		9,213		90	Jul-12
0332	Harrison	NJ		3,686		300		6,003		—		24		—			—				300		6,027		6,327		72	Jul-12
8346	Hackettstown	NJ		—		2,144		6,660		—		25		—			—				2,144		6,685		8,829		64	Aug-12
0381	Mt Laurel	NJ		3,126		329		5,217		—		39		—			—				329		5,256		5,585		62	Jul-12
8345	North Brunswick	NJ		—		2,789		4,404		—		82		—			—				2,789		4,486		7,275		54	Jul-12
1516	Fort Lee	NJ		—		4,402		9,831		—		1		—			—				4,402		9,832		14,234		32	Nov-12
1517	Union	NJ		—		1,133		7,239		—		—		—			—				1,133		7,239		8,372		23	Nov-12
0821	Lawnside	NJ		—		1,249		5,613		—		1		—			—				1,249		5,614		6,863		18	Nov-12
1519	Cranbury	NJ		—		3,543		5,095		—		—		—			—				3,543		5,095		8,638		16	Nov-12
1518	Watchung	NJ		—		1,843		4,499		—		—		—			—				1,843		4,499		6,342		14	Nov-12
0818	Cherry Hill	NJ		—		2,323		1,549		—		7		—			—				2,323		1,556		3,879		5	Nov-12
0547	Albuquerque	NM		4,902		1,298		4,628		—		619		—			—				1,298		5,247		6,545		842	Aug-07
0485	Santa Fe	NM		5,996		3,066		7,366		—		20		—			—				3,066		7,386		10,452		87	Jul-12
0817	Albuquerque	NM		—		755		1,797		—		6		—			—				755		1,803		2,558		6	Nov-12
1058	Las Vegas	NV		1,219		251		717		—		353		27	(a)		87		(a)		278		1,157		1,435		477	Feb-00
1465	Las Vegas	NV		2,491		1,441		1,810		—		88		—			—				1,441		1,898		3,339		80	Jun-11
0830	Henderson	NV		—		2,934		8,897		—		—		—			—				2,934		8,897		11,831		29	Nov-12
0820	Las Vegas	NV		—		773		6,006		—		—		—			—				773		6,006		6,779		19	Nov-12
0816	Las Vegas	NV		—		400		4,936		—		—		—			—				400		4,936		5,336		16	Nov-12
0539	New York	NY		9,867		3,060		16,978		—		648		—			—				3,060		17,626		20,686		3,599	Jul-05
1213	Bronx	NY		9,665		3,995		11,870		—		614		—			28		(c)		3,995		12,512		16,507		2,873	Aug-04

Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation (Continued)
(Dollars in thousands)

																			Gross carrying amount at December 31, 2012
											Building costs subsequent to acquisition																Date acquired or development completed
Property Number	Property Name	State	Debt		Land initial cost		Building and improvements initial cost		Land costs subsequent to acquisition				Land Adjustments		Notes	Building Adjustments		Notes	Land		Building and improvements		Total		Accumulated depreciation
1087	Mount Vernon	NY		7,297		1,926		7,622		—		612		—			33	(c)		1,926		8,267		10,193		2,229	Nov-02
1055	Nanuet	NY		3,733		2,072		4,644		667		992		—			24	(c)		2,739		5,660		8,399		1,589	Feb-02
0502	Mount Vernon	NY		3,819		1,585		6,025		—		1,422		—			—			1,585		7,447		9,032		1,572	Jul-05
1050	Plainview	NY		7,800		4,287		3,710		—		612		—			—			4,287		4,322		8,609		1,460	Dec-00
1399	Brooklyn	NY		13,788		12,993		10,405		—		272		—			—			12,993		10,677		23,670		1,183	Oct-08
0406	New Paltz	NY		3,146		2,059		3,715		—		399		—			—			2,059		4,114		6,173		958	Jul-05
1042	Bronx	NY		18,841		3,450		21,210		—		93		—			—			3,450		21,303		24,753		571	Dec-11
1450	Brooklyn	NY		8,335		2,802		6,536		—		157		—			—			2,802		6,693		9,495		467	May-10
1391	Bohemia	NY		1,527		1,456		1,398		—		329		—			—			1,456		1,727		3,183		273	Dec-07
0727	Brooklyn	NY		—		16,188		23,309		—		61		—			—			16,188		23,370		39,558		261	Jul-12
1451	Freeport	NY		5,373		5,676		3,784		—		429		—			—			5,676		4,213		9,889		244	Nov-10
1398	Centereach	NY		4,250		2,226		1,657		—		120		—			—			2,226		1,777		4,003		225	Oct-08
0630	Hicksville	NY		9,017		2,581		10,677		—		7		—			—			2,581		10,684		13,265		126	Jul-12
8349	Central Valley	NY		—		2,800		12,173		—		51		—			—			2,800		12,224		15,024		118	Aug-12
8350	Poughkeepsie	NY		—		1,038		7,862		—		7		—			—			1,038		7,869		8,907		93	Jul-12
0674	Hauppauge	NY		5,726		1,238		7,095		—		77		—			—			1,238		7,172		8,410		84	Jul-12
0470	Ridge	NY		6,319		1,762		6,934		—		4		—			—			1,762		6,938		8,700		82	Jul-12
0405	Kingston	NY		5,002		837		6,199		—		7		—			—			837		6,206		7,043		73	Jul-12
0409	Amsterdam	NY		922		715		241		—		45		—			—			715		286		1,001		6	Jul-12
0438	Columbus	OH		2,808		483		2,654		—		522		—			—			483		3,176		3,659		827	Jul-05
0365	Kent	OH		1,452		220		1,206		—		198		—			—			220		1,404		1,624		369	Jul-05
1502	Cincinnati	OH		4,735		1,815		5,733		—		206		—			—			1,815		5,939		7,754		255	Jun-11
1503	Cincinnati	OH		—		1,445		3,755		—		160		—			—			1,445		3,915		5,360		168	Jun-11
1505	Hamilton	OH		—		673		2,910		—		93		—			—			673		3,003		3,676		125	Jun-11
1501	Cincinnati	OH		—		2,941		2,177		—		185		—			—			2,941		2,362		5,303		109	Jun-11
1504	Cincinnati	OH		—		1,217		1,941		—		98		—			—			1,217		2,039		3,256		89	Jun-11
1506	Lebanon	OH		—		1,657		1,566		—		100		—			—			1,657		1,666		3,323		73	Jun-11
1507	Middletown	OH		1,351		534		1,047		—		67		—			—			534		1,114		1,648		50	Jun-11
1508	Xenia	OH		1,680		302		1,022		—		55		—			—			302		1,077		1,379		49	Jun-11
1510	Troy	OH		—		273		544		—		62		—			—			273		606		879		30	Jun-11
1512	Washington Court House	OH		—		197		499		—		54		—			—			197		553		750		27	Jun-11
0367	Willoughby	OH		1,143		155		1,811		—		—		—			—			155		1,811		1,966		21	Jul-12
0368	Mentor	OH		1,386		409		1,609		—		24		—			—			409		1,633		2,042		20	Jul-12
1509	Sidney	OH		—		201		262		—		62		—			—			201		324		525		18	Jun-11
1511	Greenville	OH		—		189		302		—		44		—			—			189		346		535		17	Jun-11
0829	Hilliard	OH		—		1,613		2,369		—		—		—			—			1,613		2,369		3,982		8	Nov-12

Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation (Continued)
(Dollars in thousands)

																			Gross carrying amount at December 31, 2012
											Building costs subsequent to acquisition																Date acquired or development completed
Property Number	Property Name	State	Debt		Land initial cost		Building and improvements initial cost		Land costs subsequent to acquisition				Land Adjustments		Notes	Building Adjustments		Notes	Land		Building and improvements		Total		Accumulated depreciation
0826	Mentor	OH		—		658		1,267		—		—		—			—			658		1,267		1,925		4	Nov-12
0288	Aloha	OR		6,292		1,221		6,262		—		231		—			—			1,221		6,493		7,714		1,364	Jul-05
1294	King City	OR		3,143		2,520		6,845		—		45		—			—			2,520		6,890		9,410		541	Sep-09
0286	Beaverton	OR		4,772		2,014		5,786		—		23		—			—			2,014		5,809		7,823		79	Jul-12
1198	Philadelphia	PA		5,732		1,965		5,925		—		1,034		—			7	(c)		1,965		6,966		8,931		1,702	Feb-04
1045	Pittsburgh	PA		3,868		889		4,117		—		546		—			—			889		4,663		5,552		1,516	May-04
1036	Doylestown	PA		—		220		3,442		—		347		301	(a) (d)		384	(a)		521		4,173		4,694		1,190	Nov-99
1046	Kennedy Township	PA		2,622		736		3,173		—		180		—			—			736		3,353		4,089		1,135	May-04
1332	Bensalem	PA		3,068		1,131		4,525		—		190		—			66	(c)		1,131		4,781		5,912		1,101	Dec-04
1063	Pittsburgh	PA		2,622		991		1,990		—		589		91	(a)		199	(a)		1,082		2,778		3,860		855	Aug-00
1354	Bensalem	PA		—		750		3,015		—		169		—			—			750		3,184		3,934		613	Mar-06
1048	Willow Grove	PA		5,244		1,297		4,027		—		198		—			—			1,297		4,225		5,522		234	Jan-11
0741	Johnston	RI		6,874		2,659		4,799		—		417		—			—			2,659		5,216		7,875		1,165	Jul-05
1150	Johnston	RI		1,982		533		2,127		—		24		—			—			533		2,151		2,684		58	Dec-11
1311	Goose Creek	SC		—		1,683		4,372		—		963		—			30	(c)		1,683		5,365		7,048		1,117	Aug-04
1323	Summerville	SC		—		450		4,454		—		141		—			26	(c)		450		4,621		5,071		1,050	Aug-04
1303	Charleston	SC		3,569		1,279		4,171		—		129		—			30	(c)		1,279		4,330		5,609		983	Aug-04
1305	Columbia	SC		2,860		838		3,312		—		159		—			38	(c)		838		3,509		4,347		841	Aug-04
8174	Columbia	SC		—		1,784		2,745		—		2		—			—			1,784		2,747		4,531		32	Jul-12
0574	Nashville	TN		2,930		390		2,598		—		680		—			—			390		3,278		3,668		781	Apr-06
0487	Cordova	TN		2,614		852		2,720		—		229		—			—			852		2,949		3,801		682	Jul-05
0704	Cordova	TN		—		894		2,680		—		139		—			—			894		2,819		3,713		471	Jan-07
8122	Cordova	TN		2,100		652		1,791		—		67		—			—			652		1,858		2,510		82	Apr-11
0578	Bartlett	TN		2,591		632		3,798		—		4		—			—			632		3,802		4,434		45	Jul-12
0680	Memphis	TN		1,766		274		2,623		—		6		—			—			274		2,629		2,903		31	Jul-12
0823	Franklin	TN		—		3,357		8,984		—		—		—			—			3,357		8,984		12,341		29	Nov-12
0374	Memphis	TN		1,074		110		1,280		—		4		—			—			110		1,284		1,394		19	Jul-12
0811	Memphis	TN		—		1,040		3,867		—		—		—			—			1,040		3,867		4,907		12	Nov-12
0813	Memphis	TN		—		1,617		2,875		—		—		—			—			1,617		2,875		4,492		9	Nov-12
0514	Dallas	TX		11,582		1,980		12,501		—		318		—			—			1,980		12,819		14,799		2,278	May-06
0584	Houston	TX		8,981		2,596		8,735		—		307		—			—			2,596		9,042		11,638		1,617	Apr-06
1307	Dallas	TX		10,989		4,432		6,181		—		481		—			36	(c)		4,432		6,698		11,130		1,557	Aug-04
1309	Fort Worth	TX		—		631		5,794		—		187		—			31	(c)		631		6,012		6,643		1,375	Aug-04

Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation (Continued)
(Dollars in thousands)

																				Gross carrying amount at December 31, 2012
											Building costs subsequent to acquisition																	Date acquired or development completed
Property Number	Property Name	State	Debt		Land initial cost		Building and improvements initial cost		Land costs subsequent to acquisition				Land Adjustments		Notes	Building Adjustments			Notes	Land		Building and improvements		Total		Accumulated depreciation
1302	Austin	TX		4,927		870		4,455		—		275		—			35		(c)		870		4,765		5,635		1,115	Aug-04
1364	Plano	TX		—		1,010		6,203		—		316		—			—				1,010		6,519		7,529		1,064	Nov-06
1363	Allen	TX		4,244		901		5,553		—		207		—			—				901		5,760		6,661		957	Nov-06
0521	South Houston	TX		2,330		478		4,069		—		744		—			—				478		4,813		5,291		928	Apr-06
1301	Arlington	TX		2,251		534		2,525		—		304		—			34		(c)		534		2,863		3,397		743	Aug-04
1365	Plano	TX		—		614		3,775		—		224		—			—				614		3,999		4,613		690	Nov-06
0561	Dallas	TX		2,059		337		2,216		—		444		—			—				337		2,660		2,997		621	Apr-06
1306	San Antonio	TX		—		1,269		1,816		—		558		—			30		(c)		1,269		2,404		3,673		616	Aug-04
1312	Grand Prairie	TX		2,279		551		2,330		—		240		—			31		(c)		551		2,601		3,152		607	Aug-04
1357	Rowlett	TX		2,013		1,002		2,601		—		284		—			—				1,002		2,885		3,887		541	Aug-06
1387	San Antonio	TX		—		2,471		3,556		—		198		—			(408	)	(f)		2,471		3,346		5,817		494	Dec-07
1326	San Antonio	TX		—		253		1,496		—		113		—			32		(c)		253		1,641		1,894		406	Aug-04
1490	Houston	TX		6,167		1,036		8,133		—		80		—			—				1,036		8,213		9,249		186	Feb-12
0795	Euless	TX		2,950		671		3,213		—		590		—			—				671		3,803		4,474		184	Apr-11
1456	La Porte	TX		—		1,608		2,351		—		255		—			—				1,608		2,606		4,214		162	Dec-10
1457	Houston	TX		—		402		1,870		—		146		—			—				402		2,016		2,418		118	Dec-10
0629	Dallas	TX		—		921		7,656		—		4		—			—				921		7,660		8,581		90	Jul-12
0306	Spring	TX		3,360		506		5,096		—		56		—			—				506		5,152		5,658		61	Jul-12
8246	Spring	TX		4,656		978		1,347		—		93		—			—				978		1,440		2,418		52	Aug-11
1497	Dallas	TX		3,986		2,542		3,274		—		54		—			—				2,542		3,328		5,870		32	Aug-12
1496	Grand Prairie	TX		—		2,327		1,551		—		8		—			—				2,327		1,559		3,886		15	Aug-12
0132	Sandy	UT		3,950		1,349		4,372		—		383		—			—				1,349		4,755		6,104		1,003	Jul-05
1006	Kearns	UT		—		642		2,607		—		283		—			—				642		2,890		3,532		723	Jun-04
0230	West Valley City	UT		1,775		461		1,722		—		144		—			—				461		1,866		2,327		419	Jul-05
8002	Salt Lake City	UT		3,116		986		3,455		—		157		—			—				986		3,612		4,598		208	Oct-10
1455	West Jordan	UT		2,168		735		2,146		—		315		—			—				735		2,461		3,196		132	Nov-10
0792	Orem	UT		2,155		841		2,335		—		91		—			—				841		2,426		3,267		105	Apr-11
1454	Murray	UT		—		571		986		—		440		—			—				571		1,426		1,997		91	Nov-10
8149	Sandy	UT		—		2,063		5,202		—		—		—			—				2,063		5,202		7,265		39	Sep-12
1380	Alexandria	VA		5,902		1,620		13,103		—		517		—			—				1,620		13,620		15,240		2,266	Jun-07
0678	Falls Church	VA		6,002		1,259		6,975		—		381		—			—				1,259		7,356		8,615		1,528	Jul-05
1325	Richmond	VA		4,644		2,305		5,467		—		152		—			8		(c)		2,305		5,627		7,932		1,244	Aug-04
1452	Arlington	VA		—		—		4,802		—		144		—			—				—		4,946		4,946		911	Oct-10
0764	Stafford	VA		4,498		2,076		5,175		—		77		—			—				2,076		5,252		7,328		545	Jan-09
0717	Dumfries	VA		5,345		932		9,349		—		131		—			—				932		9,480		10,412		406	May-11
0467	Alexandria	VA		13,770		5,029		18,943		—		15		—			—				5,029		18,958		23,987		223	Jul-12

Extra Space Storage Inc.
Schedule III
Real Estate and Accumulated Depreciation (Continued)
(Dollars in thousands)

																				Gross carrying amount at December 31, 2012
											Building costs subsequent to acquisition																	Date acquired or development completed
Property Number	Property Name	State	Debt		Land initial cost		Building and improvements initial cost		Land costs subsequent to acquisition				Land Adjustments			Notes	Building Adjustments		Notes	Land		Building and improvements		Total		Accumulated depreciation
0327	Fredericksburg	VA		4,377		2,128		5,398		—		17		—				—			2,128		5,415		7,543		63	Jul-12
0828	Falls Church	VA		—		5,703		13,307		—		5		—				—			5,703		13,312		19,015		43	Nov-12
1498	Stafford	VA		4,513		1,172		5,562		—		4		—				—			1,172		5,566		6,738		42	Sep-12
0824	Fredericksburg	VA		—		1,438		2,459		—		—		—				—			1,438		2,459		3,897		8	Nov-12
0643	Seattle	WA		7,480		2,727		7,241		—		220		—				—			2,727		7,461		10,188		1,530	Jul-05
1341	Lakewood	WA		4,529		1,917		5,256		—		181		—				—			1,917		5,437		7,354		1,004	Feb-06
1342	Lakewood	WA		4,526		1,389		4,780		—		216		—				—			1,389		4,996		6,385		942	Feb-06
1343	Tacoma	WA		3,301		1,031		3,103		—		141		—				—			1,031		3,244		4,275		628	Feb-06
0285	Vancouver	WA		3,159		709		4,280		—		35		—				—			709		4,315		5,024		51	Jul-12
	Other corporate assets			4,850		849		2,202		—		47,688		(849	)	(d)		—			—		49,890		49,890		5,689	Various
	Construction in progress			—		—		—		—		4,138		—				—			—		4,138		4,138		—
	Intangible tenant relationships and lease rights			—		—		60,011		—		—		—				—			—		60,011		60,011		44,359	Various
			$	1,369,690	$	770,764	$	2,430,654	$	667	$	175,903	$	(3,816	)		$	9,478		$	767,615	$	2,616,035	$	3,383,650	$	391,928

(a)

Adjustments relate to the acquisition of joint venture partners interests

(b)

Adjustment relates to partial disposition of land

(c)

Adjustment relates to asset transfers between land, building and/or equipment

(d)

Adjustment relates to asset transfers between entities

(e)

Adjustment relates to impairment charges

(f)

Adjustment relates to a purchase price adjustment

        Activity in real estate facilities during the years ended December 31, 2012, 2011 and 2010 is as follows:

	2012			2011			2010
Operating facilities
Balance at beginning of year	$	2,573,731		$	2,198,361		$	2,249,262
Acquisitions		761,977			301,531			89,750
Improvements		34,964			39,352			16,563
Transfers from real estate under development/redevelopment		8,957			34,777			33,407
Dispositions and other		(117	)		(290	)		(190,621	)
Balance at end of year	$	3,379,512		$	2,573,731		$	2,198,361
Accumulated depreciation:
Balance at beginning of year	$	319,302		$	263,042		$	233,830
Depreciation expense		72,626			56,702			48,665
Dispositions and other		—			(442	)		(19,453	)
Balance at end of year	$	391,928		$	319,302		$	263,042
Real estate under development/redevelopment:
Balance at beginning of year	$	9,366		$	37,083		$	34,427
Current development/redevelopment		3,759			7,060			36,063
Transfers to operating facilities		(8,987	)		(34,777	)		(33,407	)
Dispositions and other		—			—			—
Balance at end of year	$	4,138		$	9,366		$	37,083
Net real estate assets	$	2,991,722		$	2,263,795		$	1,972,402

        The aggregate cost of real estate for U.S. federal income tax purposes is $3,194,952.

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STOCK-BASED COMPENSATION (Details 3) (USD $)	12 Months Ended
	Dec. 31, 2012 Y
Information about non-qualified stock options, by exercise price
Exercise price range, lower limit (in dollars per share)	$ 6.22
Exercise price range, upper limit (in dollars per share)	$ 28.79
Options outstanding
Shares	1,097,092
Weighted Average Remaining Contractual Life (in years)	5.50
Weighted Average Exercise Price (in dollars per share)	$ 13.89
Options exercisable
Shares	724,368
Weighted Average Exercise Price (in dollars per share)	$ 14.37
Exercise price range $6.22-$11.50
Information about non-qualified stock options, by exercise price
Exercise price range, lower limit (in dollars per share)	$ 6.22
Exercise price range, upper limit (in dollars per share)	$ 11.50
Options outstanding
Shares	273,715
Weighted Average Remaining Contractual Life (in years)	6.13
Weighted Average Exercise Price (in dollars per share)	$ 6.22
Options exercisable
Shares	145,965
Weighted Average Exercise Price (in dollars per share)	$ 6.22
Exercise price range $11.51-$12.50
Information about non-qualified stock options, by exercise price
Exercise price range, lower limit (in dollars per share)	$ 11.51
Exercise price range, upper limit (in dollars per share)	$ 12.50
Options outstanding
Shares	239,026
Weighted Average Remaining Contractual Life (in years)	5.75
Weighted Average Exercise Price (in dollars per share)	$ 12.02
Options exercisable
Shares	121,736
Weighted Average Exercise Price (in dollars per share)	$ 12.24
Exercise price range $12.51-$15.50
Information about non-qualified stock options, by exercise price
Exercise price range, lower limit (in dollars per share)	$ 12.51
Exercise price range, upper limit (in dollars per share)	$ 15.50
Options outstanding
Shares	204,000
Weighted Average Remaining Contractual Life (in years)	3.91
Weighted Average Exercise Price (in dollars per share)	$ 14.73
Options exercisable
Shares	204,000
Weighted Average Exercise Price (in dollars per share)	$ 14.73
Exercise price range $15.51-$19.60
Information about non-qualified stock options, by exercise price
Exercise price range, lower limit (in dollars per share)	$ 15.51
Exercise price range, upper limit (in dollars per share)	$ 19.60
Options outstanding
Shares	188,267
Weighted Average Remaining Contractual Life (in years)	5.56
Weighted Average Exercise Price (in dollars per share)	$ 17.76
Options exercisable
Shares	127,667
Weighted Average Exercise Price (in dollars per share)	$ 16.88
Exercise price range $19.61-$28.79
Information about non-qualified stock options, by exercise price
Exercise price range, lower limit (in dollars per share)	$ 19.61
Exercise price range, upper limit (in dollars per share)	$ 28.79
Options outstanding
Shares	192,084
Weighted Average Remaining Contractual Life (in years)	5.90
Weighted Average Exercise Price (in dollars per share)	$ 22.45
Options exercisable
Shares	125,000
Weighted Average Exercise Price (in dollars per share)	$ 19.91

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STOCKHOLDERS' EQUITY (Details) (USD $) In Thousands, except Share data, unless otherwise specified	1 Months Ended			12 Months Ended
	Nov. 30, 2012	Apr. 30, 2012	May 31, 2011	Dec. 31, 2012 Vote	Dec. 31, 2011	Nov. 09, 2012	Apr. 16, 2012
STOCKHOLDERS' EQUITY
Common stock, shares authorized				300,000,000	300,000,000
Common stock, par value per share (in dollars per share)				$ 0.01	$ 0.01
Preferred stock, shares authorized				50,000,000	50,000,000
Preferred stock, par value per share (in dollars per share)				$ 0.01	$ 0.01
Common stock, shares issued				110,737,205	94,783,590
Common stock, shares outstanding				110,737,205	94,783,590
Number of votes, common stock holder rights				1
Common stock, voting rights				All holders of the Company's common stock are entitled to receive dividends and to one vote on all matters submitted to a vote of stockholders.
Public stock offering (in shares)	5,980,000	8,050,000	5,335,423
Offer price of shares of common stock sold in a public offering (in dollars per share)			$ 21.16			$ 33.98	$ 28.22
Gross proceeds from issuance of common stock	$ 203,200	$ 227,171	$ 112,898
Transaction costs of stock issuance	300	483	549
Net proceeds from issuance of common stock	$ 202,900	$ 226,688	$ 112,349	$ 429,588	$ 112,349

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 5) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Anti-dilutive share options excluded from computation of earnings per share									57,335	107,523	1,788,142
Computation of net income per common share
Net income attributable to common stockholders	$ 36,076	$ 38,606	$ 22,413	$ 20,214	$ 16,278	$ 15,261	$ 10,609	$ 8,301	$ 117,309	$ 50,449	$ 26,331
Add: Income allocated to noncontrolling interest - Preferred Operating Partnership and Operating Partnership									10,349	7,978	7,096
Subtract: Fixed component of income allocated to noncontrolling interest - Preferred Operating Partnership									(5,750)	(5,750)	(5,750)
Net income for diluted computations									$ 121,908	$ 52,677	$ 27,677
Weighted average common shares outstanding:
Average number of common shares outstanding - basic									102,290,200	92,097,008	87,324,104
Operating Partnership units (in shares)									2,755,650	3,049,935	3,356,963
Preferred Operating Partnership units (in shares)									989,980	989,980	989,980
Dilutive and cancelled stock options (in shares)									487,185	546,585	379,406
Average number of common shares outstanding - diluted									106,523,015	96,683,508	92,050,453
Net income per common share
Basic (in dollars per share)	$ 0.33	$ 0.37	$ 0.22	$ 0.21	$ 0.17	$ 0.16	$ 0.12	$ 0.09	$ 1.15	$ 0.55	$ 0.30
Diluted (in dollars per share)	$ 0.33	$ 0.37	$ 0.22	$ 0.21	$ 0.17	$ 0.16	$ 0.12	$ 0.09	$ 1.14	$ 0.54	$ 0.30

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OTHER NONCONTROLLING INTERESTS (Details)	Dec. 31, 2012 property
Other noncontrolling interests
Other Noncontrolling Interests
Number of consolidated self-storage properties	3
Number of consolidated self-storage properties under development	2
Number of consolidated self-storage properties under lease-up stage	1
Noncontrolling Interests | Minimum
Other Noncontrolling Interests
Ownership interests of third party owners (as a percent)	5.00%
Noncontrolling Interests | Maximum
Other Noncontrolling Interests
Ownership interests of third party owners (as a percent)	27.60%

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SUBSEQUENT EVENTS (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended			0 Months Ended
	Dec. 31, 2012 property	Dec. 31, 2011 property	Dec. 31, 2010	Feb. 12, 2012 Acquisition Illinois, Maryland, 2 Property Acquired 2013/2/12 item
Subsequent event
Number of properties purchased	91	55		2
Cash Consideration Paid	$ 1,423	$ 4,088	$ 9,699	$ 12,900

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EMPLOYEE BENEFIT PLAN (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Retirement savings plan under Section 401(k) of the Internal Revenue Code
Employee contribution to retirement saving plan as a percentage of annual salary, maximum	15.00%
Matching contributions made by the entity during the period	$ 884	$ 832	$ 805
Percentage of company's matching contributions of first 3 percent of employee's compensation	100.00%
Percentage of employee's compensation that qualifies for 100 percent matching contribution by the company	3.00%
Percentage of the company's matching contributions of next 2 percent of employee's compensation	50.00%
Percentage of employee's compensation that qualifies for 50 percent matching contribution by the company	2.00%

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Schedule III Real Estate and Accumulated Depreciation (Details) (USD $)	Dec. 31, 2012
Real Estate and Accumulated Depreciation
Debt	$ 1,369,690,000
Land initial cost	770,764,000
Building and improvements initial cost	2,430,654,000
Land costs subsequent to acquisition	667,000
Building costs subsequent to acquisition	175,903,000
Land Adjustments	(3,816,000)
Building Adjustments	9,478,000
Gross carrying amount
Land	767,615,000
Building and improvements	2,616,035,000
Total	3,383,650,000
Accumulated depreciation	391,928,000
Intangible tenant relationships and lease rights
Real Estate and Accumulated Depreciation
Building and improvements initial cost	60,011,000
Gross carrying amount
Building and improvements	60,011,000
Total	60,011,000
Accumulated depreciation	44,359,000
Other corporate assets
Real Estate and Accumulated Depreciation
Debt	4,850,000
Land initial cost	849,000
Building and improvements initial cost	2,202,000
Building costs subsequent to acquisition	47,688,000
Land Adjustments	(849,000)
Gross carrying amount
Building and improvements	49,890,000
Total	49,890,000
Accumulated depreciation	5,689,000
Construction in progress
Real Estate and Accumulated Depreciation
Building costs subsequent to acquisition	4,138,000
Gross carrying amount
Building and improvements	4,138,000
Total	4,138,000
0654 Hoover, AL
Real Estate and Accumulated Depreciation
Debt	2,754,000
Land initial cost	1,313,000
Building and improvements initial cost	2,858,000
Building costs subsequent to acquisition	608,000
Gross carrying amount
Land	1,313,000
Building and improvements	3,466,000
Total	4,779,000
Accumulated depreciation	821,000
8115 Auburn, AL
Real Estate and Accumulated Depreciation
Debt	2,538,000
Land initial cost	324,000
Building and improvements initial cost	1,895,000
Building costs subsequent to acquisition	106,000
Gross carrying amount
Land	324,000
Building and improvements	2,001,000
Total	2,325,000
Accumulated depreciation	130,000
0751 Birmingham, AL
Real Estate and Accumulated Depreciation
Debt	4,706,000
Land initial cost	790,000
Building and improvements initial cost	9,369,000
Gross carrying amount
Land	790,000
Building and improvements	9,369,000
Total	10,159,000
Accumulated depreciation	110,000
8116 Auburn, AL
Real Estate and Accumulated Depreciation
Land initial cost	92,000
Building and improvements initial cost	138,000
Building costs subsequent to acquisition	144,000
Gross carrying amount
Land	92,000
Building and improvements	282,000
Total	374,000
Accumulated depreciation	32,000
0338 Phoenix, AZ
Real Estate and Accumulated Depreciation
Debt	7,164,000
Land initial cost	1,441,000
Building and improvements initial cost	7,982,000
Building costs subsequent to acquisition	545,000
Gross carrying amount
Land	1,441,000
Building and improvements	8,527,000
Total	9,968,000
Accumulated depreciation	1,813,000
0659 Phoenix, AZ
Real Estate and Accumulated Depreciation
Land initial cost	669,000
Building and improvements initial cost	4,135,000
Building costs subsequent to acquisition	169,000
Gross carrying amount
Land	669,000
Building and improvements	4,304,000
Total	4,973,000
Accumulated depreciation	720,000
1211 Peoria, AZ
Real Estate and Accumulated Depreciation
Debt	2,248,000
Land initial cost	652,000
Building and improvements initial cost	4,105,000
Building costs subsequent to acquisition	100,000
Gross carrying amount
Land	652,000
Building and improvements	4,205,000
Total	4,857,000
Accumulated depreciation	717,000
1356 Phoenix, AZ
Real Estate and Accumulated Depreciation
Debt	3,405,000
Land initial cost	552,000
Building and improvements initial cost	3,530,000
Building costs subsequent to acquisition	211,000
Gross carrying amount
Land	552,000
Building and improvements	3,741,000
Total	4,293,000
Accumulated depreciation	708,000
8066 Mesa, AZ
Real Estate and Accumulated Depreciation
Debt	1,275,000
Land initial cost	849,000
Building and improvements initial cost	2,547,000
Building costs subsequent to acquisition	145,000
Gross carrying amount
Land	849,000
Building and improvements	2,692,000
Total	3,541,000
Accumulated depreciation	605,000
1431 Peoria, AZ
Real Estate and Accumulated Depreciation
Land initial cost	1,060,000
Building and improvements initial cost	4,731,000
Building costs subsequent to acquisition	97,000
Gross carrying amount
Land	1,060,000
Building and improvements	4,828,000
Total	5,888,000
Accumulated depreciation	222,000
0239 Mesa, AZ
Real Estate and Accumulated Depreciation
Debt	3,395,000
Land initial cost	1,129,000
Building and improvements initial cost	4,402,000
Building costs subsequent to acquisition	8,000
Gross carrying amount
Land	1,129,000
Building and improvements	4,410,000
Total	5,539,000
Accumulated depreciation	52,000
0814 Tucson, AZ
Real Estate and Accumulated Depreciation
Land initial cost	1,090,000
Building and improvements initial cost	7,845,000
Building costs subsequent to acquisition	2,000
Gross carrying amount
Land	1,090,000
Building and improvements	7,847,000
Total	8,937,000
Accumulated depreciation	25,000
0822 Phoenix, AZ
Real Estate and Accumulated Depreciation
Land initial cost	2,257,000
Building and improvements initial cost	7,820,000
Gross carrying amount
Land	2,257,000
Building and improvements	7,820,000
Total	10,077,000
Accumulated depreciation	25,000
1499 Mesa, AZ
Real Estate and Accumulated Depreciation
Land initial cost	2,973,000
Building and improvements initial cost	5,545,000
Building costs subsequent to acquisition	4,000
Gross carrying amount
Land	2,973,000
Building and improvements	5,549,000
Total	8,522,000
Accumulated depreciation	6,000
1373 Colma, CA
Real Estate and Accumulated Depreciation
Debt	15,718,000
Land initial cost	3,947,000
Building and improvements initial cost	22,002,000
Building costs subsequent to acquisition	2,136,000
Gross carrying amount
Land	3,947,000
Building and improvements	24,138,000
Total	28,085,000
Accumulated depreciation	3,833,000
1371 Berkeley, CA
Real Estate and Accumulated Depreciation
Debt	15,336,000
Land initial cost	1,716,000
Building and improvements initial cost	19,602,000
Building costs subsequent to acquisition	1,806,000
Gross carrying amount
Land	1,716,000
Building and improvements	21,408,000
Total	23,124,000
Accumulated depreciation	3,234,000
8008 Sherman Oaks, CA
Real Estate and Accumulated Depreciation
Debt	16,938,000
Land initial cost	4,051,000
Building and improvements initial cost	12,152,000
Building costs subsequent to acquisition	297,000
Gross carrying amount
Land	4,051,000
Building and improvements	12,449,000
Total	16,500,000
Accumulated depreciation	2,716,000
0645 Oceanside, CA
Real Estate and Accumulated Depreciation
Debt	9,391,000
Land initial cost	3,241,000
Building and improvements initial cost	11,361,000
Building costs subsequent to acquisition	664,000
Gross carrying amount
Land	3,241,000
Building and improvements	12,025,000
Total	15,266,000
Accumulated depreciation	2,548,000
1370 Alameda, CA
Real Estate and Accumulated Depreciation
Land initial cost	2,919,000
Building and improvements initial cost	12,984,000
Building costs subsequent to acquisition	1,851,000
Gross carrying amount
Land	2,919,000
Building and improvements	14,835,000
Total	17,754,000
Accumulated depreciation	2,540,000
1071 Burbank, CA
Real Estate and Accumulated Depreciation
Debt	8,473,000
Land initial cost	3,199,000
Building and improvements initial cost	5,082,000
Building costs subsequent to acquisition	594,000
Land Adjustments	419,000
Building Adjustments	672,000
Gross carrying amount
Land	3,618,000
Building and improvements	6,348,000
Total	9,966,000
Accumulated depreciation	2,068,000
1377 San Leandro, CA
Real Estate and Accumulated Depreciation
Debt	9,664,000
Land initial cost	4,601,000
Building and improvements initial cost	9,777,000
Building costs subsequent to acquisition	1,929,000
Gross carrying amount
Land	4,601,000
Building and improvements	11,706,000
Total	16,307,000
Accumulated depreciation	2,050,000
1368 San Francisco, CA
Real Estate and Accumulated Depreciation
Debt	12,776,000
Land initial cost	8,457,000
Building and improvements initial cost	9,928,000
Building costs subsequent to acquisition	1,668,000
Gross carrying amount
Land	8,457,000
Building and improvements	11,596,000
Total	20,053,000
Accumulated depreciation	1,980,000
8011 Venice, CA
Real Estate and Accumulated Depreciation
Debt	6,260,000
Land initial cost	2,803,000
Building and improvements initial cost	8,410,000
Building costs subsequent to acquisition	180,000
Gross carrying amount
Land	2,803,000
Building and improvements	8,590,000
Total	11,393,000
Accumulated depreciation	1,870,000
1374 Hayward, CA
Real Estate and Accumulated Depreciation
Debt	8,702,000
Land initial cost	3,149,000
Building and improvements initial cost	8,006,000
Building costs subsequent to acquisition	2,337,000
Gross carrying amount
Land	3,149,000
Building and improvements	10,343,000
Total	13,492,000
Accumulated depreciation	1,802,000
1053 Oakland, CA
Real Estate and Accumulated Depreciation
Debt	2,874,000
Building and improvements initial cost	3,777,000
Building costs subsequent to acquisition	490,000
Building Adjustments	494,000
Gross carrying amount
Building and improvements	4,761,000
Total	4,761,000
Accumulated depreciation	1,620,000
1122 North Hollywood, CA
Real Estate and Accumulated Depreciation
Debt	7,265,000
Land initial cost	3,125,000
Building and improvements initial cost	9,257,000
Building costs subsequent to acquisition	92,000
Gross carrying amount
Land	3,125,000
Building and improvements	9,349,000
Total	12,474,000
Accumulated depreciation	1,613,000
1009 Torrance, CA
Real Estate and Accumulated Depreciation
Land initial cost	3,710,000
Building and improvements initial cost	6,271,000
Building costs subsequent to acquisition	530,000
Land Adjustments	400,000
Gross carrying amount
Land	4,110,000
Building and improvements	6,801,000
Total	10,911,000
Accumulated depreciation	1,586,000
1111 Palmdale, CA
Real Estate and Accumulated Depreciation
Debt	5,021,000
Land initial cost	1,225,000
Building and improvements initial cost	5,379,000
Building costs subsequent to acquisition	2,156,000
Gross carrying amount
Land	1,225,000
Building and improvements	7,535,000
Total	8,760,000
Accumulated depreciation	1,510,000
1031 Glendale, CA
Real Estate and Accumulated Depreciation
Building and improvements initial cost	6,084,000
Building costs subsequent to acquisition	240,000
Gross carrying amount
Building and improvements	6,324,000
Total	6,324,000
Accumulated depreciation	1,464,000
1070 Inglewood, CA
Real Estate and Accumulated Depreciation
Debt	4,927,000
Land initial cost	1,379,000
Building and improvements initial cost	3,343,000
Building costs subsequent to acquisition	418,000
Land Adjustments	150,000
Building Adjustments	377,000
Gross carrying amount
Land	1,529,000
Building and improvements	4,138,000
Total	5,667,000
Accumulated depreciation	1,430,000
0177 Hemet, CA
Real Estate and Accumulated Depreciation
Debt	5,131,000
Land initial cost	1,146,000
Building and improvements initial cost	6,369,000
Building costs subsequent to acquisition	246,000
Gross carrying amount
Land	1,146,000
Building and improvements	6,615,000
Total	7,761,000
Accumulated depreciation	1,355,000
1160 Los Angeles, CA
Real Estate and Accumulated Depreciation
Land initial cost	3,991,000
Building and improvements initial cost	9,774,000
Building costs subsequent to acquisition	44,000
Gross carrying amount
Land	3,991,000
Building and improvements	9,818,000
Total	13,809,000
Accumulated depreciation	1,272,000
1029 Richmond, CA
Real Estate and Accumulated Depreciation
Debt	5,011,000
Land initial cost	953,000
Building and improvements initial cost	4,635,000
Building costs subsequent to acquisition	581,000
Gross carrying amount
Land	953,000
Building and improvements	5,216,000
Total	6,169,000
Accumulated depreciation	1,235,000
1157 Fontana, CA
Real Estate and Accumulated Depreciation
Debt	3,367,000
Land initial cost	961,000
Building and improvements initial cost	3,846,000
Building costs subsequent to acquisition	175,000
Land Adjustments	39,000
Building Adjustments	186,000
Gross carrying amount
Land	1,000,000
Building and improvements	4,207,000
Total	5,207,000
Accumulated depreciation	1,173,000
1057 Los Angeles, CA
Real Estate and Accumulated Depreciation
Debt	5,109,000
Land initial cost	1,431,000
Building and improvements initial cost	2,976,000
Building costs subsequent to acquisition	175,000
Land Adjustments	180,000
Building Adjustments	374,000
Gross carrying amount
Land	1,611,000
Building and improvements	3,525,000
Total	5,136,000
Accumulated depreciation	1,163,000
0328 Sacramento, CA
Real Estate and Accumulated Depreciation
Debt	4,066,000
Land initial cost	852,000
Building and improvements initial cost	4,720,000
Building costs subsequent to acquisition	428,000
Gross carrying amount
Land	852,000
Building and improvements	5,148,000
Total	6,000,000
Accumulated depreciation	1,121,000
1358 Lancaster, CA
Real Estate and Accumulated Depreciation
Debt	5,781,000
Land initial cost	1,347,000
Building and improvements initial cost	5,827,000
Building costs subsequent to acquisition	218,000
Gross carrying amount
Land	1,347,000
Building and improvements	6,045,000
Total	7,392,000
Accumulated depreciation	1,116,000
1384 Santa Fe Springs, CA
Real Estate and Accumulated Depreciation
Debt	6,707,000
Land initial cost	3,617,000
Building and improvements initial cost	7,022,000
Building costs subsequent to acquisition	276,000
Gross carrying amount
Land	3,617,000
Building and improvements	7,298,000
Total	10,915,000
Accumulated depreciation	1,092,000
8016 Riverside, CA
Real Estate and Accumulated Depreciation
Debt	2,260,000
Land initial cost	1,075,000
Building and improvements initial cost	4,042,000
Building costs subsequent to acquisition	471,000
Gross carrying amount
Land	1,075,000
Building and improvements	4,513,000
Total	5,588,000
Accumulated depreciation	1,092,000
1013 Livermore, CA
Real Estate and Accumulated Depreciation
Land initial cost	1,134,000
Building and improvements initial cost	4,615,000
Building costs subsequent to acquisition	210,000
Gross carrying amount
Land	1,134,000
Building and improvements	4,825,000
Total	5,959,000
Accumulated depreciation	1,087,000
1020 Pico Rivera, CA
Real Estate and Accumulated Depreciation
Debt	4,222,000
Land initial cost	1,150,000
Building and improvements initial cost	3,450,000
Building costs subsequent to acquisition	146,000
Gross carrying amount
Land	1,150,000
Building and improvements	3,596,000
Total	4,746,000
Accumulated depreciation	1,054,000
1222 Belmont, CA
Real Estate and Accumulated Depreciation
Land initial cost	3,500,000
Building and improvements initial cost	7,280,000
Building costs subsequent to acquisition	51,000
Gross carrying amount
Land	3,500,000
Building and improvements	7,331,000
Total	10,831,000
Accumulated depreciation	1,015,000
1372 Castro Valley, CA
Real Estate and Accumulated Depreciation
Building and improvements initial cost	6,346,000
Building costs subsequent to acquisition	349,000
Gross carrying amount
Building and improvements	6,695,000
Total	6,695,000
Accumulated depreciation	972,000
1030 Hawthorne, CA
Real Estate and Accumulated Depreciation
Debt	3,911,000
Land initial cost	1,532,000
Building and improvements initial cost	3,871,000
Building costs subsequent to acquisition	208,000
Gross carrying amount
Land	1,532,000
Building and improvements	4,079,000
Total	5,611,000
Accumulated depreciation	969,000
1095 Stockton, CA
Real Estate and Accumulated Depreciation
Debt	2,572,000
Land initial cost	649,000
Building and improvements initial cost	3,272,000
Building costs subsequent to acquisition	172,000
Gross carrying amount
Land	649,000
Building and improvements	3,444,000
Total	4,093,000
Accumulated depreciation	967,000
1378 El Sobrante, CA
Real Estate and Accumulated Depreciation
Land initial cost	1,209,000
Building and improvements initial cost	4,018,000
Building costs subsequent to acquisition	1,213,000
Gross carrying amount
Land	1,209,000
Building and improvements	5,231,000
Total	6,440,000
Accumulated depreciation	953,000
1121 Fontana, CA
Real Estate and Accumulated Depreciation
Debt	1,816,000
Land initial cost	1,246,000
Building and improvements initial cost	3,356,000
Building costs subsequent to acquisition	165,000
Land Adjustments	54,000
Building Adjustments	179,000
Gross carrying amount
Land	1,300,000
Building and improvements	3,700,000
Total	5,000,000
Accumulated depreciation	927,000
1232 Antelope, CA
Real Estate and Accumulated Depreciation
Debt	3,902,000
Land initial cost	1,525,000
Building and improvements initial cost	8,345,000
Building costs subsequent to acquisition	(17,000)
Land Adjustments	(340,000)
Gross carrying amount
Land	1,185,000
Building and improvements	8,328,000
Total	9,513,000
Accumulated depreciation	920,000
1235 Los Angeles, CA
Real Estate and Accumulated Depreciation
Debt	4,938,000
Land initial cost	2,200,000
Building and improvements initial cost	8,108,000
Building costs subsequent to acquisition	20,000
Gross carrying amount
Land	2,200,000
Building and improvements	8,128,000
Total	10,328,000
Accumulated depreciation	901,000
1083 Whittier, CA
Real Estate and Accumulated Depreciation
Building and improvements initial cost	2,985,000
Building costs subsequent to acquisition	132,000
Building Adjustments	20,000
Gross carrying amount
Building and improvements	3,137,000
Total	3,137,000
Accumulated depreciation	878,000
1382 Pleasanton, CA
Real Estate and Accumulated Depreciation
Debt	2,894,000
Land initial cost	1,208,000
Building and improvements initial cost	4,283,000
Building costs subsequent to acquisition	403,000
Gross carrying amount
Land	1,208,000
Building and improvements	4,686,000
Total	5,894,000
Accumulated depreciation	861,000
1255 Compton, CA
Real Estate and Accumulated Depreciation
Debt	4,060,000
Land initial cost	1,426,000
Building and improvements initial cost	7,582,000
Building costs subsequent to acquisition	38,000
Gross carrying amount
Land	1,426,000
Building and improvements	7,620,000
Total	9,046,000
Accumulated depreciation	842,000
1112 Tracy, CA
Real Estate and Accumulated Depreciation
Debt	2,771,000
Land initial cost	778,000
Building and improvements initial cost	2,638,000
Building costs subsequent to acquisition	173,000
Land Adjustments	133,000
Building Adjustments	481,000
Gross carrying amount
Land	911,000
Building and improvements	3,292,000
Total	4,203,000
Accumulated depreciation	839,000
1194 San Bernardino, CA
Real Estate and Accumulated Depreciation
Land initial cost	750,000
Building and improvements initial cost	5,135,000
Building costs subsequent to acquisition	55,000
Gross carrying amount
Land	750,000
Building and improvements	5,190,000
Total	5,940,000
Accumulated depreciation	829,000
1007 San Bernardino, CA
Real Estate and Accumulated Depreciation
Land initial cost	1,213,000
Building and improvements initial cost	3,061,000
Building costs subsequent to acquisition	148,000
Gross carrying amount
Land	1,213,000
Building and improvements	3,209,000
Total	4,422,000
Accumulated depreciation	753,000
1267 Oakland, CA
Real Estate and Accumulated Depreciation
Land initial cost	3,024,000
Building and improvements initial cost	11,321,000
Building costs subsequent to acquisition	150,000
Gross carrying amount
Land	3,024,000
Building and improvements	11,471,000
Total	14,495,000
Accumulated depreciation	753,000
0144 Watsonville, CA
Real Estate and Accumulated Depreciation
Debt	3,292,000
Land initial cost	1,699,000
Building and improvements initial cost	3,056,000
Building costs subsequent to acquisition	195,000
Gross carrying amount
Land	1,699,000
Building and improvements	3,251,000
Total	4,950,000
Accumulated depreciation	699,000
1261 Santa Clara, CA
Real Estate and Accumulated Depreciation
Debt	8,414,000
Land initial cost	4,750,000
Building and improvements initial cost	8,218,000
Building costs subsequent to acquisition	31,000
Gross carrying amount
Land	4,750,000
Building and improvements	8,249,000
Total	12,999,000
Accumulated depreciation	699,000
1425 Sylmar, CA
Real Estate and Accumulated Depreciation
Debt	4,209,000
Land initial cost	3,058,000
Building and improvements initial cost	4,671,000
Building costs subsequent to acquisition	247,000
Gross carrying amount
Land	3,058,000
Building and improvements	4,918,000
Total	7,976,000
Accumulated depreciation	687,000
1254 Pacoima, CA
Real Estate and Accumulated Depreciation
Debt	2,302,000
Land initial cost	3,050,000
Building and improvements initial cost	7,597,000
Building costs subsequent to acquisition	80,000
Gross carrying amount
Land	3,050,000
Building and improvements	7,677,000
Total	10,727,000
Accumulated depreciation	649,000
8055 Manteca, CA
Real Estate and Accumulated Depreciation
Debt	3,719,000
Land initial cost	848,000
Building and improvements initial cost	2,543,000
Building costs subsequent to acquisition	119,000
Gross carrying amount
Land	848,000
Building and improvements	2,662,000
Total	3,510,000
Accumulated depreciation	639,000
1433 Sacramento, CA
Real Estate and Accumulated Depreciation
Land initial cost	2,400,000
Building and improvements initial cost	7,425,000
Building costs subsequent to acquisition	53,000
Gross carrying amount
Land	2,400,000
Building and improvements	7,478,000
Total	9,878,000
Accumulated depreciation	633,000
1379 Vallejo, CA
Real Estate and Accumulated Depreciation
Debt	3,098,000
Land initial cost	1,177,000
Building and improvements initial cost	2,157,000
Building costs subsequent to acquisition	932,000
Gross carrying amount
Land	1,177,000
Building and improvements	3,089,000
Total	4,266,000
Accumulated depreciation	631,000
1174 Tracy, CA
Real Estate and Accumulated Depreciation
Land initial cost	946,000
Building and improvements initial cost	1,937,000
Building costs subsequent to acquisition	216,000
Building Adjustments	10,000
Gross carrying amount
Land	946,000
Building and improvements	2,163,000
Total	3,109,000
Accumulated depreciation	592,000
8145 San Jose, CA
Real Estate and Accumulated Depreciation
Debt	8,713,000
Land initial cost	5,340,000
Building and improvements initial cost	6,821,000
Building costs subsequent to acquisition	195,000
Gross carrying amount
Land	5,340,000
Building and improvements	7,016,000
Total	12,356,000
Accumulated depreciation	565,000
1383 Modesto, CA
Real Estate and Accumulated Depreciation
Debt	1,468,000
Land initial cost	909,000
Building and improvements initial cost	3,043,000
Building costs subsequent to acquisition	269,000
Gross carrying amount
Land	909,000
Building and improvements	3,312,000
Total	4,221,000
Accumulated depreciation	554,000
1004 Claremont, CA
Real Estate and Accumulated Depreciation
Land initial cost	1,472,000
Building and improvements initial cost	2,012,000
Building costs subsequent to acquisition	228,000
Gross carrying amount
Land	1,472,000
Building and improvements	2,240,000
Total	3,712,000
Accumulated depreciation	544,000
1404 El Cajon, CA
Real Estate and Accumulated Depreciation
Land initial cost	1,100,000
Building and improvements initial cost	6,380,000
Building costs subsequent to acquisition	44,000
Gross carrying amount
Land	1,100,000
Building and improvements	6,424,000
Total	7,524,000
Accumulated depreciation	519,000
1474 Cerritos, CA
Real Estate and Accumulated Depreciation
Debt	17,385,000
Land initial cost	8,728,000
Building and improvements initial cost	15,895,000
Building costs subsequent to acquisition	172,000
Gross carrying amount
Land	8,728,000
Building and improvements	16,067,000
Total	24,795,000
Accumulated depreciation	503,000
1278 Lancaster, CA
Real Estate and Accumulated Depreciation
Land initial cost	1,425,000
Building and improvements initial cost	5,855,000
Building costs subsequent to acquisition	46,000
Gross carrying amount
Land	1,425,000
Building and improvements	5,901,000
Total	7,326,000
Accumulated depreciation	464,000
1256 Carson, CA
Real Estate and Accumulated Depreciation
Building and improvements initial cost	9,709,000
Building costs subsequent to acquisition	74,000
Gross carrying amount
Building and improvements	9,783,000
Total	9,783,000
Accumulated depreciation	449,000
1166 Elk Grove, CA
Real Estate and Accumulated Depreciation
Debt	2,962,000
Land initial cost	952,000
Building and improvements initial cost	6,936,000
Building costs subsequent to acquisition	54,000
Land Adjustments	123,000
Building Adjustments	234,000
Gross carrying amount
Land	1,075,000
Building and improvements	7,224,000
Total	8,299,000
Accumulated depreciation	419,000
1257 San Leandro, CA
Real Estate and Accumulated Depreciation
Debt	4,299,000
Land initial cost	3,343,000
Building and improvements initial cost	6,630,000
Building costs subsequent to acquisition	51,000
Land Adjustments	(52,000)
Building Adjustments	(237,000)
Gross carrying amount
Land	3,291,000
Building and improvements	6,444,000
Total	9,735,000
Accumulated depreciation	378,000
1273 Sacramento, CA
Real Estate and Accumulated Depreciation
Debt	3,130,000
Land initial cost	1,738,000
Building and improvements initial cost	5,522,000
Building costs subsequent to acquisition	60,000
Land Adjustments	106,000
Building Adjustments	(81,000)
Gross carrying amount
Land	1,844,000
Building and improvements	5,501,000
Total	7,345,000
Accumulated depreciation	322,000
1461 Burlingame, CA
Real Estate and Accumulated Depreciation
Debt	5,555,000
Land initial cost	2,211,000
Building and improvements initial cost	5,829,000
Building costs subsequent to acquisition	95,000
Gross carrying amount
Land	2,211,000
Building and improvements	5,924,000
Total	8,135,000
Accumulated depreciation	260,000
1486 San Dimas, CA
Real Estate and Accumulated Depreciation
Debt	5,533,000
Land initial cost	1,867,000
Building and improvements initial cost	6,354,000
Building costs subsequent to acquisition	44,000
Gross carrying amount
Land	1,867,000
Building and improvements	6,398,000
Total	8,265,000
Accumulated depreciation	201,000
1296 Los Gatos, CA
Real Estate and Accumulated Depreciation
Land initial cost	2,550,000
Building and improvements initial cost	8,257,000
Building costs subsequent to acquisition	36,000
Gross carrying amount
Land	2,550,000
Building and improvements	8,293,000
Total	10,843,000
Accumulated depreciation	187,000
1485 Placentia, CA
Real Estate and Accumulated Depreciation
Debt	6,917,000
Land initial cost	4,798,000
Building and improvements initial cost	5,483,000
Building costs subsequent to acquisition	65,000
Gross carrying amount
Land	4,798,000
Building and improvements	5,548,000
Total	10,346,000
Accumulated depreciation	176,000
1477 Fontana, CA
Real Estate and Accumulated Depreciation
Debt	4,792,000
Land initial cost	778,000
Building and improvements initial cost	4,723,000
Building costs subsequent to acquisition	90,000
Gross carrying amount
Land	778,000
Building and improvements	4,813,000
Total	5,591,000
Accumulated depreciation	155,000
0305 Hawaiian Gardens, CA
Real Estate and Accumulated Depreciation
Debt	9,613,000
Land initial cost	2,964,000
Building and improvements initial cost	12,478,000
Building costs subsequent to acquisition	95,000
Gross carrying amount
Land	2,964,000
Building and improvements	12,573,000
Total	15,537,000
Accumulated depreciation	148,000
1476 Fontana, CA
Real Estate and Accumulated Depreciation
Debt	4,324,000
Land initial cost	768,000
Building and improvements initial cost	4,208,000
Building costs subsequent to acquisition	59,000
Gross carrying amount
Land	768,000
Building and improvements	4,267,000
Total	5,035,000
Accumulated depreciation	135,000
1481 Lake Elsinore, CA
Real Estate and Accumulated Depreciation
Land initial cost	587,000
Building and improvements initial cost	4,219,000
Building costs subsequent to acquisition	34,000
Gross carrying amount
Land	587,000
Building and improvements	4,253,000
Total	4,840,000
Accumulated depreciation	134,000
0721 Santa Cruz, CA
Real Estate and Accumulated Depreciation
Land initial cost	1,588,000
Building and improvements initial cost	11,160,000
Building costs subsequent to acquisition	5,000
Gross carrying amount
Land	1,588,000
Building and improvements	11,165,000
Total	12,753,000
Accumulated depreciation	131,000
1478 Fontana, CA
Real Estate and Accumulated Depreciation
Debt	4,076,000
Land initial cost	684,000
Building and improvements initial cost	3,951,000
Building costs subsequent to acquisition	63,000
Gross carrying amount
Land	684,000
Building and improvements	4,014,000
Total	4,698,000
Accumulated depreciation	129,000
1480 Irvine, CA
Real Estate and Accumulated Depreciation
Debt	5,118,000
Land initial cost	3,821,000
Building and improvements initial cost	3,999,000
Building costs subsequent to acquisition	48,000
Gross carrying amount
Land	3,821,000
Building and improvements	4,047,000
Total	7,868,000
Accumulated depreciation	129,000
0352 Los Angeles, CA
Real Estate and Accumulated Depreciation
Land initial cost	4,555,000
Building and improvements initial cost	10,590,000
Building costs subsequent to acquisition	9,000
Gross carrying amount
Land	4,555,000
Building and improvements	10,599,000
Total	15,154,000
Accumulated depreciation	125,000
1488 Santa Maria, CA
Real Estate and Accumulated Depreciation
Debt	3,268,000
Land initial cost	1,310,000
Building and improvements initial cost	3,526,000
Building costs subsequent to acquisition	38,000
Gross carrying amount
Land	1,310,000
Building and improvements	3,564,000
Total	4,874,000
Accumulated depreciation	112,000
1487 Santa Maria, CA
Real Estate and Accumulated Depreciation
Debt	3,015,000
Land initial cost	1,556,000
Building and improvements initial cost	2,740,000
Building costs subsequent to acquisition	89,000
Gross carrying amount
Land	1,556,000
Building and improvements	2,829,000
Total	4,385,000
Accumulated depreciation	94,000
1483 Long Beach, CA
Real Estate and Accumulated Depreciation
Debt	2,767,000
Land initial cost	1,772,000
Building and improvements initial cost	2,539,000
Building costs subsequent to acquisition	75,000
Gross carrying amount
Land	1,772,000
Building and improvements	2,614,000
Total	4,386,000
Accumulated depreciation	85,000
1484 Paramount, CA
Real Estate and Accumulated Depreciation
Debt	2,663,000
Land initial cost	1,404,000
Building and improvements initial cost	2,549,000
Building costs subsequent to acquisition	105,000
Gross carrying amount
Land	1,404,000
Building and improvements	2,654,000
Total	4,058,000
Accumulated depreciation	85,000
1472 Bloomington, CA
Real Estate and Accumulated Depreciation
Debt	2,496,000
Land initial cost	934,000
Building and improvements initial cost	1,937,000
Building costs subsequent to acquisition	129,000
Gross carrying amount
Land	934,000
Building and improvements	2,066,000
Total	3,000,000
Accumulated depreciation	75,000
1482 Lake Elsinore, CA
Real Estate and Accumulated Depreciation
Debt	2,095,000
Land initial cost	294,000
Building and improvements initial cost	2,105,000
Building costs subsequent to acquisition	55,000
Gross carrying amount
Land	294,000
Building and improvements	2,160,000
Total	2,454,000
Accumulated depreciation	68,000
0353 Los Angeles, CA
Real Estate and Accumulated Depreciation
Land initial cost	3,099,000
Building and improvements initial cost	4,889,000
Building costs subsequent to acquisition	29,000
Gross carrying amount
Land	3,099,000
Building and improvements	4,918,000
Total	8,017,000
Accumulated depreciation	58,000
1475 Claremont, CA
Real Estate and Accumulated Depreciation
Debt	2,362,000
Land initial cost	1,375,000
Building and improvements initial cost	1,434,000
Building costs subsequent to acquisition	34,000
Gross carrying amount
Land	1,375,000
Building and improvements	1,468,000
Total	2,843,000
Accumulated depreciation	48,000
1473 Bloomington, CA
Real Estate and Accumulated Depreciation
Debt	1,515,000
Land initial cost	647,000
Building and improvements initial cost	1,303,000
Building costs subsequent to acquisition	50,000
Gross carrying amount
Land	647,000
Building and improvements	1,353,000
Total	2,000,000
Accumulated depreciation	47,000
1471 Bellflower, CA
Real Estate and Accumulated Depreciation
Debt	1,280,000
Land initial cost	640,000
Building and improvements initial cost	1,350,000
Building costs subsequent to acquisition	29,000
Gross carrying amount
Land	640,000
Building and improvements	1,379,000
Total	2,019,000
Accumulated depreciation	44,000
0231 Moreno Valley, CA
Real Estate and Accumulated Depreciation
Debt	2,139,000
Land initial cost	482,000
Building and improvements initial cost	3,484,000
Building costs subsequent to acquisition	3,000
Gross carrying amount
Land	482,000
Building and improvements	3,487,000
Total	3,969,000
Accumulated depreciation	41,000
0825 Orange, CA
Real Estate and Accumulated Depreciation
Land initial cost	4,847,000
Building and improvements initial cost	12,341,000
Building costs subsequent to acquisition	3,000
Gross carrying amount
Land	4,847,000
Building and improvements	12,344,000
Total	17,191,000
Accumulated depreciation	40,000
1489 Victorville, CA
Real Estate and Accumulated Depreciation
Debt	713,000
Land initial cost	151,000
Building and improvements initial cost	751,000
Building costs subsequent to acquisition	85,000
Gross carrying amount
Land	151,000
Building and improvements	836,000
Total	987,000
Accumulated depreciation	28,000
1491 San Jose, CA
Real Estate and Accumulated Depreciation
Debt	2,570,000
Land initial cost	2,428,000
Building and improvements initial cost	2,323,000
Building costs subsequent to acquisition	45,000
Gross carrying amount
Land	2,428,000
Building and improvements	2,368,000
Total	4,796,000
Accumulated depreciation	28,000
1479 Hesperia, CA
Real Estate and Accumulated Depreciation
Debt	446,000
Land initial cost	156,000
Building and improvements initial cost	430,000
Building costs subsequent to acquisition	86,000
Gross carrying amount
Land	156,000
Building and improvements	516,000
Total	672,000
Accumulated depreciation	22,000
1253 Thousand Oaks, CA
Real Estate and Accumulated Depreciation
Land initial cost	4,500,000
Land Adjustments	(1,000,000)
Gross carrying amount
Land	3,500,000
Total	3,500,000
1275 Simi Valley, CA
Real Estate and Accumulated Depreciation
Land initial cost	5,533,000
Land Adjustments	(1,285,000)
Gross carrying amount
Land	4,248,000
Total	4,248,000
1075 Thornton, CO
Real Estate and Accumulated Depreciation
Debt	2,966,000
Land initial cost	212,000
Building and improvements initial cost	2,044,000
Building costs subsequent to acquisition	651,000
Land Adjustments	36,000
Building Adjustments	389,000
Gross carrying amount
Land	248,000
Building and improvements	3,084,000
Total	3,332,000
Accumulated depreciation	1,084,000
1074 Denver, CO
Real Estate and Accumulated Depreciation
Debt	2,708,000
Land initial cost	602,000
Building and improvements initial cost	2,052,000
Building costs subsequent to acquisition	598,000
Land Adjustments	143,000
Building Adjustments	512,000
Gross carrying amount
Land	745,000
Building and improvements	3,162,000
Total	3,907,000
Accumulated depreciation	1,060,000
1076 Westminster, CO
Real Estate and Accumulated Depreciation
Debt	2,238,000
Land initial cost	291,000
Building and improvements initial cost	1,586,000
Building costs subsequent to acquisition	950,000
Land Adjustments	8,000
Building Adjustments	48,000
Gross carrying amount
Land	299,000
Building and improvements	2,584,000
Total	2,883,000
Accumulated depreciation	1,005,000
1359 Parker, CO
Real Estate and Accumulated Depreciation
Debt	2,604,000
Land initial cost	800,000
Building and improvements initial cost	4,549,000
Building costs subsequent to acquisition	599,000
Gross carrying amount
Land	800,000
Building and improvements	5,148,000
Total	5,948,000
Accumulated depreciation	974,000
1073 Arvada, CO
Real Estate and Accumulated Depreciation
Debt	1,913,000
Land initial cost	286,000
Building and improvements initial cost	1,521,000
Building costs subsequent to acquisition	647,000
Gross carrying amount
Land	286,000
Building and improvements	2,168,000
Total	2,454,000
Accumulated depreciation	824,000
0665 Colorado Springs, CO
Real Estate and Accumulated Depreciation
Debt	4,024,000
Land initial cost	781,000
Building and improvements initial cost	3,400,000
Building costs subsequent to acquisition	207,000
Gross carrying amount
Land	781,000
Building and improvements	3,607,000
Total	4,388,000
Accumulated depreciation	566,000
0744 Colorado Springs, CO
Real Estate and Accumulated Depreciation
Debt	3,314,000
Land initial cost	1,525,000
Building and improvements initial cost	4,310,000
Building costs subsequent to acquisition	212,000
Gross carrying amount
Land	1,525,000
Building and improvements	4,522,000
Total	6,047,000
Accumulated depreciation	524,000
0679 Denver, CO
Real Estate and Accumulated Depreciation
Debt	2,678,000
Land initial cost	368,000
Building and improvements initial cost	1,574,000
Building costs subsequent to acquisition	202,000
Gross carrying amount
Land	368,000
Building and improvements	1,776,000
Total	2,144,000
Accumulated depreciation	406,000
1459 Colorado Springs, CO
Real Estate and Accumulated Depreciation
Debt	1,833,000
Land initial cost	296,000
Building and improvements initial cost	4,199,000
Building costs subsequent to acquisition	192,000
Gross carrying amount
Land	296,000
Building and improvements	4,391,000
Total	4,687,000
Accumulated depreciation	181,000
1458 Castle Rock, CO
Real Estate and Accumulated Depreciation
Debt	1,208,000
Land initial cost	407,000
Building and improvements initial cost	3,077,000
Building costs subsequent to acquisition	106,000
Gross carrying amount
Land	407,000
Building and improvements	3,183,000
Total	3,590,000
Accumulated depreciation	137,000
1460 Colorado Springs, CO
Real Estate and Accumulated Depreciation
Building and improvements initial cost	6,945,000
Building costs subsequent to acquisition	10,000
Gross carrying amount
Building and improvements	6,955,000
Total	6,955,000
Accumulated depreciation	82,000
1097 Wethersfield, CT
Real Estate and Accumulated Depreciation
Debt	4,197,000
Land initial cost	709,000
Building and improvements initial cost	4,205,000
Building costs subsequent to acquisition	187,000
Building Adjustments	16,000
Gross carrying amount
Land	709,000
Building and improvements	4,408,000
Total	5,117,000
Accumulated depreciation	1,203,000
1079 Groton, CT
Real Estate and Accumulated Depreciation
Debt	2,309,000
Land initial cost	1,277,000
Building and improvements initial cost	3,992,000
Building costs subsequent to acquisition	383,000
Building Adjustments	46,000
Gross carrying amount
Land	1,277,000
Building and improvements	4,421,000
Total	5,698,000
Accumulated depreciation	1,166,000
1192 Middletown, CT
Real Estate and Accumulated Depreciation
Debt	2,914,000
Land initial cost	932,000
Building and improvements initial cost	2,810,000
Building costs subsequent to acquisition	170,000
Gross carrying amount
Land	932,000
Building and improvements	2,980,000
Total	3,912,000
Accumulated depreciation	397,000
0568 Brookfield, CT
Real Estate and Accumulated Depreciation
Debt	5,233,000
Land initial cost	991,000
Building and improvements initial cost	7,891,000
Building costs subsequent to acquisition	39,000
Gross carrying amount
Land	991,000
Building and improvements	7,930,000
Total	8,921,000
Accumulated depreciation	94,000
1333 Orlando, FL
Real Estate and Accumulated Depreciation
Debt	4,237,000
Land initial cost	2,233,000
Building and improvements initial cost	9,223,000
Building costs subsequent to acquisition	330,000
Building Adjustments	21,000
Gross carrying amount
Land	2,233,000
Building and improvements	9,574,000
Total	11,807,000
Accumulated depreciation	2,046,000
1066 Miami, FL
Real Estate and Accumulated Depreciation
Debt	3,230,000
Land initial cost	1,325,000
Building and improvements initial cost	4,395,000
Building costs subsequent to acquisition	421,000
Land Adjustments	114,000
Building Adjustments	388,000
Gross carrying amount
Land	1,439,000
Building and improvements	5,204,000
Total	6,643,000
Accumulated depreciation	1,728,000
1060 North Miami, FL
Real Estate and Accumulated Depreciation
Land initial cost	1,256,000
Building and improvements initial cost	6,535,000
Building costs subsequent to acquisition	484,000
Gross carrying amount
Land	1,256,000
Building and improvements	7,019,000
Total	8,275,000
Accumulated depreciation	1,673,000
1067 Miami, FL
Real Estate and Accumulated Depreciation
Debt	8,219,000
Land initial cost	5,315,000
Building and improvements initial cost	4,305,000
Building costs subsequent to acquisition	284,000
Land Adjustments	544,000
Building Adjustments	447,000
Gross carrying amount
Land	5,859,000
Building and improvements	5,036,000
Total	10,895,000
Accumulated depreciation	1,635,000
1064 North Lauderdale, FL
Real Estate and Accumulated Depreciation
Debt	4,270,000
Land initial cost	428,000
Building and improvements initial cost	3,516,000
Building costs subsequent to acquisition	663,000
Land Adjustments	31,000
Building Adjustments	260,000
Gross carrying amount
Land	459,000
Building and improvements	4,439,000
Total	4,898,000
Accumulated depreciation	1,572,000
1334 Orlando, FL
Real Estate and Accumulated Depreciation
Land initial cost	1,474,000
Building and improvements initial cost	6,101,000
Building costs subsequent to acquisition	233,000
Building Adjustments	21,000
Gross carrying amount
Land	1,474,000
Building and improvements	6,355,000
Total	7,829,000
Accumulated depreciation	1,340,000
1068 Margate, FL
Real Estate and Accumulated Depreciation
Debt	3,508,000
Land initial cost	430,000
Building and improvements initial cost	3,139,000
Building costs subsequent to acquisition	356,000
Land Adjustments	39,000
Building Adjustments	287,000
Gross carrying amount
Land	469,000
Building and improvements	3,782,000
Total	4,251,000
Accumulated depreciation	1,246,000
0763 Hollywood, FL
Real Estate and Accumulated Depreciation
Debt	6,968,000
Land initial cost	3,214,000
Building and improvements initial cost	8,689,000
Building costs subsequent to acquisition	259,000
Gross carrying amount
Land	3,214,000
Building and improvements	8,948,000
Total	12,162,000
Accumulated depreciation	1,242,000
1317 Orlando, FL
Real Estate and Accumulated Depreciation
Debt	4,407,000
Land initial cost	1,216,000
Building and improvements initial cost	5,008,000
Building costs subsequent to acquisition	290,000
Building Adjustments	39,000
Gross carrying amount
Land	1,216,000
Building and improvements	5,337,000
Total	6,553,000
Accumulated depreciation	1,228,000
1385 Miami, FL
Real Estate and Accumulated Depreciation
Debt	4,678,000
Land initial cost	1,238,000
Building and improvements initial cost	7,597,000
Building costs subsequent to acquisition	259,000
Gross carrying amount
Land	1,238,000
Building and improvements	7,856,000
Total	9,094,000
Accumulated depreciation	1,226,000
1314 Madeira Beach, FL
Real Estate and Accumulated Depreciation
Land initial cost	1,686,000
Building and improvements initial cost	5,163,000
Building costs subsequent to acquisition	161,000
Building Adjustments	29,000
Gross carrying amount
Land	1,686,000
Building and improvements	5,353,000
Total	7,039,000
Accumulated depreciation	1,213,000
1336 Orlando, FL
Real Estate and Accumulated Depreciation
Land initial cost	1,166,000
Building and improvements initial cost	4,816,000
Building costs subsequent to acquisition	1,168,000
Building Adjustments	15,000
Gross carrying amount
Land	1,166,000
Building and improvements	5,999,000
Total	7,165,000
Accumulated depreciation	1,205,000
0976 West Palm Beach, FL
Real Estate and Accumulated Depreciation
Debt	3,872,000
Land initial cost	1,752,000
Building and improvements initial cost	4,909,000
Building costs subsequent to acquisition	387,000
Gross carrying amount
Land	1,752,000
Building and improvements	5,296,000
Total	7,048,000
Accumulated depreciation	1,199,000
0692 Venice, FL
Real Estate and Accumulated Depreciation
Debt	6,986,000
Land initial cost	1,969,000
Building and improvements initial cost	5,903,000
Building costs subsequent to acquisition	311,000
Gross carrying amount
Land	1,969,000
Building and improvements	6,214,000
Total	8,183,000
Accumulated depreciation	1,190,000
0101 Fort Myers, FL
Real Estate and Accumulated Depreciation
Debt	4,260,000
Land initial cost	1,985,000
Building and improvements initial cost	4,983,000
Building costs subsequent to acquisition	387,000
Gross carrying amount
Land	1,985,000
Building and improvements	5,370,000
Total	7,355,000
Accumulated depreciation	1,187,000
1308 Fort Myers, FL
Real Estate and Accumulated Depreciation
Debt	2,919,000
Land initial cost	1,691,000
Building and improvements initial cost	4,711,000
Building costs subsequent to acquisition	203,000
Building Adjustments	29,000
Gross carrying amount
Land	1,691,000
Building and improvements	4,943,000
Total	6,634,000
Accumulated depreciation	1,154,000
1069 West Palm Beach, FL
Real Estate and Accumulated Depreciation
Debt	1,765,000
Land initial cost	1,312,000
Building and improvements initial cost	2,511,000
Building costs subsequent to acquisition	513,000
Land Adjustments	104,000
Building Adjustments	204,000
Gross carrying amount
Land	1,416,000
Building and improvements	3,228,000
Total	4,644,000
Accumulated depreciation	1,128,000
1318 Port Charlotte, FL
Real Estate and Accumulated Depreciation
Land initial cost	1,389,000
Building and improvements initial cost	4,632,000
Building costs subsequent to acquisition	176,000
Building Adjustments	20,000
Gross carrying amount
Land	1,389,000
Building and improvements	4,828,000
Total	6,217,000
Accumulated depreciation	1,087,000
1310 Ft Lauderdale, FL
Real Estate and Accumulated Depreciation
Debt	2,627,000
Land initial cost	1,587,000
Building and improvements initial cost	4,205,000
Building costs subsequent to acquisition	271,000
Building Adjustments	32,000
Gross carrying amount
Land	1,587,000
Building and improvements	4,508,000
Total	6,095,000
Accumulated depreciation	1,064,000
1324 Valrico, FL
Real Estate and Accumulated Depreciation
Debt	3,013,000
Land initial cost	1,197,000
Building and improvements initial cost	4,411,000
Building costs subsequent to acquisition	185,000
Building Adjustments	34,000
Gross carrying amount
Land	1,197,000
Building and improvements	4,630,000
Total	5,827,000
Accumulated depreciation	1,060,000
1065 West Palm Beach, FL
Real Estate and Accumulated Depreciation
Debt	1,533,000
Land initial cost	1,164,000
Building and improvements initial cost	2,511,000
Building costs subsequent to acquisition	390,000
Land Adjustments	82,000
Building Adjustments	180,000
Gross carrying amount
Land	1,246,000
Building and improvements	3,081,000
Total	4,327,000
Accumulated depreciation	1,032,000
1392 Coral Springs, FL
Real Estate and Accumulated Depreciation
Debt	6,627,000
Land initial cost	3,638,000
Building and improvements initial cost	6,590,000
Building costs subsequent to acquisition	207,000
Gross carrying amount
Land	3,638,000
Building and improvements	6,797,000
Total	10,435,000
Accumulated depreciation	871,000
0545 Tampa, FL
Real Estate and Accumulated Depreciation
Land initial cost	1,425,000
Building and improvements initial cost	4,766,000
Building costs subsequent to acquisition	289,000
Gross carrying amount
Land	1,425,000
Building and improvements	5,055,000
Total	6,480,000
Accumulated depreciation	863,000
1335 Ocoee, FL
Real Estate and Accumulated Depreciation
Land initial cost	872,000
Building and improvements initial cost	3,642,000
Building costs subsequent to acquisition	187,000
Building Adjustments	17,000
Gross carrying amount
Land	872,000
Building and improvements	3,846,000
Total	4,718,000
Accumulated depreciation	861,000
1266 Hialeah, FL
Real Estate and Accumulated Depreciation
Land initial cost	2,800,000
Building and improvements initial cost	7,588,000
Building costs subsequent to acquisition	80,000
Gross carrying amount
Land	2,800,000
Building and improvements	7,668,000
Total	10,468,000
Accumulated depreciation	860,000
0752 Deland, FL
Real Estate and Accumulated Depreciation
Debt	2,866,000
Land initial cost	1,318,000
Building and improvements initial cost	3,971,000
Building costs subsequent to acquisition	245,000
Gross carrying amount
Land	1,318,000
Building and improvements	4,216,000
Total	5,534,000
Accumulated depreciation	783,000
1319 Riverview, FL
Real Estate and Accumulated Depreciation
Debt	2,475,000
Land initial cost	654,000
Building and improvements initial cost	2,953,000
Building costs subsequent to acquisition	155,000
Building Adjustments	29,000
Gross carrying amount
Land	654,000
Building and improvements	3,137,000
Total	3,791,000
Accumulated depreciation	745,000
1429 Miami, FL
Real Estate and Accumulated Depreciation
Debt	6,950,000
Land initial cost	4,798,000
Building and improvements initial cost	9,475,000
Building costs subsequent to acquisition	26,000
Gross carrying amount
Land	4,798,000
Building and improvements	9,501,000
Total	14,299,000
Accumulated depreciation	745,000
1337 Greenacres, FL
Real Estate and Accumulated Depreciation
Debt	2,655,000
Land initial cost	1,463,000
Building and improvements initial cost	3,244,000
Building costs subsequent to acquisition	90,000
Building Adjustments	14,000
Gross carrying amount
Land	1,463,000
Building and improvements	3,348,000
Total	4,811,000
Accumulated depreciation	716,000
1402 Estero, FL
Real Estate and Accumulated Depreciation
Land initial cost	2,198,000
Building and improvements initial cost	8,215,000
Building costs subsequent to acquisition	20,000
Gross carrying amount
Land	2,198,000
Building and improvements	8,235,000
Total	10,433,000
Accumulated depreciation	696,000
1366 Tampa, FL
Real Estate and Accumulated Depreciation
Debt	3,390,000
Land initial cost	883,000
Building and improvements initial cost	3,533,000
Building costs subsequent to acquisition	146,000
Gross carrying amount
Land	883,000
Building and improvements	3,679,000
Total	4,562,000
Accumulated depreciation	620,000
1409 Hialeah, FL
Real Estate and Accumulated Depreciation
Debt	1,103,000
Land initial cost	1,750,000
Building and improvements initial cost	7,150,000
Building costs subsequent to acquisition	36,000
Gross carrying amount
Land	1,750,000
Building and improvements	7,186,000
Total	8,936,000
Accumulated depreciation	547,000
1403 Hialeah, FL
Real Estate and Accumulated Depreciation
Land initial cost	1,678,000
Building and improvements initial cost	6,807,000
Building costs subsequent to acquisition	28,000
Gross carrying amount
Land	1,678,000
Building and improvements	6,835,000
Total	8,513,000
Accumulated depreciation	402,000
1427 Ft Lauderdale, FL
Real Estate and Accumulated Depreciation
Debt	5,122,000
Land initial cost	2,750,000
Building and improvements initial cost	7,002,000
Building costs subsequent to acquisition	469,000
Gross carrying amount
Land	2,750,000
Building and improvements	7,471,000
Total	10,221,000
Accumulated depreciation	344,000
1424 Kendall, FL
Real Estate and Accumulated Depreciation
Land initial cost	2,375,000
Building and improvements initial cost	5,543,000
Building costs subsequent to acquisition	55,000
Gross carrying amount
Land	2,375,000
Building and improvements	5,598,000
Total	7,973,000
Accumulated depreciation	221,000
1466 Miami, FL
Real Estate and Accumulated Depreciation
Land initial cost	521,000
Building and improvements initial cost	5,198,000
Building costs subsequent to acquisition	104,000
Gross carrying amount
Land	521,000
Building and improvements	5,302,000
Total	5,823,000
Accumulated depreciation	173,000
8136 Orlando, FL
Real Estate and Accumulated Depreciation
Land initial cost	625,000
Building and improvements initial cost	2,133,000
Building costs subsequent to acquisition	49,000
Gross carrying amount
Land	625,000
Building and improvements	2,182,000
Total	2,807,000
Accumulated depreciation	151,000
0254 Miami, FL
Real Estate and Accumulated Depreciation
Debt	8,235,000
Land initial cost	3,257,000
Building and improvements initial cost	9,713,000
Building costs subsequent to acquisition	40,000
Gross carrying amount
Land	3,257,000
Building and improvements	9,753,000
Total	13,010,000
Accumulated depreciation	115,000
1494 Lakeland, FL
Real Estate and Accumulated Depreciation
Debt	5,754,000
Land initial cost	871,000
Building and improvements initial cost	6,905,000
Building costs subsequent to acquisition	178,000
Gross carrying amount
Land	871,000
Building and improvements	7,083,000
Total	7,954,000
Accumulated depreciation	115,000
1186 West Palm Beach, FL
Real Estate and Accumulated Depreciation
Debt	3,488,000
Land initial cost	1,729,000
Building and improvements initial cost	4,058,000
Building costs subsequent to acquisition	12,000
Gross carrying amount
Land	1,729,000
Building and improvements	4,070,000
Total	5,799,000
Accumulated depreciation	109,000
1493 Lakeland, FL
Real Estate and Accumulated Depreciation
Debt	4,005,000
Land initial cost	593,000
Building and improvements initial cost	4,701,000
Building costs subsequent to acquisition	143,000
Gross carrying amount
Land	593,000
Building and improvements	4,844,000
Total	5,437,000
Accumulated depreciation	79,000
0208 Miami, FL
Real Estate and Accumulated Depreciation
Debt	5,911,000
Land initial cost	1,979,000
Building and improvements initial cost	6,513,000
Building costs subsequent to acquisition	17,000
Gross carrying amount
Land	1,979,000
Building and improvements	6,530,000
Total	8,509,000
Accumulated depreciation	77,000
0812 Sarasota, FL
Real Estate and Accumulated Depreciation
Land initial cost	4,665,000
Building and improvements initial cost	9,016,000
Gross carrying amount
Land	4,665,000
Building and improvements	9,016,000
Total	13,681,000
Accumulated depreciation	29,000
1492 Auburndale, FL
Real Estate and Accumulated Depreciation
Debt	1,323,000
Land initial cost	470,000
Building and improvements initial cost	1,076,000
Building costs subsequent to acquisition	72,000
Gross carrying amount
Land	470,000
Building and improvements	1,148,000
Total	1,618,000
Accumulated depreciation	19,000
0831 Brandon, FL
Real Estate and Accumulated Depreciation
Land initial cost	1,327,000
Building and improvements initial cost	5,656,000
Gross carrying amount
Land	1,327,000
Building and improvements	5,656,000
Total	6,983,000
Accumulated depreciation	18,000
0819 Fort Lauderdale, FL
Real Estate and Accumulated Depreciation
Land initial cost	1,576,000
Building and improvements initial cost	5,397,000
Building costs subsequent to acquisition	1,000
Gross carrying amount
Land	1,576,000
Building and improvements	5,398,000
Total	6,974,000
Accumulated depreciation	17,000
8298 Land O Lakes, FL
Real Estate and Accumulated Depreciation
Land initial cost	798,000
Building and improvements initial cost	4,490,000
Gross carrying amount
Land	798,000
Building and improvements	4,490,000
Total	5,288,000
Accumulated depreciation	5,000
8137 St Petersburg, FL
Real Estate and Accumulated Depreciation
Land initial cost	805,000
Building and improvements initial cost	3,345,000
Gross carrying amount
Land	805,000
Building and improvements	3,345,000
Total	4,150,000
Accumulated depreciation	4,000
8187 Seminole, FL
Real Estate and Accumulated Depreciation
Debt	4,742,000
Land initial cost	1,133,000
Building and improvements initial cost	3,017,000
Gross carrying amount
Land	1,133,000
Building and improvements	3,017,000
Total	4,150,000
Accumulated depreciation	3,000
8297 North Fort Myers, FL
Real Estate and Accumulated Depreciation
Land initial cost	799,000
Building and improvements initial cost	2,372,000
Gross carrying amount
Land	799,000
Building and improvements	2,372,000
Total	3,171,000
Accumulated depreciation	3,000
1432 Plantation, FL
Real Estate and Accumulated Depreciation
Land initial cost	3,850,000
Land Adjustments	(1,900,000)
Gross carrying amount
Land	1,950,000
Total	1,950,000
1304 Atlanta, GA
Real Estate and Accumulated Depreciation
Debt	8,066,000
Land initial cost	3,737,000
Building and improvements initial cost	8,333,000
Building costs subsequent to acquisition	332,000
Building Adjustments	35,000
Gross carrying amount
Land	3,737,000
Building and improvements	8,700,000
Total	12,437,000
Accumulated depreciation	1,982,000
1338 Atlanta, GA
Real Estate and Accumulated Depreciation
Debt	6,706,000
Land initial cost	3,319,000
Building and improvements initial cost	8,325,000
Building costs subsequent to acquisition	432,000
Building Adjustments	33,000
Gross carrying amount
Land	3,319,000
Building and improvements	8,790,000
Total	12,109,000
Accumulated depreciation	1,910,000
1322 Stone Mountain, GA
Real Estate and Accumulated Depreciation
Debt	2,909,000
Land initial cost	1,817,000
Building and improvements initial cost	4,382,000
Building costs subsequent to acquisition	234,000
Building Adjustments	24,000
Gross carrying amount
Land	1,817,000
Building and improvements	4,640,000
Total	6,457,000
Accumulated depreciation	1,053,000
1321 Snellville, GA
Real Estate and Accumulated Depreciation
Land initial cost	2,691,000
Building and improvements initial cost	4,026,000
Building costs subsequent to acquisition	251,000
Building Adjustments	23,000
Gross carrying amount
Land	2,691,000
Building and improvements	4,300,000
Total	6,991,000
Accumulated depreciation	989,000
0417 Stone Mountain, GA
Real Estate and Accumulated Depreciation
Debt	1,761,000
Land initial cost	925,000
Building and improvements initial cost	3,505,000
Building costs subsequent to acquisition	278,000
Gross carrying amount
Land	925,000
Building and improvements	3,783,000
Total	4,708,000
Accumulated depreciation	788,000
0753 Duluth, GA
Real Estate and Accumulated Depreciation
Debt	3,246,000
Land initial cost	1,454,000
Building and improvements initial cost	4,151,000
Building costs subsequent to acquisition	109,000
Gross carrying amount
Land	1,454,000
Building and improvements	4,260,000
Total	5,714,000
Accumulated depreciation	635,000
0693 Alpharetta, GA
Real Estate and Accumulated Depreciation
Debt	2,648,000
Land initial cost	1,893,000
Building and improvements initial cost	3,161,000
Building costs subsequent to acquisition	138,000
Gross carrying amount
Land	1,893,000
Building and improvements	3,299,000
Total	5,192,000
Accumulated depreciation	598,000
0699 Dacula, GA
Real Estate and Accumulated Depreciation
Debt	3,819,000
Land initial cost	1,993,000
Building and improvements initial cost	3,001,000
Building costs subsequent to acquisition	117,000
Gross carrying amount
Land	1,993,000
Building and improvements	3,118,000
Total	5,111,000
Accumulated depreciation	582,000
1320 Atlanta, GA
Real Estate and Accumulated Depreciation
Land initial cost	1,665,000
Building and improvements initial cost	2,028,000
Building costs subsequent to acquisition	169,000
Building Adjustments	21,000
Gross carrying amount
Land	1,665,000
Building and improvements	2,218,000
Total	3,883,000
Accumulated depreciation	541,000
0754 Sugar Hill, GA
Real Estate and Accumulated Depreciation
Land initial cost	1,371,000
Building and improvements initial cost	2,547,000
Building costs subsequent to acquisition	151,000
Gross carrying amount
Land	1,371,000
Building and improvements	2,698,000
Total	4,069,000
Accumulated depreciation	430,000
0745 Sugar Hill, GA
Real Estate and Accumulated Depreciation
Land initial cost	1,368,000
Building and improvements initial cost	2,540,000
Building costs subsequent to acquisition	157,000
Gross carrying amount
Land	1,368,000
Building and improvements	2,697,000
Total	4,065,000
Accumulated depreciation	427,000
8134 Lithonia, GA
Real Estate and Accumulated Depreciation
Land initial cost	1,958,000
Building and improvements initial cost	3,645,000
Building costs subsequent to acquisition	78,000
Gross carrying amount
Land	1,958,000
Building and improvements	3,723,000
Total	5,681,000
Accumulated depreciation	306,000
8161 Marietta, GA
Real Estate and Accumulated Depreciation
Land initial cost	887,000
Building and improvements initial cost	2,617,000
Building costs subsequent to acquisition	201,000
Gross carrying amount
Land	887,000
Building and improvements	2,818,000
Total	3,705,000
Accumulated depreciation	188,000
8162 Kennesaw, GA
Real Estate and Accumulated Depreciation
Land initial cost	673,000
Building and improvements initial cost	1,151,000
Building costs subsequent to acquisition	106,000
Gross carrying amount
Land	673,000
Building and improvements	1,257,000
Total	1,930,000
Accumulated depreciation	90,000
8163 Douglasville, GA
Real Estate and Accumulated Depreciation
Debt	3,360,000
Land initial cost	1,209,000
Building and improvements initial cost	719,000
Building costs subsequent to acquisition	277,000
Gross carrying amount
Land	1,209,000
Building and improvements	996,000
Total	2,205,000
Accumulated depreciation	69,000
0815 Atlanta, GA
Real Estate and Accumulated Depreciation
Land initial cost	1,718,000
Building and improvements initial cost	6,388,000
Building costs subsequent to acquisition	2,000
Gross carrying amount
Land	1,718,000
Building and improvements	6,390,000
Total	8,108,000
Accumulated depreciation	20,000
1313 Alpharetta, GL
Real Estate and Accumulated Depreciation
Land initial cost	1,973,000
Building and improvements initial cost	1,587,000
Building costs subsequent to acquisition	182,000
Building Adjustments	20,000
Gross carrying amount
Land	1,973,000
Building and improvements	1,789,000
Total	3,762,000
Accumulated depreciation	432,000
1376 Kapolei, HI
Real Estate and Accumulated Depreciation
Debt	14,545,000
Building and improvements initial cost	24,701,000
Building costs subsequent to acquisition	417,000
Gross carrying amount
Building and improvements	25,118,000
Total	25,118,000
Accumulated depreciation	3,670,000
1375 Kahului, HI
Real Estate and Accumulated Depreciation
Land initial cost	3,984,000
Building and improvements initial cost	15,044,000
Building costs subsequent to acquisition	621,000
Gross carrying amount
Land	3,984,000
Building and improvements	15,665,000
Total	19,649,000
Accumulated depreciation	2,400,000
1171 Gurnee, IL
Real Estate and Accumulated Depreciation
Land initial cost	1,374,000
Building and improvements initial cost	8,296,000
Building costs subsequent to acquisition	86,000
Gross carrying amount
Land	1,374,000
Building and improvements	8,382,000
Total	9,756,000
Accumulated depreciation	1,132,000
0731 Chicago, IL
Real Estate and Accumulated Depreciation
Debt	4,260,000
Land initial cost	621,000
Building and improvements initial cost	3,428,000
Building costs subsequent to acquisition	851,000
Gross carrying amount
Land	621,000
Building and improvements	4,279,000
Total	4,900,000
Accumulated depreciation	1,073,000
1108 Crest Hill, IL
Real Estate and Accumulated Depreciation
Debt	2,444,000
Land initial cost	847,000
Building and improvements initial cost	2,946,000
Building costs subsequent to acquisition	177,000
Land Adjustments	121,000
Building Adjustments	472,000
Gross carrying amount
Land	968,000
Building and improvements	3,595,000
Total	4,563,000
Accumulated depreciation	907,000
1104 South Holland, IL
Real Estate and Accumulated Depreciation
Debt	1,540,000
Land initial cost	839,000
Building and improvements initial cost	2,879,000
Building costs subsequent to acquisition	187,000
Land Adjustments	26,000
Building Adjustments	108,000
Gross carrying amount
Land	865,000
Building and improvements	3,174,000
Total	4,039,000
Accumulated depreciation	879,000
0729 Chicago, IL
Real Estate and Accumulated Depreciation
Debt	2,808,000
Land initial cost	472,000
Building and improvements initial cost	2,582,000
Building costs subsequent to acquisition	696,000
Gross carrying amount
Land	472,000
Building and improvements	3,278,000
Total	3,750,000
Accumulated depreciation	807,000
1259 Naperville, IL
Real Estate and Accumulated Depreciation
Land initial cost	2,800,000
Building and improvements initial cost	7,355,000
Building costs subsequent to acquisition	116,000
Land Adjustments	(850,000)
Gross carrying amount
Land	1,950,000
Building and improvements	7,471,000
Total	9,421,000
Accumulated depreciation	782,000
0728 Chicago, IL
Real Estate and Accumulated Depreciation
Debt	3,098,000
Land initial cost	449,000
Building and improvements initial cost	2,471,000
Building costs subsequent to acquisition	698,000
Gross carrying amount
Land	449,000
Building and improvements	3,169,000
Total	3,618,000
Accumulated depreciation	754,000
1242 North Aurora, IL
Real Estate and Accumulated Depreciation
Debt	2,523,000
Land initial cost	600,000
Building and improvements initial cost	5,833,000
Building costs subsequent to acquisition	101,000
Gross carrying amount
Land	600,000
Building and improvements	5,934,000
Total	6,534,000
Accumulated depreciation	710,000
1263 Tinley Park, IL
Real Estate and Accumulated Depreciation
Land initial cost	1,823,000
Building and improvements initial cost	4,794,000
Building costs subsequent to acquisition	82,000
Land Adjustments	(275,000)
Gross carrying amount
Land	1,548,000
Building and improvements	4,876,000
Total	6,424,000
Accumulated depreciation	540,000
1178 Highland Park, IL
Real Estate and Accumulated Depreciation
Debt	7,344,000
Land initial cost	5,798,000
Building and improvements initial cost	6,016,000
Building costs subsequent to acquisition	64,000
Gross carrying amount
Land	5,798,000
Building and improvements	6,080,000
Total	11,878,000
Accumulated depreciation	165,000
1173 Naperville, IL
Real Estate and Accumulated Depreciation
Debt	5,033,000
Land initial cost	1,860,000
Building and improvements initial cost	5,793,000
Building costs subsequent to acquisition	54,000
Gross carrying amount
Land	1,860,000
Building and improvements	5,847,000
Total	7,707,000
Accumulated depreciation	158,000
0730 Skokie, IL
Real Estate and Accumulated Depreciation
Debt	4,260,000
Land initial cost	1,119,000
Building and improvements initial cost	7,502,000
Building costs subsequent to acquisition	26,000
Gross carrying amount
Land	1,119,000
Building and improvements	7,528,000
Total	8,647,000
Accumulated depreciation	88,000
1226 Chicago, IL
Real Estate and Accumulated Depreciation
Land initial cost	1,925,000
Gross carrying amount
Land	1,925,000
Total	1,925,000
1396 Indianapolis, IN
Real Estate and Accumulated Depreciation
Land initial cost	850,000
Building and improvements initial cost	4,545,000
Building costs subsequent to acquisition	307,000
Gross carrying amount
Land	850,000
Building and improvements	4,852,000
Total	5,702,000
Accumulated depreciation	614,000
0652 Indianapolis, IN
Real Estate and Accumulated Depreciation
Land initial cost	588,000
Building and improvements initial cost	3,457,000
Building costs subsequent to acquisition	264,000
Gross carrying amount
Land	588,000
Building and improvements	3,721,000
Total	4,309,000
Accumulated depreciation	604,000
1393 Carmel, IN
Real Estate and Accumulated Depreciation
Land initial cost	1,169,000
Building and improvements initial cost	4,393,000
Building costs subsequent to acquisition	223,000
Gross carrying amount
Land	1,169,000
Building and improvements	4,616,000
Total	5,785,000
Accumulated depreciation	569,000
1394 Fort Wayne, IN
Real Estate and Accumulated Depreciation
Land initial cost	1,899,000
Building and improvements initial cost	3,292,000
Building costs subsequent to acquisition	258,000
Gross carrying amount
Land	1,899,000
Building and improvements	3,550,000
Total	5,449,000
Accumulated depreciation	460,000
1397 Mishawaka, IN
Real Estate and Accumulated Depreciation
Debt	2,689,000
Land initial cost	630,000
Building and improvements initial cost	3,349,000
Building costs subsequent to acquisition	217,000
Gross carrying amount
Land	630,000
Building and improvements	3,566,000
Total	4,196,000
Accumulated depreciation	458,000
1395 Indianapolis, IN
Real Estate and Accumulated Depreciation
Land initial cost	426,000
Building and improvements initial cost	2,903,000
Building costs subsequent to acquisition	248,000
Gross carrying amount
Land	426,000
Building and improvements	3,151,000
Total	3,577,000
Accumulated depreciation	422,000
1513 Richmond, IN
Real Estate and Accumulated Depreciation
Land initial cost	723,000
Building and improvements initial cost	482,000
Building costs subsequent to acquisition	57,000
Gross carrying amount
Land	723,000
Building and improvements	539,000
Total	1,262,000
Accumulated depreciation	27,000
1514 Connersville, IN
Real Estate and Accumulated Depreciation
Land initial cost	472,000
Building and improvements initial cost	315,000
Building costs subsequent to acquisition	56,000
Gross carrying amount
Land	472,000
Building and improvements	371,000
Total	843,000
Accumulated depreciation	20,000
0827 Indianapolis, IN
Real Estate and Accumulated Depreciation
Land initial cost	646,000
Building and improvements initial cost	1,294,000
Gross carrying amount
Land	646,000
Building and improvements	1,294,000
Total	1,940,000
Accumulated depreciation	4,000
0586 Wichita, KS
Real Estate and Accumulated Depreciation
Debt	2,132,000
Land initial cost	366,000
Building and improvements initial cost	1,897,000
Building costs subsequent to acquisition	361,000
Gross carrying amount
Land	366,000
Building and improvements	2,258,000
Total	2,624,000
Accumulated depreciation	499,000
0648 Louisville, KY
Real Estate and Accumulated Depreciation
Debt	2,447,000
Land initial cost	1,217,000
Building and improvements initial cost	4,611,000
Building costs subsequent to acquisition	156,000
Gross carrying amount
Land	1,217,000
Building and improvements	4,767,000
Total	5,984,000
Accumulated depreciation	1,002,000
0343 Louisville, KY
Real Estate and Accumulated Depreciation
Debt	2,904,000
Land initial cost	586,000
Building and improvements initial cost	3,244,000
Building costs subsequent to acquisition	355,000
Gross carrying amount
Land	586,000
Building and improvements	3,599,000
Total	4,185,000
Accumulated depreciation	785,000
0668 Louisville, KY
Real Estate and Accumulated Depreciation
Debt	3,549,000
Land initial cost	892,000
Building and improvements initial cost	2,677,000
Building costs subsequent to acquisition	170,000
Gross carrying amount
Land	892,000
Building and improvements	2,847,000
Total	3,739,000
Accumulated depreciation	553,000
1515 Covington, KY
Real Estate and Accumulated Depreciation
Debt	2,074,000
Land initial cost	839,000
Building and improvements initial cost	2,543,000
Building costs subsequent to acquisition	104,000
Gross carrying amount
Land	839,000
Building and improvements	2,647,000
Total	3,486,000
Accumulated depreciation	110,000
1316 New Orleans, LA
Real Estate and Accumulated Depreciation
Debt	5,555,000
Land initial cost	4,058,000
Building and improvements initial cost	4,325,000
Building costs subsequent to acquisition	576,000
Building Adjustments	24,000
Gross carrying amount
Land	4,058,000
Building and improvements	4,925,000
Total	8,983,000
Accumulated depreciation	1,169,000
1315 Metairie, LA
Real Estate and Accumulated Depreciation
Debt	3,929,000
Land initial cost	2,056,000
Building and improvements initial cost	4,216,000
Building costs subsequent to acquisition	130,000
Building Adjustments	18,000
Gross carrying amount
Land	2,056,000
Building and improvements	4,364,000
Total	6,420,000
Accumulated depreciation	986,000
1206 Waltham, MA
Real Estate and Accumulated Depreciation
Debt	5,337,000
Land initial cost	3,770,000
Building and improvements initial cost	11,310,000
Building costs subsequent to acquisition	1,050,000
Building Adjustments	17,000
Gross carrying amount
Land	3,770,000
Building and improvements	12,377,000
Total	16,147,000
Accumulated depreciation	2,882,000
1205 Dedham, MA
Real Estate and Accumulated Depreciation
Land initial cost	2,443,000
Building and improvements initial cost	7,328,000
Building costs subsequent to acquisition	1,229,000
Building Adjustments	16,000
Gross carrying amount
Land	2,443,000
Building and improvements	8,573,000
Total	11,016,000
Accumulated depreciation	2,101,000
1107 Somerville, MA
Real Estate and Accumulated Depreciation
Debt	6,809,000
Land initial cost	1,728,000
Building and improvements initial cost	6,570,000
Building costs subsequent to acquisition	559,000
Land Adjustments	3,000
Building Adjustments	13,000
Gross carrying amount
Land	1,731,000
Building and improvements	7,142,000
Total	8,873,000
Accumulated depreciation	2,090,000
1003 Worcester, MA
Real Estate and Accumulated Depreciation
Debt	4,660,000
Land initial cost	896,000
Building and improvements initial cost	4,377,000
Building costs subsequent to acquisition	3,076,000
Gross carrying amount
Land	896,000
Building and improvements	7,453,000
Total	8,349,000
Accumulated depreciation	1,996,000
1099 Milton, MA
Real Estate and Accumulated Depreciation
Land initial cost	2,838,000
Building and improvements initial cost	3,979,000
Building costs subsequent to acquisition	6,499,000
Building Adjustments	20,000
Gross carrying amount
Land	2,838,000
Building and improvements	10,498,000
Total	13,336,000
Accumulated depreciation	1,863,000
1001 Foxboro, MA
Real Estate and Accumulated Depreciation
Land initial cost	759,000
Building and improvements initial cost	4,158,000
Building costs subsequent to acquisition	507,000
Gross carrying amount
Land	759,000
Building and improvements	4,665,000
Total	5,424,000
Accumulated depreciation	1,778,000
1094 Saugus, MA
Real Estate and Accumulated Depreciation
Debt	3,680,000
Land initial cost	1,725,000
Building and improvements initial cost	5,514,000
Building costs subsequent to acquisition	488,000
Building Adjustments	104,000
Gross carrying amount
Land	1,725,000
Building and improvements	6,106,000
Total	7,831,000
Accumulated depreciation	1,728,000
1098 Jamaica Plain, MA
Real Estate and Accumulated Depreciation
Debt	9,894,000
Land initial cost	3,285,000
Building and improvements initial cost	11,275,000
Building costs subsequent to acquisition	132,000
Gross carrying amount
Land	3,285,000
Building and improvements	11,407,000
Total	14,692,000
Accumulated depreciation	1,508,000
1010 Auburn, MA
Real Estate and Accumulated Depreciation
Land initial cost	918,000
Building and improvements initial cost	3,728,000
Building costs subsequent to acquisition	233,000
Gross carrying amount
Land	918,000
Building and improvements	3,961,000
Total	4,879,000
Accumulated depreciation	1,304,000
1002 Hudson, MA
Real Estate and Accumulated Depreciation
Debt	3,409,000
Land initial cost	806,000
Building and improvements initial cost	3,122,000
Building costs subsequent to acquisition	322,000
Gross carrying amount
Land	806,000
Building and improvements	3,444,000
Total	4,250,000
Accumulated depreciation	1,255,000
0519 Plainville, MA
Real Estate and Accumulated Depreciation
Debt	5,133,000
Land initial cost	2,223,000
Building and improvements initial cost	4,430,000
Building costs subsequent to acquisition	382,000
Gross carrying amount
Land	2,223,000
Building and improvements	4,812,000
Total	7,035,000
Accumulated depreciation	1,247,000
1056 Dedham, MA
Real Estate and Accumulated Depreciation
Debt	2,393,000
Land initial cost	2,127,000
Building and improvements initial cost	3,041,000
Building costs subsequent to acquisition	518,000
Building Adjustments	28,000
Gross carrying amount
Land	2,127,000
Building and improvements	3,587,000
Total	5,714,000
Accumulated depreciation	1,190,000
1019 Norwood, MA
Real Estate and Accumulated Depreciation
Debt	6,832,000
Land initial cost	2,160,000
Building and improvements initial cost	2,336,000
Building costs subsequent to acquisition	1,521,000
Land Adjustments	61,000
Building Adjustments	95,000
Gross carrying amount
Land	2,221,000
Building and improvements	3,952,000
Total	6,173,000
Accumulated depreciation	1,170,000
7001 Weymouth, MA
Real Estate and Accumulated Depreciation
Land initial cost	2,806,000
Building and improvements initial cost	3,129,000
Building costs subsequent to acquisition	189,000
Gross carrying amount
Land	2,806,000
Building and improvements	3,318,000
Total	6,124,000
Accumulated depreciation	1,138,000
1022 Northborough, MA
Real Estate and Accumulated Depreciation
Debt	4,654,000
Land initial cost	280,000
Building and improvements initial cost	2,715,000
Building costs subsequent to acquisition	498,000
Gross carrying amount
Land	280,000
Building and improvements	3,213,000
Total	3,493,000
Accumulated depreciation	1,133,000
1028 Ashland, MA
Real Estate and Accumulated Depreciation
Land initial cost	474,000
Building and improvements initial cost	3,324,000
Building costs subsequent to acquisition	300,000
Building Adjustments	27,000
Gross carrying amount
Land	474,000
Building and improvements	3,651,000
Total	4,125,000
Accumulated depreciation	1,133,000
7002 Lynn, MA
Real Estate and Accumulated Depreciation
Land initial cost	1,703,000
Building and improvements initial cost	3,237,000
Building costs subsequent to acquisition	314,000
Gross carrying amount
Land	1,703,000
Building and improvements	3,551,000
Total	5,254,000
Accumulated depreciation	1,131,000
0746 Stoneham, MA
Real Estate and Accumulated Depreciation
Debt	6,087,000
Land initial cost	944,000
Building and improvements initial cost	5,241,000
Building costs subsequent to acquisition	163,000
Gross carrying amount
Land	944,000
Building and improvements	5,404,000
Total	6,348,000
Accumulated depreciation	1,105,000
1204 Quincy, MA
Real Estate and Accumulated Depreciation
Land initial cost	1,359,000
Building and improvements initial cost	4,078,000
Building costs subsequent to acquisition	231,000
Building Adjustments	18,000
Gross carrying amount
Land	1,359,000
Building and improvements	4,327,000
Total	5,686,000
Accumulated depreciation	1,093,000
1047 Stoughton, MA
Real Estate and Accumulated Depreciation
Land initial cost	1,754,000
Building and improvements initial cost	2,769,000
Building costs subsequent to acquisition	258,000
Gross carrying amount
Land	1,754,000
Building and improvements	3,027,000
Total	4,781,000
Accumulated depreciation	1,029,000
1035 Marshfield, MA
Real Estate and Accumulated Depreciation
Debt	4,728,000
Land initial cost	1,039,000
Building and improvements initial cost	4,155,000
Building costs subsequent to acquisition	246,000
Land Adjustments	(13,000)
Gross carrying amount
Land	1,026,000
Building and improvements	4,401,000
Total	5,427,000
Accumulated depreciation	1,024,000
1023 Raynham, MA
Real Estate and Accumulated Depreciation
Land initial cost	588,000
Building and improvements initial cost	2,270,000
Building costs subsequent to acquisition	322,000
Land Adjustments	82,000
Building Adjustments	323,000
Gross carrying amount
Land	670,000
Building and improvements	2,915,000
Total	3,585,000
Accumulated depreciation	926,000
1025 Brockton, MA
Real Estate and Accumulated Depreciation
Land initial cost	647,000
Building and improvements initial cost	2,762,000
Building costs subsequent to acquisition	148,000
Gross carrying amount
Land	647,000
Building and improvements	2,910,000
Total	3,557,000
Accumulated depreciation	878,000
1084 Kingston, MA
Real Estate and Accumulated Depreciation
Land initial cost	555,000
Building and improvements initial cost	2,491,000
Building costs subsequent to acquisition	128,000
Building Adjustments	32,000
Gross carrying amount
Land	555,000
Building and improvements	2,651,000
Total	3,206,000
Accumulated depreciation	862,000
1011 North Oxford, MA
Real Estate and Accumulated Depreciation
Land initial cost	482,000
Building and improvements initial cost	1,762,000
Building costs subsequent to acquisition	237,000
Land Adjustments	46,000
Building Adjustments	168,000
Gross carrying amount
Land	528,000
Building and improvements	2,167,000
Total	2,695,000
Accumulated depreciation	785,000
1219 Worcester, MA
Real Estate and Accumulated Depreciation
Debt	4,269,000
Land initial cost	1,350,000
Building and improvements initial cost	4,433,000
Building costs subsequent to acquisition	120,000
Gross carrying amount
Land	1,350,000
Building and improvements	4,553,000
Total	5,903,000
Accumulated depreciation	740,000
0675 Everett, MA
Real Estate and Accumulated Depreciation
Land initial cost	692,000
Building and improvements initial cost	2,129,000
Building costs subsequent to acquisition	672,000
Gross carrying amount
Land	692,000
Building and improvements	2,801,000
Total	3,493,000
Accumulated depreciation	702,000
1135 Revere, MA
Real Estate and Accumulated Depreciation
Debt	5,230,000
Land initial cost	2,275,000
Building and improvements initial cost	6,935,000
Building costs subsequent to acquisition	68,000
Gross carrying amount
Land	2,275,000
Building and improvements	7,003,000
Total	9,278,000
Accumulated depreciation	190,000
1207 Woburn, MA
Real Estate and Accumulated Depreciation
Building costs subsequent to acquisition	228,000
Building Adjustments	17,000
Gross carrying amount
Building and improvements	245,000
Total	245,000
Accumulated depreciation	117,000
1208 East Somerville, MA
Real Estate and Accumulated Depreciation
Building costs subsequent to acquisition	137,000
Building Adjustments	14,000
Gross carrying amount
Building and improvements	151,000
Total	151,000
Accumulated depreciation	92,000
0261 Tyngsboro, MA
Real Estate and Accumulated Depreciation
Debt	3,554,000
Land initial cost	1,843,000
Building and improvements initial cost	5,004,000
Building costs subsequent to acquisition	26,000
Gross carrying amount
Land	1,843,000
Building and improvements	5,030,000
Total	6,873,000
Accumulated depreciation	59,000
8074 Danvers, MA
Real Estate and Accumulated Depreciation
Land initial cost	3,115,000
Building and improvements initial cost	5,736,000
Building costs subsequent to acquisition	1,000
Gross carrying amount
Land	3,115,000
Building and improvements	5,737,000
Total	8,852,000
Accumulated depreciation	18,000
0734 Framingham, MA
Real Estate and Accumulated Depreciation
Building costs subsequent to acquisition	8,000
Gross carrying amount
Building and improvements	8,000
Total	8,000
Accumulated depreciation	1,000
0552 Bethesda, MD
Real Estate and Accumulated Depreciation
Debt	12,392,000
Land initial cost	3,671,000
Building and improvements initial cost	18,331,000
Building costs subsequent to acquisition	399,000
Gross carrying amount
Land	3,671,000
Building and improvements	18,730,000
Total	22,401,000
Accumulated depreciation	4,150,000
1195 Lanham, MD
Real Estate and Accumulated Depreciation
Debt	12,823,000
Land initial cost	3,346,000
Building and improvements initial cost	10,079,000
Building costs subsequent to acquisition	1,279,000
Land Adjustments	(728,000)
Building Adjustments	12,000
Gross carrying amount
Land	2,618,000
Building and improvements	11,370,000
Total	13,988,000
Accumulated depreciation	2,736,000
0950 Columbia, MD
Real Estate and Accumulated Depreciation
Debt	8,132,000
Land initial cost	1,736,000
Building and improvements initial cost	9,632,000
Building costs subsequent to acquisition	257,000
Gross carrying amount
Land	1,736,000
Building and improvements	9,889,000
Total	11,625,000
Accumulated depreciation	1,988,000
0919 Arnold, MD
Real Estate and Accumulated Depreciation
Debt	9,197,000
Land initial cost	2,558,000
Building and improvements initial cost	9,446,000
Building costs subsequent to acquisition	304,000
Gross carrying amount
Land	2,558,000
Building and improvements	9,750,000
Total	12,308,000
Accumulated depreciation	1,986,000
0380 Rockville, MD
Real Estate and Accumulated Depreciation
Debt	12,502,000
Land initial cost	4,596,000
Building and improvements initial cost	11,328,000
Building costs subsequent to acquisition	253,000
Gross carrying amount
Land	4,596,000
Building and improvements	11,581,000
Total	16,177,000
Accumulated depreciation	1,930,000
0980 Ft. Washington, MD
Real Estate and Accumulated Depreciation
Debt	9,424,000
Land initial cost	4,920,000
Building and improvements initial cost	9,174,000
Building costs subsequent to acquisition	193,000
Gross carrying amount
Land	4,920,000
Building and improvements	9,367,000
Total	14,287,000
Accumulated depreciation	1,488,000
0152 Annapolis, MD
Real Estate and Accumulated Depreciation
Debt	6,229,000
Land initial cost	1,375,000
Building and improvements initial cost	8,896,000
Building costs subsequent to acquisition	288,000
Gross carrying amount
Land	1,375,000
Building and improvements	9,184,000
Total	10,559,000
Accumulated depreciation	1,388,000
1381 Annapolis, MD
Real Estate and Accumulated Depreciation
Debt	6,704,000
Land initial cost	5,248,000
Building and improvements initial cost	7,247,000
Building costs subsequent to acquisition	186,000
Gross carrying amount
Land	5,248,000
Building and improvements	7,433,000
Total	12,681,000
Accumulated depreciation	1,145,000
0507 Towson, MD
Real Estate and Accumulated Depreciation
Debt	3,969,000
Land initial cost	861,000
Building and improvements initial cost	4,742,000
Building costs subsequent to acquisition	204,000
Gross carrying amount
Land	861,000
Building and improvements	4,946,000
Total	5,807,000
Accumulated depreciation	1,041,000
1292 Laurel Heights, MD
Real Estate and Accumulated Depreciation
Debt	6,232,000
Land initial cost	3,000,000
Building and improvements initial cost	5,930,000
Building costs subsequent to acquisition	67,000
Gross carrying amount
Land	3,000,000
Building and improvements	5,997,000
Total	8,997,000
Accumulated depreciation	809,000
1233 Baltimore, MD
Real Estate and Accumulated Depreciation
Debt	4,550,000
Land initial cost	800,000
Building and improvements initial cost	5,955,000
Building costs subsequent to acquisition	105,000
Gross carrying amount
Land	800,000
Building and improvements	6,060,000
Total	6,860,000
Accumulated depreciation	655,000
1453 Capitol Heights, MD
Real Estate and Accumulated Depreciation
Debt	8,617,000
Land initial cost	1,461,000
Building and improvements initial cost	9,866,000
Building costs subsequent to acquisition	182,000
Gross carrying amount
Land	1,461,000
Building and improvements	10,048,000
Total	11,509,000
Accumulated depreciation	586,000
0918 Pasadena, MD
Real Estate and Accumulated Depreciation
Debt	3,869,000
Land initial cost	1,869,000
Building and improvements initial cost	3,056,000
Building costs subsequent to acquisition	701,000
Gross carrying amount
Land	1,869,000
Building and improvements	3,757,000
Total	5,626,000
Accumulated depreciation	551,000
1439 Baltimore, MD
Real Estate and Accumulated Depreciation
Land initial cost	1,900,000
Building and improvements initial cost	5,277,000
Building costs subsequent to acquisition	90,000
Gross carrying amount
Land	1,900,000
Building and improvements	5,367,000
Total	7,267,000
Accumulated depreciation	352,000
1287 Pasadena, MD
Real Estate and Accumulated Depreciation
Land initial cost	3,500,000
Building and improvements initial cost	7,407,000
Building costs subsequent to acquisition	128,000
Gross carrying amount
Land	3,500,000
Building and improvements	7,535,000
Total	11,035,000
Accumulated depreciation	297,000
8211 Randallstown, MD
Real Estate and Accumulated Depreciation
Debt	1,967,000
Land initial cost	764,000
Building and improvements initial cost	6,331,000
Building costs subsequent to acquisition	146,000
Gross carrying amount
Land	764,000
Building and improvements	6,477,000
Total	7,241,000
Accumulated depreciation	234,000
8248 Glen Burnie, MD
Real Estate and Accumulated Depreciation
Land initial cost	1,303,000
Building and improvements initial cost	4,218,000
Building costs subsequent to acquisition	172,000
Gross carrying amount
Land	1,303,000
Building and improvements	4,390,000
Total	5,693,000
Accumulated depreciation	179,000
0757 Cockeysville, MD
Real Estate and Accumulated Depreciation
Debt	4,061,000
Land initial cost	465,000
Building and improvements initial cost	5,600,000
Building costs subsequent to acquisition	71,000
Gross carrying amount
Land	465,000
Building and improvements	5,671,000
Total	6,136,000
Accumulated depreciation	116,000
0588 Towson, MD
Real Estate and Accumulated Depreciation
Debt	6,286,000
Land initial cost	1,094,000
Building and improvements initial cost	9,598,000
Building costs subsequent to acquisition	9,000
Gross carrying amount
Land	1,094,000
Building and improvements	9,607,000
Total	10,701,000
Accumulated depreciation	113,000
0258 Gambrills, MD
Real Estate and Accumulated Depreciation
Debt	4,969,000
Land initial cost	1,905,000
Building and improvements initial cost	7,104,000
Building costs subsequent to acquisition	13,000
Gross carrying amount
Land	1,905,000
Building and improvements	7,117,000
Total	9,022,000
Accumulated depreciation	84,000
0750 Baltimore, MD
Real Estate and Accumulated Depreciation
Debt	4,744,000
Land initial cost	1,185,000
Building and improvements initial cost	5,051,000
Building costs subsequent to acquisition	20,000
Gross carrying amount
Land	1,185,000
Building and improvements	5,071,000
Total	6,256,000
Accumulated depreciation	82,000
0512 Lexington Park, MD
Real Estate and Accumulated Depreciation
Debt	2,665,000
Land initial cost	4,314,000
Building and improvements initial cost	8,412,000
Gross carrying amount
Land	4,314,000
Building and improvements	8,412,000
Total	12,726,000
Accumulated depreciation	9,000
1262 Edgewood, MD
Real Estate and Accumulated Depreciation
Land initial cost	1,000,000
Land Adjustments	(575,000)
Gross carrying amount
Land	425,000
Total	425,000
0556 Mount Clemens, MI
Real Estate and Accumulated Depreciation
Debt	2,033,000
Land initial cost	798,000
Building and improvements initial cost	1,796,000
Building costs subsequent to acquisition	350,000
Gross carrying amount
Land	798,000
Building and improvements	2,146,000
Total	2,944,000
Accumulated depreciation	493,000
0309 Grandville, MI
Real Estate and Accumulated Depreciation
Debt	1,646,000
Land initial cost	726,000
Building and improvements initial cost	1,298,000
Building costs subsequent to acquisition	373,000
Gross carrying amount
Land	726,000
Building and improvements	1,671,000
Total	2,397,000
Accumulated depreciation	434,000
0553 Belleville, MI
Real Estate and Accumulated Depreciation
Debt	4,156,000
Land initial cost	954,000
Building and improvements initial cost	4,984,000
Building costs subsequent to acquisition	7,000
Gross carrying amount
Land	954,000
Building and improvements	4,991,000
Total	5,945,000
Accumulated depreciation	59,000
1061 St. Louis, MO
Real Estate and Accumulated Depreciation
Debt	2,009,000
Land initial cost	631,000
Building and improvements initial cost	2,159,000
Building costs subsequent to acquisition	330,000
Land Adjustments	59,000
Building Adjustments	205,000
Gross carrying amount
Land	690,000
Building and improvements	2,694,000
Total	3,384,000
Accumulated depreciation	927,000
0664 Florissant, MO
Real Estate and Accumulated Depreciation
Debt	3,603,000
Land initial cost	1,241,000
Building and improvements initial cost	4,648,000
Building costs subsequent to acquisition	304,000
Gross carrying amount
Land	1,241,000
Building and improvements	4,952,000
Total	6,193,000
Accumulated depreciation	841,000
0656 St. Louis, MO
Real Estate and Accumulated Depreciation
Land initial cost	1,444,000
Building and improvements initial cost	4,162,000
Building costs subsequent to acquisition	279,000
Gross carrying amount
Land	1,444,000
Building and improvements	4,441,000
Total	5,885,000
Accumulated depreciation	742,000
1062 St. Louis, MO
Real Estate and Accumulated Depreciation
Debt	1,540,000
Land initial cost	156,000
Building and improvements initial cost	1,313,000
Building costs subsequent to acquisition	409,000
Land Adjustments	17,000
Building Adjustments	151,000
Gross carrying amount
Land	173,000
Building and improvements	1,873,000
Total	2,046,000
Accumulated depreciation	684,000
0663 St. Louis, MO
Real Estate and Accumulated Depreciation
Debt	2,777,000
Land initial cost	676,000
Building and improvements initial cost	3,551,000
Building costs subsequent to acquisition	284,000
Gross carrying amount
Land	676,000
Building and improvements	3,835,000
Total	4,511,000
Accumulated depreciation	650,000
0985 Grandview, MO
Real Estate and Accumulated Depreciation
Debt	1,065,000
Land initial cost	612,000
Building and improvements initial cost	1,770,000
Building costs subsequent to acquisition	341,000
Gross carrying amount
Land	612,000
Building and improvements	2,111,000
Total	2,723,000
Accumulated depreciation	557,000
8027 Merrimack, NH
Real Estate and Accumulated Depreciation
Debt	3,933,000
Land initial cost	754,000
Building and improvements initial cost	3,299,000
Building costs subsequent to acquisition	233,000
Land Adjustments	63,000
Building Adjustments	279,000
Gross carrying amount
Land	817,000
Building and improvements	3,811,000
Total	4,628,000
Accumulated depreciation	1,045,000
0738 Nashua, NH
Real Estate and Accumulated Depreciation
Building and improvements initial cost	755,000
Building costs subsequent to acquisition	88,000
Gross carrying amount
Building and improvements	843,000
Total	843,000
Accumulated depreciation	245,000
1117 Hazlet, NJ
Real Estate and Accumulated Depreciation
Debt	7,920,000
Land initial cost	1,362,000
Building and improvements initial cost	10,262,000
Building costs subsequent to acquisition	579,000
Gross carrying amount
Land	1,362,000
Building and improvements	10,841,000
Total	12,203,000
Accumulated depreciation	3,149,000
1115 Edison, NJ
Real Estate and Accumulated Depreciation
Land initial cost	2,519,000
Building and improvements initial cost	8,547,000
Building costs subsequent to acquisition	543,000
Gross carrying amount
Land	2,519,000
Building and improvements	9,090,000
Total	11,609,000
Accumulated depreciation	2,690,000
0809 North Bergen, NJ
Real Estate and Accumulated Depreciation
Debt	10,476,000
Land initial cost	2,299,000
Building and improvements initial cost	12,728,000
Building costs subsequent to acquisition	402,000
Gross carrying amount
Land	2,299,000
Building and improvements	13,130,000
Total	15,429,000
Accumulated depreciation	2,620,000
0330 Hackensack, NJ
Real Estate and Accumulated Depreciation
Land initial cost	2,283,000
Building and improvements initial cost	11,234,000
Building costs subsequent to acquisition	727,000
Gross carrying amount
Land	2,283,000
Building and improvements	11,961,000
Total	14,244,000
Accumulated depreciation	2,584,000
1196 Lawrenceville, NJ
Real Estate and Accumulated Depreciation
Debt	5,724,000
Land initial cost	3,402,000
Building and improvements initial cost	10,230,000
Building costs subsequent to acquisition	440,000
Building Adjustments	8,000
Gross carrying amount
Land	3,402,000
Building and improvements	10,678,000
Total	14,080,000
Accumulated depreciation	2,555,000
1119 Old Bridge, NJ
Real Estate and Accumulated Depreciation
Debt	5,765,000
Land initial cost	2,758,000
Building and improvements initial cost	6,450,000
Building costs subsequent to acquisition	963,000
Gross carrying amount
Land	2,758,000
Building and improvements	7,413,000
Total	10,171,000
Accumulated depreciation	2,213,000
0655 Toms River, NJ
Real Estate and Accumulated Depreciation
Debt	5,060,000
Land initial cost	1,790,000
Building and improvements initial cost	9,935,000
Building costs subsequent to acquisition	303,000
Gross carrying amount
Land	1,790,000
Building and improvements	10,238,000
Total	12,028,000
Accumulated depreciation	2,189,000
1197 Morrisville, NJ
Real Estate and Accumulated Depreciation
Land initial cost	2,487,000
Building and improvements initial cost	7,494,000
Building costs subsequent to acquisition	1,169,000
Building Adjustments	11,000
Gross carrying amount
Land	2,487,000
Building and improvements	8,674,000
Total	11,161,000
Accumulated depreciation	2,094,000
1032 Parlin, NJ
Real Estate and Accumulated Depreciation
Building and improvements initial cost	5,273,000
Building costs subsequent to acquisition	369,000
Gross carrying amount
Building and improvements	5,642,000
Total	5,642,000
Accumulated depreciation	1,937,000
1089 North Bergen, NJ
Real Estate and Accumulated Depreciation
Debt	6,402,000
Land initial cost	2,100,000
Building and improvements initial cost	6,606,000
Building costs subsequent to acquisition	248,000
Building Adjustments	74,000
Gross carrying amount
Land	2,100,000
Building and improvements	6,928,000
Total	9,028,000
Accumulated depreciation	1,830,000
1329 Avenel, NJ
Real Estate and Accumulated Depreciation
Debt	7,859,000
Land initial cost	1,518,000
Building and improvements initial cost	8,037,000
Building costs subsequent to acquisition	279,000
Building Adjustments	24,000
Gross carrying amount
Land	1,518,000
Building and improvements	8,340,000
Total	9,858,000
Accumulated depreciation	1,797,000
1039 Hoboken, NJ
Real Estate and Accumulated Depreciation
Debt	8,079,000
Land initial cost	2,687,000
Building and improvements initial cost	6,092,000
Building costs subsequent to acquisition	218,000
Building Adjustments	3,000
Gross carrying amount
Land	2,687,000
Building and improvements	6,313,000
Total	9,000,000
Accumulated depreciation	1,764,000
1116 Egg Harbor Twp., NJ
Real Estate and Accumulated Depreciation
Debt	3,319,000
Land initial cost	1,724,000
Building and improvements initial cost	5,001,000
Building costs subsequent to acquisition	675,000
Gross carrying amount
Land	1,724,000
Building and improvements	5,676,000
Total	7,400,000
Accumulated depreciation	1,764,000
0739 Linden, NJ
Real Estate and Accumulated Depreciation
Debt	3,838,000
Land initial cost	1,517,000
Building and improvements initial cost	8,384,000
Building costs subsequent to acquisition	214,000
Gross carrying amount
Land	1,517,000
Building and improvements	8,598,000
Total	10,115,000
Accumulated depreciation	1,717,000
1120 Iselin, NJ
Real Estate and Accumulated Depreciation
Debt	4,900,000
Land initial cost	505,000
Building and improvements initial cost	4,524,000
Building costs subsequent to acquisition	498,000
Gross carrying amount
Land	505,000
Building and improvements	5,022,000
Total	5,527,000
Accumulated depreciation	1,563,000
1360 Neptune, NJ
Real Estate and Accumulated Depreciation
Debt	7,550,000
Land initial cost	4,204,000
Building and improvements initial cost	8,906,000
Building costs subsequent to acquisition	272,000
Gross carrying amount
Land	4,204,000
Building and improvements	9,178,000
Total	13,382,000
Accumulated depreciation	1,501,000
1040 Lyndhurst, NJ
Real Estate and Accumulated Depreciation
Land initial cost	2,679,000
Building and improvements initial cost	4,644,000
Building costs subsequent to acquisition	276,000
Land Adjustments	250,000
Building Adjustments	446,000
Gross carrying amount
Land	2,929,000
Building and improvements	5,366,000
Total	8,295,000
Accumulated depreciation	1,493,000
1331 Union, NJ
Real Estate and Accumulated Depreciation
Debt	6,788,000
Land initial cost	1,754,000
Building and improvements initial cost	6,237,000
Building costs subsequent to acquisition	270,000
Building Adjustments	78,000
Gross carrying amount
Land	1,754,000
Building and improvements	6,585,000
Total	8,339,000
Accumulated depreciation	1,489,000
1054 Metuchen, NJ
Real Estate and Accumulated Depreciation
Debt	5,992,000
Land initial cost	1,153,000
Building and improvements initial cost	4,462,000
Building costs subsequent to acquisition	261,000
Gross carrying amount
Land	1,153,000
Building and improvements	4,723,000
Total	5,876,000
Accumulated depreciation	1,377,000
1330 Bayville, NJ
Real Estate and Accumulated Depreciation
Debt	3,146,000
Land initial cost	1,193,000
Building and improvements initial cost	5,312,000
Building costs subsequent to acquisition	280,000
Building Adjustments	41,000
Gross carrying amount
Land	1,193,000
Building and improvements	5,633,000
Total	6,826,000
Accumulated depreciation	1,257,000
0810 Parlin, NJ
Real Estate and Accumulated Depreciation
Land initial cost	2,517,000
Building and improvements initial cost	4,516,000
Building costs subsequent to acquisition	444,000
Gross carrying amount
Land	2,517,000
Building and improvements	4,960,000
Total	7,477,000
Accumulated depreciation	1,218,000
1118 Howell, NJ
Real Estate and Accumulated Depreciation
Debt	3,413,000
Land initial cost	2,440,000
Building and improvements initial cost	3,407,000
Building costs subsequent to acquisition	388,000
Gross carrying amount
Land	2,440,000
Building and improvements	3,795,000
Total	6,235,000
Accumulated depreciation	1,178,000
1328 Lumberton, NJ
Real Estate and Accumulated Depreciation
Debt	3,576,000
Land initial cost	831,000
Building and improvements initial cost	4,060,000
Building costs subsequent to acquisition	176,000
Building Adjustments	22,000
Gross carrying amount
Land	831,000
Building and improvements	4,258,000
Total	5,089,000
Accumulated depreciation	1,007,000
1038 Glen Rock, NJ
Real Estate and Accumulated Depreciation
Land initial cost	1,109,000
Building and improvements initial cost	2,401,000
Building costs subsequent to acquisition	151,000
Land Adjustments	113,000
Building Adjustments	249,000
Gross carrying amount
Land	1,222,000
Building and improvements	2,801,000
Total	4,023,000
Accumulated depreciation	795,000
1258 Ewing, NJ
Real Estate and Accumulated Depreciation
Land initial cost	1,552,000
Building and improvements initial cost	4,720,000
Building costs subsequent to acquisition	249,000
Land Adjustments	11,000
Building Adjustments	(362,000)
Gross carrying amount
Land	1,563,000
Building and improvements	4,607,000
Total	6,170,000
Accumulated depreciation	730,000
0677 North Bergen, NJ
Real Estate and Accumulated Depreciation
Land initial cost	861,000
Building and improvements initial cost	17,127,000
Building costs subsequent to acquisition	63,000
Gross carrying amount
Land	861,000
Building and improvements	17,190,000
Total	18,051,000
Accumulated depreciation	533,000
1408 Bellmawr, NJ
Real Estate and Accumulated Depreciation
Land initial cost	3,600,000
Building and improvements initial cost	4,765,000
Building costs subsequent to acquisition	178,000
Land Adjustments	75,000
Gross carrying amount
Land	3,675,000
Building and improvements	4,943,000
Total	8,618,000
Accumulated depreciation	478,000
1428 Monmouth Junction, NJ
Real Estate and Accumulated Depreciation
Debt	3,117,000
Land initial cost	1,700,000
Building and improvements initial cost	5,835,000
Building costs subsequent to acquisition	85,000
Gross carrying amount
Land	1,700,000
Building and improvements	5,920,000
Total	7,620,000
Accumulated depreciation	447,000
8093 Maple Shade, NJ
Real Estate and Accumulated Depreciation
Debt	4,385,000
Land initial cost	1,093,000
Building and improvements initial cost	5,492,000
Building costs subsequent to acquisition	70,000
Gross carrying amount
Land	1,093,000
Building and improvements	5,562,000
Total	6,655,000
Accumulated depreciation	152,000
0784 Merchantville, NJ
Real Estate and Accumulated Depreciation
Debt	3,802,000
Land initial cost	1,644,000
Building and improvements initial cost	3,115,000
Building costs subsequent to acquisition	187,000
Gross carrying amount
Land	1,644,000
Building and improvements	3,302,000
Total	4,946,000
Accumulated depreciation	145,000
8347 Mahwah, NJ
Real Estate and Accumulated Depreciation
Debt	8,335,000
Land initial cost	1,890,000
Building and improvements initial cost	13,112,000
Building costs subsequent to acquisition	44,000
Gross carrying amount
Land	1,890,000
Building and improvements	13,156,000
Total	15,046,000
Accumulated depreciation	127,000
8348 Montville, NJ
Real Estate and Accumulated Depreciation
Land initial cost	1,511,000
Building and improvements initial cost	11,749,000
Building costs subsequent to acquisition	9,000
Gross carrying amount
Land	1,511,000
Building and improvements	11,758,000
Total	13,269,000
Accumulated depreciation	113,000
8343 Fairfield, NJ
Real Estate and Accumulated Depreciation
Building and improvements initial cost	9,402,000
Building costs subsequent to acquisition	70,000
Gross carrying amount
Building and improvements	9,472,000
Total	9,472,000
Accumulated depreciation	111,000
8344 Newark, NJ
Real Estate and Accumulated Depreciation
Land initial cost	806,000
Building and improvements initial cost	8,340,000
Building costs subsequent to acquisition	57,000
Gross carrying amount
Land	806,000
Building and improvements	8,397,000
Total	9,203,000
Accumulated depreciation	99,000
8341 Parsippany, NJ
Real Estate and Accumulated Depreciation
Land initial cost	2,353,000
Building and improvements initial cost	7,798,000
Building costs subsequent to acquisition	52,000
Gross carrying amount
Land	2,353,000
Building and improvements	7,850,000
Total	10,203,000
Accumulated depreciation	93,000
8342 Berkeley Heights, NJ
Real Estate and Accumulated Depreciation
Land initial cost	1,598,000
Building and improvements initial cost	7,553,000
Building costs subsequent to acquisition	62,000
Gross carrying amount
Land	1,598,000
Building and improvements	7,615,000
Total	9,213,000
Accumulated depreciation	90,000
0332 Harrison, NJ
Real Estate and Accumulated Depreciation
Debt	3,686,000
Land initial cost	300,000
Building and improvements initial cost	6,003,000
Building costs subsequent to acquisition	24,000
Gross carrying amount
Land	300,000
Building and improvements	6,027,000
Total	6,327,000
Accumulated depreciation	72,000
8346 Hackettstown, NJ
Real Estate and Accumulated Depreciation
Land initial cost	2,144,000
Building and improvements initial cost	6,660,000
Building costs subsequent to acquisition	25,000
Gross carrying amount
Land	2,144,000
Building and improvements	6,685,000
Total	8,829,000
Accumulated depreciation	64,000
0381 Mt Laurel, NJ
Real Estate and Accumulated Depreciation
Debt	3,126,000
Land initial cost	329,000
Building and improvements initial cost	5,217,000
Building costs subsequent to acquisition	39,000
Gross carrying amount
Land	329,000
Building and improvements	5,256,000
Total	5,585,000
Accumulated depreciation	62,000
8345 North Brunswick, NJ
Real Estate and Accumulated Depreciation
Land initial cost	2,789,000
Building and improvements initial cost	4,404,000
Building costs subsequent to acquisition	82,000
Gross carrying amount
Land	2,789,000
Building and improvements	4,486,000
Total	7,275,000
Accumulated depreciation	54,000
1516 Fort Lee, NJ
Real Estate and Accumulated Depreciation
Land initial cost	4,402,000
Building and improvements initial cost	9,831,000
Building costs subsequent to acquisition	1,000
Gross carrying amount
Land	4,402,000
Building and improvements	9,832,000
Total	14,234,000
Accumulated depreciation	32,000
1517 Union, NJ
Real Estate and Accumulated Depreciation
Land initial cost	1,133,000
Building and improvements initial cost	7,239,000
Gross carrying amount
Land	1,133,000
Building and improvements	7,239,000
Total	8,372,000
Accumulated depreciation	23,000
0821 Lawnside, NJ
Real Estate and Accumulated Depreciation
Land initial cost	1,249,000
Building and improvements initial cost	5,613,000
Building costs subsequent to acquisition	1,000
Gross carrying amount
Land	1,249,000
Building and improvements	5,614,000
Total	6,863,000
Accumulated depreciation	18,000
1519 Cranbury, NJ
Real Estate and Accumulated Depreciation
Land initial cost	3,543,000
Building and improvements initial cost	5,095,000
Gross carrying amount
Land	3,543,000
Building and improvements	5,095,000
Total	8,638,000
Accumulated depreciation	16,000
1518 Watchung, NJ
Real Estate and Accumulated Depreciation
Land initial cost	1,843,000
Building and improvements initial cost	4,499,000
Gross carrying amount
Land	1,843,000
Building and improvements	4,499,000
Total	6,342,000
Accumulated depreciation	14,000
0818 Cherry Hill, NJ
Real Estate and Accumulated Depreciation
Land initial cost	2,323,000
Building and improvements initial cost	1,549,000
Building costs subsequent to acquisition	7,000
Gross carrying amount
Land	2,323,000
Building and improvements	1,556,000
Total	3,879,000
Accumulated depreciation	5,000
0547 Albuquerque, NM
Real Estate and Accumulated Depreciation
Debt	4,902,000
Land initial cost	1,298,000
Building and improvements initial cost	4,628,000
Building costs subsequent to acquisition	619,000
Gross carrying amount
Land	1,298,000
Building and improvements	5,247,000
Total	6,545,000
Accumulated depreciation	842,000
0485 Santa Fe, NM
Real Estate and Accumulated Depreciation
Debt	5,996,000
Land initial cost	3,066,000
Building and improvements initial cost	7,366,000
Building costs subsequent to acquisition	20,000
Gross carrying amount
Land	3,066,000
Building and improvements	7,386,000
Total	10,452,000
Accumulated depreciation	87,000
0817 Albuquerque, NM
Real Estate and Accumulated Depreciation
Land initial cost	755,000
Building and improvements initial cost	1,797,000
Building costs subsequent to acquisition	6,000
Gross carrying amount
Land	755,000
Building and improvements	1,803,000
Total	2,558,000
Accumulated depreciation	6,000
1058 Las Vegas, NV
Real Estate and Accumulated Depreciation
Debt	1,219,000
Land initial cost	251,000
Building and improvements initial cost	717,000
Building costs subsequent to acquisition	353,000
Land Adjustments	27,000
Building Adjustments	87,000
Gross carrying amount
Land	278,000
Building and improvements	1,157,000
Total	1,435,000
Accumulated depreciation	477,000
1465 Las Vegas, NV
Real Estate and Accumulated Depreciation
Debt	2,491,000
Land initial cost	1,441,000
Building and improvements initial cost	1,810,000
Building costs subsequent to acquisition	88,000
Gross carrying amount
Land	1,441,000
Building and improvements	1,898,000
Total	3,339,000
Accumulated depreciation	80,000
0830 Henderson, NV
Real Estate and Accumulated Depreciation
Land initial cost	2,934,000
Building and improvements initial cost	8,897,000
Gross carrying amount
Land	2,934,000
Building and improvements	8,897,000
Total	11,831,000
Accumulated depreciation	29,000
0820 Las Vegas, NV
Real Estate and Accumulated Depreciation
Land initial cost	773,000
Building and improvements initial cost	6,006,000
Gross carrying amount
Land	773,000
Building and improvements	6,006,000
Total	6,779,000
Accumulated depreciation	19,000
0816 Las Vegas, NV
Real Estate and Accumulated Depreciation
Land initial cost	400,000
Building and improvements initial cost	4,936,000
Gross carrying amount
Land	400,000
Building and improvements	4,936,000
Total	5,336,000
Accumulated depreciation	16,000
0539 New York, NY
Real Estate and Accumulated Depreciation
Debt	9,867,000
Land initial cost	3,060,000
Building and improvements initial cost	16,978,000
Building costs subsequent to acquisition	648,000
Gross carrying amount
Land	3,060,000
Building and improvements	17,626,000
Total	20,686,000
Accumulated depreciation	3,599,000
1213 Bronx, NY
Real Estate and Accumulated Depreciation
Debt	9,665,000
Land initial cost	3,995,000
Building and improvements initial cost	11,870,000
Building costs subsequent to acquisition	614,000
Building Adjustments	28,000
Gross carrying amount
Land	3,995,000
Building and improvements	12,512,000
Total	16,507,000
Accumulated depreciation	2,873,000
1087 Mount Vernon, NY
Real Estate and Accumulated Depreciation
Debt	7,297,000
Land initial cost	1,926,000
Building and improvements initial cost	7,622,000
Building costs subsequent to acquisition	612,000
Building Adjustments	33,000
Gross carrying amount
Land	1,926,000
Building and improvements	8,267,000
Total	10,193,000
Accumulated depreciation	2,229,000
1055 Nanuet, NY
Real Estate and Accumulated Depreciation
Debt	3,733,000
Land initial cost	2,072,000
Building and improvements initial cost	4,644,000
Land costs subsequent to acquisition	667,000
Building costs subsequent to acquisition	992,000
Building Adjustments	24,000
Gross carrying amount
Land	2,739,000
Building and improvements	5,660,000
Total	8,399,000
Accumulated depreciation	1,589,000
0502 Mount Vernon, NY
Real Estate and Accumulated Depreciation
Debt	3,819,000
Land initial cost	1,585,000
Building and improvements initial cost	6,025,000
Building costs subsequent to acquisition	1,422,000
Gross carrying amount
Land	1,585,000
Building and improvements	7,447,000
Total	9,032,000
Accumulated depreciation	1,572,000
1050 Plainview, NY
Real Estate and Accumulated Depreciation
Debt	7,800,000
Land initial cost	4,287,000
Building and improvements initial cost	3,710,000
Building costs subsequent to acquisition	612,000
Gross carrying amount
Land	4,287,000
Building and improvements	4,322,000
Total	8,609,000
Accumulated depreciation	1,460,000
1399 Brooklyn, NY
Real Estate and Accumulated Depreciation
Debt	13,788,000
Land initial cost	12,993,000
Building and improvements initial cost	10,405,000
Building costs subsequent to acquisition	272,000
Gross carrying amount
Land	12,993,000
Building and improvements	10,677,000
Total	23,670,000
Accumulated depreciation	1,183,000
0406 New Paltz, NY
Real Estate and Accumulated Depreciation
Debt	3,146,000
Land initial cost	2,059,000
Building and improvements initial cost	3,715,000
Building costs subsequent to acquisition	399,000
Gross carrying amount
Land	2,059,000
Building and improvements	4,114,000
Total	6,173,000
Accumulated depreciation	958,000
1042 Bronx, NY
Real Estate and Accumulated Depreciation
Debt	18,841,000
Land initial cost	3,450,000
Building and improvements initial cost	21,210,000
Building costs subsequent to acquisition	93,000
Gross carrying amount
Land	3,450,000
Building and improvements	21,303,000
Total	24,753,000
Accumulated depreciation	571,000
1450 Brooklyn, NY
Real Estate and Accumulated Depreciation
Debt	8,335,000
Land initial cost	2,802,000
Building and improvements initial cost	6,536,000
Building costs subsequent to acquisition	157,000
Gross carrying amount
Land	2,802,000
Building and improvements	6,693,000
Total	9,495,000
Accumulated depreciation	467,000
1391 Bohemia, NY
Real Estate and Accumulated Depreciation
Debt	1,527,000
Land initial cost	1,456,000
Building and improvements initial cost	1,398,000
Building costs subsequent to acquisition	329,000
Gross carrying amount
Land	1,456,000
Building and improvements	1,727,000
Total	3,183,000
Accumulated depreciation	273,000
0727 Brooklyn, NY
Real Estate and Accumulated Depreciation
Land initial cost	16,188,000
Building and improvements initial cost	23,309,000
Building costs subsequent to acquisition	61,000
Gross carrying amount
Land	16,188,000
Building and improvements	23,370,000
Total	39,558,000
Accumulated depreciation	261,000
1451 Freeport, NY
Real Estate and Accumulated Depreciation
Debt	5,373,000
Land initial cost	5,676,000
Building and improvements initial cost	3,784,000
Building costs subsequent to acquisition	429,000
Gross carrying amount
Land	5,676,000
Building and improvements	4,213,000
Total	9,889,000
Accumulated depreciation	244,000
1398 Centereach, NY
Real Estate and Accumulated Depreciation
Debt	4,250,000
Land initial cost	2,226,000
Building and improvements initial cost	1,657,000
Building costs subsequent to acquisition	120,000
Gross carrying amount
Land	2,226,000
Building and improvements	1,777,000
Total	4,003,000
Accumulated depreciation	225,000
0630 Hicksville, NY
Real Estate and Accumulated Depreciation
Debt	9,017,000
Land initial cost	2,581,000
Building and improvements initial cost	10,677,000
Building costs subsequent to acquisition	7,000
Gross carrying amount
Land	2,581,000
Building and improvements	10,684,000
Total	13,265,000
Accumulated depreciation	126,000
8349 Central Valley, NY
Real Estate and Accumulated Depreciation
Land initial cost	2,800,000
Building and improvements initial cost	12,173,000
Building costs subsequent to acquisition	51,000
Gross carrying amount
Land	2,800,000
Building and improvements	12,224,000
Total	15,024,000
Accumulated depreciation	118,000
8350 Poughkeepsie, NY
Real Estate and Accumulated Depreciation
Land initial cost	1,038,000
Building and improvements initial cost	7,862,000
Building costs subsequent to acquisition	7,000
Gross carrying amount
Land	1,038,000
Building and improvements	7,869,000
Total	8,907,000
Accumulated depreciation	93,000
0674 Hauppauge, NY
Real Estate and Accumulated Depreciation
Debt	5,726,000
Land initial cost	1,238,000
Building and improvements initial cost	7,095,000
Building costs subsequent to acquisition	77,000
Gross carrying amount
Land	1,238,000
Building and improvements	7,172,000
Total	8,410,000
Accumulated depreciation	84,000
0470 Ridge, NY
Real Estate and Accumulated Depreciation
Debt	6,319,000
Land initial cost	1,762,000
Building and improvements initial cost	6,934,000
Building costs subsequent to acquisition	4,000
Gross carrying amount
Land	1,762,000
Building and improvements	6,938,000
Total	8,700,000
Accumulated depreciation	82,000
0405 Kingston, NY
Real Estate and Accumulated Depreciation
Debt	5,002,000
Land initial cost	837,000
Building and improvements initial cost	6,199,000
Building costs subsequent to acquisition	7,000
Gross carrying amount
Land	837,000
Building and improvements	6,206,000
Total	7,043,000
Accumulated depreciation	73,000
0409 Amsterdam, NY
Real Estate and Accumulated Depreciation
Debt	922,000
Land initial cost	715,000
Building and improvements initial cost	241,000
Building costs subsequent to acquisition	45,000
Gross carrying amount
Land	715,000
Building and improvements	286,000
Total	1,001,000
Accumulated depreciation	6,000
0438 Columbus, OH
Real Estate and Accumulated Depreciation
Debt	2,808,000
Land initial cost	483,000
Building and improvements initial cost	2,654,000
Building costs subsequent to acquisition	522,000
Gross carrying amount
Land	483,000
Building and improvements	3,176,000
Total	3,659,000
Accumulated depreciation	827,000
0365 Kent, OH
Real Estate and Accumulated Depreciation
Debt	1,452,000
Land initial cost	220,000
Building and improvements initial cost	1,206,000
Building costs subsequent to acquisition	198,000
Gross carrying amount
Land	220,000
Building and improvements	1,404,000
Total	1,624,000
Accumulated depreciation	369,000
1502 Cincinnati, OH
Real Estate and Accumulated Depreciation
Debt	4,735,000
Land initial cost	1,815,000
Building and improvements initial cost	5,733,000
Building costs subsequent to acquisition	206,000
Gross carrying amount
Land	1,815,000
Building and improvements	5,939,000
Total	7,754,000
Accumulated depreciation	255,000
1503 Cincinnati, OH
Real Estate and Accumulated Depreciation
Land initial cost	1,445,000
Building and improvements initial cost	3,755,000
Building costs subsequent to acquisition	160,000
Gross carrying amount
Land	1,445,000
Building and improvements	3,915,000
Total	5,360,000
Accumulated depreciation	168,000
1505 Hamilton, OH
Real Estate and Accumulated Depreciation
Land initial cost	673,000
Building and improvements initial cost	2,910,000
Building costs subsequent to acquisition	93,000
Gross carrying amount
Land	673,000
Building and improvements	3,003,000
Total	3,676,000
Accumulated depreciation	125,000
1501 Cincinnati, OH
Real Estate and Accumulated Depreciation
Land initial cost	2,941,000
Building and improvements initial cost	2,177,000
Building costs subsequent to acquisition	185,000
Gross carrying amount
Land	2,941,000
Building and improvements	2,362,000
Total	5,303,000
Accumulated depreciation	109,000
1504 Cincinnati, OH
Real Estate and Accumulated Depreciation
Land initial cost	1,217,000
Building and improvements initial cost	1,941,000
Building costs subsequent to acquisition	98,000
Gross carrying amount
Land	1,217,000
Building and improvements	2,039,000
Total	3,256,000
Accumulated depreciation	89,000
1506 Lebanon, OH
Real Estate and Accumulated Depreciation
Land initial cost	1,657,000
Building and improvements initial cost	1,566,000
Building costs subsequent to acquisition	100,000
Gross carrying amount
Land	1,657,000
Building and improvements	1,666,000
Total	3,323,000
Accumulated depreciation	73,000
1507 Middletown, OH
Real Estate and Accumulated Depreciation
Debt	1,351,000
Land initial cost	534,000
Building and improvements initial cost	1,047,000
Building costs subsequent to acquisition	67,000
Gross carrying amount
Land	534,000
Building and improvements	1,114,000
Total	1,648,000
Accumulated depreciation	50,000
1508 Xenia, OH
Real Estate and Accumulated Depreciation
Debt	1,680,000
Land initial cost	302,000
Building and improvements initial cost	1,022,000
Building costs subsequent to acquisition	55,000
Gross carrying amount
Land	302,000
Building and improvements	1,077,000
Total	1,379,000
Accumulated depreciation	49,000
1510 Troy, OH
Real Estate and Accumulated Depreciation
Land initial cost	273,000
Building and improvements initial cost	544,000
Building costs subsequent to acquisition	62,000
Gross carrying amount
Land	273,000
Building and improvements	606,000
Total	879,000
Accumulated depreciation	30,000
1512 Washington Court House, OH
Real Estate and Accumulated Depreciation
Land initial cost	197,000
Building and improvements initial cost	499,000
Building costs subsequent to acquisition	54,000
Gross carrying amount
Land	197,000
Building and improvements	553,000
Total	750,000
Accumulated depreciation	27,000
0367 Willoughby, OH
Real Estate and Accumulated Depreciation
Debt	1,143,000
Land initial cost	155,000
Building and improvements initial cost	1,811,000
Gross carrying amount
Land	155,000
Building and improvements	1,811,000
Total	1,966,000
Accumulated depreciation	21,000
0368 Mentor, OH
Real Estate and Accumulated Depreciation
Debt	1,386,000
Land initial cost	409,000
Building and improvements initial cost	1,609,000
Building costs subsequent to acquisition	24,000
Gross carrying amount
Land	409,000
Building and improvements	1,633,000
Total	2,042,000
Accumulated depreciation	20,000
1509 Sidney, OH
Real Estate and Accumulated Depreciation
Land initial cost	201,000
Building and improvements initial cost	262,000
Building costs subsequent to acquisition	62,000
Gross carrying amount
Land	201,000
Building and improvements	324,000
Total	525,000
Accumulated depreciation	18,000
1511 Greenville, OH
Real Estate and Accumulated Depreciation
Land initial cost	189,000
Building and improvements initial cost	302,000
Building costs subsequent to acquisition	44,000
Gross carrying amount
Land	189,000
Building and improvements	346,000
Total	535,000
Accumulated depreciation	17,000
0829 Hilliard, OH
Real Estate and Accumulated Depreciation
Land initial cost	1,613,000
Building and improvements initial cost	2,369,000
Gross carrying amount
Land	1,613,000
Building and improvements	2,369,000
Total	3,982,000
Accumulated depreciation	8,000
0826 Mentor, OH
Real Estate and Accumulated Depreciation
Land initial cost	658,000
Building and improvements initial cost	1,267,000
Gross carrying amount
Land	658,000
Building and improvements	1,267,000
Total	1,925,000
Accumulated depreciation	4,000
0288 Aloha, OR
Real Estate and Accumulated Depreciation
Debt	6,292,000
Land initial cost	1,221,000
Building and improvements initial cost	6,262,000
Building costs subsequent to acquisition	231,000
Gross carrying amount
Land	1,221,000
Building and improvements	6,493,000
Total	7,714,000
Accumulated depreciation	1,364,000
1294 King City, OR
Real Estate and Accumulated Depreciation
Debt	3,143,000
Land initial cost	2,520,000
Building and improvements initial cost	6,845,000
Building costs subsequent to acquisition	45,000
Gross carrying amount
Land	2,520,000
Building and improvements	6,890,000
Total	9,410,000
Accumulated depreciation	541,000
0286 Beaverton, OR
Real Estate and Accumulated Depreciation
Debt	4,772,000
Land initial cost	2,014,000
Building and improvements initial cost	5,786,000
Building costs subsequent to acquisition	23,000
Gross carrying amount
Land	2,014,000
Building and improvements	5,809,000
Total	7,823,000
Accumulated depreciation	79,000
1198 Philadelphia, PA
Real Estate and Accumulated Depreciation
Debt	5,732,000
Land initial cost	1,965,000
Building and improvements initial cost	5,925,000
Building costs subsequent to acquisition	1,034,000
Building Adjustments	7,000
Gross carrying amount
Land	1,965,000
Building and improvements	6,966,000
Total	8,931,000
Accumulated depreciation	1,702,000
1045 Pittsburgh, PA
Real Estate and Accumulated Depreciation
Debt	3,868,000
Land initial cost	889,000
Building and improvements initial cost	4,117,000
Building costs subsequent to acquisition	546,000
Gross carrying amount
Land	889,000
Building and improvements	4,663,000
Total	5,552,000
Accumulated depreciation	1,516,000
1036 Doylestown, PA
Real Estate and Accumulated Depreciation
Land initial cost	220,000
Building and improvements initial cost	3,442,000
Building costs subsequent to acquisition	347,000
Land Adjustments	301,000
Building Adjustments	384,000
Gross carrying amount
Land	521,000
Building and improvements	4,173,000
Total	4,694,000
Accumulated depreciation	1,190,000
1046 Kennedy Township, PA
Real Estate and Accumulated Depreciation
Debt	2,622,000
Land initial cost	736,000
Building and improvements initial cost	3,173,000
Building costs subsequent to acquisition	180,000
Gross carrying amount
Land	736,000
Building and improvements	3,353,000
Total	4,089,000
Accumulated depreciation	1,135,000
1332 Bensalem, PA
Real Estate and Accumulated Depreciation
Debt	3,068,000
Land initial cost	1,131,000
Building and improvements initial cost	4,525,000
Building costs subsequent to acquisition	190,000
Building Adjustments	66,000
Gross carrying amount
Land	1,131,000
Building and improvements	4,781,000
Total	5,912,000
Accumulated depreciation	1,101,000
1063 Pittsburgh, PA
Real Estate and Accumulated Depreciation
Debt	2,622,000
Land initial cost	991,000
Building and improvements initial cost	1,990,000
Building costs subsequent to acquisition	589,000
Land Adjustments	91,000
Building Adjustments	199,000
Gross carrying amount
Land	1,082,000
Building and improvements	2,778,000
Total	3,860,000
Accumulated depreciation	855,000
1354 Bensalem, PA
Real Estate and Accumulated Depreciation
Land initial cost	750,000
Building and improvements initial cost	3,015,000
Building costs subsequent to acquisition	169,000
Gross carrying amount
Land	750,000
Building and improvements	3,184,000
Total	3,934,000
Accumulated depreciation	613,000
1048 Willow Grove, PA
Real Estate and Accumulated Depreciation
Debt	5,244,000
Land initial cost	1,297,000
Building and improvements initial cost	4,027,000
Building costs subsequent to acquisition	198,000
Gross carrying amount
Land	1,297,000
Building and improvements	4,225,000
Total	5,522,000
Accumulated depreciation	234,000
0741 Johnston, RI
Real Estate and Accumulated Depreciation
Debt	6,874,000
Land initial cost	2,659,000
Building and improvements initial cost	4,799,000
Building costs subsequent to acquisition	417,000
Gross carrying amount
Land	2,659,000
Building and improvements	5,216,000
Total	7,875,000
Accumulated depreciation	1,165,000
1150 Johnston, RI
Real Estate and Accumulated Depreciation
Debt	1,982,000
Land initial cost	533,000
Building and improvements initial cost	2,127,000
Building costs subsequent to acquisition	24,000
Gross carrying amount
Land	533,000
Building and improvements	2,151,000
Total	2,684,000
Accumulated depreciation	58,000
1311 Goose Creek, SC
Real Estate and Accumulated Depreciation
Land initial cost	1,683,000
Building and improvements initial cost	4,372,000
Building costs subsequent to acquisition	963,000
Building Adjustments	30,000
Gross carrying amount
Land	1,683,000
Building and improvements	5,365,000
Total	7,048,000
Accumulated depreciation	1,117,000
1323 Summerville, SC
Real Estate and Accumulated Depreciation
Land initial cost	450,000
Building and improvements initial cost	4,454,000
Building costs subsequent to acquisition	141,000
Building Adjustments	26,000
Gross carrying amount
Land	450,000
Building and improvements	4,621,000
Total	5,071,000
Accumulated depreciation	1,050,000
1303 Charleston, SC
Real Estate and Accumulated Depreciation
Debt	3,569,000
Land initial cost	1,279,000
Building and improvements initial cost	4,171,000
Building costs subsequent to acquisition	129,000
Building Adjustments	30,000
Gross carrying amount
Land	1,279,000
Building and improvements	4,330,000
Total	5,609,000
Accumulated depreciation	983,000
1305 Columbia, SC
Real Estate and Accumulated Depreciation
Debt	2,860,000
Land initial cost	838,000
Building and improvements initial cost	3,312,000
Building costs subsequent to acquisition	159,000
Building Adjustments	38,000
Gross carrying amount
Land	838,000
Building and improvements	3,509,000
Total	4,347,000
Accumulated depreciation	841,000
8174 Columbia, SC
Real Estate and Accumulated Depreciation
Land initial cost	1,784,000
Building and improvements initial cost	2,745,000
Building costs subsequent to acquisition	2,000
Gross carrying amount
Land	1,784,000
Building and improvements	2,747,000
Total	4,531,000
Accumulated depreciation	32,000
0574 Nashville, TN
Real Estate and Accumulated Depreciation
Debt	2,930,000
Land initial cost	390,000
Building and improvements initial cost	2,598,000
Building costs subsequent to acquisition	680,000
Gross carrying amount
Land	390,000
Building and improvements	3,278,000
Total	3,668,000
Accumulated depreciation	781,000
0487 Cordova, TN
Real Estate and Accumulated Depreciation
Debt	2,614,000
Land initial cost	852,000
Building and improvements initial cost	2,720,000
Building costs subsequent to acquisition	229,000
Gross carrying amount
Land	852,000
Building and improvements	2,949,000
Total	3,801,000
Accumulated depreciation	682,000
0704 Cordova, TN
Real Estate and Accumulated Depreciation
Land initial cost	894,000
Building and improvements initial cost	2,680,000
Building costs subsequent to acquisition	139,000
Gross carrying amount
Land	894,000
Building and improvements	2,819,000
Total	3,713,000
Accumulated depreciation	471,000
8122 Cordova, TN
Real Estate and Accumulated Depreciation
Debt	2,100,000
Land initial cost	652,000
Building and improvements initial cost	1,791,000
Building costs subsequent to acquisition	67,000
Gross carrying amount
Land	652,000
Building and improvements	1,858,000
Total	2,510,000
Accumulated depreciation	82,000
0578 Bartlett, TN
Real Estate and Accumulated Depreciation
Debt	2,591,000
Land initial cost	632,000
Building and improvements initial cost	3,798,000
Building costs subsequent to acquisition	4,000
Gross carrying amount
Land	632,000
Building and improvements	3,802,000
Total	4,434,000
Accumulated depreciation	45,000
0680 Memphis, TN
Real Estate and Accumulated Depreciation
Debt	1,766,000
Land initial cost	274,000
Building and improvements initial cost	2,623,000
Building costs subsequent to acquisition	6,000
Gross carrying amount
Land	274,000
Building and improvements	2,629,000
Total	2,903,000
Accumulated depreciation	31,000
0823 Franklin, TN
Real Estate and Accumulated Depreciation
Land initial cost	3,357,000
Building and improvements initial cost	8,984,000
Gross carrying amount
Land	3,357,000
Building and improvements	8,984,000
Total	12,341,000
Accumulated depreciation	29,000
0374 Memphis, TN
Real Estate and Accumulated Depreciation
Debt	1,074,000
Land initial cost	110,000
Building and improvements initial cost	1,280,000
Building costs subsequent to acquisition	4,000
Gross carrying amount
Land	110,000
Building and improvements	1,284,000
Total	1,394,000
Accumulated depreciation	19,000
0811 Memphis, TN
Real Estate and Accumulated Depreciation
Land initial cost	1,040,000
Building and improvements initial cost	3,867,000
Gross carrying amount
Land	1,040,000
Building and improvements	3,867,000
Total	4,907,000
Accumulated depreciation	12,000
0813 Memphis, TN
Real Estate and Accumulated Depreciation
Land initial cost	1,617,000
Building and improvements initial cost	2,875,000
Gross carrying amount
Land	1,617,000
Building and improvements	2,875,000
Total	4,492,000
Accumulated depreciation	9,000
0514 Dallas, TX
Real Estate and Accumulated Depreciation
Debt	11,582,000
Land initial cost	1,980,000
Building and improvements initial cost	12,501,000
Building costs subsequent to acquisition	318,000
Gross carrying amount
Land	1,980,000
Building and improvements	12,819,000
Total	14,799,000
Accumulated depreciation	2,278,000
0584 Houston, TX
Real Estate and Accumulated Depreciation
Debt	8,981,000
Land initial cost	2,596,000
Building and improvements initial cost	8,735,000
Building costs subsequent to acquisition	307,000
Gross carrying amount
Land	2,596,000
Building and improvements	9,042,000
Total	11,638,000
Accumulated depreciation	1,617,000
1307 Dallas, TX
Real Estate and Accumulated Depreciation
Debt	10,989,000
Land initial cost	4,432,000
Building and improvements initial cost	6,181,000
Building costs subsequent to acquisition	481,000
Building Adjustments	36,000
Gross carrying amount
Land	4,432,000
Building and improvements	6,698,000
Total	11,130,000
Accumulated depreciation	1,557,000
1309 Fort Worth, TX
Real Estate and Accumulated Depreciation
Land initial cost	631,000
Building and improvements initial cost	5,794,000
Building costs subsequent to acquisition	187,000
Building Adjustments	31,000
Gross carrying amount
Land	631,000
Building and improvements	6,012,000
Total	6,643,000
Accumulated depreciation	1,375,000
1302 Austin, TX
Real Estate and Accumulated Depreciation
Debt	4,927,000
Land initial cost	870,000
Building and improvements initial cost	4,455,000
Building costs subsequent to acquisition	275,000
Building Adjustments	35,000
Gross carrying amount
Land	870,000
Building and improvements	4,765,000
Total	5,635,000
Accumulated depreciation	1,115,000
1364 Plano, TX
Real Estate and Accumulated Depreciation
Land initial cost	1,010,000
Building and improvements initial cost	6,203,000
Building costs subsequent to acquisition	316,000
Gross carrying amount
Land	1,010,000
Building and improvements	6,519,000
Total	7,529,000
Accumulated depreciation	1,064,000
1363 Allen, TX
Real Estate and Accumulated Depreciation
Debt	4,244,000
Land initial cost	901,000
Building and improvements initial cost	5,553,000
Building costs subsequent to acquisition	207,000
Gross carrying amount
Land	901,000
Building and improvements	5,760,000
Total	6,661,000
Accumulated depreciation	957,000
0521 South Houston, TX
Real Estate and Accumulated Depreciation
Debt	2,330,000
Land initial cost	478,000
Building and improvements initial cost	4,069,000
Building costs subsequent to acquisition	744,000
Gross carrying amount
Land	478,000
Building and improvements	4,813,000
Total	5,291,000
Accumulated depreciation	928,000
1301 Arlington, TX
Real Estate and Accumulated Depreciation
Debt	2,251,000
Land initial cost	534,000
Building and improvements initial cost	2,525,000
Building costs subsequent to acquisition	304,000
Building Adjustments	34,000
Gross carrying amount
Land	534,000
Building and improvements	2,863,000
Total	3,397,000
Accumulated depreciation	743,000
1365 Plano, TX
Real Estate and Accumulated Depreciation
Land initial cost	614,000
Building and improvements initial cost	3,775,000
Building costs subsequent to acquisition	224,000
Gross carrying amount
Land	614,000
Building and improvements	3,999,000
Total	4,613,000
Accumulated depreciation	690,000
0561 Dallas, TX
Real Estate and Accumulated Depreciation
Debt	2,059,000
Land initial cost	337,000
Building and improvements initial cost	2,216,000
Building costs subsequent to acquisition	444,000
Gross carrying amount
Land	337,000
Building and improvements	2,660,000
Total	2,997,000
Accumulated depreciation	621,000
1306 San Antonio, TX
Real Estate and Accumulated Depreciation
Land initial cost	1,269,000
Building and improvements initial cost	1,816,000
Building costs subsequent to acquisition	558,000
Building Adjustments	30,000
Gross carrying amount
Land	1,269,000
Building and improvements	2,404,000
Total	3,673,000
Accumulated depreciation	616,000
1312 Grand Prairie, TX
Real Estate and Accumulated Depreciation
Debt	2,279,000
Land initial cost	551,000
Building and improvements initial cost	2,330,000
Building costs subsequent to acquisition	240,000
Building Adjustments	31,000
Gross carrying amount
Land	551,000
Building and improvements	2,601,000
Total	3,152,000
Accumulated depreciation	607,000
1357 Rowlett, TX
Real Estate and Accumulated Depreciation
Debt	2,013,000
Land initial cost	1,002,000
Building and improvements initial cost	2,601,000
Building costs subsequent to acquisition	284,000
Gross carrying amount
Land	1,002,000
Building and improvements	2,885,000
Total	3,887,000
Accumulated depreciation	541,000
1387 San Antonio, TX
Real Estate and Accumulated Depreciation
Land initial cost	2,471,000
Building and improvements initial cost	3,556,000
Building costs subsequent to acquisition	198,000
Building Adjustments	(408,000)
Gross carrying amount
Land	2,471,000
Building and improvements	3,346,000
Total	5,817,000
Accumulated depreciation	494,000
1326 San Antonio, TX
Real Estate and Accumulated Depreciation
Land initial cost	253,000
Building and improvements initial cost	1,496,000
Building costs subsequent to acquisition	113,000
Building Adjustments	32,000
Gross carrying amount
Land	253,000
Building and improvements	1,641,000
Total	1,894,000
Accumulated depreciation	406,000
1490 Houston, TX
Real Estate and Accumulated Depreciation
Debt	6,167,000
Land initial cost	1,036,000
Building and improvements initial cost	8,133,000
Building costs subsequent to acquisition	80,000
Gross carrying amount
Land	1,036,000
Building and improvements	8,213,000
Total	9,249,000
Accumulated depreciation	186,000
0795 Euless, TX
Real Estate and Accumulated Depreciation
Debt	2,950,000
Land initial cost	671,000
Building and improvements initial cost	3,213,000
Building costs subsequent to acquisition	590,000
Gross carrying amount
Land	671,000
Building and improvements	3,803,000
Total	4,474,000
Accumulated depreciation	184,000
1456 La Porte, TX
Real Estate and Accumulated Depreciation
Land initial cost	1,608,000
Building and improvements initial cost	2,351,000
Building costs subsequent to acquisition	255,000
Gross carrying amount
Land	1,608,000
Building and improvements	2,606,000
Total	4,214,000
Accumulated depreciation	162,000
1457 Houston, TX
Real Estate and Accumulated Depreciation
Land initial cost	402,000
Building and improvements initial cost	1,870,000
Building costs subsequent to acquisition	146,000
Gross carrying amount
Land	402,000
Building and improvements	2,016,000
Total	2,418,000
Accumulated depreciation	118,000
0629 Dallas, TX
Real Estate and Accumulated Depreciation
Land initial cost	921,000
Building and improvements initial cost	7,656,000
Building costs subsequent to acquisition	4,000
Gross carrying amount
Land	921,000
Building and improvements	7,660,000
Total	8,581,000
Accumulated depreciation	90,000
0306 Spring, TX
Real Estate and Accumulated Depreciation
Debt	3,360,000
Land initial cost	506,000
Building and improvements initial cost	5,096,000
Building costs subsequent to acquisition	56,000
Gross carrying amount
Land	506,000
Building and improvements	5,152,000
Total	5,658,000
Accumulated depreciation	61,000
8246 Spring, TX
Real Estate and Accumulated Depreciation
Debt	4,656,000
Land initial cost	978,000
Building and improvements initial cost	1,347,000
Building costs subsequent to acquisition	93,000
Gross carrying amount
Land	978,000
Building and improvements	1,440,000
Total	2,418,000
Accumulated depreciation	52,000
1497 Dallas, TX
Real Estate and Accumulated Depreciation
Debt	3,986,000
Land initial cost	2,542,000
Building and improvements initial cost	3,274,000
Building costs subsequent to acquisition	54,000
Gross carrying amount
Land	2,542,000
Building and improvements	3,328,000
Total	5,870,000
Accumulated depreciation	32,000
1496 Grand Prairie, TX
Real Estate and Accumulated Depreciation
Land initial cost	2,327,000
Building and improvements initial cost	1,551,000
Building costs subsequent to acquisition	8,000
Gross carrying amount
Land	2,327,000
Building and improvements	1,559,000
Total	3,886,000
Accumulated depreciation	15,000
0132 Sandy, UT
Real Estate and Accumulated Depreciation
Debt	3,950,000
Land initial cost	1,349,000
Building and improvements initial cost	4,372,000
Building costs subsequent to acquisition	383,000
Gross carrying amount
Land	1,349,000
Building and improvements	4,755,000
Total	6,104,000
Accumulated depreciation	1,003,000
1006 Kearns, UT
Real Estate and Accumulated Depreciation
Land initial cost	642,000
Building and improvements initial cost	2,607,000
Building costs subsequent to acquisition	283,000
Gross carrying amount
Land	642,000
Building and improvements	2,890,000
Total	3,532,000
Accumulated depreciation	723,000
0230 West Valley City, UT
Real Estate and Accumulated Depreciation
Debt	1,775,000
Land initial cost	461,000
Building and improvements initial cost	1,722,000
Building costs subsequent to acquisition	144,000
Gross carrying amount
Land	461,000
Building and improvements	1,866,000
Total	2,327,000
Accumulated depreciation	419,000
8002 Salt Lake City, UT
Real Estate and Accumulated Depreciation
Debt	3,116,000
Land initial cost	986,000
Building and improvements initial cost	3,455,000
Building costs subsequent to acquisition	157,000
Gross carrying amount
Land	986,000
Building and improvements	3,612,000
Total	4,598,000
Accumulated depreciation	208,000
1455 West Jordan, UT
Real Estate and Accumulated Depreciation
Debt	2,168,000
Land initial cost	735,000
Building and improvements initial cost	2,146,000
Building costs subsequent to acquisition	315,000
Gross carrying amount
Land	735,000
Building and improvements	2,461,000
Total	3,196,000
Accumulated depreciation	132,000
0792 Orem, UT
Real Estate and Accumulated Depreciation
Debt	2,155,000
Land initial cost	841,000
Building and improvements initial cost	2,335,000
Building costs subsequent to acquisition	91,000
Gross carrying amount
Land	841,000
Building and improvements	2,426,000
Total	3,267,000
Accumulated depreciation	105,000
1454 Murray, UT
Real Estate and Accumulated Depreciation
Land initial cost	571,000
Building and improvements initial cost	986,000
Building costs subsequent to acquisition	440,000
Gross carrying amount
Land	571,000
Building and improvements	1,426,000
Total	1,997,000
Accumulated depreciation	91,000
8149 Sandy, UT
Real Estate and Accumulated Depreciation
Land initial cost	2,063,000
Building and improvements initial cost	5,202,000
Gross carrying amount
Land	2,063,000
Building and improvements	5,202,000
Total	7,265,000
Accumulated depreciation	39,000
1380 Alexandria, VA
Real Estate and Accumulated Depreciation
Debt	5,902,000
Land initial cost	1,620,000
Building and improvements initial cost	13,103,000
Building costs subsequent to acquisition	517,000
Gross carrying amount
Land	1,620,000
Building and improvements	13,620,000
Total	15,240,000
Accumulated depreciation	2,266,000
0678 Falls Church, VA
Real Estate and Accumulated Depreciation
Debt	6,002,000
Land initial cost	1,259,000
Building and improvements initial cost	6,975,000
Building costs subsequent to acquisition	381,000
Gross carrying amount
Land	1,259,000
Building and improvements	7,356,000
Total	8,615,000
Accumulated depreciation	1,528,000
1325 Richmond, VA
Real Estate and Accumulated Depreciation
Debt	4,644,000
Land initial cost	2,305,000
Building and improvements initial cost	5,467,000
Building costs subsequent to acquisition	152,000
Building Adjustments	8,000
Gross carrying amount
Land	2,305,000
Building and improvements	5,627,000
Total	7,932,000
Accumulated depreciation	1,244,000
1452 Arlington, VA
Real Estate and Accumulated Depreciation
Building and improvements initial cost	4,802,000
Building costs subsequent to acquisition	144,000
Gross carrying amount
Building and improvements	4,946,000
Total	4,946,000
Accumulated depreciation	911,000
0764 Stafford, VA
Real Estate and Accumulated Depreciation
Debt	4,498,000
Land initial cost	2,076,000
Building and improvements initial cost	5,175,000
Building costs subsequent to acquisition	77,000
Gross carrying amount
Land	2,076,000
Building and improvements	5,252,000
Total	7,328,000
Accumulated depreciation	545,000
0717 Dumfries, VA
Real Estate and Accumulated Depreciation
Debt	5,345,000
Land initial cost	932,000
Building and improvements initial cost	9,349,000
Building costs subsequent to acquisition	131,000
Gross carrying amount
Land	932,000
Building and improvements	9,480,000
Total	10,412,000
Accumulated depreciation	406,000
0467 Alexandria, VA
Real Estate and Accumulated Depreciation
Debt	13,770,000
Land initial cost	5,029,000
Building and improvements initial cost	18,943,000
Building costs subsequent to acquisition	15,000
Gross carrying amount
Land	5,029,000
Building and improvements	18,958,000
Total	23,987,000
Accumulated depreciation	223,000
0327 Fredericksburg, VA
Real Estate and Accumulated Depreciation
Debt	4,377,000
Land initial cost	2,128,000
Building and improvements initial cost	5,398,000
Building costs subsequent to acquisition	17,000
Gross carrying amount
Land	2,128,000
Building and improvements	5,415,000
Total	7,543,000
Accumulated depreciation	63,000
0828 Falls Church, VA
Real Estate and Accumulated Depreciation
Land initial cost	5,703,000
Building and improvements initial cost	13,307,000
Building costs subsequent to acquisition	5,000
Gross carrying amount
Land	5,703,000
Building and improvements	13,312,000
Total	19,015,000
Accumulated depreciation	43,000
1498 Stafford, VA
Real Estate and Accumulated Depreciation
Debt	4,513,000
Land initial cost	1,172,000
Building and improvements initial cost	5,562,000
Building costs subsequent to acquisition	4,000
Gross carrying amount
Land	1,172,000
Building and improvements	5,566,000
Total	6,738,000
Accumulated depreciation	42,000
0824 Fredericksburg, VA
Real Estate and Accumulated Depreciation
Land initial cost	1,438,000
Building and improvements initial cost	2,459,000
Gross carrying amount
Land	1,438,000
Building and improvements	2,459,000
Total	3,897,000
Accumulated depreciation	8,000
0643 Seattle, WA
Real Estate and Accumulated Depreciation
Debt	7,480,000
Land initial cost	2,727,000
Building and improvements initial cost	7,241,000
Building costs subsequent to acquisition	220,000
Gross carrying amount
Land	2,727,000
Building and improvements	7,461,000
Total	10,188,000
Accumulated depreciation	1,530,000
1341 Lakewood, WA
Real Estate and Accumulated Depreciation
Debt	4,529,000
Land initial cost	1,917,000
Building and improvements initial cost	5,256,000
Building costs subsequent to acquisition	181,000
Gross carrying amount
Land	1,917,000
Building and improvements	5,437,000
Total	7,354,000
Accumulated depreciation	1,004,000
1342 Lakewood, WA
Real Estate and Accumulated Depreciation
Debt	4,526,000
Land initial cost	1,389,000
Building and improvements initial cost	4,780,000
Building costs subsequent to acquisition	216,000
Gross carrying amount
Land	1,389,000
Building and improvements	4,996,000
Total	6,385,000
Accumulated depreciation	942,000
1343 Tacoma, WA
Real Estate and Accumulated Depreciation
Debt	3,301,000
Land initial cost	1,031,000
Building and improvements initial cost	3,103,000
Building costs subsequent to acquisition	141,000
Gross carrying amount
Land	1,031,000
Building and improvements	3,244,000
Total	4,275,000
Accumulated depreciation	628,000
0285 Vancouver, WA
Real Estate and Accumulated Depreciation
Debt	3,159,000
Land initial cost	709,000
Building and improvements initial cost	4,280,000
Building costs subsequent to acquisition	35,000
Gross carrying amount
Land	709,000
Building and improvements	4,315,000
Total	5,024,000
Accumulated depreciation	$ 51,000

XML

STOCK-BASED COMPENSATION (Details)	12 Months Ended
	Dec. 31, 2012
STOCK BASED COMPENSATION
Shares available for issuance under plans	2,553,769
Stock options.
STOCK BASED COMPENSATION
Vesting period (in years)	4 years
Expiration period, minimum (in years)	P10Y
Restricted stock
STOCK BASED COMPENSATION
Vesting period (in years)	4 years

XML

OTHER LIABILITIES (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
OTHER LIABILITIES
Deferred rental income	$ 20,752	$ 14,907
Lease obligation liability	3,826	5,828
Fair value of interest rate swap	15,228	8,311
Other miscellaneous liabilities	8,442	4,708
Other liabilities, Total	48,248	33,754
Minimum rental receivable under non cancelable subleases	$ 3,826	$ 1,747

XML

OTHER NONCONTROLLING INTERESTS

12 Months Ended

Dec. 31, 2012

OTHER NONCONTROLLING INTERESTS

OTHER NONCONTROLLING INTERESTS

17. OTHER NONCONTROLLING INTERESTS

        Other noncontrolling interests represent the ownership interests of various third parties in three consolidated self-storage properties as of December 31, 2012. Two of these consolidated properties were undeveloped, and one was in the lease-up stage as of December 31, 2012. The ownership interests of the third party owners range from 5.0% to 27.6%. Other noncontrolling interests are included in the stockholders' equity section of the Company's consolidated balance sheet. The income or losses attributable to these third party owners based on their ownership percentages are reflected in net income allocated to the Operating Partnership and other noncontrolling interests in the consolidated statement of operations.

XML

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2012

COMMITMENTS AND CONTINGENCIES

Schedule of future minimum rental payments under non-cancelable operating lease

Less than 1 year	$	7,463
Year 2		7,330
Year 3		5,206
Year 4		4,072
Year 5		2,783
Thereafter		42,542
	$	69,396

Schedule of guaranteed loans for unconsolidated joint ventures

	Date of Guaranty	Loan Maturity Date	Guaranteed Loan Amount		Estimated Fair Market Value of Assets
Extra Space of Montrose Avenue LLC	Dec-10	Dec-13	$	5,120	$	8,432
Extra Space of Sacramento One LLC	Apr-09	Apr-14	$	4,307	$	9,507
ESS Baltimore LLC	Nov-04	Feb-13	$	3,950	$	6,465

XML

NOTES PAYABLE TO TRUSTS (Tables)

12 Months Ended

Dec. 31, 2012

NOTES PAYABLE TO TRUSTS

Schedule of the carrying amount of the liabilities and the maximum exposure to loss related to the trusts

	Notes payable to Trusts		Investment Balance		Maximum exposure to loss		Difference
Trust	$	36,083	$	1,083	$	35,000	$	—
Trust II		42,269		1,269		41,000		—
Trust III		41,238		1,238		40,000		—
	$	119,590	$	3,590	$	116,000	$	—

XML

NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP (Details) (Operating Partnership, USD $) In Thousands, except Share data, unless otherwise specified	1 Months Ended			12 Months Ended
	Apr. 30, 2012	Apr. 30, 2011	Jan. 31, 2011	Dec. 31, 2012 D
Operating Partnership
Noncontrolling interest in operating partnership
Ownership interest held by entity (as a percent)				96.70%
Noncontrolling interest in operating partnership (as a percent)				3.30%
Common OP units outstanding (in shares)				2,755,650
Number of days used as a denomination to determine the average closing price of common stock				10
Common OP units conversion basis				one-for-one basis
Ten day average closing stock price (in dollars per share)				$ 36.03
Consideration to be paid on redemption of common OP units				$ 99,272
Number of units redeemed during the period (in units)		143,641	150,000	304,817
Number of units redeemed for cash during the period (in units)	5,475	13,387
Cash consideration paid on redemption of common OP units	$ 155	$ 271

XML

PROPERTY ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2012

PROPERTY ACQUISITIONS

Schedule of operating properties acquired

					Consideration Paid
																								Acquisition Date Fair Value
													Notes Issued to/from Seller				Net Liabilities/ (Assets) Assumed			Value of OP Units Issued		Number of OP Units Issued
Property Location	Number of Properties		Date of Acquisition		Total		Cash Paid		Loan Assumed		Non-cash gain				Previous equity interest									Land		Building		Intangible		Closing costs— expensed			Source of Acquisition	Notes
Florida		1		12/28/2012	$	4,270	$	4,258	$	—	$	—	$	—	$	—	$	12		$	—		—	$	805	$	3,345	$	95	$	25		Unrelated third party
Maryland		1		12/27/2012		13,107		10,596		2,692		—		—		—		(181	)		—		—		4,314		8,412		206		175		Unrelated third party
Arizona		1		12/27/2012		8,667		8,608		—		—		—		—		59			—		—		2,973		5,545		141		8		Unrelated third party
Florida		2		12/27/2012		8,766		142		—		—		8,584		—		40			—		—		1,597		6,862		215		92		Unrelated third party	(4)
Florida		1		12/3/2012		4,273		4,254		—		—		—		—		19			—		—		1,133		3,017		99		24		Unrelated third party
Various states		21		11/30/2012		164,566		140,513		—		10,171		—		14,184		(302	)		—		—		41,988		119,681		2,881		16		Affiliated joint venture	(3)
New Jersey		4		11/30/2012		39,336		39,283		—		—		—		—		53			—		—		10,920		26,712		825		879		Unrelated third party
Massachusetts		1		11/9/2012		9,011		8,994		—		—		—		—		17			—		—		3,115		5,684		190		22		Unrelated third party
Utah		1		9/28/2012		7,410		7,322		—		—		—		—		88			—		—		2,063		5,202		132		13		Related party	(2)
Virginia		1		9/20/2012		6,884		6,850		—		—		—		—		34			—		—		1,172		5,562		119		31		Unrelated third party
New Jersey		1		8/28/2012		13,678		13,678		—		—		—		—		—			—		—		1,511		11,732		241		194		Unrelated third party
New Jersey		1		8/23/2012		9,091		9,099		—		—		—		—		(8	)		—		—		2,144		6,660		158		129		Unrelated third party
New Jersey		1		8/23/2012		15,475		15,431		—		—		—		—		44			—		—		1,890		13,112		269		204		Unrelated third party
New York		1		8/10/2012		15,300		15,377		—		—		—		—		(77	)		—		—		2,800		12,173		269		58		Unrelated third party
Texas		2		8/10/2012		9,948		9,775		—		—		—		—		173			—		—		4,869		4,826		241		12		Unrelated third party
California		1		7/26/2012		4,860		2,376		2,592		—		—		—		(108	)		—		—		2,428		2,317		93		22		Unrelated third party
South Carolina		1		7/19/2012		4,651		4,621		—		—		—		—		30			—		—		1,784		2,755		107		5		Unrelated third party
New Jersey, New York		6		7/18/2012		55,622		55,748		—		—		—		—		(126	)		—		—		8,584		45,359		1,227		452		Unrelated third party
Colorado		1		7/18/2012		7,085		7,038		—		—		—		—		47			—		—		—		6,945		137		3		Unrelated third party
Various states		36		7/2/2012		322,516		162,705		145,000		13,499		—		3,355		(2,043	)		—		—		67,550		246,133		8,142		691		Affiliated joint venture	(1)
Maryland		1		5/31/2012		6,501		6,438		—		—		—		—		11			52		1,814		1,185		5,051		147		118		Unrelated third party
Florida		3		5/2/2012		14,942		14,792		—		—		—		—		150			—		—		1,933		12,682		321		6		Unrelated third party
Maryland		1		3/7/2012		6,284		5,886		—		—		—		—		21			377		14,193		465		5,600		128		91		Unrelated third party
Texas		1		2/29/2012		9,405		9,323		—		—		—		—		82			—		—		1,036		8,133		187		49		Unrelated third party
2012 Totals		91			$	761,648	$	563,107	$	150,284	$	23,670	$	8,584	$	17,539	$	(1,965	)	$	429		16,007	$	168,259	$	573,500	$	16,570	$	3,319
New Jersey		1		12/16/2011	$	6,832	$	6,806	$	—	$	—	$	—	$	—	$	26		$	—		—	$	1,093	$	5,492	$	157	$	90		Unrelated third party
Various		6		12/1/2011		61,797		4,941		50,140		—		4,850		1,817		49			—		—		15,645		46,139		—		13		Affiliated joint venture
Florida		1		10/25/2011		5,853		5,615		—		—		—		—		238			—		—		521		5,198		113		21		Unrelated third party
California		19		10/19/2011		104,029		31,464		73,527		—		—		—		(962	)		—		—		32,270		69,496		2,164		99		Unrelated third party
New Jersey		1		10/6/2011		18,372		18,334		—		—		—		—		38			—		—		861		17,127		333		51		Unrelated third party
Texas		1		8/2/2011		2,402		2,353		—		—		—		—		49			—		—		978		1,347		73		4		Unrelated third party
Maryland		1		8/1/2011		7,343		7,342		—		—		—		—		1			—		—		764		6,331		143		105		Unrelated third party
Maryland		1		7/8/2011		5,785		5,795		—		—		—		—		(10	)		—		—		1,303		4,218		125		139		Unrelated third party
Ohio, Indiana, Kentucky		15		6/27/2011		39,773		39,387		—		—		—		—		386			—		—		13,478		25,098		903		294		Unrelated third party
Nevada		1		6/22/2011		3,355		3,339		—		—		—		—		16			—		—		1,441		1,810		98		6		Unrelated third party
Colorado		1		6/10/2011		4,600		2,664		1,907		—		—		—		29			—		—		296		4,199		98		7		Unrelated third party
New Jersey		1		6/2/2011		4,963		4,959		—		—		—		—		4			—		—		1,644		3,115		135		69		Affiliated joint venture
Virginia		1		5/26/2011		10,514		5,205		5,463		—		—		—		(154	)		—		—		932		9,349		202		31		Unrelated third party
Colorado		1		5/25/2011		3,540		2,262		1,290		—		—		—		(12	)		—		—		407		3,077		61		(5	)	Unrelated third party
Tennessee		1		4/15/2011		2,539		2,514		—		—		—		—		25			—		—		652		1,791		79		17		Unrelated third party
California		1		4/7/2011		8,207		8,150		—		—		—		—		57			—		—		2,211		5,829		163		4		Unrelated third party
Utah, Texas		2		4/1/2011		7,262		7,205		—		—		—		—		57			—		—		1,512		5,548		188		14		Affiliated joint venture
2011 Totals		55			$	297,166	$	158,335	$	132,327	$	—	$	4,850	$	1,817	$	(163	)	$	—		—	$	76,008	$	215,164	$	5,035	$	959

(1)

This represents the acquisition of Prudential Real Estate Investors' ("PREI®") 94.9% interest in the ESS PRISA III LLC joint venture ("PRISA III") that was formed in 2005, resulting in full ownership by the Company. The joint venture owned 36 properties located in 18 states. Prior to the acquisition date, the Company accounted for its 5.1% interest in PRISA III as an equity-method investment. The acquisition date fair value of the previous equity interest was approximately $16,300 and is included as consideration transferred. The Company recognized a non-cash gain of $13,499 as a result of re-measuring its prior equity interest in PRISA III held before the acquisition.

(2)

This property was purchased from Sandy Self Storage, LLC, which was partially owned by Kenneth T. Woolley, the son of Kenneth M. Woolley, Executive Chairman and Chief Investment Officer.

(3)

This represents the acquisition of the Company's joint venture partner's 80% interest in the Storage Portfolio Bravo II LLC ("SPB II") joint venture, resulting in full ownership by the Company. The joint venture owned 21 properties in eleven states. Prior to the acquisition date, the Company accounted for its 20% interest in the joint venture as an equity-method investment. The acquisition date fair value of the previous equity interest was approximately $31,500 and is included as consideration transferred. The Company recognized a non-cash gain of $10,171 as a result of re-measuring its prior equity interest in SPB II held before the acquisition.

(4)

On May 1, 2012, the Company purchased two notes receivable from Capmark Bank for a total of $7,875. These receivables were due from Spacebox Land O'Lakes, LLC and Spacebox North Fort Myers, LLC (collectively, "Spacebox"), a third party. The notes bore interest at 15% per annum. Spacebox owned two self-storage facilities located in Florida that served as collateral for the notes. On December 27, 2012, the Company acquired the two properties owned by Spacebox in exchange for $142 of cash and forgiveness of the notes, which had an outstanding balance at the time of purchase of $8,584, including accrued interest.

Pro forma financial information

	For the Year Ended December 31,
	2012		2011
Total revenues	$	450,787	$	392,932
Net income attributable to common stockholders	$	124,248	$	56,454
Net income per common share
Basic	$	1.21	$	0.61
Diluted	$	1.20	$	0.60

Summary of revenues and earnings related to acquisition since the acquisition date

	For the Year Ended December 31, 2012
Total revenues	$	29,381
Net income	$	9,225

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DESCRIPTION OF BUSINESS (Details)	12 Months Ended
	Dec. 31, 2012 segment property state
DESCRIPTION OF BUSINESS
Number of operating storage facilities in which the entity has equity interests (in properties)	729
Number of properties owned by franchisees and third parties	181
Number of operating properties owned and/or managed	910
Number of states in which operating storage facilities are located	34
Number of reportable segments	3
Maximum percentage of rental income accounted for by any single tenant	5.00%

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NOTES PAYABLE TO TRUSTS (Details) (Variable Interest Entity, not primary beneficiary, USD $) In Thousands, unless otherwise specified	1 Months Ended
	Jul. 31, 2005 Trust III	Jul. 31, 2005 Trust III Preferred securities	Jul. 31, 2005 Trust III Common securities security	May 31, 2005 Trust II	May 31, 2005 Trust II Preferred securities	May 31, 2005 Trust II Common securities security	Apr. 30, 2005 Trust	Apr. 30, 2005 Trust Preferred securities	Apr. 30, 2005 Trust Common securities security
NOTES PAYABLE TO TRUSTS
Proceeds from issuance of securities	$ 41,238			$ 42,269			$ 36,083
Issuance of securities		$ 40,000	$ 1,238		$ 41,000	$ 1,269		$ 35,000	$ 1,083
Number of securities issued (in securities)			1,238			1,269			1,083

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INVESTMENTS IN REAL ESTATE VENTURES (Details 2) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012
Extra Space West One LLC (ESW)
Information (unaudited) related to the real estate ventures' debt
Loan Amount - Fixed	$ 16,700
Current Interest Rate (as a percent)	5.00%
Extra Space West Two LLC (ESW II)
Information (unaudited) related to the real estate ventures' debt
Loan Amount - Swapped to fixed	19,717
Current Interest Rate (as a percent)	3.57%
Extra Space Northern Properties Six LLC (ESNPS)
Information (unaudited) related to the real estate ventures' debt
Loan Amount - Fixed	34,500
Current Interest Rate (as a percent)	5.27%
Extra Space of Santa Monica LLC (ESSM)
Information (unaudited) related to the real estate ventures' debt
Loan Amount - Variable	11,125
Current Interest Rate (as a percent)	3.01%
Clarendon Storage Associates Limited Partnership (Clarendon)
Information (unaudited) related to the real estate ventures' debt
Loan Amount - Swapped to fixed	8,151
Current Interest Rate (as a percent)	5.93%
HSRE-ESP IA, LLC (HSRE)
Information (unaudited) related to the real estate ventures' debt
Loan Amount - Fixed	97,779
Current Interest Rate (as a percent)	5.29%
VRS Self Storage LLC (VRS)
Information (unaudited) related to the real estate ventures' debt
Loan Amount - Swapped to fixed	52,100
Current Interest Rate (as a percent)	3.34%
WCOT Self Storage LLC (WCOT)
Information (unaudited) related to the real estate ventures' debt
Loan Amount - Swapped to fixed	87,500
Current Interest Rate (as a percent)	3.34%
Storage Portfolio I LLC (SP I)
Information (unaudited) related to the real estate ventures' debt
Loan Amount - Fixed	96,334
Current Interest Rate (as a percent)	4.66%
Other minority owned properties
Information (unaudited) related to the real estate ventures' debt
Loan Amount	$ 62,458

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STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2012

STOCK-BASED COMPENSATION

Summary of stock option activity

Options	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value as of December 31, 2012
Outstanding at December 31, 2009		3,457,048		$	13.02
Granted		308,680			11.75
Exercised		(484,261	)		11.69
Forfeited		(175,562	)		12.27
Outstanding at December 31, 2010		3,105,905		$	13.13
Granted		110,900			19.60
Exercised		(1,388,269	)		13.44
Forfeited		(29,675	)		15.65
Outstanding at December 31, 2011		1,798,861		$	13.25
Granted		67,084			27.18
Exercised		(768,853	)		13.55
Outstanding at December 31, 2012		1,097,092		$	13.89		5.50	$	24,687
Vested and Expected to Vest		1,067,103		$	13.67		5.41	$	24,248
Ending Exercisable		724,368		$	13.87		4.56	$	16,313

Schedule of weighted average assumptions used to estimate fair value of granted stock options

	For the Year Ended December 31,
	2012			2011			2010
Expected volatility		44	%		45	%		47	%
Dividend yield		4.5	%		4.9	%		5.3	%
Risk-free interest rate		0.9	%		2.4	%		2.3	%
Average expected term (years)		5			5			5

Schedule of stock options outstanding and exercisable

	Options Outstanding						Options Exercisable
Exercise Price	Shares		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price		Shares		Weighted Average Exercise Price
$6.22 - $11.50		273,715		6.13	$	6.22		145,965	$	6.22
$11.51 - $12.50		239,026		5.75		12.02		121,736		12.24
$12.51 - $15.50		204,000		3.91		14.73		204,000		14.73
$15.51 - $19.60		188,267		5.56		17.76		127,667		16.88
$19.61 - $28.79		192,084		5.90		22.45		125,000		19.91
$6.22 - $28.79		1,097,092		5.50	$	13.89		724,368	$	14.37

Summary of the Company's employee and director share grant activity

Restricted Stock Grants	Shares			Weighted-Average Grant-Date Fair Value
Unreleased at December 31, 2009		766,854		$	9.94
Granted		445,230			12.24
Released		(256,950	)		11.50
Cancelled		(64,010	)		10.11
Unreleased at December 31, 2010		891,124		$	10.62
Granted		226,630			20.09
Released		(407,293	)		11.91
Cancelled		(47,695	)		14.31
Unreleased at December 31, 2011		662,766		$	12.81
Granted		182,052			28.39
Released		(287,754	)		12.98
Cancelled		(16,792	)		14.03
Unreleased at December 31, 2012		540,272		$	17.93

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DESCRIPTION OF BUSINESS

12 Months Ended

Dec. 31, 2012

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS

1. DESCRIPTION OF BUSINESS

        Extra Space Storage Inc. (the "Company") is a self-administered and self-managed real estate investment trust ("REIT"), formed as a Maryland Corporation on April 30, 2004, to own, operate, manage, acquire, develop and redevelop professionally managed self-storage facilities located throughout the United States. The Company continues the business of Extra Space Storage LLC and its subsidiaries, which had engaged in the self-storage business since 1977. The Company's interest in its properties is held through its operating partnership, Extra Space Storage LP (the "Operating Partnership"), which was formed on May 5, 2004. The Company's primary assets are general partner and limited partner interests in the Operating Partnership. This structure is commonly referred to as an umbrella partnership REIT, or UPREIT. The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). To the extent the Company continues to qualify as a REIT, it will not be subject to tax, with certain limited exceptions, on the taxable income that is distributed to its stockholders.

        The Company invests in self-storage facilities by acquiring wholly-owned facilities or by acquiring an equity interest in real estate entities. At December 31, 2012, the Company had direct and indirect equity interests in 729 storage facilities. In addition, the Company managed 181 properties third parties bringing the total number of properties which it owns and/or manages to 910, located in 34 states, Washington, D.C. and Puerto Rico.

        The Company operates in three distinct segments: (1) property management, acquisition and development; (2) rental operations; and (3) tenant reinsurance. The Company's property management, acquisition and development activities include managing, acquiring, developing and redeveloping self-storage facilities. The rental operations activities include rental operations of self-storage facilities. No single tenant accounts for more than 5% of rental income. Tenant reinsurance activities include the reinsurance of risks relating to the loss of goods stored by tenants in the Company's self-storage facilities.

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INVESTMENTS IN REAL ESTATE VENTURES (Details 3) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Assets:
Net real estate assets	$ 1,629,402	$ 1,971,431
Other	33,103	48,728
Total	1,662,505	2,020,159
Liabilities and member's equity:
Notes payable	404,630	615,561
Other liabilities	27,383	37,558
Member's equity	1,234,492	1,367,040
Total	1,666,505	2,020,159
Statements of Operations:
Rents and other income	266,222	304,499	297,658
Expenses	164,285	217,114	211,283
Net income	$ 101,937	$ 87,385	$ 86,375

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EXCHANGEABLE SENIOR NOTES (Tables)

12 Months Ended

Dec. 31, 2012

EXCHANGEABLE SENIOR NOTES

Information about the debt and equity components of the exchangeable senior notes

	December 31, 2012		December 31, 2011
Carrying amount of equity component	$	—	$	19,545
Principal amount of liability component	$	—	$	87,663
Unamortized discount		—		(444	)
Net carrying amount of liability component	$	—	$	87,219

Interest cost recognized and the amortization of the discount on the liability component

	For the Year Ended December 31,
	2012		2011		2010
Contractual interest	$	790	$	3,178	$	3,178
Amortization of discount		444		1,761		1,664
Total interest expense recognized	$	1,234	$	4,939	$	4,842

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SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2012

SEGMENT INFORMATION

SEGMENT INFORMATION

21. SEGMENT INFORMATION

        The Company operates in three distinct segments; (1) property management, acquisition and development; (2) rental operations; and (3) tenant reinsurance. Management fees collected for wholly-owned properties are eliminated in consolidation. Financial information for the Company's business segments is set forth below:

	December 31, 2012		December 31, 2011
Balance Sheet
Investment in real estate ventures
Rental operations	$	106,313	$	130,410
Total assets
Property management, acquisition and development	$	199,379	$	250,953
Rental operations		2,996,453		2,244,715
Tenant reinsurance		27,645		21,856
	$	3,223,477	$	2,517,524

	For the Year Ended December 31,
	2012			2011			2010
Statement of Operations
Total revenues
Property management, acquisition and development	$	36,816		$	29,924		$	23,122
Rental operations		346,874			268,725			232,447
Tenant reinsurance		25,706			31,181			25,928
	$	409,396		$	329,830		$	281,497
Operating expenses, including depreciation and amortization
Property management, acquisition and development	$	59,746		$	58,012		$	49,762
Rental operations		184,540			150,199			134,415
Tenant reinsurance		7,869			6,143			6,505
	$	252,155		$	214,354		$	190,682
Income (loss) from operations
Property management, acquisition and development	$	(22,930	)	$	(28,088	)	$	(26,640	)
Rental operations		162,334			118,526			98,032
Tenant reinsurance		17,837			25,038			19,423
	$	157,241		$	115,476		$	90,815
Interest expense
Property management, acquisition and development	$	(1,822	)	$	(2,464	)	$	(3,126	)
Rental operations		(70,472	)		(66,598	)		(62,654	)
	$	(72,294	)	$	(69,062	)	$	(65,780	)
Interest income
Property management, acquisition and development	$	1,804		$	1,016		$	889
Tenant reinsurance		12			11			9
	$	1,816		$	1,027		$	898
Interest income on note receivable from Preferred Operating Partnership unit holder
Property management, acquisition and development	$	4,850		$	4,850		$	4,850
Equity in earnings of real estate ventures
Rental operations	$	10,859		$	7,287		$	6,753
Equity in earnings of real estate ventures-gain on sale of real estate assets and purchase of partners interests
Rental operations	$	30,630		$	—		$	—
Income tax expense
Property management, acquisition and development	$	4,986		$	7,612		$	2,639
Tenant reinsurance		(10,399	)		(8,767	)		(6,801	)
	$	(5,413	)	$	(1,155	)	$	(4,162	)
Net income (loss)
Property management, acquisition and development	$	(13,112	)	$	(17,074	)	$	(21,388	)
Rental operations		133,351			59,215			42,131
Tenant reinsurance		7,450			16,282			12,631
	$	127,689		$	58,423		$	33,374
Depreciation and amortization expense
Property management, acquisition and development	$	3,941		$	3,296		$	2,099
Rental operations		70,512			54,718			48,250
	$	74,453		$	58,014		$	50,349
Statement of Cash Flows
Acquisition of real estate assets
Property management, acquisition and development	$	(601,727	)	$	(194,959	)	$	(69,588	)
Development and construction of real estate assets
Property management, acquisition and development	$	(3,759	)	$	(7,060	)	$	(36,062	)

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INCOME TAXES

12 Months Ended

Dec. 31, 2012

INCOME TAXES

INCOME TAXES

20. INCOME TAXES

        As a REIT, the Company is generally not subject to federal income tax with respect to that portion of its income which is distributed annually to its stockholders. However, the Company has elected to treat one of its corporate subsidiaries, Extra Space Management, Inc., as a taxable REIT subsidiary. In general, the Company's TRS may perform additional services for tenants and generally may engage in any real estate or non-real estate related business. A TRS is subject to corporate federal income tax. The Company accounts for income taxes in accordance with the provisions of ASC 740, "Income Taxes." Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities. The Company has elected to use the Tax-Law-Ordering approach to determine when excess tax benefits will be realized.

        The income tax provision for the years ended December 31, 2012, 2011 and 2010, is comprised of the following components:

	For the Year Ended December 31, 2012
	Federal			State		Total
Current expense	$	8,240		$	612	$	8,852
Tax credits		(5,528	)		—		(5,528	)
Change in deferred benefit		2,089			—		2,089
Total tax expense	$	4,801		$	612	$	5,413

	For the Year Ended December 31, 2011
	Federal			State		Total
Current expense	$	1,350		$	606	$	1,956
Tax credits		(6,849	)		—		(6,849	)
Change in deferred benefit		6,048			—		6,048
Total tax expense	$	549		$	606	$	1,155

	For the Year Ended December 31, 2010
	Federal			State		Total
Current expense	$	3,588		$	124	$	3,712
Tax credits		(832	)		—		(832	)
Change in deferred benefit		1,282			—		1,282
Total tax expense	$	4,038		$	124	$	4,162

        A reconciliation of the statutory income tax provisions to the effective income tax provisions for the years ended December 31, 2012 and 2011 is as follows:

	December 31, 2012					December 31, 2011
Expected tax at statutory rate	$	46,586		35.0	%	$	20,854		35.0	%
Non-taxable REIT income		(37,729	)	(28.3	)%		(14,957	)	(25.1	)%
State and local tax expense—net of federal benefit		612		0.5	%		617		1.0	%
Change in valuation allowance		1,641		1.2	%		1,298		2.2	%
Tax credits		(5,528	)	(4.2	)%		(6,849	)	(11.5	)%
Miscellaneous		(169	)	(0.1	)%		192		0.3	%
Total provision	$	5,413		4.1	%	$	1,155		1.9	%

        The major sources of temporary differences stated at their deferred tax effects are as follows:

	December 31, 2012			December 31, 2011
Captive insurance subsidiary	$	385		$	232
Fixed assets		(10,791	)		(6,455	)
Various liabilities		1,721			1,542
Solar credit		10,313			6,849
Stock compensation		1,610			1,955
State net operating losses		4,402			2,691
		7,640			6,814
Valuation allowance		(4,135	)		(3,211	)
Net deferred tax asset	$	3,505		$	3,603

        The state income tax net operating losses expire between 2013 and 2031. The deferred tax benefits associated with the state income tax net operating losses have been fully reserved through the valuation allowance. The solar tax credit carryforwards expire in 2016. The tax years 2007 through 2011 remain open related to the state returns and 2010 for the federal return, and the federal return for 2010 remains open for the Operating Partnership.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 4) (USD $) In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2012 Operating Partnership	Apr. 30, 2012 Operating Partnership	Dec. 31, 2012 Preferred Operating Partnership
Net income per common share
Exchangeable senior notes	$ 87,663		$ 87,663
Exchangeable senior notes exchange price per share (in dollars per share)		$ 23.20
Exchangeable preferred operating partnership units settled in cash, minimum				$ 115,000

XML

LINES OF CREDIT (Tables)

12 Months Ended

Dec. 31, 2012

LINES OF CREDIT

Summarized information of lines of credit

	As of December 31, 2012
Line of Credit	Amount Drawn		Capacity		Interest Rate			Origination Date	Maturity	Basis Rate			Notes
Credit Line 1	$	35,000	$	75,000		2.36	%	2/13/2009	2/13/2014		LIBOR plus 2.15	%	(1)(4)(5)
Credit Line 2		—		75,000		2.41	%	6/4/2010	5/31/2013		LIBOR plus 2.20	%	(2)(4)(5)
Credit Line 3		—		40,000		2.41	%	11/16/2010	11/16/2013		LIBOR plus 2.20	%	(3)(4)(5)
Credit Line 4		50,000		50,000		2.36	%	4/29/2011	5/1/2014		LIBOR plus 2.15	%	(3)(4)(5)
	$	85,000	$	240,000

(1)

One year extension available

(2)

One two-year extension available

(3)

Two one-year extensions available

(4)

Guaranteed by the Company

(5)

Secured by mortgages on certain real estate assets

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COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2012

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

22. COMMITMENTS AND CONTINGENCIES

        The Company has operating leases on its corporate offices and owns 18 self-storage facilities that are subject to ground leases. At December 31, 2012, future minimum rental payments under these non-cancelable operating leases were as follows (unaudited):

Less than 1 year	$	7,463
Year 2		7,330
Year 3		5,206
Year 4		4,072
Year 5		2,783
Thereafter		42,542
	$	69,396

        The monthly rental amounts for two of the ground leases include contingent rental payments based on the level of revenue achieved at the properties. The Company recorded expense of $2,830, $2,799 and $2,416 related to these leases in the years ended December 31, 2012, 2011 and 2010, respectively.

        The Company has fully guaranteed loans for the following unconsolidated joint ventures (unaudited):

	Date of Guaranty	Loan Maturity Date	Guaranteed Loan Amount		Estimated Fair Market Value of Assets
Extra Space of Montrose Avenue LLC	Dec-10	Dec-13	$	5,120	$	8,432
Extra Space of Sacramento One LLC	Apr-09	Apr-14	$	4,307	$	9,507
ESS Baltimore LLC	Nov-04	Feb-13	$	3,950	$	6,465

        If the joint ventures default on the loans, the Company may be forced to repay the loans. Repossessing and/or selling the self-storage facilities and land that collateralize the loans could provide funds sufficient to reimburse the Company. The Company has recorded no liability in relation to these guarantees as of December 31, 2012, as the fair value of the guarantees is not material. The Company believes the risk of incurring a material loss as a result of having to perform on these guarantees is remote.

        The Company has been involved in routine litigation arising in the ordinary course of business. As a result of these litigation matters, the Company recorded a liability of $1,800 during the year ended December 31, 2011, which is included in other liabilities on the consolidated balance sheets. The Company does not believe it to be reasonably possible that the loss related to these litigation matters will be in excess of the current amount accrued. As of December 31, 2012, the Company was not involved in any material litigation nor, to its knowledge, is any material litigation threatened against it which, in the opinion of management, is expected to have a material adverse effect on the Company's financial condition or results of operations.

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SUPPLEMENTARY QUARTERLY FINANCIAL DATA (UNAUDITED)

12 Months Ended

Dec. 31, 2012

SUPPLEMENTARY QUARTERLY FINANCIAL DATA (UNAUDITED)

SUPPLEMENTARY QUARTERLY FINANCIAL DATA (UNAUDITED)

23. SUPPLEMENTARY QUARTERLY FINANCIAL DATA (UNAUDITED)

	For the Three Months Ended
	March 31, 2012		June 30, 2012		September 30, 2012		December 31, 2012
Revenues	$	90,987	$	94,951	$	109,791	$	113,667
Cost of operations		58,217		57,076		66,307		70,555
Revenues less cost of operations	$	32,770	$	37,875	$	43,484	$	43,112
Net income	$	22,518	$	24,745	$	41,553	$	38,873
Net income attributable to common stockholders	$	20,214	$	22,413	$	38,606	$	36,076
Net income—basic	$	0.21	$	0.22	$	0.37	$	0.33
Net income—diluted	$	0.21	$	0.22	$	0.37	$	0.33

	For the Three Months Ended
	March 31, 2011		June 30, 2011		September 30, 2011		December 31, 2011(1)
Revenues	$	74,481	$	78,040	$	84,097	$	93,212
Cost of operations		50,451		52,188		52,882		58,833
Revenues less cost of operations	$	24,030	$	25,852	$	31,215	$	34,379
Net income	$	10,140	$	12,517	$	17,352	$	18,414
Net income attributable to common stockholders	$	8,301	$	10,609	$	15,261	$	16,278
Net income—basic	$	0.09	$	0.12	$	0.16	$	0.17
Net income—diluted	$	0.09	$	0.12	$	0.16	$	0.17

(1)

Included in revenues is $4,425 of asset management fees related to the years 2006 through 2010. For further discussion on the complete impact to the financial statements, refer to Note 13.

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Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Cash flows from operating activities:
Net income	$ 127,689	$ 58,423	$ 33,374
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	74,453	58,014	50,349
Amortization of deferred financing costs	5,889	5,583	4,354
Non-cash interest expense related to amortization of discount on exchangeable senior notes	444	1,761	1,664
Non-cash interest expense related to amortization of premium on notes payable	(1,270)
Compensation expense related to stock-based awards	4,356	5,757	4,580
Gain on purchase of joint venture partners' interests	(23,670)
Loss on sublease			2,000
Distributions from real estate ventures in excess of earnings	2,581	7,008	6,722
Changes in operating assets and liabilities:
Receivables from related parties and affiliated real estate joint ventures	7,439	(8,634)	3,011
Other assets	8,746	7,533	(1,676)
Accounts payable and accrued expenses	7,220	9,837	1,856
Other liabilities	2,002	(1,118)	(1,419)
Net cash provided by operating activities	215,879	144,164	104,815
Cash flows from investing activities:
Acquisition of real estate assets	(601,727)	(194,959)	(69,588)
Development and construction of real estate assets	(3,759)	(7,060)	(36,062)
Proceeds from sale of properties to joint venture			15,750
Investments in real estate ventures	(1,423)	(4,088)	(9,699)
Return of investment in real estate ventures	2,421	4,614	8,802
Change in restricted cash	8,792	4,730	9,036
Purchase of notes receivable	(7,875)	(50,140)
Purchase of equipment and fixtures	(3,367)	(5,016)	(1,945)
Net cash used in investing activities	(606,938)	(251,919)	(83,706)
Cash flows from financing activities:
Proceeds from the sale of common stock, net of offering costs	429,588	112,349
Proceeds from notes payable and lines of credit	1,074,263	475,487	191,062
Principal payments on notes payable and lines of credit	(921,831)	(452,347)	(252,400)
Deferred financing costs	(11,607)	(6,197)	(4,160)
Repurchase of exchangeable senior notes	(87,663)
Investments from other noncontrolling interests			87
Redemption of Operating Partnership units held by noncontrolling interest	(155)	(271)	(4,116)
Net proceeds from exercise of stock options	10,267	18,622	5,661
Dividends paid on common stock	(88,287)	(52,027)	(34,964)
Distributions to noncontrolling interests	(9,215)	(8,127)	(7,479)
Net cash provided by (used in) financing activities	395,360	87,489	(106,309)
Net increase (decrease) in cash and cash equivalents	4,301	(20,266)	(85,200)
Cash and cash equivalents, beginning of the period	26,484	46,750	131,950
Cash and cash equivalents, end of the period	30,785	26,484	46,750
Supplemental schedule of cash flow information
Interest paid, net of amounts capitalized	65,687	61,726	60,100
Income taxes paid	831	665	6,539
Deconsolidation of joint ventures due to application of Accounting Standards Codification 810:
Real estate assets, net			(42,739)
Investments in real estate ventures			404
Receivables from related parties and affiliated real estate joint ventures			21,142
Other assets and other liabilities			(51)
Notes payable			21,348
Other noncontrolling interests			(104)
Redemption of Operating Partnership units held by noncontrolling interests for common stock:
Noncontrolling interests in Operating Partnership	2,479	2,344
Common stock and paid-in capital	(2,479)	(2,344)
Tax effect from vesting of restricted stock grants and stock option exercises
Other assets	3,476	2,199	836
Paid-in capital	(3,476)	(2,199)	(836)
Acquisitions of real estate assets
Real estate assets, net	159,297	137,177	25,963
Notes payable assumed	(150,284)	(132,327)	(25,963)
Notes payable issued to seller	(8,584)	(4,850)
OP Units Issued	$ (429)

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SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2012

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

24. SUBSEQUENT EVENTS

        On February 12, 2013, the Company acquired two properties located in Illinois and Maryland for approximately $12,900 in cash by purchasing a partner's interest in an existing joint venture.

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SEGMENT INFORMATION (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2012 segment	Dec. 31, 2011	Dec. 31, 2010
SEGMENT INFORMATION
Number of reportable segments									3
Balance Sheet
Investments in real estate ventures	$ 106,313				$ 130,410				$ 106,313	$ 130,410
Total assets	3,223,477				2,517,524				3,223,477	2,517,524
Statement of Operations
Total revenues	113,667	109,791	94,951	90,987	93,212	84,097	78,040	74,481	409,396	329,830	281,497
Operating expenses, including depreciation and amortization	70,555	66,307	57,076	58,217	58,833	52,882	52,188	50,451	252,155	214,354	190,682
Income (loss) from operations	43,112	43,484	37,875	32,770	34,379	31,215	25,852	24,030	157,241	115,476	90,815
Interest expense									(72,294)	(69,062)	(65,780)
Interest income									1,816	1,027	898
Interest income on note receivable from Preferred Operating Partnership unit holder									4,850	4,850	4,850
Equity in earnings of real estate ventures									10,859	7,287	6,753
Equity in earnings of real estate ventures-gain on sale of real estate assets and purchase of partners interests									30,630
Income tax expense									(5,413)	(1,155)	(4,162)
Net income (loss)	38,873	41,553	24,745	22,518	18,414	17,352	12,517	10,140	127,689	58,423	33,374
Depreciation and amortization expense
Total depreciation and amortization expense									74,453	58,014	50,349
Statement of Cash Flows
Acquisition of real estate assets									(601,727)	(194,959)	(69,588)
Development and construction of real estate assets									(3,759)	(7,060)	(36,062)
Property management, acquisition and development
Balance Sheet
Total assets	199,379				250,953				199,379	250,953
Statement of Operations
Total revenues									36,816	29,924	23,122
Operating expenses, including depreciation and amortization									59,746	58,012	49,762
Income (loss) from operations									(22,930)	(28,088)	(26,640)
Interest expense									(1,822)	(2,464)	(3,126)
Interest income									1,804	1,016	889
Interest income on note receivable from Preferred Operating Partnership unit holder									4,850	4,850	4,850
Income tax expense									4,986	7,612	2,639
Net income (loss)									(13,112)	(17,074)	(21,388)
Depreciation and amortization expense
Total depreciation and amortization expense									3,941	3,296	2,099
Statement of Cash Flows
Acquisition of real estate assets									(601,727)	(194,959)	(69,588)
Development and construction of real estate assets									(3,759)	(7,060)	(36,062)
Rental operations
Balance Sheet
Investments in real estate ventures	106,313				130,410				106,313	130,410
Total assets	2,996,453				2,244,715				2,996,453	2,244,715
Statement of Operations
Total revenues									346,874	268,725	232,447
Operating expenses, including depreciation and amortization									184,540	150,199	134,415
Income (loss) from operations									162,334	118,526	98,032
Interest expense									(70,472)	(66,598)	(62,654)
Equity in earnings of real estate ventures									10,859	7,287	6,753
Equity in earnings of real estate ventures-gain on sale of real estate assets and purchase of partners interests									30,630
Net income (loss)									133,351	59,215	42,131
Depreciation and amortization expense
Total depreciation and amortization expense									70,512	54,718	48,250
Tenant reinsurance
Balance Sheet
Total assets	27,645				21,856				27,645	21,856
Statement of Operations
Total revenues									25,706	31,181	25,928
Operating expenses, including depreciation and amortization									7,869	6,143	6,505
Income (loss) from operations									17,837	25,038	19,423
Interest income									12	11	9
Income tax expense									(10,399)	(8,767)	(6,801)
Net income (loss)									$ 7,450	$ 16,282	$ 12,631

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NOTES PAYABLE (Tables)

12 Months Ended

Dec. 31, 2012

NOTES PAYABLE

Schedule of components of notes payable

	December 31, 2012		December 31, 2011
Fixed Rate
Mortgage loans with banks (including loans subject to interest rate swaps) bearing interest at fixed rates between 2.8% and 7.0%. The loans are collateralized by mortgages on real estate assets and the assignment of rents. Principal and interest payments are made monthly with all outstanding principal and interest due between April 2013 and February 2021.	$	1,156,015	$	819,091
Variable Rate
Mortgage and construction loans with banks bearing floating interest rates based on LIBOR. Interest rates based on LIBOR are between LIBOR plus 2.0% (2.21% at December 31, 2012 and 2.30% December 31, 2011) and LIBOR plus 3.0% (3.21% at December 31, 2012 and 3.30% December 31, 2011). The loans are collateralized by mortgages on real estate assets and the assignment of rents. Principal and interest payments are made monthly with all outstanding principal and interest due between December 2013 and November 2019.		213,675		117,910
	$	1,369,690	$	937,001

Schedule of maturities of notes payable

2013	$	110,483
2014		144,822
2015		201,100
2016		167,604
2017		349,964
Thereafter		395,717
	$	1,369,690

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012 entity	Dec. 31, 2011
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of nonconsolidated VIEs to which Operating Partnership has notes payable (in number of entities)	3
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Cash Flow Hedge Swap Agreements	$ (15,228)	$ (8,311)
Recurring basis | Estimated Fair Value
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Cash Flow Hedge Swap Agreements	(15,228)
Recurring basis | Significant Other Observable Inputs (Level 2)
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Cash Flow Hedge Swap Agreements	$ (15,228)

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RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS
Management fees as a percentage of cash collected from total revenues	6.00%
RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS
Management fee revenues	$ 25,706	$ 29,924	$ 23,122
Receivables representing asset management fee owed		5,327
Receivables from related parties and affiliated real estate joint ventures
Due from related Parties	11,078	18,517
Mortgage notes receivable
Receivables from related parties and affiliated real estate joint ventures
Due from related Parties	7,670	7,253
Other receivables from properties
Receivables from related parties and affiliated real estate joint ventures
Due from related Parties	3,408	11,264
Extra Space West One LLC (ESW)
RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS
Management fee revenues	430	410	403
Extra Space West Two LLC (ESW II)
RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS
Management fee revenues	354	335	318
Extra Space Northern Properties Six LLC (ESNPS)
RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS
Management fee revenues	498	479	458
Extra Space of Santa Monica LLC (ESSM)
RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS
Management fee revenues	107	85	44
HSRE-ESP IA, LLC (HSRE)
RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS
Management fee revenues	1,094	1,045	961
PRISA Self Storage LLC (PRISA)
RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS
Management fee revenues	5,174	4,961	4,917
PRISA II Self Storage LLC (PRISA II)
RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS
Management fee revenues	4,138	4,016	3,964
PRISA III
RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS
Management fee revenues	920	1,796	1,722
VRS Self Storage LLC (VRS)
RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS
Management fee revenues	1,207	1,156	1,136
WCOT Self Storage LLC (WCOT)
RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS
Management fee revenues	1,520	1,497	1,468
Storage Portfolio I LLC (SP I)
RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS
Management fee revenues	1,885	6,392	1,256
Basis points multiplied by the total asset value for asset management fee	0.50%
Period over which asset management fee is not recorded		5
Annual asset management fee		885
Reduction of equity in earnings		221
Amount of net income understated		664
Increase in management fee revenues to record asset management fee		4,425
Adjustment to reduce equity in earnings		1,106
Storage Portfolio Bravo II (SPB II)
RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS
Management fee revenues	923	969	943
Extra Space Joint Ventures with Everest Real Estate Fund (Everest)
RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS
Management fee revenues	133	528	491
Other
RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS
Management fee revenues	7,323	6,255	5,041
Centershift
Receivables from related parties and affiliated real estate joint ventures
Cash paid for related party transactions	1,235	1,087	778
SpenAero, L.C.
Receivables from related parties and affiliated real estate joint ventures
Cash paid for related party transactions	$ 649	$ 608	$ 668

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Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
Assets:
Real estate assets, net	$ 2,991,722	$ 2,263,795
Investments in real estate ventures	106,313	130,410
Cash and cash equivalents	30,785	26,484
Restricted cash	16,976	25,768
Receivables from related parties and affiliated real estate joint ventures	11,078	18,517
Other assets, net	66,603	52,550
Total assets	3,223,477	2,517,524
Liabilities, Noncontrolling Interests and Equity:
Notes payable	1,369,690	937,001
Premium on notes payable	3,319	4,402
Notes payable to trusts	119,590	119,590
Exchangeable senior notes		87,663
Lines of credit	85,000	215,000
Accounts payable and accrued expenses	52,299	46,353
Other liabilities	48,248	33,754
Total liabilities	1,678,146	1,443,763
Commitments and contingencies
Extra Space Storage Inc. stockholders' equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued or outstanding
Common stock, $0.01 par value, 300,000,000 shares authorized, 110,737,205 and 94,783,590 shares issued and outstanding at December 31, 2012, and December 31, 2011, respectively	1,107	948
Paid-in capital	1,740,037	1,290,021
Accumulated other comprehensive deficit	(14,273)	(7,936)
Accumulated deficit	(235,064)	(264,086)
Total Extra Space Storage Inc. stockholders' equity	1,491,807	1,018,947
Noncontrolling interest represented by Preferred Operating Partnership units, net of $100,000 note receivable	29,918	29,695
Noncontrolling interests in Operating Partnership	22,492	24,018
Other noncontrolling interests	1,114	1,101
Total noncontrolling interests and equity	1,545,331	1,073,761
Total liabilities, noncontrolling interests and equity	$ 3,223,477	$ 2,517,524

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OTHER LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2012

OTHER LIABILITIES

Summarized statement of Other liabilities

	December 31, 2012		December 31, 2011
Deferred rental income	$	20,752	$	14,907
Lease obligation liability		3,826		5,828
Fair value of interest rate swaps		15,228		8,311
Other miscellaneous liabilities		8,442		4,708
	$	48,248	$	33,754

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Consolidated Statements of Stockholders' Equity (USD $) In Thousands, except Share data, unless otherwise specified	Total	Preferred Operating Partnership	Operating Partnership	Other	Par Value	Paid-in Capital	Accumulated Other Comprehensive Deficit	Accumulated Deficit
Balances at Dec. 31, 2009	$ 946,219	$ 29,886	$ 31,381	$ 773	$ 867	$ 1,138,243	$ (1,056)	$ (253,875)
Balances (in shares) at Dec. 31, 2009					86,721,841
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon the exercise of options	5,661				5	5,656
Issuance of common stock upon the exercise of options (in shares)					484,261
Restricted stock grants issued	4				4
Restricted stock grants issued (in shares)					445,230
Restricted stock grants cancelled (in shares)					(64,010)
Compensation expense related to stock-based awards	4,580					4,580
Deconsolidation of noncontrolling interests	104			104
Redemption of Operating Partnership units for cash	(4,116)		(4,116)
Investments from other noncontrolling interests	87			87
Purchase of noncontrolling interest	223			223
Net income (loss)	33,374	6,048	1,048	(53)				26,331
Other comprehensive loss	(4,963)	(55)	(177)				(4,731)
Tax effect from vesting of restricted stock grants and stock option exercises	836					836
Tax effect from contribution of property to Taxable REIT Subsidiary	(495)					(495)
Distributions to Operating Partnership units held by noncontrolling interests	(7,479)	(6,146)	(1,333)
Dividends paid on common stock at $0.85, $0.56 and $0.40 per share for the year ended December 31st, 2012, 2011 and 2010, respectively	(34,964)							(34,964)
Balances at Dec. 31, 2010	939,071	29,733	26,803	1,134	876	1,148,820	(5,787)	(262,508)
Balances (in shares) at Dec. 31, 2010					87,587,322
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon the exercise of options	18,622				14	18,608
Issuance of common stock upon the exercise of options (in shares)					1,388,269
Restricted stock grants issued	2				2
Restricted stock grants issued (in shares)					226,630
Restricted stock grants cancelled (in shares)					(47,695)
Issuance of common stock, net of offering costs	112,349				53	112,296
Issuance of common stock, net of offering costs (in shares)					5,335,423
Compensation expense related to stock-based awards	5,757					5,757
Redemption of Operating Partnership units for common stock			(2,344)		3	2,341
Redemption of Operating Partnership units for common stock (in shares)					293,641
Redemption of Operating Partnership units for cash	(271)		(271)
Net income (loss)	58,423	6,289	1,689	(4)				50,449
Other comprehensive loss	(2,237)	(22)	(66)				(2,149)
Tax effect from vesting of restricted stock grants and stock option exercises	2,199					2,199
Distributions to Operating Partnership units held by noncontrolling interests	(8,098)	(6,305)	(1,793)
Distributions to other noncontrolling interests	(29)			(29)
Dividends paid on common stock at $0.85, $0.56 and $0.40 per share for the year ended December 31st, 2012, 2011 and 2010, respectively	(52,027)							(52,027)
Balances at Dec. 31, 2011	1,073,761	29,695	24,018	1,101	948	1,290,021	(7,936)	(264,086)
Balances (in shares) at Dec. 31, 2011	94,783,590				94,783,590
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon the exercise of options	10,267				7	10,260
Issuance of common stock upon the exercise of options (in shares)					768,853
Restricted stock grants issued	2				2
Restricted stock grants issued (in shares)					182,052
Restricted stock grants cancelled (in shares)					(16,792)
Issuance of common stock, net of offering costs	429,588				140	429,448
Issuance of common stock, net of offering costs (in shares)					14,030,000
Issuance of common stock related to settlement of exchangeable senior notes	7				7
Issuance of common stock related to settlement of exchangeable senior notes (in shares)					684,685
Compensation expense related to stock-based awards	4,356					4,356
New issuance of Operating Partnership units	429		429
Redemption of Operating Partnership units for common stock			(2,479)		3	2,476
Redemption of Operating Partnership units for common stock (in shares)					304,817
Redemption of Operating Partnership units for cash	(155)		(155)
Net income (loss)	127,689	6,876	3,473	31				117,309
Other comprehensive loss	(6,587)	(61)	(189)				(6,337)
Tax effect from vesting of restricted stock grants and stock option exercises	3,476					3,476
Distributions to Operating Partnership units held by noncontrolling interests	(9,197)	(6,592)	(2,605)
Distributions to other noncontrolling interests	(18)			(18)
Dividends paid on common stock at $0.85, $0.56 and $0.40 per share for the year ended December 31st, 2012, 2011 and 2010, respectively	(88,287)							(88,287)
Balances at Dec. 31, 2012	$ 1,545,331	$ 29,918	$ 22,492	$ 1,114	$ 1,107	$ 1,740,037	$ (14,273)	$ (235,064)
Balances (in shares) at Dec. 31, 2012	110,737,205				110,737,205

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PROPERTY ACQUISITIONS (Details) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended									0 Months Ended			12 Months Ended																	12 Months Ended							0 Months Ended	12 Months Ended														1 Months Ended
	Dec. 31, 2012 item property state	Dec. 31, 2011 property	Dec. 31, 2010	Dec. 31, 2012 PRISA III property	Dec. 31, 2012 Storage Portfolio Bravo II LLC state property	Dec. 31, 2012 Florida, 1 Property Acquired 2012/12/28 property	Dec. 31, 2012 Maryland, 1 Property Acquired 2012/12/27 property	Dec. 31, 2012 Arizona, 1 Property Acquired 2012/12/27 property	Dec. 31, 2012 Florida, 2 Properties Acquired 2012/12/27 property	Dec. 27, 2012 Florida, 2 Properties Acquired 2012/12/27 Spacebox property	May 01, 2012 Florida, 2 Properties Acquired 2012/12/27 Spacebox item	Dec. 31, 2012 Florida, 2 Properties Acquired 2012/12/27 Spacebox	Dec. 31, 2012 Florida, 1 Property Acquired 2012/12/03 property	Dec. 31, 2012 Various states, 21 Properties Acquired 2012/11/30 property	Dec. 31, 2012 New Jersey, 4 Properties Acquired 2012/11/30 property	Dec. 31, 2012 Massachusetts, 1 Property Acquired 2012/11/09 property	Dec. 31, 2012 Utah, 1 Property Acquired 2012/09/28 property	Dec. 31, 2012 Virginia, 1 Property Acquired 2012/09/20 property	Dec. 31, 2012 New Jersey, 1 Property Acquired 2012/08/28 property	Dec. 31, 2012 New Jersey, 1 Property Acquired 2012/08/23 property	Dec. 31, 2012 New Jersey,1 Property Acquired 2012/08/23 property	Dec. 31, 2012 New York, 1 Property Acquired 2012/08/10 property	Dec. 31, 2012 Texas, 2 Property Acquired 2012/08/10 property	Dec. 31, 2012 California, 1 Property Acquired 2012/07/26 property	Dec. 31, 2012 South Carolina, 1 Property Acquired 2012/07/19 property	Dec. 31, 2012 New Jersey, New York, 6 Property Acquired 2012/07/18 property	Dec. 31, 2012 Colorado, 1 Property Acquired 2012/07/18 property	Dec. 31, 2012 Various states, 36 Property Acquired 2012/07/02 property	Dec. 31, 2012 Various states, 36 Property Acquired 2012/07/02 Prudential Real Estate Investors' property state	Dec. 31, 2012 Maryland, 1 Property Acquired 2012/05/31	Dec. 31, 2012 Florida, 3 Property Acquired 2012/05/02 property	Dec. 31, 2012 Maryland, 1 Property Acquired 2012/03/07 property	Dec. 31, 2012 Texas, 1 Property Acquired 2012/02/29 property	Dec. 31, 2011 New Jersey, 1 Property Acquired 2011/12/16 property	Dec. 31, 2011 Various states, 6 Properties Acquired 2011/12/01 property	Dec. 31, 2011 Florida, 1 Property Acquired 2011/10/25 property	Oct. 19, 2011 California, 19 Property Acquired 2011/10/19 item	Dec. 31, 2011 California, 19 Property Acquired 2011/10/19 property	Dec. 31, 2011 New Jersey, 1 Property Acquired 2011/10/06 property	Dec. 31, 2011 Texas, 1 Property Acquired 2011/08/02 property	Dec. 31, 2011 Maryland, 1 Property Acquired 2011/08/01 property	Dec. 31, 2011 Maryland, 1 Property Acquired 2011/07/08 property	Dec. 31, 2011 Ohio, Indiana , Kentucky, 15 Properties Acquired 2011/06/27 property	Dec. 31, 2011 Nevada, 1 Property Acquired 2011/06/22 property	Dec. 31, 2011 Colorado, 1 Property Acquired 2011/06/10 property	Dec. 31, 2011 New Jersey, 1 Property Acquired 2011/06/02 property	Dec. 31, 2011 Virginia, 1 Property Acquired 2011/05/26 property	Dec. 31, 2011 Colorado, 1 Property Acquired 2011/05/25 property	Dec. 31, 2011 Tennessee, 1 Property Acquired 2011/04/15 property	Dec. 31, 2011 California, 1 Property Acquired 2011/04/07 property	Dec. 31, 2011 Utah, Texas, 2 Properties Acquired 2011/04/01 property	Jul. 31, 2012 Maryland, land acquired on July 31, 2012
Property Acquisitions
Number of Properties	91	55		36		1	1	1	2				1	21	4	1	1	1	1	1	1	1	2	1	1	6	1	36			3	1	1	1	6	1		19	1	1	1	1	15	1	1	1	1	1	1	1	2
Total Consideration Paid	$ 761,648	$ 297,166				$ 4,270	$ 13,107	$ 8,667	$ 8,766				$ 4,273	$ 164,566	$ 39,336	$ 9,011	$ 7,410	$ 6,884	$ 13,678	$ 9,091	$ 15,475	$ 15,300	$ 9,948	$ 4,860	$ 4,651	$ 55,622	$ 7,085	$ 322,516		$ 6,501	$ 14,942	$ 6,284	$ 9,405	$ 6,832	$ 61,797	$ 5,853		$ 104,029	$ 18,372	$ 2,402	$ 7,343	$ 5,785	$ 39,773	$ 3,355	$ 4,600	$ 4,963	$ 10,514	$ 3,540	$ 2,539	$ 8,207	$ 7,262
Cash Consideration Paid	563,107	158,335				4,258	10,596	8,608	142				4,254	140,513	39,283	8,994	7,322	6,850	13,678	9,099	15,431	15,377	9,775	2,376	4,621	55,748	7,038	162,705		6,438	14,792	5,886	9,323	6,806	4,941	5,615		31,464	18,334	2,353	7,342	5,795	39,387	3,339	2,664	4,959	5,205	2,262	2,514	8,150	7,205
Cash Consideration Paid																																																				3,671
Loan assumed	150,284	132,327	25,963				2,692																	2,592				145,000							50,140			73,527							1,907		5,463	1,290
Non-cash gain	23,670			13,499										10,171														13,499
Notes Issued to/from Seller	8,584	4,850																																	4,850
Notes receivable forgiven	8,584								8,584
Previous equity interest	17,539	1,817												14,184														3,355							1,817
Previous equity interest, fair value				16,300	31,500
Net Liabilities (Assets) Assumed	(1,965)	(163)				12	(181)	59	40				19	(302)	53	17	88	34		(8)	44	(77)	173	(108)	30	(126)	47	(2,043)		11	150	21	82	26	49	238		(962)	38	49	1	(10)	386	16	29	4	(154)	(12)	25	57	57
Value of OP units issued	429																													52		377
Number of OP units issued (in shares)	16,007																													1,814		14,193
Acquisition Date Fair Value, Land	168,259	76,008				805	4,314	2,973	1,597				1,133	41,988	10,920	3,115	2,063	1,172	1,511	2,144	1,890	2,800	4,869	2,428	1,784	8,584		67,550		1,185	1,933	465	1,036	1,093	15,645	521		32,270	861	978	764	1,303	13,478	1,441	296	1,644	932	407	652	2,211	1,512
Acquisition Date Fair Value, Building	573,500	215,164				3,345	8,412	5,545	6,862				3,017	119,681	26,712	5,684	5,202	5,562	11,732	6,660	13,112	12,173	4,826	2,317	2,755	45,359	6,945	246,133		5,051	12,682	5,600	8,133	5,492	46,139	5,198		69,496	17,127	1,347	6,331	4,218	25,098	1,810	4,199	3,115	9,349	3,077	1,791	5,829	5,548
Acquisition Date Fair Value, Intangible	16,570	5,035				95	206	141	215				99	2,881	825	190	132	119	241	158	269	269	241	93	107	1,227	137	8,142		147	321	128	187	157		113		2,164	333	73	143	125	903	98	98	135	202	61	79	163	188
Closing costs - expensed	3,319	959				25	175	8	92				24	16	879	22	13	31	194	129	204	58	12	22	5	452	3	691		118	6	91	49	90	13	21		99	51	4	105	139	294	6	7	69	31	(5)	17	4	14
Additional interest acquired in the venture (as a percent)					80.00%																								94.90%
Number of properties owned by joint venture					21																								36
Number of states in which operating storage facilities are located	34				11																								18
Equity ownership accounted prior to the acquisition (as a percent)				5.10%	20.00%
Number of acquired properties included in proforma financial information out of total properties acquired	77
Number properties excluded from pro forma financial information	14
Number of notes receivable purchased											2
Note receivable purchased	7,875	50,140									7,875
Interest rate (as a percent)												15.00%
Number of self storage properties	1									2
Pro forma financial information
Total revenues	450,787	392,932
Net income attributable to common stockholders	124,248	56,454
Net income per share
Basic	$ 1.21	$ 0.61
Diluted	$ 1.20	$ 0.60
Summary of revenues and earnings related to acquisition since the acquisition date
Total revenues	29,381
Net income	9,225
Property acquisitions, additional disclosures
Number of mortgage loans																																					3
Outstanding loan balance assumed at date of closing before fair value adjustment																																					68,681
Amount of premium on loan																																					$ 4,846

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2012

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of assets and liabilities measured at fair value on a recurring basis

				Fair Value Measurements at Reporting Date Using
Description	December 31, 2012			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Other liabilities—Cash Flow Hedge Swap Agreements	$	(15,228	)	$	—	$	(15,228	)	$	—

Schedule of fair value of financial instruments

	December 31, 2012				December 31, 2011
	Fair Value		Carrying Value		Fair Value		Carrying Value
Note receivable from Preferred Operating Partnership unit holder	$	108,138	$	100,000	$	104,049	$	100,000
Fixed rate notes payable and notes payable to trusts	$	1,342,957	$	1,275,605	$	1,008,039	$	938,681
Exchangeable senior notes	$	—	$	—	$	92,265	$	87,663

Schedule of computation of net income per common share

	For the Year Ended December 31,
	2012			2011			2010
Net income attributable to common stockholders	$	117,309		$	50,449		$	26,331
Add: Income allocated to noncontrolling interest—Preferred Operating Partnership and Operating Partnership		10,349			7,978			7,096
Subtract: Fixed component of income allocated to noncontrolling interest—Preferred Operating Partnership		(5,750	)		(5,750	)		(5,750	)
Net income for diluted computations	$	121,908		$	52,677		$	27,677
Weighted average common shares outstanding:
Average number of common shares outstanding—basic		102,290,200			92,097,008			87,324,104
Operating Partnership units		2,755,650			3,049,935			3,356,963
Preferred Operating Partnership units		989,980			989,980			989,980
Dilutive and cancelled stock options		487,185			546,585			379,406
Average number of common shares outstanding—diluted		106,523,015			96,683,508			92,050,453
Net income per common share
Basic	$	1.15		$	0.55		$	0.30
Diluted	$	1.14		$	0.54		$	0.30

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NOTES PAYABLE (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Notes Payable
Total notes payable	1,369,690	937,001
Notes Payable:
Notes Payable
Notes payable at fixed rate of interest	1,156,015	819,091
Notes payable at variable rate of interest	213,675	117,910
Total notes payable	1,369,690	937,001
Fixed Rate Interest
Fixed rate of interest, low end of range (as a percent)	2.80%
Fixed rate of interest, high end of range (as a percent)	7.00%
Summary of the scheduled maturities of notes payable
2013	110,483
2014	144,822
2015	201,100
2016	167,604
2017	349,964
Thereafter	395,717
Notes Payable, Other Disclosures
Interest rate floor on debt (as a percent)	2.15%
Notes payable subject to recourse	845,317
Notes Payable: | LIBOR
Variable Rate Interest
Effective rate of interest, low end of range (as a percent)	2.21%	2.30%
Effective rate of interest, high end of range (as a percent)	3.21%	3.30%
Notes Payable: | LIBOR | Minimum
Variable Rate Interest
Basis spread on variable rate (as a percent)	2.00%
Notes Payable: | LIBOR | Maximum
Variable Rate Interest
Basis spread on variable rate (as a percent)	3.00%

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STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2012

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

14. STOCKHOLDERS' EQUITY

        The Company's charter provides that it can issue up to 300,000,000 shares of common stock, $0.01 par value per share and 50,000,000 shares of preferred stock, $0.01 par value per share. As of December 31, 2012, 110,737,205 shares of common stock were issued and outstanding, and no shares of preferred stock were issued or outstanding.

        All holders of the Company's common stock are entitled to receive dividends and to one vote on all matters submitted to a vote of stockholders. The transfer agent and registrar for the Company's common stock is American Stock Transfer & Trust Company.

        On November 9, 2012, the Company issued and sold 5,980,000 shares of its common stock in a public offering at a price to the underwriter of $33.98 per share. The Company received gross proceeds of $203,200. Transaction costs were $300, resulting in net proceeds of $202,900.

        On April 16, 2012, the Company issued and sold 8,050,000 shares of its common stock in a public offering at a price to the underwriter of $28.22 per share. The Company received gross proceeds of $227,171. Transaction costs were $483, resulting in net proceeds of $226,688.

        In May 2011, the Company closed a public stock offering of 5,335,423 shares of its common stock at an offering price of $21.16 per share. The Company received gross proceeds of $112,898. Transaction costs were $549, for net proceeds of $112,349.

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REAL ESTATE ASSETS (Tables)

12 Months Ended

Dec. 31, 2012

REAL ESTATE ASSETS

Schedule of components of real estate assets

	December 31, 2012			December 31, 2011
Land—operating	$	755,565		$	580,995
Land—development		12,050			14,600
Buildings and improvements		2,551,886			1,934,693
Intangible assets—tenant relationships		51,355			37,293
Intangible lease rights		8,656			6,150
		3,379,512			2,573,731
Less: accumulated depreciation and amortization		(391,928	)		(319,302	)
Net operating real estate assets		2,987,584			2,254,429
Real estate under development/redevelopment		4,138			9,366
Net real estate assets	$	2,991,722		$	2,263,795
Real estate assets held for sale included in net real estate assets	$	8,600		$	7,875

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NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP

12 Months Ended

Dec. 31, 2012

NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP

NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP

16. NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP

        The Company's interest in its properties is held through the Operating Partnership. ESS Holding Business Trust I, a wholly-owned subsidiary of the Company, is the sole general partner of the Operating Partnership. ESS Business Trust II, also a wholly-owned subsidiary of the Company, is a limited partner of the Operating Partnership. Between its general partner and limited partner interests, the Company held a 96.7% majority ownership interest therein as of December 31, 2012. The remaining ownership interests in the Operating Partnership (including Preferred OP units) of 3.3% are held by certain former owners of assets acquired by the Operating Partnership. As of December 31, 2012, the Operating Partnership had 2,755,650 common OP units outstanding.

        The noncontrolling interest in the Operating Partnership represents OP units that are not owned by the Company. In conjunction with the formation of the Company and as a result of subsequent acquisitions, certain persons and entities contributing interests in properties to the Operating Partnership received limited partnership units in the form of OP units. Limited partners who received OP units in the formation transactions or in exchange for contributions for interests in properties have the right to require the Operating Partnership to redeem part or all of their OP units for cash based upon the fair market value of an equivalent number of shares of the Company's common stock (10 day average) at the time of the redemption. Alternatively, the Company may, at its option, elect to acquire those OP units in exchange for shares of its common stock on a one-for-one basis, subject to anti-dilution adjustments provided in the Operating Partnership agreement. The ten day average closing stock price at December 31, 2012, was $36.03 and there were 2,755,650 OP units outstanding. Assuming that all of the unit holders exercised their right to redeem all of their OP units on December 31, 2012 and the Company elected to pay the non-controlling members cash, the Company would have paid $99,272 in cash consideration to redeem the units.

        In December 2012, 304,817 OP units were redeemed in exchange for the Company's common stock. In April 2012, 5,475 OP units were redeemed for $155 in cash.

        In January 2011, 150,000 OP units were redeemed in exchange for the Company's common stock. During April 2011, 143,641 OP units were redeemed in exchange for the Company's common stock and 13,387 OP units were redeemed for $271 in cash.

        GAAP requires a company to present ownership interests in subsidiaries held by parties other than the company in the consolidated financial statements within the equity section but separate from the company's equity. It also requires the amount of consolidated net income attributable to the parent and to the noncontrolling interest to be clearly identified and presented on the face of the consolidated statement of operations and requires changes in ownership interest to be accounted for similarly as equity transactions. If noncontrolling interests are determined to be redeemable, they are to be carried at their redemption value as of the balance sheet date and reported as temporary equity.

        The Company has evaluated the terms of the common OP units and classifies the noncontrolling interest represented by the common OP units as stockholders' equity in the accompanying consolidated balance sheets. The Company will periodically evaluate individual noncontrolling interests for the ability to continue to recognize the noncontrolling amount as permanent equity in the consolidated balance sheets. Any noncontrolling interests that fail to qualify as permanent equity will be reclassified as temporary equity and adjusted to the greater of (1) the carrying amount, or (2) its redemption value as of the end of the period in which the determination is made.

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NOTES PAYABLE TO TRUSTS (Details 2) (USD $) In Thousands, unless otherwise specified				12 Months Ended	61 Months Ended	12 Months Ended	62 Months Ended	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2012 Operating Partnership Variable Interest Entity, not primary beneficiary Trusts	Dec. 31, 2012 Operating Partnership Variable Interest Entity, not primary beneficiary Trust III	Jul. 31, 2010 Operating Partnership Variable Interest Entity, not primary beneficiary Trust III	Dec. 31, 2012 Operating Partnership Variable Interest Entity, not primary beneficiary Trust II	Jun. 30, 2010 Operating Partnership Variable Interest Entity, not primary beneficiary Trust II	Dec. 31, 2012 Operating Partnership Variable Interest Entity, not primary beneficiary Trust
NOTES PAYABLE TO TRUSTS
Interest rate, fixed (as a percent)					6.91%		6.67%
Reference rate				three month LIBOR		three month LIBOR		three month LIBOR
Margin added to variable rate (as a percent)				2.40%		2.40%		2.25%
Interest rate swap, fixed rate of interest (as a percent)				4.99%		4.99%		5.62%
Comparison of the liability balance and the maximum exposure to loss related to trusts
Notes payable to Trusts	$ 119,590	$ 119,590	$ 119,590	$ 41,238		$ 42,269		$ 36,083
Investment Balance	3,590	3,590	3,590	1,238		1,269		1,083
Maximum exposure to loss			$ 116,000	$ 40,000		$ 41,000		$ 35,000

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Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Consolidated Statements of Stockholders' Equity
Dividends paid on common stock, per share	$ 0.85	$ 0.56	$ 0.40

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Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
Consolidated Balance Sheets
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	110,737,205	94,783,590
Common stock, shares outstanding	110,737,205	94,783,590
Note receivable from noncontrolling interest represented by Preferred Operating Partnership units (in dollars)	$ 100,000	$ 100,000

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NOTES PAYABLE TO TRUSTS

12 Months Ended

Dec. 31, 2012

NOTES PAYABLE TO TRUSTS

NOTES PAYABLE TO TRUSTS

9. NOTES PAYABLE TO TRUSTS

        During July 2005, ESS Statutory Trust III (the "Trust III"), a newly formed Delaware statutory trust and a wholly-owned, unconsolidated subsidiary of the Operating Partnership, issued an aggregate of $40,000 of preferred securities which mature on July 31, 2035. In addition, the Trust III issued 1,238 of Trust common securities to the Operating Partnership for a purchase price of $1,238. On July 27, 2005, the proceeds from the sale of the preferred and common securities of $41,238 were loaned in the form of a note to the Operating Partnership ("Note 3"). Note 3 had a fixed rate of 6.91% through July 31, 2010, and then was payable at a variable rate equal to the three-month LIBOR plus 2.40% per annum. Effective July 11, 2011, the Trust III entered into an interest rate swap that fixes the interest rate to be paid at 4.99% per annum and matures July 11, 2018. The interest on Note 3, payable quarterly, will be used by the Trust III to pay dividends on the trust preferred securities. The trust preferred securities became redeemable by the Trust III with no prepayment premium on July 27, 2010.

        During May 2005, ESS Statutory Trust II (the "Trust II"), a newly formed Delaware statutory trust and a wholly-owned, unconsolidated subsidiary of the Operating Partnership of the Company, issued an aggregate of $41,000 of preferred securities which mature on June 30, 2035. In addition, the Trust II issued 1,269 of Trust common securities to the Operating Partnership for a purchase price of $1,269. On May 24, 2005, the proceeds from the sale of the preferred and common securities of $42,269 were loaned in the form of a note to the Operating Partnership ("Note 2"). Note 2 had a fixed rate of 6.67% through June 30, 2010, and then was payable at a variable rate equal to the three-month LIBOR plus 2.40% per annum. Effective July 11, 2011, the Trust II entered into an interest rate swap that fixes the interest rate to be paid at 4.99% per annum and matures July 11, 2018. The interest on Note 2, payable quarterly, will be used by the Trust II to pay dividends on the trust preferred securities. The trust preferred securities became redeemable by the Trust II with no prepayment premium on June 30, 2010.

        During April 2005, ESS Statutory Trust I (the "Trust"), a newly formed Delaware statutory trust and a wholly-owned, unconsolidated subsidiary of the Operating Partnership of the Company issued an aggregate of $35,000 of trust preferred securities which mature on June 30, 2035. In addition, the Trust issued 1,083 of Trust common securities to the Operating Partnership for a purchase price of $1,083. On April 8, 2005, the proceeds from the sale of the trust preferred and common securities of $36,083 were loaned in the form of a note to the Operating Partnership (the "Note"). The Note has a variable rate equal to the three-month LIBOR plus 2.25% per annum. Effective June 30, 2010, the Trust entered into an interest rate swap that fixes the interest rate to be paid at 5.62% per annum and matures on June 30, 2015. The interest on the Note, payable quarterly, will be used by the Trust to pay dividends on the trust preferred securities. The trust preferred securities became redeemable by the Trust with no prepayment premium on June 30, 2010.

        Trust, Trust II and Trust III are VIEs because the holders of the equity investment at risk (the trust preferred securities) do not have the power to direct the activities of the entities that most significantly affect the entities' economic performance because of their lack of voting or similar rights. Because the Operating Partnership's investment in the trusts' common securities was financed directly by the trusts as a result of its loan of the proceeds to the Operating Partnership, that investment is not considered to be an equity investment at risk. The Operating Partnership's investment in the trusts is not a variable interest because equity interests are variable interests only to the extent that the investment is considered to be at risk, and therefore the Operating Partnership cannot be the primary beneficiary of the trusts. Since the Company is not the primary beneficiary of the trusts, they have not been consolidated. A debt obligation has been recorded in the form of notes as discussed above for the proceeds, which are owed to the Trust, Trust II, and Trust III by the Company. The Company has also recorded its investment in the trusts' common securities as other assets.

        The Company has not provided financing or other support during the periods presented to the trusts that it was not previously contractually obligated to provide. The Company's maximum exposure to loss as a result of its involvement with the trusts is equal to the total amount of the notes discussed above less the amounts of the Company's investments in the trusts' common securities. The net amount is the notes payable that the trusts owe to third parties for their investments in the trusts' preferred securities.

        Following is a tabular comparison of the carrying amounts of the liabilities the Company has recorded as a result of its involvements with the trusts to the maximum exposure to loss the Company is subject to related to the trusts as of December 31, 2012:

	Notes payable to Trusts		Investment Balance		Maximum exposure to loss		Difference
Trust	$	36,083	$	1,083	$	35,000	$	—
Trust II		42,269		1,269		41,000		—
Trust III		41,238		1,238		40,000		—
	$	119,590	$	3,590	$	116,000	$	—

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Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2012	Feb. 15, 2013	Jun. 29, 2012
Document and Entity Information
Entity Registrant Name	Extra Space Storage Inc.
Entity Central Index Key	0001289490
Document Type	10-K
Document Period End Date	Dec. 31, 2012
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 2,990,113,517
Entity Common Stock, Shares Outstanding		110,742,088
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	FY

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EXCHANGEABLE SENIOR NOTES

12 Months Ended

Dec. 31, 2012

EXCHANGEABLE SENIOR NOTES

EXCHANGEABLE SENIOR NOTES

10. EXCHANGEABLE SENIOR NOTES

        On March 27, 2007, the Company's Operating Partnership issued $250,000 of 3.625% Exchangeable Senior Notes ("the Notes"). The Notes bore interest at 3.625% per annum and contained an exchange settlement feature, which provided that the Notes, under certain circumstances, could have been exchanged for cash (up to the principal amount of the Notes) and, with respect to any excess exchange value, for cash, shares of the Company's common stock, or a combination of cash and shares of the Company's common stock at the option of the Operating Partnership.

        On March 1, 2012, the Company announced that the holders of the Operating Partnership's then-outstanding $87,663 principal amount of the Notes had the right to surrender their Notes for repurchase by the Operating Partnership on April 1, 2012 for 100% of the principal amount of the Notes, pursuant to the holders' rights under the indenture governing the Notes.

        As of April 3, 2012, the Company received notice that the holders of the entire $87,663 principal amount of the Notes had surrendered their Notes for exchange. On April 26, 2012, the Company settled the exchange by paying cash for the principal amount of the Notes, as required by the indenture, and issuing 684,685 shares of common stock for the value in excess of the principal amount. The issuance of shares was reflected as an increase in paid-in-capital with a corresponding decrease in paid-in-capital attributable to the reacquisition of the equity component of the convertible debt, as discussed below.

        GAAP requires entities with convertible debt instruments that may be settled entirely or partially in cash upon conversion to separately account for the liability and equity components of the instrument in a manner that reflects the issuer's economic interest cost. The Company, therefore, accounted for the liability and equity components of the Notes separately. The equity component was included in paid-in-capital in stockholders' equity in the condensed consolidated balance sheet, and the value of the equity component was treated as original issue discount for purposes of accounting for the debt component. The discount was amortized over the period of the debt as additional interest expense. The effective interest rate on the liability component was 5.75%.

        The carrying amounts of the equity component, the principal amount of the liability component, its unamortized discount, and its net carrying amount for the years ended December 31, 2012 and 2011 were as follows:

	December 31, 2012		December 31, 2011
Carrying amount of equity component	$	—	$	19,545
Principal amount of liability component	$	—	$	87,663
Unamortized discount		—		(444	)
Net carrying amount of liability component	$	—	$	87,219

        The amount of interest cost recognized relating to the contractual interest rate and the amortization of the discount on the liability component for the years ended December 31, 2012 and 2011 were as follows:

	For the Year Ended December 31,
	2012		2011		2010
Contractual interest	$	790	$	3,178	$	3,178
Amortization of discount		444		1,761		1,664
Total interest expense recognized	$	1,234	$	4,939	$	4,842

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STOCK-BASED COMPENSATION (Details 4) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Stock-based compensation
Cash received related to option exercise	$ 10,267	$ 18,622	$ 5,661
Stock options.
Stock-based compensation
Compensation expense recorded during the period in general and administrative expense	585	942	801
Cash received related to option exercise	10,267	18,622	5,661
Unrecognized compensation expense	742
Weighted-average period for recognition of unrecognized compensation expense	1.32
Restricted stock
Stock-based compensation
Compensation expense recorded during the period in general and administrative expense	3,771	4,815	3,779
Unrecognized compensation expense	$ 6,117
Weighted-average period for recognition of unrecognized compensation expense	1.89
Weighted average forfeiture rate (as a percent)	9.30%
Restricted Stock Grants
Balance at the beginning of the period (in shares)	662,766	891,124	766,854
Granted (in shares)	182,052	226,630	445,230
Released (in shares)	(287,754)	(407,293)	(256,950)
Cancelled (in shares)	(16,792)	(47,695)	(64,010)
Balance at the end of the period (in shares)	540,272	662,766	891,124
Weighted-Average Grant-Date Fair Value
Balance at the beginning of the period (in dollars per share)	$ 12.81	$ 10.62	$ 9.94
Granted (in dollars per share)	$ 28.39	$ 20.09	$ 12.24
Released (in dollars per share)	$ 12.98	$ 11.91	$ 11.50
Cancelled (in dollars per share)	$ 14.03	$ 14.31	$ 10.11
Balance at the end of the period (in dollars per share)	$ 17.93	$ 12.81	$ 10.62

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Consolidated Statements of Operations (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Revenues:
Property rental	$ 346,874	$ 268,725	$ 232,447
Tenant reinsurance	36,816	31,181	25,928
Management fees	25,706	29,924	23,122
Total revenues	409,396	329,830	281,497
Expenses:
Property operations	114,028	95,481	86,165
Tenant reinsurance	7,869	6,143	6,505
Acquisition related costs	5,351	2,896	1,235
Loss on sublease			2,000
Severance costs		2,137
General and administrative	50,454	49,683	44,428
Depreciation and amortization	74,453	58,014	50,349
Total expenses	252,155	214,354	190,682
Income from operations	157,241	115,476	90,815
Interest expense	(71,850)	(67,301)	(64,116)
Non-cash interest expense related to amortization of discount on exchangeable senior notes	(444)	(1,761)	(1,664)
Interest income	1,816	1,027	898
Interest income on note receivable from Preferred Operating Partnership unit holder	4,850	4,850	4,850
Income before equity in earnings of real estate ventures and income tax expense	91,613	52,291	30,783
Equity in earnings of real estate ventures	10,859	7,287	6,753
Equity in earnings of real estate ventures-gain on sale of real estate assets and purchase of partners interests	30,630
Income tax expense	(5,413)	(1,155)	(4,162)
Net income	127,689	58,423	33,374
Net income allocated to Preferred Operating Partnership noncontrolling interests	(6,876)	(6,289)	(6,048)
Net income allocated to Operating Partnership and other noncontrolling interests	(3,504)	(1,685)	(995)
Net income attributable to common stockholders	$ 117,309	$ 50,449	$ 26,331
Net income per common share
Basic (in dollars per share)	$ 1.15	$ 0.55	$ 0.30
Diluted (in dollars per share)	$ 1.14	$ 0.54	$ 0.30
Weighted average number of shares
Basic (in shares)	102,290,200	92,097,008	87,324,104
Diluted (in shares)	106,523,015	96,683,508	92,050,453

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PROPERTY ACQUISITIONS

12 Months Ended

Dec. 31, 2012

PROPERTY ACQUISITIONS

PROPERTY ACQUISITIONS

4. PROPERTY ACQUISITIONS

        The following table shows the Company's acquisition of operating properties for the years ended December 31, 2012 and 2011, and does not include purchases of raw land or improvements made to existing assets:

					Consideration Paid
																								Acquisition Date Fair Value
													Notes Issued to/from Seller				Net Liabilities/ (Assets) Assumed			Value of OP Units Issued		Number of OP Units Issued
Property Location	Number of Properties		Date of Acquisition		Total		Cash Paid		Loan Assumed		Non-cash gain				Previous equity interest									Land		Building		Intangible		Closing costs— expensed			Source of Acquisition	Notes
Florida		1		12/28/2012	$	4,270	$	4,258	$	—	$	—	$	—	$	—	$	12		$	—		—	$	805	$	3,345	$	95	$	25		Unrelated third party
Maryland		1		12/27/2012		13,107		10,596		2,692		—		—		—		(181	)		—		—		4,314		8,412		206		175		Unrelated third party
Arizona		1		12/27/2012		8,667		8,608		—		—		—		—		59			—		—		2,973		5,545		141		8		Unrelated third party
Florida		2		12/27/2012		8,766		142		—		—		8,584		—		40			—		—		1,597		6,862		215		92		Unrelated third party	(4)
Florida		1		12/3/2012		4,273		4,254		—		—		—		—		19			—		—		1,133		3,017		99		24		Unrelated third party
Various states		21		11/30/2012		164,566		140,513		—		10,171		—		14,184		(302	)		—		—		41,988		119,681		2,881		16		Affiliated joint venture	(3)
New Jersey		4		11/30/2012		39,336		39,283		—		—		—		—		53			—		—		10,920		26,712		825		879		Unrelated third party
Massachusetts		1		11/9/2012		9,011		8,994		—		—		—		—		17			—		—		3,115		5,684		190		22		Unrelated third party
Utah		1		9/28/2012		7,410		7,322		—		—		—		—		88			—		—		2,063		5,202		132		13		Related party	(2)
Virginia		1		9/20/2012		6,884		6,850		—		—		—		—		34			—		—		1,172		5,562		119		31		Unrelated third party
New Jersey		1		8/28/2012		13,678		13,678		—		—		—		—		—			—		—		1,511		11,732		241		194		Unrelated third party
New Jersey		1		8/23/2012		9,091		9,099		—		—		—		—		(8	)		—		—		2,144		6,660		158		129		Unrelated third party
New Jersey		1		8/23/2012		15,475		15,431		—		—		—		—		44			—		—		1,890		13,112		269		204		Unrelated third party
New York		1		8/10/2012		15,300		15,377		—		—		—		—		(77	)		—		—		2,800		12,173		269		58		Unrelated third party
Texas		2		8/10/2012		9,948		9,775		—		—		—		—		173			—		—		4,869		4,826		241		12		Unrelated third party
California		1		7/26/2012		4,860		2,376		2,592		—		—		—		(108	)		—		—		2,428		2,317		93		22		Unrelated third party
South Carolina		1		7/19/2012		4,651		4,621		—		—		—		—		30			—		—		1,784		2,755		107		5		Unrelated third party
New Jersey, New York		6		7/18/2012		55,622		55,748		—		—		—		—		(126	)		—		—		8,584		45,359		1,227		452		Unrelated third party
Colorado		1		7/18/2012		7,085		7,038		—		—		—		—		47			—		—		—		6,945		137		3		Unrelated third party
Various states		36		7/2/2012		322,516		162,705		145,000		13,499		—		3,355		(2,043	)		—		—		67,550		246,133		8,142		691		Affiliated joint venture	(1)
Maryland		1		5/31/2012		6,501		6,438		—		—		—		—		11			52		1,814		1,185		5,051		147		118		Unrelated third party
Florida		3		5/2/2012		14,942		14,792		—		—		—		—		150			—		—		1,933		12,682		321		6		Unrelated third party
Maryland		1		3/7/2012		6,284		5,886		—		—		—		—		21			377		14,193		465		5,600		128		91		Unrelated third party
Texas		1		2/29/2012		9,405		9,323		—		—		—		—		82			—		—		1,036		8,133		187		49		Unrelated third party
2012 Totals		91			$	761,648	$	563,107	$	150,284	$	23,670	$	8,584	$	17,539	$	(1,965	)	$	429		16,007	$	168,259	$	573,500	$	16,570	$	3,319
New Jersey		1		12/16/2011	$	6,832	$	6,806	$	—	$	—	$	—	$	—	$	26		$	—		—	$	1,093	$	5,492	$	157	$	90		Unrelated third party
Various		6		12/1/2011		61,797		4,941		50,140		—		4,850		1,817		49			—		—		15,645		46,139		—		13		Affiliated joint venture
Florida		1		10/25/2011		5,853		5,615		—		—		—		—		238			—		—		521		5,198		113		21		Unrelated third party
California		19		10/19/2011		104,029		31,464		73,527		—		—		—		(962	)		—		—		32,270		69,496		2,164		99		Unrelated third party
New Jersey		1		10/6/2011		18,372		18,334		—		—		—		—		38			—		—		861		17,127		333		51		Unrelated third party
Texas		1		8/2/2011		2,402		2,353		—		—		—		—		49			—		—		978		1,347		73		4		Unrelated third party
Maryland		1		8/1/2011		7,343		7,342		—		—		—		—		1			—		—		764		6,331		143		105		Unrelated third party
Maryland		1		7/8/2011		5,785		5,795		—		—		—		—		(10	)		—		—		1,303		4,218		125		139		Unrelated third party
Ohio, Indiana, Kentucky		15		6/27/2011		39,773		39,387		—		—		—		—		386			—		—		13,478		25,098		903		294		Unrelated third party
Nevada		1		6/22/2011		3,355		3,339		—		—		—		—		16			—		—		1,441		1,810		98		6		Unrelated third party
Colorado		1		6/10/2011		4,600		2,664		1,907		—		—		—		29			—		—		296		4,199		98		7		Unrelated third party
New Jersey		1		6/2/2011		4,963		4,959		—		—		—		—		4			—		—		1,644		3,115		135		69		Affiliated joint venture
Virginia		1		5/26/2011		10,514		5,205		5,463		—		—		—		(154	)		—		—		932		9,349		202		31		Unrelated third party
Colorado		1		5/25/2011		3,540		2,262		1,290		—		—		—		(12	)		—		—		407		3,077		61		(5	)	Unrelated third party
Tennessee		1		4/15/2011		2,539		2,514		—		—		—		—		25			—		—		652		1,791		79		17		Unrelated third party
California		1		4/7/2011		8,207		8,150		—		—		—		—		57			—		—		2,211		5,829		163		4		Unrelated third party
Utah, Texas		2		4/1/2011		7,262		7,205		—		—		—		—		57			—		—		1,512		5,548		188		14		Affiliated joint venture
2011 Totals		55			$	297,166	$	158,335	$	132,327	$	—	$	4,850	$	1,817	$	(163	)	$	—		—	$	76,008	$	215,164	$	5,035	$	959

(1)

This represents the acquisition of Prudential Real Estate Investors' ("PREI®") 94.9% interest in the ESS PRISA III LLC joint venture ("PRISA III") that was formed in 2005, resulting in full ownership by the Company. The joint venture owned 36 properties located in 18 states. Prior to the acquisition date, the Company accounted for its 5.1% interest in PRISA III as an equity-method investment. The acquisition date fair value of the previous equity interest was approximately $16,300 and is included as consideration transferred. The Company recognized a non-cash gain of $13,499 as a result of re-measuring its prior equity interest in PRISA III held before the acquisition.

(2)

This property was purchased from Sandy Self Storage, LLC, which was partially owned by Kenneth T. Woolley, the son of Kenneth M. Woolley, Executive Chairman and Chief Investment Officer.

(3)

This represents the acquisition of the Company's joint venture partner's 80% interest in the Storage Portfolio Bravo II LLC ("SPB II") joint venture, resulting in full ownership by the Company. The joint venture owned 21 properties in eleven states. Prior to the acquisition date, the Company accounted for its 20% interest in the joint venture as an equity-method investment. The acquisition date fair value of the previous equity interest was approximately $31,500 and is included as consideration transferred. The Company recognized a non-cash gain of $10,171 as a result of re-measuring its prior equity interest in SPB II held before the acquisition.

(4)

On May 1, 2012, the Company purchased two notes receivable from Capmark Bank for a total of $7,875. These receivables were due from Spacebox Land O'Lakes, LLC and Spacebox North Fort Myers, LLC (collectively, "Spacebox"), a third party. The notes bore interest at 15% per annum. Spacebox owned two self-storage facilities located in Florida that served as collateral for the notes. On December 27, 2012, the Company acquired the two properties owned by Spacebox in exchange for $142 of cash and forgiveness of the notes, which had an outstanding balance at the time of purchase of $8,584, including accrued interest.

        On July 31, 2012, the Company acquired the land it had previously been leasing associated with a property in Bethesda, Maryland for a cash payment of $3,671.

        As noted above, during the year ended December 31, 2012, the Company acquired 91 properties. The following pro forma financial information includes 77 of the 91 properties acquired. Fourteen properties were excluded as it was impractical to obtain the historical information from the previous owners, and in total they represent an immaterial amount of total revenues. The pro forma information is based on the combined historical financial statements of the Company and 77 of the properties acquired, and presents the Company's results as if the acquisitions had occurred as of January 1, 2011:

	For the Year Ended December 31,
	2012		2011
Total revenues	$	450,787	$	392,932
Net income attributable to common stockholders	$	124,248	$	56,454
Net income per common share
Basic	$	1.21	$	0.61
Diluted	$	1.20	$	0.60

        The following table summarizes the revenues and earnings related to the 91 acquisitions since the acquisition dates, included in the consolidated statements of operations for the year ended December 31, 2012:

	For the Year Ended December 31, 2012
Total revenues	$	29,381
Net income	$	9,225

        As part of the acquisition of the 19-property portfolio purchased on October 19, 2011, the Company assumed three different mortgage loans with a total amount due of $68,681 at the closing date. At the time of purchase, the Company recorded a $4,846 premium on the debt assumed in order to record the loans at their fair values at the purchase date. This premium is included in premium on notes payable in the consolidated balance sheets and will be amortized to interest expense over the remaining term of the loans.

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REAL ESTATE ASSETS

12 Months Ended

Dec. 31, 2012

REAL ESTATE ASSETS

REAL ESTATE ASSETS

3. REAL ESTATE ASSETS

        The components of real estate assets are summarized as follows:

	December 31, 2012			December 31, 2011
Land—operating	$	755,565		$	580,995
Land—development		12,050			14,600
Buildings and improvements		2,551,886			1,934,693
Intangible assets—tenant relationships		51,355			37,293
Intangible lease rights		8,656			6,150
		3,379,512			2,573,731
Less: accumulated depreciation and amortization		(391,928	)		(319,302	)
Net operating real estate assets		2,987,584			2,254,429
Real estate under development/redevelopment		4,138			9,366
Net real estate assets	$	2,991,722		$	2,263,795
Real estate assets held for sale included in net real estate assets	$	8,600		$	7,875

        The Company amortizes to expense intangible assets—tenant relationships on a straight-line basis over the average period that a tenant is expected to utilize the facility (currently estimated at 18 months). The Company amortizes to expense the intangible lease rights over the terms of the related leases. Amortization related to the tenant relationships and lease rights was $7,068, $2,633, and $907, for the years ended December 31, 2012, 2011 and 2010, respectively. The remaining balance of the unamortized lease rights will be amortized over the next 5 to 49 years.

        Real estate assets held for sale included in net real estate assets as of December 31, 2012 are recorded at fair value and consisted of undeveloped land and one self-storage property.

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NONCONTROLLING INTEREST REPRESENTED BY PREFERRED OPERATING PARTNERSHIP UNITS

12 Months Ended

Dec. 31, 2012

NONCONTROLLING INTEREST REPRESENTED BY PREFERRED OPERATING PARTNERSHIP UNITS

NONCONTROLLING INTEREST REPRESENTED BY PREFERRED OPERATING PARTNERSHIP UNITS

15. NONCONTROLLING INTEREST REPRESENTED BY PREFERRED OPERATING PARTNERSHIP UNITS

        On June 15, 2007, the Operating Partnership entered into a Contribution Agreement with various limited partnerships affiliated with AAAAA Rent-A-Space to acquire ten self-storage facilities (the "Properties") in exchange for 989,980 Preferred OP units of the Operating Partnership. The self-storage facilities are located in California and Hawaii.

        On June 25, 2007, the Company loaned the holder of the Preferred OP units $100,000. The note receivable bears interest at 4.85%, and is due September 1, 2017. The loan is secured by the borrower's Preferred OP units. The holder of the Preferred OP units can convert up to 114,500 Preferred OP units prior to the maturity date of the loan. If any redemption in excess of 114,500 Preferred OP units occurs prior to the maturity date, the holder of the Preferred OP units is required to repay the loan as of the date of that Preferred OP unit redemption. Preferred OP units are shown on the balance sheet net of the $100,000 loan because the borrower under the loan receivable is also the holder of the Preferred OP units.

        The Operating Partnership entered into a Second Amended and Restated Agreement of Limited Partnership (the "Partnership Agreement") which provides for the designation and issuance of the Preferred OP units. The Preferred OP units will have priority over all other partnership interests of the Operating Partnership with respect to distributions and liquidation.

        Under the Partnership Agreement, Preferred OP units in the amount of $115,000 bear a fixed priority return of 5% and have a fixed liquidation value of $115,000. The remaining balance will participate in distributions with and have a liquidation value equal to that of the common Operating Partnership units. The Preferred OP units became redeemable at the option of the holder on September 1, 2008, which redemption obligation may be satisfied, at the Company's option, in cash or shares of common stock.

        GAAP requires a company to present ownership interests in subsidiaries held by parties other than the company in the consolidated financial statements within the equity section but separate from the company's equity. It also requires the amount of consolidated net income attributable to the parent and to the noncontrolling interest to be clearly identified and presented on the face of the consolidated statement of operations and requires changes in ownership interest to be accounted for similarly as equity transactions. If noncontrolling interests are determined to be redeemable, they are to be carried at their redemption value as of the balance sheet date and reported as temporary equity.

        The Company has evaluated the terms of the Preferred OP units and classifies the noncontrolling interest represented by the Preferred OP units as stockholders' equity in the accompanying consolidated balance sheets. The Company will periodically evaluate individual noncontrolling interests for the ability to continue to recognize the noncontrolling amount as permanent equity in the consolidated balance sheets. Any noncontrolling interests that fail to qualify as permanent equity will be reclassified as temporary equity and adjusted to the greater of (1) the carrying amount, or (2) its redemption value as of the end of the period in which the determination is made.

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LINES OF CREDIT

12 Months Ended

Dec. 31, 2012

LINES OF CREDIT

LINES OF CREDIT

11. LINES OF CREDIT

        Information about the Company's lines of credit, the proceeds of which are used to repay debt and for general corporate purposes, is summarized as follows:

	As of December 31, 2012
Line of Credit	Amount Drawn		Capacity		Interest Rate			Origination Date	Maturity	Basis Rate			Notes
Credit Line 1	$	35,000	$	75,000		2.36	%	2/13/2009	2/13/2014		LIBOR plus 2.15	%	(1)(4)(5)
Credit Line 2		—		75,000		2.41	%	6/4/2010	5/31/2013		LIBOR plus 2.20	%	(2)(4)(5)
Credit Line 3		—		40,000		2.41	%	11/16/2010	11/16/2013		LIBOR plus 2.20	%	(3)(4)(5)
Credit Line 4		50,000		50,000		2.36	%	4/29/2011	5/1/2014		LIBOR plus 2.15	%	(3)(4)(5)
	$	85,000	$	240,000

(1)

One year extension available

(2)

One two-year extension available

(3)

Two one-year extensions available

(4)

Guaranteed by the Company

(5)

Secured by mortgages on certain real estate assets

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COMMITMENTS AND CONTINGENCIES (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012 Facility	Dec. 31, 2011	Dec. 31, 2010
COMMITMENTS AND CONTINGENCIES
Number of owned self-storage facilities that have ground leases	18
Future minimum rental payments under operating lease
Less than 1 year	$ 7,463
Year 2	7,330
Year 3	5,206
Year 4	4,072
Year 5	2,783
Thereafter	42,542
Total	69,396
Expense related to leases	2,830	2,799	2,416
Commitments and Contingencies
Liability related to litigation matters		1,800
ESS Baltimore LLC
Commitments and Contingencies
Guaranteed loan amount	3,950
Estimated Fair Value of Assets	6,465
Extra Space of Montrose Avenue LLC
Commitments and Contingencies
Guaranteed loan amount	5,120
Estimated Fair Value of Assets	8,432
Extra Space of Sacramento One LLC
Commitments and Contingencies
Guaranteed loan amount	4,307
Estimated Fair Value of Assets	$ 9,507

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NOTES PAYABLE

12 Months Ended

Dec. 31, 2012

NOTES PAYABLE

NOTES PAYABLE

7. NOTES PAYABLE

        The components of notes payable are summarized as follows:

	December 31, 2012		December 31, 2011
Fixed Rate
Mortgage loans with banks (including loans subject to interest rate swaps) bearing interest at fixed rates between 2.8% and 7.0%. The loans are collateralized by mortgages on real estate assets and the assignment of rents. Principal and interest payments are made monthly with all outstanding principal and interest due between April 2013 and February 2021.	$	1,156,015	$	819,091
Variable Rate
Mortgage and construction loans with banks bearing floating interest rates based on LIBOR. Interest rates based on LIBOR are between LIBOR plus 2.0% (2.21% at December 31, 2012 and 2.30% December 31, 2011) and LIBOR plus 3.0% (3.21% at December 31, 2012 and 3.30% December 31, 2011). The loans are collateralized by mortgages on real estate assets and the assignment of rents. Principal and interest payments are made monthly with all outstanding principal and interest due between December 2013 and November 2019.		213,675		117,910
	$	1,369,690	$	937,001

The following table summarizes the scheduled maturities of notes payable at December 31, 2012:

2013	$	110,483
2014		144,822
2015		201,100
2016		167,604
2017		349,964
Thereafter		395,717
	$	1,369,690

Certain mortgage and construction loans with variable interest rates are subject to interest rate floors starting at 2.15%. Real estate assets are pledged as collateral for the notes payable. Of the Company's $1,369,690 in notes payable outstanding at December 31, 2012, $845,317 were recourse due to guarantees or other security provisions. The Company is subject to certain restrictive covenants relating to the outstanding notes payable. The Company was in compliance with all financial covenants at December 31, 2012.

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INVESTMENTS IN REAL ESTATE VENTURES (Details) (USD $) In Thousands, unless otherwise specified	0 Months Ended		12 Months Ended																											0 Months Ended	12 Months Ended														0 Months Ended	12 Months Ended					1 Months Ended			7 Months Ended	12 Months Ended						0 Months Ended	12 Months Ended			12 Months Ended
	Dec. 20, 2012 item	Feb. 17, 2012	Dec. 31, 2012 Y state	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2012 Extra Space West One LLC (ESW)	Dec. 31, 2011 Extra Space West One LLC (ESW)	Dec. 31, 2010 Extra Space West One LLC (ESW)	Dec. 31, 2012 Extra Space West Two LLC (ESW II)	Dec. 31, 2011 Extra Space West Two LLC (ESW II)	Dec. 31, 2010 Extra Space West Two LLC (ESW II)	Dec. 31, 2012 Extra Space Northern Properties Six LLC (ESNPS)	Dec. 31, 2011 Extra Space Northern Properties Six LLC (ESNPS)	Dec. 31, 2010 Extra Space Northern Properties Six LLC (ESNPS)	Dec. 31, 2012 Extra Space of Santa Monica LLC (ESSM)	Dec. 31, 2011 Extra Space of Santa Monica LLC (ESSM)	Dec. 31, 2010 Extra Space of Santa Monica LLC (ESSM)	Dec. 31, 2012 Clarendon Storage Associates Limited Partnership (Clarendon)	Dec. 31, 2011 Clarendon Storage Associates Limited Partnership (Clarendon)	Dec. 31, 2010 Clarendon Storage Associates Limited Partnership (Clarendon)	Dec. 31, 2012 HSRE-ESP IA, LLC (HSRE)	Dec. 31, 2011 HSRE-ESP IA, LLC (HSRE)	Dec. 31, 2010 HSRE-ESP IA, LLC (HSRE)	Dec. 31, 2012 PRISA Self Storage LLC (PRISA)	Dec. 31, 2011 PRISA Self Storage LLC (PRISA)	Dec. 31, 2010 PRISA Self Storage LLC (PRISA)	Dec. 31, 2012 PRISA II Self Storage LLC (PRISA II)	Dec. 31, 2011 PRISA II Self Storage LLC (PRISA II)	Dec. 31, 2010 PRISA II Self Storage LLC (PRISA II)	Jul. 02, 2012 PRISA III Self Storage LLC (PRISA III) state property	Dec. 31, 2012 PRISA III Self Storage LLC (PRISA III)	Dec. 31, 2011 PRISA III Self Storage LLC (PRISA III)	Dec. 31, 2010 PRISA III Self Storage LLC (PRISA III)	Dec. 31, 2012 VRS Self Storage LLC (VRS)	Dec. 31, 2011 VRS Self Storage LLC (VRS)	Dec. 31, 2010 VRS Self Storage LLC (VRS)	Dec. 31, 2012 WCOT Self Storage LLC (WCOT)	Dec. 31, 2011 WCOT Self Storage LLC (WCOT)	Dec. 31, 2010 WCOT Self Storage LLC (WCOT)	Dec. 31, 2012 Storage Portfolio I LLC (SP I)	Dec. 31, 2011 Storage Portfolio I LLC (SP I)	Dec. 31, 2010 Storage Portfolio I LLC (SP I)	Dec. 31, 2012 Storage Portfolio I LLC (SP I) Minimum	Dec. 31, 2012 Storage Portfolio I LLC (SP I) Maximum	Nov. 30, 2012 Storage Portfolio Bravo II (SPB II) state property	Dec. 31, 2012 Storage Portfolio Bravo II (SPB II)	Dec. 31, 2011 Storage Portfolio Bravo II (SPB II)	Dec. 31, 2010 Storage Portfolio Bravo II (SPB II)	Dec. 31, 2012 Storage Portfolio Bravo II (SPB II) Minimum	Dec. 31, 2012 Storage Portfolio Bravo II (SPB II) Maximum	Dec. 31, 2011 Extra Space Joint Ventures with Everest Real Estate Fund (Everest)	Sep. 30, 2011 Extra Space Joint Ventures with Everest Real Estate Fund (Everest)	Jan. 31, 2011 Extra Space Joint Ventures with Everest Real Estate Fund (Everest)	Mar. 31, 2012 Extra Space Joint Ventures with Everest Real Estate Fund (Everest)	Dec. 31, 2012 Extra Space Joint Ventures with Everest Real Estate Fund (Everest) property	Dec. 31, 2011 Extra Space Joint Ventures with Everest Real Estate Fund (Everest)	Dec. 31, 2010 Extra Space Joint Ventures with Everest Real Estate Fund (Everest)	Dec. 02, 2011 Extra Space Joint Ventures with Everest Real Estate Fund (Everest)	Dec. 31, 2012 Extra Space Joint Ventures with Everest Real Estate Fund (Everest) Minimum	Dec. 31, 2012 Extra Space Joint Ventures with Everest Real Estate Fund (Everest) Maximum	Jan. 15, 2012 U-Storage de Mexico S.A and related entities (U-Storage)	Dec. 31, 2011 U-Storage de Mexico S.A and related entities (U-Storage)	Dec. 31, 2010 U-Storage de Mexico S.A and related entities (U-Storage)	Dec. 31, 2012 U-Storage de Mexico S.A and related entities (U-Storage)	Dec. 31, 2012 Other minority owned properties	Dec. 31, 2011 Other minority owned properties	Dec. 31, 2010 Other minority owned properties	Dec. 31, 2012 Other minority owned properties Minimum	Dec. 31, 2012 Other minority owned properties Maximum
Real estate joint ventures of the entity
Equity Ownership (as a percent)						5.00%			5.00%			10.00%			48.00%			50.00%			50.00%			2.00%			2.00%				5.00%			45.00%			5.00%			25.00%					80.00%	20.00%													39.00%	58.00%				40.00%				18.00%	50.00%
Excess Profit Participation (as a percent)						40.00%			40.00%			35.00%			48.00%			50.00%			50.00%			17.00%			17.00%				20.00%			54.00%			20.00%						25.00%	40.00%					20.00%	45.00%									40.00%	50.00%				40.00%				19.00%	50.00%
Investment balance			$ 106,313	$ 130,410		$ 413	$ 689		$ 4,404	$ 4,501		$ 626	$ 953		$ 2,655	$ 3,015		$ 3,160	$ 3,171		$ 12,506	$ 11,528		$ 10,972	$ 11,141		$ 9,331	$ 9,502				$ 3,410		$ 43,107	$ 43,974		$ 4,315	$ 4,495		$ 12,587	$ 11,853						$ 14,435				$ 3,609				$ 3,478	$ 3,609						$ 4,841			$ (1,241)	$ (707)
Percentage of interest in a joint venture sold																																																													40.00%
Equity ownership percentage in joint venture, prior to dissolution and final distrbution	20.00%	40.00%
Gain recognized from dissolution of joint venture	1,409	5,550
Aggregate consideration received																																																													4,841
Cash consideration received																																																													1,492
Amount of notes receivable as on the date of purchase of interest in joint venture																																																													3,349			1,853
Gain on sale of investment in joint venture																																													10,171
Number of joint ventures dissolved	2
Number of properties owned by joint venture																														36															21										6
Number of states in which operating storage facilities are located			34																											18															11
Additional interest acquired in the venture (as a percent)																														94.90%
Gain on purchase of joint venture partners' interest			23,670																											13,499																10,171
Additional contributions			1,423	4,088	9,699																																														4,941		320
Promissory notes to purchase interest in joint venture			8,584	4,850																																																						4,850
Purchase of note payable due from Holdco to Bank of America																																																				51,000
Reference rate on notes payable																																																						LIBOR
Margin added to variable rate (as a percent)																																																						1.85%
Notes payable assumed			150,284	132,327	25,963																																														50,140
Return of investment in real estate ventures			2,421	4,614	8,802
Cash received for property contributions made					15,750
Management fee to be received (as a percent)			6.00%
Equity in earnings of real estate ventures
Equity in earnings (losses)			10,859	7,287	6,753	1,263	1,156	1,213	26	(8)	(31)	382	338	239	314	114	(142)	471	465	417	1,298	388	(161)	821	674	641	643	530	481		187	330	262	2,849	2,279	2,221	370	92	251	1,103	(116)	934				430	301	184							137	179	195					(11)	55		565	576	(6)
Amortization amount of excess purchase price included in equity earnings			$ 25,713
Amortization period of excess purchase price included in equity earnings (in years)			40

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INVESTMENTS IN REAL ESTATE VENTURES

12 Months Ended

Dec. 31, 2012

INVESTMENTS IN REAL ESTATE VENTURES

INVESTMENTS IN REAL ESTATE VENTURES

5. INVESTMENTS IN REAL ESTATE VENTURES

        Investments in real estate ventures consist of the following:

							Investment balance at December 31,
	Equity Ownership %			Excess Profit Participation %
							2012			2011
Extra Space West One LLC ("ESW")		5	%		40	%	$	413		$	689
Extra Space West Two LLC ("ESW II")		5	%		40	%		4,404			4,501
Extra Space Northern Properties Six LLC ("ESNPS")		10	%		35	%		626			953
Extra Space of Santa Monica LLC ("ESSM")		48	%		48	%		2,655			3,015
Clarendon Storage Associates Limited Partnership ("Clarendon")		50	%		50	%		3,160			3,171
HSRE-ESP IA, LLC ("HSRE")		50	%		50	%		12,506			11,528
PRISA Self Storage LLC ("PRISA")		2	%		17	%		10,972			11,141
PRISA II Self Storage LLC ("PRISA II")		2	%		17	%		9,331			9,502
PRISA III Self Storage LLC ("PRISA III")		5	%		20	%		—			3,410
VRS Self Storage LLC ("VRS")		45	%		54	%		43,107			43,974
WCOT Self Storage LLC ("WCOT")		5	%		20	%		4,315			4,495
Storage Portfolio I LLC ("SP I")		25	%		25 - 40	%		12,587			11,853
Storage Portfolio Bravo II ("SPB II")		20	%		20 - 45	%		—			14,435
Extra Space Joint Ventures with Everest Real Estate Fund ("Everest")		39 - 58	%		40 - 50	%		3,478			3,609
U-Storage de Mexico S.A. and related entities ("U-Storage")		40	%		40	%		—			4,841
Other minority owned properties		18 - 50	%		19 - 50	%		(1,241	)		(707	)
							$	106,313		$	130,410

        In these joint ventures, the Company and the joint venture partner generally receive a preferred return on their invested capital. To the extent that cash/profits in excess of these preferred returns are generated through operations or capital transactions, the Company would receive a higher percentage of the excess cash/profits than its equity interest.

        In accordance with ASC 810, the Company reviews all of its joint venture relationships quarterly to ensure that there are no entities that require consolidation. As of December 31, 2012, there were no previously unconsolidated entities that were required to be consolidated as a result of this review.

        On December 20, 2012 two joint ventures in which the Company held 20% interests each sold their only self storage properties. Both properties were located in Illinois. As a result of the sale, the joint ventures were dissolved, and the Company received cash proceeds which resulted in a gain of $1,409.

        On November 30, 2012, the Company completed the acquisition of its joint venture partner's 80% interest in SPB II, which owned 21 properties located in eleven states. Prior to the acquisition, the remaining 20% interest was owned by the Company, which accounted for its investment in SPB II using the equity method. Subsequent to the acquisition, the Company had full ownership. GAAP requires an entity that completes a business combination in stages to re-measure its previously held equity interest in the acquiree at its acquisition date fair value and recognize the resulting gain or loss, if any, in earnings. The Company recorded a gain of $10,171 related to this transaction, which represents the increase in fair value of the Company's 20% interest in SPB II from the time the Company purchased its interest in the joint venture to the acquisition date.

        On July 2, 2012, the Company completed the acquisition of PREI®'s 94.9% interest in PRISA III, which was formed in 2005 and owned 36 properties located in 18 states. Prior to the acquisition, the remaining 5.1% interest was owned by the Company, which accounted for its investment in PRISA III using the equity method. Subsequent to the acquisition, the Company had full ownership. GAAP requires an entity that completes a business combination in stages to re-measure its previously held equity interest in the acquiree at its acquisition date fair value and recognize the resulting gain or loss, if any, in earnings. The Company recorded a gain of $13,499 related to this transaction, which represents the increase in fair value of the Company's 5.1% interest in PRISA III from the formation of the joint venture to the acquisition date.

        On February 17, 2012, a joint venture in which the Company held a 40% equity interest sold its only self-storage property. The property was located in New York. As a result of the sale, the joint venture was dissolved, and the Company received cash proceeds which resulted in a gain of $5,550.

        On January 15, 2012, the Company sold its 40% equity interest in U-Storage de Mexico S.A. and related entities to its joint venture partners for $4,841. The Company received cash of $1,492 and a note receivable of $3,349. No gain or loss was recorded on the sale. At December 31, 2012, the balance of the note receivable was $1,853. The note receivable is due December 15, 2014.

        On December 1, 2011, the Company purchased Everest Real Estate Fund LLC's interest in Storage Associates Holdco, LLC, a joint venture in which the Company previously held a 10% equity interest, for $4,941 in cash and a $4,850 promissory note. This joint venture owned six properties located in Florida, Illinois, Massachusetts, New York and Rhode Island. These properties became wholly-owned and consolidated as of the date of the purchase. During September 2011, the Company purchased a note payable due from Holdco to the Bank of America for $51,000. The note payable had a monthly interest rate of LIBOR plus 185 basis points and was due in March 2012. Upon the purchase of the remaining equity interest in Holdco on December 1, 2011, the balance of the note of $50,140 was assumed by the Company and was subsequently eliminated in consolidation.

        On January 1, 2011, the Company paid $320 in cash to obtain its joint venture partners' equity interests in a joint venture. No gain or loss was recognized on this transaction. The joint venture owned a single stabilized self-storage property located in Pennsylvania and was previously accounted for under the equity method. The property is now wholly-owned and consolidated by the Company.

        Equity in earnings of real estate ventures consists of the following:

	For the Year Ended December 31,
	2012		2011			2010
Equity in earnings of ESW	$	1,263	$	1,156		$	1,213
Equity in earnings (losses) of ESW II		26		(8	)		(31	)
Equity in earnings of ESNPS		382		338			239
Equity in earnings (losses) of ESSM		314		114			(142	)
Equity in earnings of Clarendon		471		465			417
Equity in earnings (losses) of HSRE		1,298		388			(161	)
Equity in earnings of PRISA		821		674			641
Equity in earnings of PRISA II		643		530			481
Equity in earnings of PRISA III		187		330			262
Equity in earnings of VRS		2,849		2,279			2,221
Equity in earnings of WCOT		370		92			251
Equity in earnings (losses) of SP I		1,103		(116	)		934
Equity in earnings of SPB II		430		301			184
Equity in earnings of Everest		137		179			195
Equity in earnings (losses) of U-Storage		—		(11	)		55
Equity in earnings (losses) of other minority owned properties		565		576			(6	)
	$	10,859	$	7,287		$	6,753

Equity in earnings (losses) of ESW II, SP I and SPB II includes the amortization of the Company's excess purchase price of $25,713 of these equity investments over its original basis. The excess basis is amortized over 40 years.

        Information (unaudited) related to the real estate ventures' debt at December 31, 2012, is presented below:

	Loan Amount		Current Interest Rate	Debt Maturity
ESW—Fixed	$	16,700	5.00%	September 2015
ESW II—Swapped to fixed		19,717	3.57%	February 2019
ESNPS—Fixed		34,500	5.27%	June 2015
ESSM—Variable		11,125	3.01%	November 2014
Clarendon—Swapped to fixed		8,151	5.93%	September 2018
HSRE—Fixed		97,779	5.29%	August 2015
VRS—Swapped to fixed		52,100	3.34%	July 2019
WCOT—Swapped to fixed		87,500	3.34%	August 2019
SP I—Fixed		96,334	4.66%	April 2018
Other minority owned properties		62,458	Various	Various

        Combined, condensed unaudited financial information of ESW, ESW II, ESNPS, PRISA, PRISA II, PRISA III, VRS, WCOT, SP I and SPB II and HSRE as of December 31, 2012 and 2011, and for the years ended December 31, 2012, 2011, and 2010, follows:

	December 31,
Balance Sheets:	2012(a)		2011
Assets:
Net real estate assets	$	1,629,402	$	1,971,431
Other		33,103		48,728
	$	1,662,505	$	2,020,159
Liabilities and members' equity:
Notes payable	$	404,630	$	615,561
Other liabilities		27,383		37,558
Members' equity		1,234,492		1,367,040
	$	1,666,505	$	2,020,159

	For the Year Ended December 31,
Statements of Operations:	2012		2011		2010
Rents and other income	$	266,222	$	304,499	$	297,658
Expenses		164,285		217,114		211,283
Net income	$	101,937	$	87,385	$	86,375

(a)

The balance sheet information as of December 31, 2012 does not include PRISA III or SPB II, which were acquired by the Company during 2012.

Variable Interests in Unconsolidated Real Estate Joint Ventures:

        The Company has interests in two unconsolidated joint ventures with unrelated third parties which are variable interest entities ("VIEs" or the "VIE JVs"). The Company holds 18% and 39% of the equity interests in the two VIE JVs, and has 50% of the voting rights in each of the VIE JVs. Qualification as a VIE was based on the determination that the equity investments at risk for each of these joint ventures were not sufficient based on a qualitative and quantitative analysis performed by the Company. The Company performed a qualitative analysis for these joint ventures to determine which party was the primary beneficiary of each VIE. The Company determined that since the powers to direct the activities most significant to the economic performance of these entities are shared equally by the Company and its joint venture partners, there is no primary beneficiary. Accordingly, these interests are recorded using the equity method.

        The VIE JVs each own a single self-storage property. These joint ventures are financed through a combination of (1) equity contributions from the Company and its joint venture partners, (2) mortgage notes payable and (3) payables to the Company. The payables to the Company consist of amounts owed for expenses paid on behalf of the joint ventures by the Company as manager and mortgage notes payable to the Company. The Company performs management services for the VIE JVs in exchange for a management fee of approximately 6% of cash collected by the properties. Except as disclosed, the Company has not provided financial or other support during the periods presented to the VIE JVs that it was not previously contractually obligated to provide.

        The Company guarantees the mortgage notes payable of the VIE JVs. The Company's maximum exposure to loss for these joint ventures as of December 31, 2012, is the total of the guaranteed loan balances, the payables due to the Company and the Company's investment balances in the joint ventures. The Company believes that the risk of incurring a material loss as a result of having to perform on the loan guarantees is unlikely and, therefore, no liability has been recorded related to these guarantees. Also, repossessing and/or selling the self-storage facility and land that collateralize the loans could provide funds sufficient to reimburse the Company. Additionally, the Company believes the payables to the Company are collectible.

        The following table compares the liability balance and the maximum exposure to loss related to the VIE JVs as of December 31, 2012:

	Liability Balance		Investment Balance			Balance of Guaranteed Loan		Payables to Company		Maximum Exposure to Loss		Difference
Extra Space of Montrose Avenue LLC	$	—	$	1,173		$	5,120	$	2,216	$	8,509	$	(8,509	)
Extra Space of Sacramento One LLC		—		(1,015	)		4,307		6,083		9,375		(9,375	)
	$	—	$	158		$	9,427	$	8,299	$	17,884	$	(17,884	)

The Company had no consolidated VIEs for the year ended December 31, 2012.

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OTHER ASSETS

12 Months Ended

Dec. 31, 2012

OTHER ASSETS

OTHER ASSETS

6. OTHER ASSETS

        The components of other assets are summarized as follows:

	December 31, 2012			December 31, 2011
Equipment and fixtures	$	15,090		$	12,146
Less: accumulated depreciation		(10,223	)		(8,847	)
Other intangible assets		3,434			3,424
Deferred financing costs, net		19,783			15,386
Prepaid expenses and deposits		7,934			5,265
Receivables, net		19,881			15,536
Investments in Trusts		3,590			3,590
Income taxes receivable		3,609			2,447
Deferred tax asset		3,505			3,603
	$	66,603		$	52,550

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DERIVATIVES

12 Months Ended

Dec. 31, 2012

DERIVATIVES

DERIVATIVES

8. DERIVATIVES

        The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company's derivative financial instruments are used to manage differences in the amount, timing and duration of the Company's known or expected cash receipts and its known or expected cash payments principally related to the Company's investments and borrowings.

Cash Flow Hedges of Interest Rate Risk

        The Company's objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

        The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive deficit and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the years ended December 31, 2012, 2011 and 2010, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. During 2013, the Company estimates that an additional $7,600 will be reclassified as an increase to interest expense.

        The following table summarizes the terms of the Company's derivative financial instruments as of December 31, 2012:

Hedge Product	Current Notional Amounts	Strike	Effective Dates		Maturity Dates
Swap Agreements	$7,983 - $97,579	2.79% - 6.98%		2/1/2009 - 12/14/2012		6/30/2013 - 5/1/2020

Fair Values of Derivative Instruments

        The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2012 and 2011.

	Asset (Liability) Derivatives
	December 31, 2012				December 31, 2011
Derivatives designated as hedging instruments:	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Swap Agreements	Other liabilities	$	(15,228	)	Other liabilities	$	(8,311	)

Effect of Derivative Instruments

        The tables below present the effect of the Company's derivative financial instruments on the consolidated statements of operations for the years ended December 31, 2012, 2011 and 2010.

		For the Year Ended December 31,
	Classification of Income (Expense)
Type		2012			2011			2010
Swap Agreements	Interest expense	$	(6,758	)	$	(3,771	)	$	(3,078	)

					Gain (loss) reclassified from OCI
	Gain (loss) recognized in OCI
				Location of amounts reclassified from OCI into income	For the Year Ended December 31, 2012
Type	December 31, 2012
Swap Agreements	$	(6,917	)	Interest expense	$	(6,758	)

					Gain (loss) reclassified from OCI
	Gain (loss) recognized in OCI
				Location of amounts reclassified from OCI into income	For the Year Ended December 31, 2011
Type	December 31, 2011
Swap Agreements	$	(2,237	)	Interest expense	$	(3,771	)

Credit-risk-related Contingent Features

        The Company has agreements with some of its derivative counterparties that contain provisions pursuant to which, the Company could be declared in default of its derivative obligations if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender.

        The Company also has an agreement with some of its derivative counterparties that incorporates the loan covenant provisions of the Company's indebtedness with a lender affiliate of the derivative counterparty. Failure to comply with the loan covenant provisions would result in the Company being in default on any derivative instrument obligations covered by the agreement.

        As of December 31, 2012, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $15,569. As of December 31, 2012, the Company had not posted any collateral related to these agreements. If the Company had breached any of these provisions as of December 31, 2012, it could have been required to settle its obligations under the agreements at their termination value of $15,569.

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OTHER ASSETS (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
Components of other assets
Equipment and fixtures	$ 15,090	$ 12,146
Less: accumulated depreciation	(10,223)	(8,847)
Other intangible assets	3,434	3,424
Deferred financing costs, net	19,783	15,386
Prepaid expenses and deposits	7,934	5,265
Receivables, net	19,881	15,536
Investments in Trusts	3,590	3,590
Income taxes receivable	3,609	2,447
Deferred tax assets	3,505	3,603
Other assets, net	$ 66,603	$ 52,550

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SUPPLEMENTARY QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
SUPPLEMENTARY QUARTERLY FINANCIAL DATA
Revenues	$ 113,667	$ 109,791	$ 94,951	$ 90,987	$ 93,212	$ 84,097	$ 78,040	$ 74,481	$ 409,396	$ 329,830	$ 281,497
Cost of operations	70,555	66,307	57,076	58,217	58,833	52,882	52,188	50,451	252,155	214,354	190,682
Revenue less cost of operations	43,112	43,484	37,875	32,770	34,379	31,215	25,852	24,030	157,241	115,476	90,815
Net income	38,873	41,553	24,745	22,518	18,414	17,352	12,517	10,140	127,689	58,423	33,374
Net income attributable to common stockholders	36,076	38,606	22,413	20,214	16,278	15,261	10,609	8,301	117,309	50,449	26,331
Net income - basic (in dollars per share)	$ 0.33	$ 0.37	$ 0.22	$ 0.21	$ 0.17	$ 0.16	$ 0.12	$ 0.09	$ 1.15	$ 0.55	$ 0.30
Net income - diluted (in dollars per share)	$ 0.33	$ 0.37	$ 0.22	$ 0.21	$ 0.17	$ 0.16	$ 0.12	$ 0.09	$ 1.14	$ 0.54	$ 0.30
Cumulative adjustment for unrecorded asset management fees
Cumulative effect of prior year misstatement corrected in current year
Asset management fee									$ 4,425

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DERIVATIVES (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Derivatives
Estimated amount of unrealized gains or losses expected to be reclassified as interest expense in next fiscal year	$ 7,600
Strike rate cash flow hedge swap agreements, low end of range (as a percent)	2.79%
Strike rate cash flow hedge swap agreements, high end of range (as a percent)	6.98%
Fair value of cash flow hedge swap agreements	(15,228)	(8,311)
Swap agreements increase (decrease) in interest expenses due to interest payments	(6,758)	(3,771)	(3,078)
Swap agreements gain (loss) recognized in OCI	(6,917)	(2,237)
Swap agreements gain (loss) reclassified from OCI	(6,758)	(3,771)
Credit risk derivative, fair value of derivatives in a net liability position	15,569
Low end of range
Derivatives
Notional Amounts	7,983
High end of range
Derivatives
Notional Amounts	$ 97,579

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INVESTMENTS IN REAL ESTATE VENTURES (Details 4) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012
Variable Interests in Unconsolidated Real Estate Joint Ventures:
Management fees charged from unconsolidated VIE (as a percent)	6.00%
Variable Interest Entity, not primary beneficiary
Variable Interests in Unconsolidated Real Estate Joint Ventures:
Number of interests in unconsolidated VIE joint ventures	2
Voting rights in unconsolidated VIE joint ventures (as a percent)	50.00%
Management fees charged from unconsolidated VIE (as a percent)	6.00%
Variable Interest Entity, not primary beneficiary | Minimum
Variable Interests in Unconsolidated Real Estate Joint Ventures:
Equity Ownership (as a percent)	18.00%
Variable Interest Entity, not primary beneficiary | Maximum
Variable Interests in Unconsolidated Real Estate Joint Ventures:
Equity Ownership (as a percent)	39.00%
Variable Interest Entity, not primary beneficiary | Extra Space of Montrose Avenue LLC and Extra Space of Sacramento One LLC
Variable Interests in Unconsolidated Real Estate Joint Ventures:
Investment balance	158
Balance of guaranteed loan	9,427
Payables to company	8,299
Maximum exposure to loss	17,884
Difference	(17,884)
Variable Interest Entity, not primary beneficiary | Extra Space of Montrose Avenue LLC
Variable Interests in Unconsolidated Real Estate Joint Ventures:
Investment balance	1,173
Balance of guaranteed loan	5,120
Payables to company	2,216
Maximum exposure to loss	8,509
Difference	(8,509)
Variable Interest Entity, not primary beneficiary | Extra Space of Sacramento One LLC
Variable Interests in Unconsolidated Real Estate Joint Ventures:
Investment balance	(1,015)
Balance of guaranteed loan	4,307
Payables to company	6,083
Maximum exposure to loss	9,375
Difference	(9,375)

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2012

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Basis of Presentation

        The consolidated financial statements are presented on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles ("GAAP") and include the accounts of the Company and its wholly- or majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Variable Interest Entities

Variable Interest Entities

        The Company accounts for arrangements that are not controlled through voting or similar rights as variable interest entities ("VIEs"). An enterprise is required to consolidate a VIE if it is the primary beneficiary of the VIE. A VIE is created when (i) the equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support from other parties, or (ii) the entity's equity holders as a group either: (a) lack the power, through voting or similar rights, to direct the activities of the entity that most significantly impact the entity's economic performance, (b) are not obligated to absorb expected losses of the entity if they occur, or (c) do not have the right to receive expected residual returns of the entity if they occur. If an entity is deemed to be a VIE, the enterprise that is deemed to have a variable interest, or combination of variable interests, that provides the enterprise with a controlling financial interest in the VIE, is considered the primary beneficiary and must consolidate the VIE.

        The Company has concluded that under certain circumstances when the Company (1) enters into option agreements for the purchase of land or facilities from an entity and pays a non-refundable deposit, or (2) enters into arrangements for the formation of joint ventures, a VIE may be created under condition (i), (ii) (b) or (c) of the previous paragraph. For each VIE created, the Company has performed a qualitative analysis, including considering which party, if any, has the power to direct the activities most significant to the economic performance of each VIE and whether that party has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. If the Company is determined to be the primary beneficiary of the VIE, the assets, liabilities and operations of the VIE are consolidated with the Company's financial statements. Additionally, the Operating Partnership has notes payable to three trusts that are VIEs under condition (ii)(a) above. Since the Operating Partnership is not the primary beneficiary of the trusts, these VIEs are not consolidated.

        The Company's investments in real estate joint ventures, where the Company has significant influence, but not control, and joint ventures which are VIEs in which the Company is not the primary beneficiary, are recorded under the equity method of accounting on the accompanying consolidated financial statements.

Use of Estimates

Use of Estimates

        The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Reclassifications

Reclassifications

        Certain amounts in the 2011 and 2010 financial statements and supporting note disclosures have been reclassified to conform to the current year presentation. Such reclassifications did not impact previously reported net income or accumulated deficit.

Fair Value Disclosures

Fair Value Disclosures

Derivative financial instruments

        Currently, the Company uses interest rate swaps to manage its interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate forward curves.

        The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. In conjunction with the Financial Accounting Standard Board's fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio.

        Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2012, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

        The table below presents the Company's assets and liabilities measured at fair value on a recurring basis as of December 31, 2012, aggregated by the level in the fair value hierarchy within which those measurements fall.

				Fair Value Measurements at Reporting Date Using
Description	December 31, 2012			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Other liabilities—Cash Flow Hedge Swap Agreements	$	(15,228	)	$	—	$	(15,228	)	$	—

        There were no transfers of assets and liabilities between Level 1 and Level 2 during the year ended December 31, 2012. The Company did not have any significant assets or liabilities that are re-measured on a recurring basis using significant unobservable inputs as of December 31, 2012 or 2011.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

        Long-lived assets held for use are evaluated by the Company for impairment when events or circumstances indicate that there may be impairment. The Company reviews each self-storage facility at least annually to determine if any such events or circumstances have occurred or exist. The Company focuses on facilities where occupancy and/or rental income have decreased by a significant amount. For these facilities, the Company determines whether the decrease is temporary or permanent and whether the facility will likely recover the lost occupancy and/or revenue in the short term. In addition, the Company carefully reviews facilities in the lease-up stage and compares actual operating results to original projections.

        When the Company determines that an event that may indicate impairment has occurred, the Company compares the carrying value of the related long-lived assets to the undiscounted future net operating cash flows attributable to the assets. An impairment loss is recorded if the net carrying value of the assets exceeds the undiscounted future net operating cash flows attributable to the assets. The impairment loss recognized equals the excess of net carrying value over the related fair value of the assets.

        When real estate assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the fair value of the assets, net of selling costs. If the estimated fair value, net of selling costs, of the assets that have been identified for sale is less than the net carrying value of the assets, then a valuation allowance is established. The operations of assets held for sale or sold during the period are generally presented as discontinued operations for all periods presented.

        The Company assesses whether there are any indicators that the value of the Company's investments in unconsolidated real estate ventures may be impaired annually and when events or circumstances indicate that there may be impairment. An investment is impaired if management's estimate of the fair value of the investment is less than its carrying value. To the extent impairment has occurred, and is considered to be other than temporary, the loss is measured as the excess of the carrying amount of the investment over the fair value of the investment.

        As of December 31, 2012 and 2011, the Company did not have any assets or liabilities measured at fair value on a nonrecurring basis.

Fair Value of Financial Instruments

        The carrying values of cash and cash equivalents, restricted cash, receivables, other financial instruments included in other assets, accounts payable and accrued expenses, variable-rate notes payable, lines of credit and other liabilities reflected in the consolidated balance sheets at December 31, 2012 and 2011, approximate fair value. The fair values of the Company's note receivable from Preferred Operating Partnership unit holder, fixed rate notes payable and notes payable to trusts, and exchangeable senior notes at December 31, 2012 and 2011 were as follows:

	December 31, 2012				December 31, 2011
	Fair Value		Carrying Value		Fair Value		Carrying Value
Note receivable from Preferred Operating Partnership unit holder	$	108,138	$	100,000	$	104,049	$	100,000
Fixed rate notes payable and notes payable to trusts	$	1,342,957	$	1,275,605	$	1,008,039	$	938,681
Exchangeable senior notes	$	—	$	—	$	92,265	$	87,663

Real Estate Assets

Real Estate Assets

        Real estate assets are stated at cost, less accumulated depreciation. Direct and allowable internal costs associated with the development, construction, renovation, and improvement of real estate assets are capitalized. Interest, property taxes, and other costs associated with development incurred during the construction period are capitalized. The construction period begins when expenditures for the real estate assets have been made and activities that are necessary to prepare the asset for its intended use are in progress. The construction period ends when the asset is substantially complete and ready for its intended use. Capitalized interest during the years ended December 31, 2012, 2011 and 2010, was $0, $752 and $2,013, respectively.

        Expenditures for maintenance and repairs are charged to expense as incurred. Major replacements and betterments that improve or extend the life of the asset are capitalized and depreciated over their estimated useful lives. Depreciation is computed using the straight-line method over the estimated useful lives of the buildings and improvements, which are generally between five and 39 years.

        In connection with the Company's acquisition of self-storage facilities, the purchase price is allocated to the tangible and intangible assets and liabilities acquired based on their fair values, which are estimated using significant unobservable inputs. The value of the tangible assets, consisting of land and buildings, are determined as if vacant. Intangible assets, which represent the value of existing tenant relationships, are recorded at their fair values based on the avoided cost to replace the current leases. The Company measures the value of tenant relationships based on the rent lost due to the amount of time required to replace existing customers which is based on the Company's historical experience with turnover in its facilities. Debt assumed as part of an acquisition is recorded at fair value based on current interest rates compared to contractual rates. Acquisition-related transaction costs are expensed as incurred.

        Intangible lease rights represent: (1) purchase price amounts allocated to leases on three properties that cannot be classified as ground or building leases; these rights are amortized to expense over the life of the leases and (2) intangibles related to ground leases on five properties where the leases were assumed by the Company at rates that were lower than the current market rates for similar leases. The values associated with these assumed leases were recorded as intangibles, which will be amortized over the lease terms.

Investments in Real Estate Ventures

Investments in Real Estate Ventures

        The Company's investments in real estate joint ventures, where the Company has significant influence, but not control and joint ventures which are VIEs in which the Company is not the primary beneficiary, are recorded under the equity method of accounting in the accompanying consolidated financial statements.

        Under the equity method, the Company's investment in real estate ventures is stated at cost and adjusted for the Company's share of net earnings or losses and reduced by distributions. Equity in earnings of real estate ventures is generally recognized based on the Company's ownership interest in the earnings of each of the unconsolidated real estate ventures. For the purposes of presentation in the statement of cash flows, the Company follows the "look through" approach for classification of distributions from joint ventures. Under this approach, distributions are reported under operating cash flow unless the facts and circumstances of a specific distribution clearly indicate that it is a return of capital (e.g., a liquidating dividend or distribution of the proceeds from the joint venture's sale of assets), in which case it is reported as an investing activity.

Cash and Cash Equivalents

Cash and Cash Equivalents

        The Company's cash is deposited with financial institutions located throughout the United States of America and at times may exceed federally insured limits. The Company considers all highly liquid debt instruments with a maturity date of three months or less to be cash equivalents.

Restricted Cash

Restricted Cash

        Restricted cash is comprised of letters of credit and escrowed funds deposited with financial institutions located throughout the United States relating to earnest money deposits on potential acquisitions, real estate taxes, insurance and capital expenditures.

Other Assets

Other Assets

        Other assets consist primarily of equipment and fixtures, deferred financing costs, customer accounts receivable, investments in trusts, other intangible assets, income taxes receivable, deferred tax assets and prepaid expenses. Depreciation of equipment and fixtures is computed on a straight-line basis over three to five years. Deferred financing costs are amortized to interest expense using the effective interest method over the terms of the respective debt agreements.

Derivative Instruments and Hedging Activities

Derivative Instruments and Hedging Activities

        The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting.

        The Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio.

Risk Management and Use of Financial Instruments

Risk Management and Use of Financial Instruments

        In the normal course of its ongoing business operations, the Company encounters economic risk. There are three main components of economic risk: interest rate risk, credit risk and market risk. The Company is subject to interest rate risk on its interest-bearing liabilities. Credit risk is the risk of inability or unwillingness of tenants to make contractually required payments. Market risk is the risk of declines in the value of properties due to changes in rental rates, interest rates or other market factors affecting the value of properties held by the Company. The Company has entered into interest rate swap agreements to manage a portion of its interest rate risk.

Conversion of Operating Partnership Units

Conversion of Operating Partnership Units

        Conversions of Operating Partnership units to common stock, when converted under the original provisions of the Operating Partnership agreement, are accounted for by reclassifying the underlying net book value of the units from noncontrolling interest to the Company's equity. The difference between the fair value of the consideration paid and the adjustment to the carrying amount of the noncontrolling interest is recognized as additional paid in capital for the Company.

Revenue and Expense Recognition

Revenue and Expense Recognition

        Rental revenues are recognized as earned based upon amounts that are currently due from tenants. Leases are generally on month-to-month terms. Prepaid rents are recognized on a straight-line basis over the term of the leases. Promotional discounts are recognized as a reduction to rental income over the promotional period. Late charges, administrative fees, merchandise sales and truck rentals are recognized as income when earned. Management fee revenues are recognized monthly as services are performed and in accordance with the terms of the related management agreements. Tenant reinsurance premiums are recognized as revenue over the period of insurance coverage. Equity in earnings of real estate entities is recognized based on our ownership interest in the earnings of each of the unconsolidated real estate entities. Interest income is recognized as earned.

        Property expenses, including utilities, property taxes, repairs and maintenance and other costs to manage the facilities are recognized as incurred. The Company accrues for property tax expense based upon invoice amounts, estimates and historical trends. If these estimates are incorrect, the timing of expense recognition could be affected.

Real Estate Sales

Real Estate Sales

        In general, sales of real estate and related profits/losses are recognized when all consideration has changed hands and risks and rewards of ownership have been transferred. Certain types of continuing involvement preclude sale treatment and related profit recognition; other forms of continuing involvement allow for sale recognition but require deferral of profit recognition.

Advertising Costs

Advertising Costs

        The Company incurs advertising costs primarily attributable to directory, direct mail, internet and other advertising. Direct response advertising costs are deferred and amortized over the expected benefit period determined to be 12 months. As of December 31, 2012 and 2011, the Company had $0 and $860, respectively, of prepaid advertising included in other assets on the consolidated balance sheets. All other advertising costs are expensed as incurred. The Company recognized $6,026, $5,958, and $6,430 in advertising expense for the years ended December 31, 2012, 2011 and 2010, respectively.

Income Taxes

Income Taxes

        The Company has elected to be treated as a REIT under Sections 856 through 860 of the Internal Revenue Code. In order to maintain its qualification as a REIT, among other things, the Company is required to distribute at least 90% of its REIT taxable income to its stockholders and meet certain tests regarding the nature of its income and assets. As a REIT, the Company is not subject to federal income tax with respect to that portion of its income which meets certain criteria and is distributed annually to stockholders. The Company plans to continue to operate so that it meets the requirements for taxation as a REIT. Many of these requirements, however, are highly technical and complex. If the Company were to fail to meet these requirements, it would be subject to federal income tax. The Company is subject to certain state and local taxes. Provision for such taxes has been included in income tax expense on the Company's consolidated statements of operations. For the year ended December 31, 2012, 0% (unaudited) of all distributions to stockholders qualified as a return of capital.

        The Company has elected to treat its corporate subsidiary, Extra Space Management, Inc. ("ESMI"), as a taxable REIT subsidiary ("TRS"). In general, the Company's TRS may perform additional services for tenants and may engage in any real estate or non-real estate related business. A TRS is subject to corporate federal income tax. ESM Reinsurance Limited, a wholly-owned subsidiary of ESMI, generates income from insurance premiums that are subject to corporate federal income tax and state insurance premiums tax.

        Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities. At December 31, 2012 and 2011, there were no material unrecognized tax benefits. Interest and penalties relating to uncertain tax positions will be recognized in income tax expense when incurred. As of December 31, 2012 and 2011, the Company had no interest or penalties related to uncertain tax provisions.

Stock Based Compensation

Stock-Based Compensation

        The measurement and recognition of compensation expense for all share-based payment awards to employees and directors are based on estimated fair values. Awards granted are valued at fair value and any compensation element is recognized on a straight line basis over the service periods of each award.

Net Income Per Share

Net Income Per Share

        Basic net income per common share is computed by dividing net income by the weighted average common shares outstanding, including unvested share-based payment awards that contain a non-forfeitable right to dividends or dividend equivalents. Diluted earnings per common share measures the performance of the Company over the reporting period while giving effect to all potential common shares that were dilutive and outstanding during the period. The denominator includes the weighted average number of basic shares and the number of additional common shares that would have been outstanding if the potential common shares that were dilutive had been issued, and is calculated using either the treasury stock or as if-converted method. Potential common shares are securities (such as options, convertible debt, exchangeable Series A Participating Redeemable Preferred Operating Partnership units ("Preferred OP units") and exchangeable Operating Partnership units ("OP units")) that do not have a current right to participate in earnings but could do so in the future by virtue of their option or conversion right. In computing the dilutive effect of convertible securities, net income is adjusted to add back any changes in earnings in the period associated with the convertible security. The numerator also is adjusted for the effects of any other non-discretionary changes in income or loss that would result from the assumed conversion of those potential common shares. In computing diluted earnings per share, only potential common shares that are dilutive (those that reduce earnings per share) are included.

        The Company's Operating Partnership had $87,663 of exchangeable senior notes (the "Notes") that were surrendered for exchange in April 2012. Prior to their exchange, the Notes could potentially have had a dilutive effect on the Company's earnings per share calculations. The Notes were exchangeable by holders into cash and shares of the Company's common stock under certain circumstances per the terms of the indenture governing the Notes and at the time prior to surrender had an exchange price of $23.20 per share. The Company had irrevocably agreed to pay only cash for the accreted principal amount of the Notes relative to its exchange obligations, but retained the right to satisfy the exchange obligations in excess of the accreted principal amount in cash and/or common stock. Though the Company retained that right, Accounting Standards Codification ("ASC") 260, "Earnings Per Share," required an assumption that shares would be used to pay the exchange obligations in excess of the accreted principal amount, and required that those shares be included in the Company's calculation of weighted average common shares outstanding for the diluted earnings per share computation. No shares were included in the diluted share calculation for the years ended December 31, 2011 or 2010 as the stock price during this time did not exceed the exchange price. No shares were included for the year ended December 31, 2012 as the Notes were no longer outstanding.

        For the purposes of computing the diluted impact on earnings per share of the potential conversion of Preferred OP units into common shares, where the Company has the option to redeem in cash or shares and where the Company has stated the positive intent and ability to settle at least $115,000 of the instrument in cash (or net settle a portion of the Preferred OP units against the related outstanding note receivable), only the amount of the instrument in excess of $115,000 is considered in the calculation of shares contingently issuable for the purposes of computing diluted earnings per share as allowed by ASC 260-10-45-46.

        For the years ended December 31, 2012, 2011 and 2010, options to purchase approximately 57,335 shares, 107,523 shares and 1,788,142 shares of common stock, respectively, were excluded from the computation of earnings per share as their effect would have been anti-dilutive. All restricted stock grants have been included in basic and diluted shares outstanding because such shares earn a non-forfeitable dividend and carry voting rights.

        The computation of net income per share is as follows:

	For the Year Ended December 31,
	2012			2011			2010
Net income attributable to common stockholders	$	117,309		$	50,449		$	26,331
Add: Income allocated to noncontrolling interest—Preferred Operating Partnership and Operating Partnership		10,349			7,978			7,096
Subtract: Fixed component of income allocated to noncontrolling interest—Preferred Operating Partnership		(5,750	)		(5,750	)		(5,750	)
Net income for diluted computations	$	121,908		$	52,677		$	27,677
Weighted average common shares outstanding:
Average number of common shares outstanding—basic		102,290,200			92,097,008			87,324,104
Operating Partnership units		2,755,650			3,049,935			3,356,963
Preferred Operating Partnership units		989,980			989,980			989,980
Dilutive and cancelled stock options		487,185			546,585			379,406
Average number of common shares outstanding—diluted		106,523,015			96,683,508			92,050,453
Net income per common share
Basic	$	1.15		$	0.55		$	0.30
Diluted	$	1.14		$	0.54		$	0.30

Recently Issued Accounting Standards

Recently Issued Accounting Standards

        In July 2012, the Financial Accounting Standards Board issued ASU No. 2012-02, "Testing Indefinite-Lived Intangible Assets for Impairment" ("ASU 2012-02"), which provides companies with the option to first assess qualitative factors in determining whether events and circumstances indicates that it is more likely than not that an indefinite-lived intangible asset is impaired. If, after assessing the totality of events and circumstances, an entity concludes that it is not more likely than not that an indefinite-lived intangible asset is impaired, then the entity is not required to take further action. However, if an entity concludes otherwise, then it is required to determine the fair value of the indefinite-lived intangible asset and perform the quantitative impairment test by comparing the fair value with the carrying value. Previously, companies were required to perform the quantitative impairment test at least annually. As permitted the Company adopted these provisions in 2012. The adoption of ASU 2012-02 did not have a material impact on the Company's financial position or results of operations.

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SUPPLEMENTARY QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2012

SUPPLEMENTARY QUARTERLY FINANCIAL DATA (UNAUDITED)

Schedule of supplementary quarterly financial data

	For the Three Months Ended
	March 31, 2012		June 30, 2012		September 30, 2012		December 31, 2012
Revenues	$	90,987	$	94,951	$	109,791	$	113,667
Cost of operations		58,217		57,076		66,307		70,555
Revenues less cost of operations	$	32,770	$	37,875	$	43,484	$	43,112
Net income	$	22,518	$	24,745	$	41,553	$	38,873
Net income attributable to common stockholders	$	20,214	$	22,413	$	38,606	$	36,076
Net income—basic	$	0.21	$	0.22	$	0.37	$	0.33
Net income—diluted	$	0.21	$	0.22	$	0.37	$	0.33

	For the Three Months Ended
	March 31, 2011		June 30, 2011		September 30, 2011		December 31, 2011(1)
Revenues	$	74,481	$	78,040	$	84,097	$	93,212
Cost of operations		50,451		52,188		52,882		58,833
Revenues less cost of operations	$	24,030	$	25,852	$	31,215	$	34,379
Net income	$	10,140	$	12,517	$	17,352	$	18,414
Net income attributable to common stockholders	$	8,301	$	10,609	$	15,261	$	16,278
Net income—basic	$	0.09	$	0.12	$	0.16	$	0.17
Net income—diluted	$	0.09	$	0.12	$	0.16	$	0.17

(1)

Included in revenues is $4,425 of asset management fees related to the years 2006 through 2010. For further discussion on the complete impact to the financial statements, refer to Note 13.

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RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS

12 Months Ended

Dec. 31, 2012

RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS

RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS

13. RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS

        The Company provides management services to certain joint ventures, third parties and other related party properties. Management agreements provide generally for management fees of 6% of cash collected from total revenues for the management of operations at the self-storage facilities. In addition, the Company receives an asset management fee equal to 50 basis points multiplied by the total asset value of the properties owned by the SPI joint venture, provided certain requirements are met.

        Management fee revenues for related party and affiliated real estate joint ventures are summarized as follows:

		For the Year Ended December 31,
Entity	Type	2012		2011		2010
ESW	Affiliated real estate joint ventures	$	430	$	410	$	403
ESW II	Affiliated real estate joint ventures		354		335		318
ESNPS	Affiliated real estate joint ventures		498		479		458
ESSM	Affiliated real estate joint ventures		107		85		44
HSRE	Affiliated real estate joint ventures		1,094		1,045		961
PRISA	Affiliated real estate joint ventures		5,174		4,961		4,917
PRISA II	Affiliated real estate joint ventures		4,138		4,016		3,964
PRISA III	Affiliated real estate joint ventures		920		1,796		1,722
VRS	Affiliated real estate joint ventures		1,207		1,156		1,136
WCOT	Affiliated real estate joint ventures		1,520		1,497		1,468
SP I	Affiliated real estate joint ventures		1,885		6,392		1,256
SPB II	Affiliated real estate joint ventures		923		969		943
Everest	Affiliated real estate joint ventures		133		528		491
Other	Franchisees, third parties and other		7,323		6,255		5,041
		$	25,706	$	29,924	$	23,122

        During 2011, it was discovered that the asset management fee owed to the Company by the SPI joint venture had not been recorded by either party for the five-year period ended December 31, 2010. The annual asset management fee for this period was $885, offset by an annual reduction of $221 of equity in earnings of SPI. Therefore, the Company's net income was understated by $664 for each year in the five-year period ended December 31, 2010. After determining that the amounts were not material either in the prior periods or the year ended December 31, 2011 for restatement purposes, the Company recorded the asset management fee adjustments for the years 2006 through 2010 in 2011. The total prior period adjustment increased asset management fee revenues by $4,425 and decreased equity in earnings by $1,106. Additionally, the Company recorded a receivable of $5,327 which represents the asset management fee owed for 2006 through 2011. This receivable was paid in full by December 31, 2012.

        Receivables from related parties and affiliated real estate joint ventures balances are summarized as follows:

	December 31, 2012		December 31, 2011
Mortgage notes receivable	$	7,670	$	7,253
Other receivables from properties		3,408		11,264
	$	11,078	$	18,517

        Other receivables from properties consist of amounts due for management fees, asset management fees and expenses paid on behalf of the properties that the Company manages. The Company believes that all of these related party and affiliated real estate joint venture receivables are fully collectible. The Company does not have any payables to related parties at December 31, 2012 and 2011.

        Centershift, a related party service provider, is partially owned by certain members of management of the Company. Effective January 1, 2004, the Company entered into a license agreement with Centershift which secures a perpetual right for continued use of STORE (the site management software used at all sites operated by the Company) in all aspects of the Company's property acquisition, development, redevelopment and operational activities. During the years ended December 31, 2012, 2011 and 2010, the Company paid Centershift $1,235, $1,087, and $778, respectively, relating to the purchase of software and license agreements.

        The Company has entered into an annual aircraft dry lease and service and management agreement with SpenAero, L.C. ("SpenAero"), an affiliate of Spencer F. Kirk, the Company's Chief Executive Officer. Under the terms of the agreement, the Company pays a defined hourly rate for use of the aircraft. During the years ended December 31, 2012, 2011 and 2010, the Company paid SpenAero $649, $608, and $668, respectively. The services that the Company receives from SpenAero are similar in nature and price to those that are provided to other outside third parties.

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STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2012

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

18. STOCK-BASED COMPENSATION

        The Company has the following plans under which shares were available for grant at December 31, 2012:

• •

  The 2004 Long-Term Incentive Compensation Plan as amended and restated, effective March 25, 2008, and

  •

  The 2004 Non-Employee Directors' Share Plan (together, the "Plans").

        Option grants are issued with an exercise price equal to the closing price of stock on the date of grant. Unless otherwise determined by the Compensation, Nominating and Governance Committee ("CNG Committee") at the time of grant, options shall vest ratably over a four-year period beginning on the date of grant. Each option will be exercisable once it has vested. Options are exercisable at such times and subject to such terms as determined by the CNG Committee, but under no circumstances may be exercised if such exercise would cause a violation of the ownership limit in the Company's charter. Options expire 10 years from the date of grant.

        Also as defined under the terms of the Plans, restricted stock grants may be awarded. The stock grants are subject to a vesting period over which the restrictions are released and the stock certificates are given to the grantee. During the performance or vesting period, the grantee is not permitted to sell, transfer, pledge, encumber or assign shares of restricted stock granted under the Plans; however, the grantee has the ability to vote the shares and receive nonforfeitable dividends paid on shares. Unless otherwise determined by the CNG Committee at the time of grant, the forfeiture and transfer restrictions on the shares lapse over a four-year period beginning on the date of grant.

        As of December 31, 2012, 2,553,769 shares were available for issuance under the Plans.

Option Grants

        A summary of stock option activity is as follows:

Options	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value as of December 31, 2012
Outstanding at December 31, 2009		3,457,048		$	13.02
Granted		308,680			11.75
Exercised		(484,261	)		11.69
Forfeited		(175,562	)		12.27
Outstanding at December 31, 2010		3,105,905		$	13.13
Granted		110,900			19.60
Exercised		(1,388,269	)		13.44
Forfeited		(29,675	)		15.65
Outstanding at December 31, 2011		1,798,861		$	13.25
Granted		67,084			27.18
Exercised		(768,853	)		13.55
Outstanding at December 31, 2012		1,097,092		$	13.89		5.50	$	24,687
Vested and Expected to Vest		1,067,103		$	13.67		5.41	$	24,248
Ending Exercisable		724,368		$	13.87		4.56	$	16,313

        The aggregate intrinsic value in the table above represents the total value (the difference between the Company's closing stock price on the last trading day of 2012 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 31, 2012. The amount of aggregate intrinsic value will change based on the fair market value of the Company's stock.

        The weighted average fair value of stock options granted in 2012, 2011 and 2010, was $6.64, $5.39 and $3.27, respectively. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:

	For the Year Ended December 31,
	2012			2011			2010
Expected volatility		44	%		45	%		47	%
Dividend yield		4.5	%		4.9	%		5.3	%
Risk-free interest rate		0.9	%		2.4	%		2.3	%
Average expected term (years)		5			5			5

        The Black-Scholes model incorporates assumptions to value stock-based awards. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of the grant for the estimated life of the option. The Company uses actual historical data to calculate the expected price volatility, dividend yield and average expected term. The forfeiture rate, which is estimated at a weighted-average of 17.7% of unvested options outstanding as of December 31, 2012, is adjusted periodically based on the extent to which actual forfeitures differ, or are expected to differ, from the previous estimates.

        A summary of stock options outstanding and exercisable as of December 31, 2012, is as follows:

	Options Outstanding						Options Exercisable
Exercise Price	Shares		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price		Shares		Weighted Average Exercise Price
$6.22 - $11.50		273,715		6.13	$	6.22		145,965	$	6.22
$11.51 - $12.50		239,026		5.75		12.02		121,736		12.24
$12.51 - $15.50		204,000		3.91		14.73		204,000		14.73
$15.51 - $19.60		188,267		5.56		17.76		127,667		16.88
$19.61 - $28.79		192,084		5.90		22.45		125,000		19.91
$6.22 - $28.79		1,097,092		5.50	$	13.89		724,368	$	14.37

        The Company recorded compensation expense relating to outstanding options of $585, $942 and $801 in general and administrative expense for the years ended December 31, 2012, 2011 and 2010, respectively. Total cash received for the years ended December 31, 2012, 2011 and 2010, related to option exercises was $10,267, $18,622, and $5,661, respectively. At December 31, 2012, there was $742 of total unrecognized compensation expense related to non-vested stock options under the Company's 2004 Long-Term Incentive Compensation Plan. That cost is expected to be recognized over a weighted-average period of 1.32 years. The valuation model applied in this calculation utilizes subjective assumptions that could potentially change over time, including the expected forfeiture rate. Therefore, the amount of unrecognized compensation expense at December 31, 2012, noted above does not necessarily represent the expense that will ultimately be realized by the Company in the statement of operations.

Common Stock Granted to Employees and Directors

        The Company recorded $3,771, $4,815 and $3,779 of expense in general and administrative expense in its statement of operations related to outstanding shares of common stock granted to employees and directors for the years ended December 31, 2012, 2011 and 2010, respectively. The forfeiture rate, which is estimated at a weighted-average of 9.3% of unvested awards outstanding as of December 31, 2012, is adjusted periodically based on the extent to which actual forfeitures differ, or are expected to differ, from the previous estimates. At December 31, 2012, there was $6,117 of total unrecognized compensation expense related to non-vested restricted stock awards under the Company's 2004 Long-Term Incentive Compensation Plan. That cost is expected to be recognized over a weighted-average period of 1.89 years.

        The fair value of common stock awards is determined based on the closing trading price of the Company's common stock on the grant date.

        A summary of the Company's employee and director share grant activity is as follows:

Restricted Stock Grants	Shares			Weighted-Average Grant-Date Fair Value
Unreleased at December 31, 2009		766,854		$	9.94
Granted		445,230			12.24
Released		(256,950	)		11.50
Cancelled		(64,010	)		10.11
Unreleased at December 31, 2010		891,124		$	10.62
Granted		226,630			20.09
Released		(407,293	)		11.91
Cancelled		(47,695	)		14.31
Unreleased at December 31, 2011		662,766		$	12.81
Granted		182,052			28.39
Released		(287,754	)		12.98
Cancelled		(16,792	)		14.03
Unreleased at December 31, 2012		540,272		$	17.93

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SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2012

SEGMENT INFORMATION

Schedule of financial information of business segments

	December 31, 2012		December 31, 2011
Balance Sheet
Investment in real estate ventures
Rental operations	$	106,313	$	130,410
Total assets
Property management, acquisition and development	$	199,379	$	250,953
Rental operations		2,996,453		2,244,715
Tenant reinsurance		27,645		21,856
	$	3,223,477	$	2,517,524

	For the Year Ended December 31,
	2012			2011			2010
Statement of Operations
Total revenues
Property management, acquisition and development	$	36,816		$	29,924		$	23,122
Rental operations		346,874			268,725			232,447
Tenant reinsurance		25,706			31,181			25,928
	$	409,396		$	329,830		$	281,497
Operating expenses, including depreciation and amortization
Property management, acquisition and development	$	59,746		$	58,012		$	49,762
Rental operations		184,540			150,199			134,415
Tenant reinsurance		7,869			6,143			6,505
	$	252,155		$	214,354		$	190,682
Income (loss) from operations
Property management, acquisition and development	$	(22,930	)	$	(28,088	)	$	(26,640	)
Rental operations		162,334			118,526			98,032
Tenant reinsurance		17,837			25,038			19,423
	$	157,241		$	115,476		$	90,815
Interest expense
Property management, acquisition and development	$	(1,822	)	$	(2,464	)	$	(3,126	)
Rental operations		(70,472	)		(66,598	)		(62,654	)
	$	(72,294	)	$	(69,062	)	$	(65,780	)
Interest income
Property management, acquisition and development	$	1,804		$	1,016		$	889
Tenant reinsurance		12			11			9
	$	1,816		$	1,027		$	898
Interest income on note receivable from Preferred Operating Partnership unit holder
Property management, acquisition and development	$	4,850		$	4,850		$	4,850
Equity in earnings of real estate ventures
Rental operations	$	10,859		$	7,287		$	6,753
Equity in earnings of real estate ventures-gain on sale of real estate assets and purchase of partners interests
Rental operations	$	30,630		$	—		$	—
Income tax expense
Property management, acquisition and development	$	4,986		$	7,612		$	2,639
Tenant reinsurance		(10,399	)		(8,767	)		(6,801	)
	$	(5,413	)	$	(1,155	)	$	(4,162	)
Net income (loss)
Property management, acquisition and development	$	(13,112	)	$	(17,074	)	$	(21,388	)
Rental operations		133,351			59,215			42,131
Tenant reinsurance		7,450			16,282			12,631
	$	127,689		$	58,423		$	33,374
Depreciation and amortization expense
Property management, acquisition and development	$	3,941		$	3,296		$	2,099
Rental operations		70,512			54,718			48,250
	$	74,453		$	58,014		$	50,349
Statement of Cash Flows
Acquisition of real estate assets
Property management, acquisition and development	$	(601,727	)	$	(194,959	)	$	(69,588	)
Development and construction of real estate assets
Property management, acquisition and development	$	(3,759	)	$	(7,060	)	$	(36,062	)

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DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2012

DERIVATIVES

Schedule summarizing the terms of entity's derivative financial instruments

Hedge Product	Current Notional Amounts	Strike	Effective Dates		Maturity Dates
Swap Agreements	$7,983 - $97,579	2.79% - 6.98%		2/1/2009 - 12/14/2012		6/30/2013 - 5/1/2020

Schedule of balance sheet classification and fair value of the entity's derivative financial instruments

	Asset (Liability) Derivatives
	December 31, 2012				December 31, 2011
Derivatives designated as hedging instruments:	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Swap Agreements	Other liabilities	$	(15,228	)	Other liabilities	$	(8,311	)

Interest payments recognized as an increase or decrease in interest expense

		For the Year Ended December 31,
	Classification of Income (Expense)
Type		2012			2011			2010
Swap Agreements	Interest expense	$	(6,758	)	$	(3,771	)	$	(3,078	)

Schedule of information relating to the gain (loss) recognized on the swap agreements

					Gain (loss) reclassified from OCI
	Gain (loss) recognized in OCI
				Location of amounts reclassified from OCI into income	For the Year Ended December 31, 2012
Type	December 31, 2012
Swap Agreements	$	(6,917	)	Interest expense	$	(6,758	)

					Gain (loss) reclassified from OCI
	Gain (loss) recognized in OCI
				Location of amounts reclassified from OCI into income	For the Year Ended December 31, 2011
Type	December 31, 2011
Swap Agreements	$	(2,237	)	Interest expense	$	(3,771	)

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Consolidated Statement of Comprehensive Income (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Consolidated Statement of Comprehensive Income
Net income	$ 127,689	$ 58,423	$ 33,374
Other comprehensive income:
Change in fair value of interest rate swaps	(6,587)	(2,237)	(4,963)
Total comprehensive income	121,102	56,186	28,411
Less: comprehensive income attributable to noncontrolling interests	10,130	7,886	6,811
Comprehensive income attributable to common stockholders	$ 110,972	$ 48,300	$ 21,600

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Schedule III Real Estate and Accumulated Depreciation (Details 2) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Activity in real estate
Balance at end of year	$ 3,379,512	$ 2,573,731
Activity in accumulated depreciation
Balance at end of year	391,928	319,302
Net real estate assets	2,991,722	2,263,795	1,972,402
Aggregate cost of real estate for U.S. federal income tax purposes	3,194,952
Operating facilities
Activity in real estate
Balance at beginning of year	2,573,731	2,198,361	2,249,262
Acquisitions	761,977	301,531	89,750
Improvements	34,964	39,352	16,563
Transfers	8,957	34,777	33,407
Dispositions and other	(117)	(290)	(190,621)
Balance at end of year	3,379,512	2,573,731	2,198,361
Activity in accumulated depreciation
Balance at beginning of year	319,302	263,042	233,830
Depreciation expense	72,626	56,702	48,665
Dispositions and other		(442)	(19,453)
Balance at end of year	391,928	319,302	263,042
Real estate under development/redevelopment
Activity in real estate
Balance at beginning of year	9,366	37,083	34,427
Current development/redevelopment	3,759	7,060	36,063
Transfers	(8,987)	(34,777)	(33,407)
Balance at end of year	$ 4,138	$ 9,366	$ 37,083

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2012

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

        The consolidated financial statements are presented on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles ("GAAP") and include the accounts of the Company and its wholly- or majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Variable Interest Entities

        The Company accounts for arrangements that are not controlled through voting or similar rights as variable interest entities ("VIEs"). An enterprise is required to consolidate a VIE if it is the primary beneficiary of the VIE. A VIE is created when (i) the equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support from other parties, or (ii) the entity's equity holders as a group either: (a) lack the power, through voting or similar rights, to direct the activities of the entity that most significantly impact the entity's economic performance, (b) are not obligated to absorb expected losses of the entity if they occur, or (c) do not have the right to receive expected residual returns of the entity if they occur. If an entity is deemed to be a VIE, the enterprise that is deemed to have a variable interest, or combination of variable interests, that provides the enterprise with a controlling financial interest in the VIE, is considered the primary beneficiary and must consolidate the VIE.

        The Company has concluded that under certain circumstances when the Company (1) enters into option agreements for the purchase of land or facilities from an entity and pays a non-refundable deposit, or (2) enters into arrangements for the formation of joint ventures, a VIE may be created under condition (i), (ii) (b) or (c) of the previous paragraph. For each VIE created, the Company has performed a qualitative analysis, including considering which party, if any, has the power to direct the activities most significant to the economic performance of each VIE and whether that party has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. If the Company is determined to be the primary beneficiary of the VIE, the assets, liabilities and operations of the VIE are consolidated with the Company's financial statements. Additionally, the Operating Partnership has notes payable to three trusts that are VIEs under condition (ii)(a) above. Since the Operating Partnership is not the primary beneficiary of the trusts, these VIEs are not consolidated.

        The Company's investments in real estate joint ventures, where the Company has significant influence, but not control, and joint ventures which are VIEs in which the Company is not the primary beneficiary, are recorded under the equity method of accounting on the accompanying consolidated financial statements.

Use of Estimates

        The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Reclassifications

        Certain amounts in the 2011 and 2010 financial statements and supporting note disclosures have been reclassified to conform to the current year presentation. Such reclassifications did not impact previously reported net income or accumulated deficit.

Fair Value Disclosures

Derivative financial instruments

        Currently, the Company uses interest rate swaps to manage its interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate forward curves.

        The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. In conjunction with the Financial Accounting Standard Board's fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio.

        Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2012, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

        The table below presents the Company's assets and liabilities measured at fair value on a recurring basis as of December 31, 2012, aggregated by the level in the fair value hierarchy within which those measurements fall.

				Fair Value Measurements at Reporting Date Using
Description	December 31, 2012			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Other liabilities—Cash Flow Hedge Swap Agreements	$	(15,228	)	$	—	$	(15,228	)	$	—

        There were no transfers of assets and liabilities between Level 1 and Level 2 during the year ended December 31, 2012. The Company did not have any significant assets or liabilities that are re-measured on a recurring basis using significant unobservable inputs as of December 31, 2012 or 2011.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

        Long-lived assets held for use are evaluated by the Company for impairment when events or circumstances indicate that there may be impairment. The Company reviews each self-storage facility at least annually to determine if any such events or circumstances have occurred or exist. The Company focuses on facilities where occupancy and/or rental income have decreased by a significant amount. For these facilities, the Company determines whether the decrease is temporary or permanent and whether the facility will likely recover the lost occupancy and/or revenue in the short term. In addition, the Company carefully reviews facilities in the lease-up stage and compares actual operating results to original projections.

        When the Company determines that an event that may indicate impairment has occurred, the Company compares the carrying value of the related long-lived assets to the undiscounted future net operating cash flows attributable to the assets. An impairment loss is recorded if the net carrying value of the assets exceeds the undiscounted future net operating cash flows attributable to the assets. The impairment loss recognized equals the excess of net carrying value over the related fair value of the assets.

        When real estate assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the fair value of the assets, net of selling costs. If the estimated fair value, net of selling costs, of the assets that have been identified for sale is less than the net carrying value of the assets, then a valuation allowance is established. The operations of assets held for sale or sold during the period are generally presented as discontinued operations for all periods presented.

        The Company assesses whether there are any indicators that the value of the Company's investments in unconsolidated real estate ventures may be impaired annually and when events or circumstances indicate that there may be impairment. An investment is impaired if management's estimate of the fair value of the investment is less than its carrying value. To the extent impairment has occurred, and is considered to be other than temporary, the loss is measured as the excess of the carrying amount of the investment over the fair value of the investment.

        As of December 31, 2012 and 2011, the Company did not have any assets or liabilities measured at fair value on a nonrecurring basis.

Fair Value of Financial Instruments

        The carrying values of cash and cash equivalents, restricted cash, receivables, other financial instruments included in other assets, accounts payable and accrued expenses, variable-rate notes payable, lines of credit and other liabilities reflected in the consolidated balance sheets at December 31, 2012 and 2011, approximate fair value. The fair values of the Company's note receivable from Preferred Operating Partnership unit holder, fixed rate notes payable and notes payable to trusts, and exchangeable senior notes at December 31, 2012 and 2011 were as follows:

	December 31, 2012				December 31, 2011
	Fair Value		Carrying Value		Fair Value		Carrying Value
Note receivable from Preferred Operating Partnership unit holder	$	108,138	$	100,000	$	104,049	$	100,000
Fixed rate notes payable and notes payable to trusts	$	1,342,957	$	1,275,605	$	1,008,039	$	938,681
Exchangeable senior notes	$	—	$	—	$	92,265	$	87,663

Real Estate Assets

        Real estate assets are stated at cost, less accumulated depreciation. Direct and allowable internal costs associated with the development, construction, renovation, and improvement of real estate assets are capitalized. Interest, property taxes, and other costs associated with development incurred during the construction period are capitalized. The construction period begins when expenditures for the real estate assets have been made and activities that are necessary to prepare the asset for its intended use are in progress. The construction period ends when the asset is substantially complete and ready for its intended use. Capitalized interest during the years ended December 31, 2012, 2011 and 2010, was $0, $752 and $2,013, respectively.

        Expenditures for maintenance and repairs are charged to expense as incurred. Major replacements and betterments that improve or extend the life of the asset are capitalized and depreciated over their estimated useful lives. Depreciation is computed using the straight-line method over the estimated useful lives of the buildings and improvements, which are generally between five and 39 years.

        In connection with the Company's acquisition of self-storage facilities, the purchase price is allocated to the tangible and intangible assets and liabilities acquired based on their fair values, which are estimated using significant unobservable inputs. The value of the tangible assets, consisting of land and buildings, are determined as if vacant. Intangible assets, which represent the value of existing tenant relationships, are recorded at their fair values based on the avoided cost to replace the current leases. The Company measures the value of tenant relationships based on the rent lost due to the amount of time required to replace existing customers which is based on the Company's historical experience with turnover in its facilities. Debt assumed as part of an acquisition is recorded at fair value based on current interest rates compared to contractual rates. Acquisition-related transaction costs are expensed as incurred.

        Intangible lease rights represent: (1) purchase price amounts allocated to leases on three properties that cannot be classified as ground or building leases; these rights are amortized to expense over the life of the leases and (2) intangibles related to ground leases on five properties where the leases were assumed by the Company at rates that were lower than the current market rates for similar leases. The values associated with these assumed leases were recorded as intangibles, which will be amortized over the lease terms.

Investments in Real Estate Ventures

        The Company's investments in real estate joint ventures, where the Company has significant influence, but not control and joint ventures which are VIEs in which the Company is not the primary beneficiary, are recorded under the equity method of accounting in the accompanying consolidated financial statements.

        Under the equity method, the Company's investment in real estate ventures is stated at cost and adjusted for the Company's share of net earnings or losses and reduced by distributions. Equity in earnings of real estate ventures is generally recognized based on the Company's ownership interest in the earnings of each of the unconsolidated real estate ventures. For the purposes of presentation in the statement of cash flows, the Company follows the "look through" approach for classification of distributions from joint ventures. Under this approach, distributions are reported under operating cash flow unless the facts and circumstances of a specific distribution clearly indicate that it is a return of capital (e.g., a liquidating dividend or distribution of the proceeds from the joint venture's sale of assets), in which case it is reported as an investing activity.

Cash and Cash Equivalents

        The Company's cash is deposited with financial institutions located throughout the United States of America and at times may exceed federally insured limits. The Company considers all highly liquid debt instruments with a maturity date of three months or less to be cash equivalents.

Restricted Cash

        Restricted cash is comprised of letters of credit and escrowed funds deposited with financial institutions located throughout the United States relating to earnest money deposits on potential acquisitions, real estate taxes, insurance and capital expenditures.

Other Assets

        Other assets consist primarily of equipment and fixtures, deferred financing costs, customer accounts receivable, investments in trusts, other intangible assets, income taxes receivable, deferred tax assets and prepaid expenses. Depreciation of equipment and fixtures is computed on a straight-line basis over three to five years. Deferred financing costs are amortized to interest expense using the effective interest method over the terms of the respective debt agreements.

Derivative Instruments and Hedging Activities

        The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting.

        The Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio.

Risk Management and Use of Financial Instruments

        In the normal course of its ongoing business operations, the Company encounters economic risk. There are three main components of economic risk: interest rate risk, credit risk and market risk. The Company is subject to interest rate risk on its interest-bearing liabilities. Credit risk is the risk of inability or unwillingness of tenants to make contractually required payments. Market risk is the risk of declines in the value of properties due to changes in rental rates, interest rates or other market factors affecting the value of properties held by the Company. The Company has entered into interest rate swap agreements to manage a portion of its interest rate risk.

Conversion of Operating Partnership Units

        Conversions of Operating Partnership units to common stock, when converted under the original provisions of the Operating Partnership agreement, are accounted for by reclassifying the underlying net book value of the units from noncontrolling interest to the Company's equity. The difference between the fair value of the consideration paid and the adjustment to the carrying amount of the noncontrolling interest is recognized as additional paid in capital for the Company.

Revenue and Expense Recognition

        Rental revenues are recognized as earned based upon amounts that are currently due from tenants. Leases are generally on month-to-month terms. Prepaid rents are recognized on a straight-line basis over the term of the leases. Promotional discounts are recognized as a reduction to rental income over the promotional period. Late charges, administrative fees, merchandise sales and truck rentals are recognized as income when earned. Management fee revenues are recognized monthly as services are performed and in accordance with the terms of the related management agreements. Tenant reinsurance premiums are recognized as revenue over the period of insurance coverage. Equity in earnings of real estate entities is recognized based on our ownership interest in the earnings of each of the unconsolidated real estate entities. Interest income is recognized as earned.

        Property expenses, including utilities, property taxes, repairs and maintenance and other costs to manage the facilities are recognized as incurred. The Company accrues for property tax expense based upon invoice amounts, estimates and historical trends. If these estimates are incorrect, the timing of expense recognition could be affected.

Real Estate Sales

        In general, sales of real estate and related profits/losses are recognized when all consideration has changed hands and risks and rewards of ownership have been transferred. Certain types of continuing involvement preclude sale treatment and related profit recognition; other forms of continuing involvement allow for sale recognition but require deferral of profit recognition.

Advertising Costs

        The Company incurs advertising costs primarily attributable to directory, direct mail, internet and other advertising. Direct response advertising costs are deferred and amortized over the expected benefit period determined to be 12 months. As of December 31, 2012 and 2011, the Company had $0 and $860, respectively, of prepaid advertising included in other assets on the consolidated balance sheets. All other advertising costs are expensed as incurred. The Company recognized $6,026, $5,958, and $6,430 in advertising expense for the years ended December 31, 2012, 2011 and 2010, respectively.

Income Taxes

        The Company has elected to be treated as a REIT under Sections 856 through 860 of the Internal Revenue Code. In order to maintain its qualification as a REIT, among other things, the Company is required to distribute at least 90% of its REIT taxable income to its stockholders and meet certain tests regarding the nature of its income and assets. As a REIT, the Company is not subject to federal income tax with respect to that portion of its income which meets certain criteria and is distributed annually to stockholders. The Company plans to continue to operate so that it meets the requirements for taxation as a REIT. Many of these requirements, however, are highly technical and complex. If the Company were to fail to meet these requirements, it would be subject to federal income tax. The Company is subject to certain state and local taxes. Provision for such taxes has been included in income tax expense on the Company's consolidated statements of operations. For the year ended December 31, 2012, 0% (unaudited) of all distributions to stockholders qualified as a return of capital.

        The Company has elected to treat its corporate subsidiary, Extra Space Management, Inc. ("ESMI"), as a taxable REIT subsidiary ("TRS"). In general, the Company's TRS may perform additional services for tenants and may engage in any real estate or non-real estate related business. A TRS is subject to corporate federal income tax. ESM Reinsurance Limited, a wholly-owned subsidiary of ESMI, generates income from insurance premiums that are subject to corporate federal income tax and state insurance premiums tax.

        Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities. At December 31, 2012 and 2011, there were no material unrecognized tax benefits. Interest and penalties relating to uncertain tax positions will be recognized in income tax expense when incurred. As of December 31, 2012 and 2011, the Company had no interest or penalties related to uncertain tax provisions.

Stock-Based Compensation

        The measurement and recognition of compensation expense for all share-based payment awards to employees and directors are based on estimated fair values. Awards granted are valued at fair value and any compensation element is recognized on a straight line basis over the service periods of each award.

Net Income Per Share

        Basic net income per common share is computed by dividing net income by the weighted average common shares outstanding, including unvested share-based payment awards that contain a non-forfeitable right to dividends or dividend equivalents. Diluted earnings per common share measures the performance of the Company over the reporting period while giving effect to all potential common shares that were dilutive and outstanding during the period. The denominator includes the weighted average number of basic shares and the number of additional common shares that would have been outstanding if the potential common shares that were dilutive had been issued, and is calculated using either the treasury stock or as if-converted method. Potential common shares are securities (such as options, convertible debt, exchangeable Series A Participating Redeemable Preferred Operating Partnership units ("Preferred OP units") and exchangeable Operating Partnership units ("OP units")) that do not have a current right to participate in earnings but could do so in the future by virtue of their option or conversion right. In computing the dilutive effect of convertible securities, net income is adjusted to add back any changes in earnings in the period associated with the convertible security. The numerator also is adjusted for the effects of any other non-discretionary changes in income or loss that would result from the assumed conversion of those potential common shares. In computing diluted earnings per share, only potential common shares that are dilutive (those that reduce earnings per share) are included.

        The Company's Operating Partnership had $87,663 of exchangeable senior notes (the "Notes") that were surrendered for exchange in April 2012. Prior to their exchange, the Notes could potentially have had a dilutive effect on the Company's earnings per share calculations. The Notes were exchangeable by holders into cash and shares of the Company's common stock under certain circumstances per the terms of the indenture governing the Notes and at the time prior to surrender had an exchange price of $23.20 per share. The Company had irrevocably agreed to pay only cash for the accreted principal amount of the Notes relative to its exchange obligations, but retained the right to satisfy the exchange obligations in excess of the accreted principal amount in cash and/or common stock. Though the Company retained that right, Accounting Standards Codification ("ASC") 260, "Earnings Per Share," required an assumption that shares would be used to pay the exchange obligations in excess of the accreted principal amount, and required that those shares be included in the Company's calculation of weighted average common shares outstanding for the diluted earnings per share computation. No shares were included in the diluted share calculation for the years ended December 31, 2011 or 2010 as the stock price during this time did not exceed the exchange price. No shares were included for the year ended December 31, 2012 as the Notes were no longer outstanding.

        For the purposes of computing the diluted impact on earnings per share of the potential conversion of Preferred OP units into common shares, where the Company has the option to redeem in cash or shares and where the Company has stated the positive intent and ability to settle at least $115,000 of the instrument in cash (or net settle a portion of the Preferred OP units against the related outstanding note receivable), only the amount of the instrument in excess of $115,000 is considered in the calculation of shares contingently issuable for the purposes of computing diluted earnings per share as allowed by ASC 260-10-45-46.

        For the years ended December 31, 2012, 2011 and 2010, options to purchase approximately 57,335 shares, 107,523 shares and 1,788,142 shares of common stock, respectively, were excluded from the computation of earnings per share as their effect would have been anti-dilutive. All restricted stock grants have been included in basic and diluted shares outstanding because such shares earn a non-forfeitable dividend and carry voting rights.

        The computation of net income per share is as follows:

	For the Year Ended December 31,
	2012			2011			2010
Net income attributable to common stockholders	$	117,309		$	50,449		$	26,331
Add: Income allocated to noncontrolling interest—Preferred Operating Partnership and Operating Partnership		10,349			7,978			7,096
Subtract: Fixed component of income allocated to noncontrolling interest—Preferred Operating Partnership		(5,750	)		(5,750	)		(5,750	)
Net income for diluted computations	$	121,908		$	52,677		$	27,677
Weighted average common shares outstanding:
Average number of common shares outstanding—basic		102,290,200			92,097,008			87,324,104
Operating Partnership units		2,755,650			3,049,935			3,356,963
Preferred Operating Partnership units		989,980			989,980			989,980
Dilutive and cancelled stock options		487,185			546,585			379,406
Average number of common shares outstanding—diluted		106,523,015			96,683,508			92,050,453
Net income per common share
Basic	$	1.15		$	0.55		$	0.30
Diluted	$	1.14		$	0.54		$	0.30

Recently Issued Accounting Standards

        In July 2012, the Financial Accounting Standards Board issued ASU No. 2012-02, "Testing Indefinite-Lived Intangible Assets for Impairment" ("ASU 2012-02"), which provides companies with the option to first assess qualitative factors in determining whether events and circumstances indicates that it is more likely than not that an indefinite-lived intangible asset is impaired. If, after assessing the totality of events and circumstances, an entity concludes that it is not more likely than not that an indefinite-lived intangible asset is impaired, then the entity is not required to take further action. However, if an entity concludes otherwise, then it is required to determine the fair value of the indefinite-lived intangible asset and perform the quantitative impairment test by comparing the fair value with the carrying value. Previously, companies were required to perform the quantitative impairment test at least annually. As permitted the Company adopted these provisions in 2012. The adoption of ASU 2012-02 did not have a material impact on the Company's financial position or results of operations.

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REAL ESTATE ASSETS (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012 M property	Dec. 31, 2011	Dec. 31, 2010
REAL ESTATE ASSETS
Gross real estate assets	$ 3,379,512	$ 2,573,731
Less: accumulated depreciation and amortization	(391,928)	(319,302)
Net operating real estate assets	2,987,584	2,254,429
Real estate under development/redevelopment	4,138	9,366
Net real estate assets	2,991,722	2,263,795	1,972,402
Real estate assets held for sale included in net real estate assets	8,600	7,875
Amortization period of intangible assets-tenant relationships (in months)	18
Amortization expense related to the tenant relationships and lease rights	7,068	2,633	907
Number of self-storage properties held for sale included in net real estate assets	1
Maximum
REAL ESTATE ASSETS
Remaining amortization period (in years)	49
Minimum
REAL ESTATE ASSETS
Remaining amortization period (in years)	5
Land - operating
REAL ESTATE ASSETS
Gross real estate assets	755,565	580,995
Land - development
REAL ESTATE ASSETS
Gross real estate assets	12,050	14,600
Buildings and improvements
REAL ESTATE ASSETS
Gross real estate assets	2,551,886	1,934,693
Intangible assets - tenant relationships
REAL ESTATE ASSETS
Gross real estate assets	51,355	37,293
Intangible lease rights
REAL ESTATE ASSETS
Gross real estate assets	$ 8,656	$ 6,150

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INCOME TAXES (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Income tax provision
Current expense, federal	$ 8,240	$ 1,350	$ 3,588
Current expense, state	612	606	124
Current expense, Total	8,852	1,956	3,712
Tax credit, Federal	(5,528)	(6,849)	(832)
Tax credit, Total	(5,528)	(6,849)	(832)
Change in deferred benefit, Federal	2,089	6,048	1,282
Change in deferred benefit, Total	2,089	6,048	1,282
Income tax expense, Federal	4,801	549	4,038
Income tax expense, State	612	606	124
Total tax expense	5,413	1,155	4,162
Reconciliation of effective income tax amount
Expected tax at statutory rate	46,586	20,854
Non-taxable REIT income	(37,729)	(14,957)
State and local tax expense (benefit) - net of federal benefit	612	617
Change in valuation allowance	1,641	1,298
Tax credits	(5,528)	(6,849)
Miscellaneous	(169)	192
Total tax expense	5,413	1,155	4,162
Reconciliation of the statutory income tax provisions to the effective income tax provisions
Expected tax at statutory rate (as a percent)	35.00%	35.00%
Non-taxable REIT income (as a percent)	(28.30%)	(25.10%)
State and local tax expense - net of federal benefit (as a percent)	0.50%	1.00%
Change in valuation allowance (as a percent)	1.20%	2.20%
Tax credits (as a percent)	(4.20%)	(11.50%)
Miscellaneous (as a percent)	(0.10%)	0.30%
Total provision (as a percent)	4.10%	1.90%
Deferred tax assets
Captive insurance subsidiary	385	232
Fixed assets	(10,791)	(6,455)
Various liabilities	1,721	1,542
Solar credit	10,313	6,849
Stock compensation	1,610	1,955
State net operating losses	4,402	2,691
Deferred tax assets, gross	7,640	6,814
Valuation allowance	(4,135)	(3,211)
Net deferred tax asset	$ 3,505	$ 3,603

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EXCHANGEABLE SENIOR NOTES (Details) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended				12 Months Ended			1 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Apr. 30, 2012 Operating Partnership	Dec. 31, 2012 3.625% Exchangeable Senior Notes due April 1, 2027	Dec. 31, 2011 3.625% Exchangeable Senior Notes due April 1, 2027	Dec. 31, 2010 3.625% Exchangeable Senior Notes due April 1, 2027	Apr. 30, 2012 3.625% Exchangeable Senior Notes due April 1, 2027 Operating Partnership	Mar. 31, 2007 3.625% Exchangeable Senior Notes due April 1, 2027 Operating Partnership	Apr. 26, 2012 3.625% Exchangeable Senior Notes due April 1, 2027 Operating Partnership	Mar. 01, 2012 3.625% Exchangeable Senior Notes due April 1, 2027 Operating Partnership	Mar. 27, 2007 3.625% Exchangeable Senior Notes due April 1, 2027 Operating Partnership
Notes payable
Principal amount of notes issued									$ 250,000
Interest rate (as a percent)												3.625%
Redemption price as percentage of principal amount of notes plus accrued and unpaid interest								100.00%
Principal amount of notes											87,663
Shares of common stock issued	110,737,205	94,783,590								684,685
Information about the equity and the liability component of the convertible debt instruments
Carrying amount of equity component						19,545
Principal amount of liability component		87,663		87,663		87,663
Unamortized discount						(444)
Net carrying amount of liability component						87,219
Effective interest rate on the liability component (as a percent)					5.75%
Information relating to the contractual interest rate and amortization of the discount on the liability component
Contractual interest					790	3,178	3,178
Amortization of discount	444	1,761	1,664		444	1,761	1,664
Total interest expense recognized					$ 1,234	$ 4,939	$ 4,842

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EMPLOYEE BENEFIT PLAN

12 Months Ended

Dec. 31, 2012

EMPLOYEE BENEFIT PLAN

EMPLOYEE BENEFIT PLAN

19. EMPLOYEE BENEFIT PLAN

        The Company has a retirement savings plan under Section 401(k) of the Internal Revenue Code under which eligible employees can contribute up to 15% of their annual salary, subject to a statutory prescribed annual limit. For the years ended December 31, 2012, 2011 and 2010, the Company made matching contributions to the plan of $884, $832 and $805, respectively, based on 100% of the first 3% and up to 50% of the next 2% of an employee's compensation.

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NONCONTROLLING INTEREST REPRESENTED BY PREFERRED OPERATING PARTNERSHIP UNITS (Details) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended		1 Months Ended	12 Months Ended
	Dec. 31, 2012 property	Dec. 31, 2011 property	Jun. 30, 2007 Preferred Operating Partnership property	Dec. 31, 2012 Preferred Operating Partnership	Jun. 25, 2007 Preferred Operating Partnership
Noncontrolling interest represented by preferred operating partnership units
Number of self-storage facilities (properties) acquired	91	55	10
Preferred OP units (in shares)			989,980
Loan to holders of preferred OP units	$ 100,000	$ 100,000			$ 100,000
Note receivable interest rate (as a percent)			4.85%
Maximum number of preferred OP units converted prior to the maturity date of the loan (in shares)			114,500
Fixed priority return on preferred OP units, amount				115,000
Fixed priority return on preferred OP units, stated return rate (as a percent)				5.00%
Fixed priority return on preferred OP units, liquidation value				$ 115,000

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INVESTMENTS IN REAL ESTATE VENTURES (Tables)

12 Months Ended

Dec. 31, 2012

INVESTMENTS IN REAL ESTATE VENTURES

Schedule of investments in real estate ventures

							Investment balance at December 31,
	Equity Ownership %			Excess Profit Participation %
							2012			2011
Extra Space West One LLC ("ESW")		5	%		40	%	$	413		$	689
Extra Space West Two LLC ("ESW II")		5	%		40	%		4,404			4,501
Extra Space Northern Properties Six LLC ("ESNPS")		10	%		35	%		626			953
Extra Space of Santa Monica LLC ("ESSM")		48	%		48	%		2,655			3,015
Clarendon Storage Associates Limited Partnership ("Clarendon")		50	%		50	%		3,160			3,171
HSRE-ESP IA, LLC ("HSRE")		50	%		50	%		12,506			11,528
PRISA Self Storage LLC ("PRISA")		2	%		17	%		10,972			11,141
PRISA II Self Storage LLC ("PRISA II")		2	%		17	%		9,331			9,502
PRISA III Self Storage LLC ("PRISA III")		5	%		20	%		—			3,410
VRS Self Storage LLC ("VRS")		45	%		54	%		43,107			43,974
WCOT Self Storage LLC ("WCOT")		5	%		20	%		4,315			4,495
Storage Portfolio I LLC ("SP I")		25	%		25 - 40	%		12,587			11,853
Storage Portfolio Bravo II ("SPB II")		20	%		20 - 45	%		—			14,435
Extra Space Joint Ventures with Everest Real Estate Fund ("Everest")		39 - 58	%		40 - 50	%		3,478			3,609
U-Storage de Mexico S.A. and related entities ("U-Storage")		40	%		40	%		—			4,841
Other minority owned properties		18 - 50	%		19 - 50	%		(1,241	)		(707	)
							$	106,313		$	130,410

Schedule of equity in earnings of real estate ventures

	For the Year Ended December 31,
	2012		2011			2010
Equity in earnings of ESW	$	1,263	$	1,156		$	1,213
Equity in earnings (losses) of ESW II		26		(8	)		(31	)
Equity in earnings of ESNPS		382		338			239
Equity in earnings (losses) of ESSM		314		114			(142	)
Equity in earnings of Clarendon		471		465			417
Equity in earnings (losses) of HSRE		1,298		388			(161	)
Equity in earnings of PRISA		821		674			641
Equity in earnings of PRISA II		643		530			481
Equity in earnings of PRISA III		187		330			262
Equity in earnings of VRS		2,849		2,279			2,221
Equity in earnings of WCOT		370		92			251
Equity in earnings (losses) of SP I		1,103		(116	)		934
Equity in earnings of SPB II		430		301			184
Equity in earnings of Everest		137		179			195
Equity in earnings (losses) of U-Storage		—		(11	)		55
Equity in earnings (losses) of other minority owned properties		565		576			(6	)
	$	10,859	$	7,287		$	6,753

Disclosure of real estate ventures' debt

	Loan Amount		Current Interest Rate	Debt Maturity
ESW—Fixed	$	16,700	5.00%	September 2015
ESW II—Swapped to fixed		19,717	3.57%	February 2019
ESNPS—Fixed		34,500	5.27%	June 2015
ESSM—Variable		11,125	3.01%	November 2014
Clarendon—Swapped to fixed		8,151	5.93%	September 2018
HSRE—Fixed		97,779	5.29%	August 2015
VRS—Swapped to fixed		52,100	3.34%	July 2019
WCOT—Swapped to fixed		87,500	3.34%	August 2019
SP I—Fixed		96,334	4.66%	April 2018
Other minority owned properties		62,458	Various	Various

Condensed financial information of unconsolidated real estate ventures

	December 31,
Balance Sheets:	2012(a)		2011
Assets:
Net real estate assets	$	1,629,402	$	1,971,431
Other		33,103		48,728
	$	1,662,505	$	2,020,159
Liabilities and members' equity:
Notes payable	$	404,630	$	615,561
Other liabilities		27,383		37,558
Members' equity		1,234,492		1,367,040
	$	1,666,505	$	2,020,159

	For the Year Ended December 31,
Statements of Operations:	2012		2011		2010
Rents and other income	$	266,222	$	304,499	$	297,658
Expenses		164,285		217,114		211,283
Net income	$	101,937	$	87,385	$	86,375

(a)

The balance sheet information as of December 31, 2012 does not include PRISA III or SPB II, which were acquired by the Company during 2012.

Schedule of the comparison of the liability balance and the maximum exposure to loss related to each VIE

	Liability Balance		Investment Balance			Balance of Guaranteed Loan		Payables to Company		Maximum Exposure to Loss		Difference
Extra Space of Montrose Avenue LLC	$	—	$	1,173		$	5,120	$	2,216	$	8,509	$	(8,509	)
Extra Space of Sacramento One LLC		—		(1,015	)		4,307		6,083		9,375		(9,375	)
	$	—	$	158		$	9,427	$	8,299	$	17,884	$	(17,884	)

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OTHER LIABILITIES

12 Months Ended

Dec. 31, 2012

OTHER LIABILITIES

OTHER LIABILITIES

12. OTHER LIABILITIES

        The components of other liabilities are summarized as follows:

	December 31, 2012		December 31, 2011
Deferred rental income	$	20,752	$	14,907
Lease obligation liability		3,826		5,828
Fair value of interest rate swaps		15,228		8,311
Other miscellaneous liabilities		8,442		4,708
	$	48,248	$	33,754

        Included in the lease obligation liability is approximately $3,826 and $1,747 for the years ended December 31, 2012 and 2011, respectively, related to minimum rentals to be received in the future under non cancelable subleases.