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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2012	Oct. 31, 2012
Document and Entity Information
Entity Registrant Name	Extra Space Storage Inc.
Entity Central Index Key	0001289490
Document Type	10-Q
Document Period End Date	Sep. 30, 2012
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		104,322,649
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q3

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011
Assets:
Real estate assets, net	$ 2,741,945	$ 2,263,795
Investments in real estate ventures	121,269	130,410
Cash and cash equivalents	43,608	26,484
Restricted cash	23,384	25,768
Receivables from related parties and affiliated real estate joint ventures	10,930	18,517
Other assets, net	71,786	51,276
Total assets	3,012,922	2,516,250
Liabilities, Noncontrolling Interests and Equity:
Notes payable	1,226,899	937,001
Premium on notes payable	3,638	4,402
Notes payable to trusts	119,590	119,590
Exchangeable senior notes		87,663
Lines of credit	240,000	215,000
Accounts payable and accrued expenses	49,609	45,079
Other liabilities	43,034	33,754
Total liabilities	1,682,770	1,442,489
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, 104,322,435 and 94,783,590 shares issued and outstanding at September 30, 2012, and December 31, 2011, respectively	1,043	948
Paid-in capital	1,531,975	1,290,021
Accumulated other comprehensive deficit	(14,956)	(7,936)
Accumulated deficit	(243,546)	(264,086)
Total Extra Space Storage Inc. stockholders' equity	1,274,516	1,018,947
Noncontrolling interest represented by Preferred Operating Partnership units, net of $100,000 note receivable	29,829	29,695
Noncontrolling interests in Operating Partnership	24,699	24,018
Other noncontrolling interests	1,108	1,101
Total noncontrolling interests and equity	1,330,152	1,073,761
Total liabilities, noncontrolling interests and equity	$ 3,012,922	$ 2,516,250

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011
Condensed 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	104,322,435	94,783,590
Common stock, shares outstanding	104,322,435	94,783,590
Note receivable from noncontrolling interest represented by Preferred Operating Partnership units (in dollars)	$ 100,000	$ 100,000

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Revenues:
Property rental	$ 94,065	$ 69,475	$ 249,193	$ 195,265
Tenant reinsurance	9,495	8,269	27,060	22,889
Management and franchise fees	6,231	6,353	19,476	18,464
Total revenues	109,791	84,097	295,729	236,618
Expenses:
Property operations	30,115	24,270	82,723	70,326
Tenant reinsurance	1,379	1,596	4,651	4,593
Acquisition related costs	2,486	346	3,564	2,165
General and administrative	12,559	12,306	37,744	36,396
Depreciation and amortization	19,768	14,364	52,918	42,041
Total expenses	66,307	52,882	181,600	155,521
Income from operations	43,484	31,215	114,129	81,097
Interest expense	(18,423)	(16,756)	(52,348)	(49,431)
Non-cash interest expense related to amortization of discount on exchangeable senior notes		(440)	(444)	(1,308)
Interest income	461	185	1,184	556
Interest income on note receivable from Preferred Operating Partnership unit holder	1,213	1,213	3,638	3,638
Income before equity in earnings of real estate ventures and income tax expense	26,735	15,417	66,159	34,552
Equity in earnings of real estate ventures	2,854	1,873	7,848	6,060
Equity in earnings of real estate ventures - gain on sale of real estate assets and purchase of joint venture partner's interest	13,620		19,049
Income tax expense	(1,656)	62	(4,240)	(603)
Net income	41,553	17,352	88,816	40,009
Net income allocated to Preferred Operating Partnership noncontrolling interests	(1,805)	(1,598)	(5,108)	(4,682)
Net income allocated to Operating Partnership and other noncontrolling interests	(1,142)	(493)	(2,475)	(1,156)
Net income attributable to common stockholders	$ 38,606	$ 15,261	$ 81,233	$ 34,171
Net income per common share
Basic (in dollars per share)	$ 0.37	$ 0.16	$ 0.81	$ 0.37
Diluted (in dollars per share)	$ 0.37	$ 0.16	$ 0.80	$ 0.37
Weighted average number of shares
Basic (in shares)	104,252,227	94,314,429	100,429,840	91,277,261
Diluted (in shares)	108,755,316	98,867,803	104,981,176	95,866,290
Cash dividends paid per common share (in dollars per share)	$ 0.20	$ 0.14	$ 0.60	$ 0.42

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Net income	$ 41,553	$ 17,352	$ 88,816	$ 40,009
Other Comprehensive income:
Change in fair value of interest rate swaps	(3,564)	(1,441)	(7,296)	(2,115)
Total comprehensive income	37,989	15,911	81,520	37,894
Less: comprehensive income attributable to noncontrolling interests	2,814	2,033	7,307	5,755
Comprehensive income attributable to common stockholders	$ 35,175	$ 13,878	$ 74,213	$ 32,139

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

+ References

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+ Details

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to noncontrolling interests, if any. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

+ References + Details

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the economic entity, including both controlling (parent) and noncontrolling interests. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, including any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

+ References + Details

- Definition

Net of tax effect change in accumulated gains and losses from derivative instruments designated and qualifying as the effective portion of cash flow hedges after taxes. A cash flow hedge is a hedge of the exposure to variability in the cash flows of a recognized asset or liability or a forecasted transaction that is attributable to a particular risk. The change includes an entity's share of an equity investee's increase or decrease in deferred hedging gains or losses. While for technical reasons this element has no balance attribute, the default assumption is a credit balance consistent with its label.

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+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Condensed Consolidated Statement of Equity - 9 months ended Sep. 30, 2012 - USD ($) $ in Thousands	Total	Preferred Operating Partnership	Operating Partnership	Other	Par Value	Paid-in Capital	Accumulated Other Comprehensive Deficit	Accumulated Deficit
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	$ 8,931				$ 6	8,925
Issuance of common stock upon the exercise of options (in shares)					651,729
Restricted stock grants issued	2				$ 2
Restricted stock grants issued (in shares)					168,052
Restricted stock grants cancelled (in shares)					(15,621)
Issuance of common stock, net of offering costs	226,692				$ 80	226,612
Issuance of common stock, net of offering costs (in shares)					8,050,000
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	3,318					3,318
New issuance of Operating Partnership units	429		429
Redemption of Operating Partnership units for cash	(155)		(155)
Net income	88,816	5,108	2,455	20				81,233
Other comprehensive loss	(7,296)	(67)	(209)				(7,020)
Tax effect from vesting of restricted stock grants and stock option exercises	3,099					3,099
Distributions to Operating Partnership units held by noncontrolling interests	(6,746)	(4,907)	(1,839)
Distributions to other noncontrolling interests	(13)			(13)
Dividends paid on common stock at $0.60 per share	(60,693)							(60,693)
Balances at Sep. 30, 2012	$ 1,330,152	$ 29,829	$ 24,699	$ 1,108	$ 1,043	$ 1,531,975	$ (14,956)	$ (243,546)
Balances (in shares) at Sep. 30, 2012	104,322,435				104,322,435

Condensed Consolidated Statement of Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Condensed Consolidated Statement of Equity
Dividends paid on common stock, per share	$ 0.20	$ 0.14	$ 0.60	$ 0.42

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Cash flows from operating activities:
Net income	$ 88,816	$ 40,009
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	52,918	42,041
Amortization of deferred financing costs	5,016	3,720
Non-cash interest expense related to amortization of discount on exchangeable senior notes	444	1,308
Non-cash interest expense related to amortization of premium on notes payable	(951)
Compensation expense related to stock-based awards	3,318	3,895
Gain on purchase of joint venture partner's interest	(13,499)
Distributions from real estate ventures in excess of earnings	1,642	4,665
Changes in operating assets and liabilities:
Receivables from related parties and affiliated real estate joint ventures	7,587	(301)
Other assets	4,866	1,108
Accounts payable and accrued expenses	4,530	5,681
Other liabilities	(1,726)	(1,469)
Net cash provided by operating activities	152,961	100,657
Cash flows from investing activities:
Acquisition of real estate assets	(365,616)	(108,403)
Development and construction of real estate assets	(3,137)	(6,315)
Investments in real estate ventures	(1,053)	(3,737)
Return of investment in real estate ventures	1,848	4,614
Change in restricted cash	2,384	146
Purchase of notes receivable	(7,875)	(51,000)
Purchase of equipment and fixtures	(1,620)	(4,493)
Net cash used in investing activities	(375,069)	(169,188)
Cash flows from financing activities:
Proceeds from the sale of common stock, net of offering costs	226,692	112,352
Repurchase of exchangeable senior notes	(87,663)
Proceeds from notes payable and lines of credit	640,655	370,242
Principal payments on notes payable and lines of credit	(473,349)	(389,706)
Deferred financing costs	(8,427)	(4,149)
Redemption of Operating Partnership units held by noncontrolling interest	(155)	(271)
Net proceeds from exercise of stock options	8,931	12,114
Dividends paid on common stock	(60,693)	(38,785)
Distributions to noncontrolling interests	(6,759)	(6,121)
Net cash provided by financing activities	239,232	55,676
Net increase (decrease) in cash and cash equivalents	17,124	(12,855)
Cash and cash equivalents, beginning of the period	26,484	46,750
Cash and cash equivalents, end of the period	43,608	33,895
Supplemental schedule of cash flow information:
Interest paid, net of amounts capitalized	47,816	45,048
Redemption of Operating Partnership units held by noncontrolling interests for common stock:
Noncontrolling interests in Operating Partnership		2,344
Common stock and paid-in capital		(2,344)
Tax effect from vesting of restricted stock grants and stock option exercises:
Other assets	3,099	1,918
Paid-in capital	(3,099)	(1,918)
Acquisitions of real estate assets:
Real estate assets, net	148,021	8,660
Notes payable assumed	(147,592)	$ (8,660)
Operating Partnership units issued	(429)
Receivable from sale of interest in real estate ventures:
Other assets	3,349
Investments in real estate ventures	$ (3,349)

ORGANIZATION

9 Months Ended

Sep. 30, 2012

ORGANIZATION

ORGANIZATION

1. ORGANIZATION

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 (“UPREIT”). The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended. 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 or developing wholly-owned facilities or by acquiring an equity interest in real estate entities. At September 30, 2012, the Company had direct and indirect equity interests in 720 operating storage facilities. In addition, the Company managed 190 properties for franchisees and third parties, bringing the total number of operating properties which it owns and/or manages to 910. These properties are 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 selling 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.

BASIS OF PRESENTATION

9 Months Ended

Sep. 30, 2012

BASIS OF PRESENTATION

BASIS OF PRESENTATION

2. BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements of the Company are presented on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information, and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they may not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2012, are not necessarily indicative of results that may be expected for the year ending December 31, 2012. The condensed consolidated balance sheet as of December 31, 2011, has been derived from the Company’s audited financial statements as of that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. For further information refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011, as filed with the Securities and Exchange Commission.

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

FAIR VALUE DISCLOSURES

9 Months Ended

Sep. 30, 2012

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES

3. FAIR VALUE DISCLOSURES

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table provides information for each major category of assets and liabilities that are measured at fair value on a recurring basis:

				Fair Value Measurements at Reporting Date Using
Description	September 30, 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	$	(15,607	)	$	—	$	(15,607	)	$	—

The fair value of our derivatives is based on quoted market prices of similar instruments from various banking institutions or an independent third-party provider for similar instruments. In determining the fair value, we consider our non-performance risk and that of our counterparties.

There were no transfers of assets and liabilities between Level 1 and Level 2 during the three or nine months ended September 30, 2012. The Company did not have any significant assets or liabilities that are re-measured on a recurring basis using significant unobservable inputs (Level 3) for the three or nine months ended September 30, 2012.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Long-lived assets held for use are evaluated for impairment when events or circumstances indicate 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 as held 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 its investments in unconsolidated real estate ventures may be impaired annually and when events or circumstances indicate 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 over the fair value of the investment.

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, is 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.

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 condensed consolidated balance sheets at September 30, 2012 and December 31, 2011 approximate fair value. The fair value of the Company’s note receivable from Preferred Operating Partnership unit holder is based on the discounted estimated future cash flows of the note (categorized within Level 3 of the fair value hierarchy); the discount rate used approximates the current market rate for loans with similar maturities and credit quality. The fair values of the Company’s fixed-rate notes payable, notes payable to trusts and exchangeable senior notes, were estimated using the discounted estimated future cash payments to be made on such debt (categorized within Level 3 of the fair value hierarchy); the discount rates used approximate current market rates for loans, or groups of loans, with similar maturities and credit quality.

The fair values of the Company’s fixed-rate assets and liabilities are as follows:

	September 30, 2012				December 31, 2011
	Fair		Carrying		Fair		Carrying
	Value		Value		Value		Value
Note receivable from Preferred Operating Partnership unit holder	$	108,925	$	100,000	$	104,049	$	100,000
Fixed-rate notes payable and notes payable to trusts	$	1,264,295	$	1,177,736	$	1,008,039	$	938,681
Exchangeable senior notes	$	—	$	—	$	92,265	$	87,663

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15C, 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-Subparagraph a-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17-22, 27, 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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-Name Accounting Standards Codification
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-Paragraph 21
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
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-Paragraph 30
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258

+ Details

NET INCOME PER COMMON SHARE

9 Months Ended

Sep. 30, 2012

NET INCOME PER COMMON SHARE

NET INCOME PER COMMON SHARE

4. NET INCOME PER COMMON 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 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 three or nine months ended September 30, 2011 as the stock price during this time did not exceed the exchange price. No shares were included for the three or nine months ended September 30, 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 three months ended September 30, 2012 and 2011, options to purchase 15,223 and 120,634 shares of common stock, and for the nine months ended September 30, 2012 and 2011, options to purchase 54,959 and 106,726 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 common share is as follows:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2012			2011			2012			2011
Net income attributable to common stockholders	$	38,606		$	15,261		$	81,233		$	34,171
Add: Income allocated to noncontrolling interest - Preferred Operating Partnership and Operating Partnership	2,938			2,092			7,563			5,846
Subtract: Fixed component of income allocated to noncontrolling interest - Preferred Operating Partnership	(1,438		)	(1,438		)	(4,313		)	(4,313		)
Net income for diluted computations	$	40,106		$	15,915		$	84,483		$	35,704
Weighted average number of common shares outstanding - basic	104,252,227			94,314,429			100,429,840			91,277,261
Operating Partnership units	3,060,467			3,049,935			3,060,467			3,049,935
Preferred Operating Partnership units	989,980			989,980			989,980			989,980
Shares related to Dilutive and Cancelled Stock Options	452,642			513,459			500,889			549,114
Weighted average number of common shares outstanding - diluted	108,755,316			98,867,803			104,981,176			95,866,290

Net income per common share
Basic	$	0.37		$	0.16		$	0.81		$	0.37
Diluted	$	0.37		$	0.16		$	0.80		$	0.37

PROPERTY ACQUISITIONS

9 Months Ended

Sep. 30, 2012

PROPERTY ACQUISITIONS

PROPERTY ACQUISITIONS

5. PROPERTY ACQUISITIONS

The following table summarizes the Company’s acquisitions of operating properties for the nine months ended September 30, 2012, and does not include purchases of land or improvements made to existing assets:


			Consideration Paid																Acquisition Date Fair Value
Property Location	Number of Properties	Date of Acquisition	Total		Cash Paid		Loan Assumed		Non-cash gain		Previous equity interest		Net Liabilities/ (Assets) Assumed			Value of OP Units Issued		Number of OP Units Issued	Land		Building		Intangible		Closing costs - expensed		Source of Acquisition	Notes
Texas	1	2/29/2012	$	9,405	$	9,323	$	—	$	—	$	—	$	82		$	—	—	$	1,036	$	8,133	$	187	$	49	Unrelated third party
Maryland	1	3/7/2012	6,284		5,886		—		—		—		21			377		14,193	465		5,600		128		91		Unrelated third party
Florida	3	5/2/2012	14,942		14,792		—		—		—		150			—		—	1,933		12,682		321		6		Unrelated third party
Maryland	1	5/31/2012	6,501		6,438		—		—		—		11			52		1,814	1,185		5,051		147		118		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)
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
South Carolina	1	7/19/2012	4,651		4,621		—		—		—		30			—		—	1,784		2,755		107		5		Unrelated third party
California	1	7/26/2012	4,860		2,376		2,592		—		—		(108		)	—		—	2,428		2,317		93		22		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
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 Jersey	1	8/28/2012	13,678		13,678		—		—		—		—			—		—	1,511		11,732		241		194		Unrelated third party
Virginia	1	9/20/2012	6,884		6,850		—		—		—		34			—		—	1,172		5,562		119		31		Unrelated third party
Utah	1	9/28/2012	7,410		7,322		—		—		—		88			—		—	2,063		5,202		132		13		Related party	(2)

(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.

(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 of the Board of Directors and Chief Investment Officer.

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 nine months ended September 30, 2012, the Company acquired 36 properties as part of the PRISA III acquisition. The following pro forma financial information is based on the combined historical financial statements of the Company and PRISA III and presents the Company’s results as if the PRISA III acquisition had occurred as of January 1, 2011:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2012		2011		2012		2011

Total revenues	$	109,791	$	92,235	$	312,130	$	260,474
Net income attributable to common stockholders	$	38,606	$	16,978	$	84,575	$	38,819
Net income per common share
Basic	$	0.37	$	0.18	$	0.84	$	0.43
Diluted	$	0.37	$	0.18	$	0.84	$	0.42

The following table summarizes the revenues and earnings related to PRISA III since the acquisition date, included in the consolidated income statement for the three and nine months ended September 30, 2012:

	For the Three Months Ended September 30, 2012		For the Nine Months Ended September 30, 2012

Total revenues	$	8,657	$	8,657
Net income attributable to common stockholders	$	3,067	$	3,067

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 88-16
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51, 52
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Appendix F
-Paragraph F4
-Subparagraph e

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 67-73
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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+ Details

VARIABLE INTERESTS

9 Months Ended

Sep. 30, 2012

VARIABLE INTERESTS

VARIABLE INTERESTS

6. VARIABLE INTERESTS

The Company has interests in two unconsolidated joint ventures with unrelated third parties which are variable interest entities (“VIEs”). The Company holds 18% and 39% of the equity interests in the VIE joint ventures (“VIE JVs”), and has 50% of the voting rights in each of the VIE JVs. Qualification of each VIE JV 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 for the VIE JVs. The Company’s maximum exposure to loss for these joint ventures as of September 30, 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. The Company believes the payables to the Company are collectible. Additionally, repossessing and/or selling the self-storage facility and land that collateralize the loans could provide funds sufficient to reimburse the Company.

In addition to the VIEs mentioned above, on May 1, 2012, the Company purchased two notes receivable from Capmark Bank for a total of $7,875. These receivables are due from Spacebox Land O’Lakes, LLC and Spacebox North Fort Myers, LLC (collectively, “Spacebox”), a third party. The notes bear interest at 15% per annum and are due April 30, 2013. Spacebox owns two self-storage properties located in Florida, which are collateral for the notes. The Company began performing management services for these two properties at the time of the purchase of the notes receivable, for a management fee of approximately 6% of the cash collected by the properties. These notes receivable are included in other assets on the condensed consolidated balance sheet.

The Company determined that the two Spacebox entities qualify as VIEs because the equity investments at risk for each of these entities were not sufficient based on a qualitative and quantitative analysis performed by the Company. The Company is not the primary beneficiary of either VIE. As of September 30, 2012, the Company’s maximum exposure to loss for these entities is equal to the balance of the notes receivable, accrued interest on the notes receivable, and payables due to the Company. The payables to the Company consist of amounts owed for expenses paid on behalf of Spacebox by the Company as manager. The Company believes the notes receivable are collectible. Also, repossessing and/or selling the self-storage properties that collateralize the loans could provide funds sufficient to reimburse the Company.

The following table compares the Company’s liability balance to the respective VIEs and the maximum exposure to loss related to each VIE as of September 30, 2012, after netting such liability balance:

						Balance of				Maximum
	Liability		Investment			Guaranteed		Payables to		Exposure
	Balance		Balance			Loan		Company		to Loss		Difference
Extra Space of Montrose Avenue LLC	$	—	$	1,149		$	5,120	$	2,196	$	8,465	$	(8,465	)
Extra Space of Sacramento One LLC	—		(996		)	4,307		6,094		9,405		(9,405		)
Spacebox Land O’ Lakes LLC	—		—			—		3,781		3,781		(3,781		)
Spacebox North Fort Myers, LLC	—		—			—		4,452		4,452		(4,452		)
	$	—	$	153		$	9,427	$	16,523	$	26,103	$	(26,103	)

The Operating Partnership has three wholly-owned unconsolidated subsidiaries (“Trust,” “Trust II” and “Trust III,” together, the “Trusts”) that have issued trust preferred securities to third parties and common securities to the Operating Partnership. The proceeds from the sale of the preferred and common securities were loaned in the form of notes to the Operating Partnership. The Trusts 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 for the proceeds as discussed above, which are owed to the Trusts. The Company has also included its investment in the Trusts’ common securities in other assets on the condensed consolidated balance sheets.

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.

The following is a tabular comparison of the liabilities the Company has recorded as a result of its involvement with the Trusts to the maximum exposure to loss the Company is subject to as a result of such involvement as of September 30, 2012:

	Notes payable		Investment		Maximum
	to Trusts		Balance		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	$	—

The Company had no consolidated VIEs during the three or nine months ended September 30, 2012 or 2011.

DERIVATIVES

9 Months Ended

Sep. 30, 2012

DERIVATIVES

DERIVATIVES

7. DERIVATIVES

GAAP requires the recognition of all derivative instruments as either assets or liabilities on the balance sheet at fair value. The accounting for changes in fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship, and further, on the type of hedging relationship. A company must designate each qualifying hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge, or a hedge of a net investment in foreign operations.

The Company is exposed to certain risks relating to its ongoing business operations. The primary risk managed by using derivative instruments is interest rate risk. Interest rate swaps are entered into to manage interest rate risk associated with the Company’s fixed- and variable-rate borrowings. The interest rate swaps held by the Company all have been designated as cash flow hedges of variable-rate borrowings. For 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.

The following table summarizes the terms of the Company’s fifteen cash flow hedges at September 30, 2012:

Hedge Product		Original Notional Amounts		Strike		Effective Dates		Maturity Dates
Swap Agreements		$8,462 - $80,100		2.91% - 6.98%		2/1/2009 - 8/28/2012		6/30/2013 - 5/1/2020

Monthly interest payments were recognized as an increase or decrease in interest expense as follows:

	Classification of	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
Type	Income (Expense)	2012			2011			2012			2011
Swap Agreements	Interest expense	$	(1,876	)	$	(940	)	$	(4,429	)	$	(2,954	)

Information relating to the gain (loss) recognized on the interest rate swap agreements is as follows:

	Gain (loss) recognized in OCI				Gain (loss) reclassified from OCI
Type	September 30, 2012			Location of amounts reclassified from OCI into income	For the Nine Months Ended September 30, 2012
Swap Agreements	$	(7,296	)	Interest expense	$	(4,429	)

The interest rate swap agreements were highly effective for the three and nine months ended September 30, 2012. The gain (loss) reclassified from other comprehensive income (“OCI”) in the preceding table represents the effective portion of the Company’s cash flow hedges reclassified from OCI to interest expense during the nine months ended September 30, 2012.

The balance sheet classification and carrying amounts of the derivative instruments are as follows:

	Asset (Liability) Derivatives
	September 30, 2012				December 31, 2011
Derivatives designated as	Balance Sheet	Fair			Balance Sheet	Fair
hedging instruments:	Location	Value			Location	Value
Swap Agreements	Other liabilities	$	(15,607	)	Other liabilities	$	(8,311	)

- Definition

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References

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-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Number 133
-Paragraph 44
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+ Details

EXCHANGEABLE SENIOR NOTES

9 Months Ended

Sep. 30, 2012

EXCHANGEABLE SENIOR NOTES

EXCHANGEABLE SENIOR NOTES

8. EXCHANGEABLE SENIOR NOTES

On March 27, 2007, the Company’s Operating Partnership issued $250,000 of 3.625% Exchangeable Senior 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 exchangeable 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 3.625% Exchangeable Senior 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. In addition, the Company announced that the Operating Partnership had given notice of its intention to redeem all of the Notes not otherwise surrendered for repurchase or exchange on April 5, 2012, pursuant to its option under the indenture, at a redemption price of 100% of the principal amount of the Notes, plus accrued and unpaid interest to the redemption date. In connection with the redemption, holders of the Notes had the right to exchange their Notes at an exchange rate of 43.1091 shares of the Company’s common stock per $1,000 principal amount of the Notes surrendered. The Notes surrendered for exchange could be settled in cash or a combination of cash and stock, subject to the determination of the Operating Partnership.

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.

STOCK OFFERING

9 Months Ended

Sep. 30, 2012

STOCK OFFERING

STOCK OFFERING

9. STOCK OFFERING

On April 16, 2012, the Company issued and sold 8,050,000 shares of its common stock in a public offering at a price of $28.22 per share. The Company received gross proceeds of $227,171. Transaction costs were $479, resulting in net proceeds of $226,692.

NONCONTROLLING INTEREST REPRESENTED BY PREFERRED OPERATING PARTNERSHIP UNITS

9 Months Ended

Sep. 30, 2012

NONCONTROLLING INTEREST REPRESENTED BY PREFERRED OPERATING PARTNERSHIP UNITS

NONCONTROLLING INTEREST REPRESENTED BY PREFERRED OPERATING PARTNERSHIP UNITS

10. 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 Operating Partnership loaned the holders 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 holders 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 (as subsequently amended, 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 participates in distributions with, and has a liquidation value equal to, that of the common OP 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 its 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 condensed 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 condensed 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.

NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP

9 Months Ended

Sep. 30, 2012

NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP

NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP

11. 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. The Company, through ESS Holding Business Trust II, a wholly-owned subsidiary of the Company, is also a limited partner of the Operating Partnership. Between its general partner and limited partner interests, the Company held a 96.3% majority ownership interest therein as of September 30, 2012. The remaining ownership interests in the Operating Partnership (including Preferred OP units) of 3.7% are held by certain former owners of assets acquired by the Operating Partnership. As of September 30, 2012, the Operating Partnership had 3,060,467 common OP units outstanding.

The noncontrolling interest in the Operating Partnership represents common 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 common OP units for cash based upon the fair market value of an equivalent number of shares of the Company’s common stock (ten-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 Partnership Agreement. The ten-day average closing stock price at September 30, 2012, was $33.53 and there were 3,060,467 common OP units outstanding. Assuming that all of the unit holders exercised their right to redeem all of their common OP units on September 30, 2012, and the Company elected to pay the noncontrolling members cash, the Company would have paid $102,617 in cash consideration to redeem the OP units.

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 in the Operating Partnership as stockholders’ equity in the accompanying condensed 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 condensed 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.

OTHER NONCONTROLLING INTERESTS

9 Months Ended

Sep. 30, 2012

OTHER NONCONTROLLING INTERESTS

OTHER NONCONTROLLING INTERESTS

12. OTHER NONCONTROLLING INTERESTS

Other noncontrolling interests represent the ownership interests of various third parties in three consolidated self-storage properties as of September 30, 2012. Two of these consolidated properties were under development, and one was in the lease-up stage at September 30, 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 condensed 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 Operating Partnership and other noncontrolling interests in the condensed consolidated statement of operations.

- Definition

The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.

+ References + Details

EQUITY IN EARNINGS OF REAL ESTATE VENTURES - GAIN ON SALE OF JOINT VENTURE REAL ESTATE ASSETS AND PURCHASE OF JOINT VENTURE PARTNER'S INTEREST

9 Months Ended

Sep. 30, 2012

EQUITY IN EARNINGS OF REAL ESTATE VENTURES - GAIN ON SALE OF JOINT VENTURE REAL ESTATE ASSETS AND PURCHASE OF JOINT VENTURE PARTNER'S INTEREST

EQUITY IN EARNINGS OF REAL ESTATE VENTURES - GAIN ON SALE OF JOINT VENTURE REAL ESTATE ASSETS AND PURCHASE OF JOINT VENTURE PARTNER'S INTEREST

13. EQUITY IN EARNINGS OF REAL ESTATE VENTURES — GAIN ON SALE OF JOINT VENTURE REAL ESTATE ASSETS AND PURCHASE OF JOINT VENTURE PARTNER’S INTEREST

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.

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 July 2, 2012, the Company completed the acquisition of PREI®’s 94.9% interest in PRISA III. PRISA III 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 remeasure 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.

SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2012

SEGMENT INFORMATION

SEGMENT INFORMATION

14. SEGMENT INFORMATION

The Company operates in three distinct segments: (1) property management, acquisition and development; (2) rental operations; and (3) tenant reinsurance. Financial information for the Company’s business segments is set forth below:

	September 30, 2012		December 31, 2011
Balance Sheet
Investment in real estate ventures
Rental operations	$	121,269	$	130,410

Total assets
Property management, acquisition and development	$	244,653	$	250,953
Rental operations	2,743,474		2,243,441
Tenant reinsurance	24,795		21,856
	$	3,012,922	$	2,516,250

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2012			2011			2012			2011
Statement of Operations
Total revenues
Property management, acquisition and development	$	6,231		$	6,353		$	19,476		$	18,464
Rental operations	94,065			69,475			249,193			195,265
Tenant reinsurance	9,495			8,269			27,060			22,889
	$	109,791		$	84,097		$	295,729		$	236,618

Operating expenses, including depreciation and amortization
Property management, acquisition and development	$	16,008		$	13,237		$	44,203		$	40,773
Rental operations	48,920			38,049			132,746			110,155
Tenant reinsurance	1,379			1,596			4,651			4,593
	$	66,307		$	52,882		$	181,600		$	155,521

Income (loss) from operations
Property management, acquisition and development	$	(9,777	)	$	(6,884	)	$	(24,727	)	$	(22,309	)
Rental operations	45,145			31,426			116,447			85,110
Tenant reinsurance	8,116			6,673			22,409			18,296
	$	43,484		$	31,215		$	114,129		$	81,097

Interest expense
Property management, acquisition and development	$	(848	)	$	(926	)	$	(1,843	)	$	(2,531	)
Rental operations	(17,575		)	(16,270		)	(50,949		)	(48,208		)
	$	(18,423	)	$	(17,196	)	$	(52,792	)	$	(50,739	)

Interest income
Property management, acquisition and development	$	459		$	182		$	1,176		$	548
Tenant reinsurance	2			3			8			8
	$	461		$	185		$	1,184		$	556

Interest income on note receivable from Preferred Operating Partnership unit holder
Property management, acquisition and development	$	1,213		$	1,213		$	3,638		$	3,638

Equity in earnings of real estate ventures
Rental operations	$	2,854		$	1,873		$	7,848		$	6,060

Equity in earnings of real estate ventures-gain on sale of real estate assets and purchase of partner’s interest
Property management, acquisition and development	$	13,620		$	—		$	19,049		$	—

Income tax expense
Property management, acquisition and development	$	1,354		$	2,570		$	4,096		$	6,330
Rental operations	(169		)	(169		)	(491		)	(527		)
Tenant reinsurance	(2,841		)	(2,339		)	(7,845		)	(6,406		)
	$	(1,656	)	$	62		$	(4,240	)	$	(603	)

Net income (loss)
Property management, acquisition and development	$	6,021		$	(3,845	)	$	1,389		$	(14,324	)
Rental operations	30,255			16,860			72,855			42,435
Tenant reinsurance	5,277			4,337			14,572			11,898
	$	41,553		$	17,352		$	88,816		$	40,009

Depreciation and amortization expense
Property management, acquisition and development	$	963		$	585		$	2,895		$	2,212
Rental operations	18,805			13,779			50,023			39,829
	$	19,768		$	14,364		$	52,918		$	42,041

Statement of Cash Flows
Acquisition of real estate assets
Property management, acquisition and development							$	(365,616	)	$	(108,403	)

Development and construction of real estate assets
Property management, acquisition and development							$	(3,137	)	$	(6,315	)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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+ Details

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2012

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

15. COMMITMENTS AND CONTINGENCIES

The Company has guaranteed loans for unconsolidated joint ventures as follows:

					Estimated
		Loan			Fair
	Date of	Maturity	Guaranteed		Value of
	Guaranty	Date	Loan Amount		Assets
Extra Space of Montrose Avenue LLC	Dec-10	Dec-13	$	5,120	$	8,364
Extra Space of Sacramento One LLC	Apr-09	Apr-14	$	4,307	$	9,609
ESS Baltimore LLC	Nov-04	Feb-13	$	3,970	$	6,511

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 September 30, 2012, as the fair value of the guarantees was not material. The Company believes the risk of incurring a material loss as a result of having to perform on these guarantees is unlikely.

The Company has been involved in routine litigation arising in the ordinary course of business. As a result of these litigation matters, the Company has recorded a liability of $1,800, which is included in other liabilities on the condensed consolidated balance sheets. The Company does not believe that it is reasonably likely that the loss related to these litigation matters will be in excess of the current amount accrued. As of September 30, 2012, the Company was not involved in any material litigation nor, to its knowledge, was 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.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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+ Details

SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2012

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

16. SUBSEQUENT EVENTS

On October 26, 2012, the Company paid in full its line of credit with GE Capital Corporation. At the time of payoff, the loan balance was $100,000. The line of credit matured October 31, 2012.

FAIR VALUE DISCLOSURES (Tables)

9 Months Ended

Sep. 30, 2012

FAIR VALUE DISCLOSURES

Schedule of assets and liabilities measured at fair value on a recurring basis

				Fair Value Measurements at Reporting Date Using
Description	September 30, 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	$	(15,607	)	$	—	$	(15,607	)	$	—

Schedule of fair value of financial instruments

	September 30, 2012				December 31, 2011
	Fair		Carrying		Fair		Carrying
	Value		Value		Value		Value
Note receivable from Preferred Operating Partnership unit holder	$	108,925	$	100,000	$	104,049	$	100,000
Fixed-rate notes payable and notes payable to trusts	$	1,264,295	$	1,177,736	$	1,008,039	$	938,681
Exchangeable senior notes	$	—	$	—	$	92,265	$	87,663

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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+ Details

NET INCOME PER COMMON SHARE (Tables)

9 Months Ended

Sep. 30, 2012

NET INCOME PER COMMON SHARE

Schedule of net income per common share

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2012			2011			2012			2011
Net income attributable to common stockholders	$	38,606		$	15,261		$	81,233		$	34,171
Add: Income allocated to noncontrolling interest - Preferred Operating Partnership and Operating Partnership	2,938			2,092			7,563			5,846
Subtract: Fixed component of income allocated to noncontrolling interest - Preferred Operating Partnership	(1,438		)	(1,438		)	(4,313		)	(4,313		)
Net income for diluted computations	$	40,106		$	15,915		$	84,483		$	35,704
Weighted average number of common shares outstanding - basic	104,252,227			94,314,429			100,429,840			91,277,261
Operating Partnership units	3,060,467			3,049,935			3,060,467			3,049,935
Preferred Operating Partnership units	989,980			989,980			989,980			989,980
Shares related to Dilutive and Cancelled Stock Options	452,642			513,459			500,889			549,114
Weighted average number of common shares outstanding - diluted	108,755,316			98,867,803			104,981,176			95,866,290

Net income per common share
Basic	$	0.37		$	0.16		$	0.81		$	0.37
Diluted	$	0.37		$	0.16		$	0.80		$	0.37

PROPERTY ACQUISITIONS (Tables)

9 Months Ended

Sep. 30, 2012

PROPERTY ACQUISITIONS

Schedule of operating properties acquired


			Consideration Paid																Acquisition Date Fair Value
Property Location	Number of Properties	Date of Acquisition	Total		Cash Paid		Loan Assumed		Non-cash gain		Previous equity interest		Net Liabilities/ (Assets) Assumed			Value of OP Units Issued		Number of OP Units Issued	Land		Building		Intangible		Closing costs - expensed		Source of Acquisition	Notes
Texas	1	2/29/2012	$	9,405	$	9,323	$	—	$	—	$	—	$	82		$	—	—	$	1,036	$	8,133	$	187	$	49	Unrelated third party
Maryland	1	3/7/2012	6,284		5,886		—		—		—		21			377		14,193	465		5,600		128		91		Unrelated third party
Florida	3	5/2/2012	14,942		14,792		—		—		—		150			—		—	1,933		12,682		321		6		Unrelated third party
Maryland	1	5/31/2012	6,501		6,438		—		—		—		11			52		1,814	1,185		5,051		147		118		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)
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
South Carolina	1	7/19/2012	4,651		4,621		—		—		—		30			—		—	1,784		2,755		107		5		Unrelated third party
California	1	7/26/2012	4,860		2,376		2,592		—		—		(108		)	—		—	2,428		2,317		93		22		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
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 Jersey	1	8/28/2012	13,678		13,678		—		—		—		—			—		—	1,511		11,732		241		194		Unrelated third party
Virginia	1	9/20/2012	6,884		6,850		—		—		—		34			—		—	1,172		5,562		119		31		Unrelated third party
Utah	1	9/28/2012	7,410		7,322		—		—		—		88			—		—	2,063		5,202		132		13		Related party	(2)

Pro forma financial information

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2012		2011		2012		2011

Total revenues	$	109,791	$	92,235	$	312,130	$	260,474
Net income attributable to common stockholders	$	38,606	$	16,978	$	84,575	$	38,819
Net income per common share
Basic	$	0.37	$	0.18	$	0.84	$	0.43
Diluted	$	0.37	$	0.18	$	0.84	$	0.42

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

	For the Three Months Ended September 30, 2012		For the Nine Months Ended September 30, 2012

Total revenues	$	8,657	$	8,657
Net income attributable to common stockholders	$	3,067	$	3,067

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References + Details

- Definition

Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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-Paragraph 52
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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+ Details

VARIABLE INTERESTS (Tables)

9 Months Ended

Sep. 30, 2012

VARIABLE INTERESTS

Schedule of the comparison of the liability balance and the maximum exposure to loss related to each VIE

						Balance of				Maximum
	Liability		Investment			Guaranteed		Payables to		Exposure
	Balance		Balance			Loan		Company		to Loss		Difference
Extra Space of Montrose Avenue LLC	$	—	$	1,149		$	5,120	$	2,196	$	8,465	$	(8,465	)
Extra Space of Sacramento One LLC	—		(996		)	4,307		6,094		9,405		(9,405		)
Spacebox Land O’ Lakes LLC	—		—			—		3,781		3,781		(3,781		)
Spacebox North Fort Myers, LLC	—		—			—		4,452		4,452		(4,452		)
	$	—	$	153		$	9,427	$	16,523	$	26,103	$	(26,103	)

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

	Notes payable		Investment		Maximum
	to Trusts		Balance		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	$	—

DERIVATIVES (Tables)

9 Months Ended

Sep. 30, 2012

DERIVATIVES

Schedule summarizing the terms of cash flow hedges

Hedge Product		Original Notional Amounts		Strike		Effective Dates		Maturity Dates
Swap Agreements		$8,462 - $80,100		2.91% - 6.98%		2/1/2009 - 8/28/2012		6/30/2013 - 5/1/2020

Schedule of monthly interest payments recognized as an increase or decrease in interest expense

	Classification of	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
Type	Income (Expense)	2012			2011			2012			2011
Swap Agreements	Interest expense	$	(1,876	)	$	(940	)	$	(4,429	)	$	(2,954	)

Schedule of information relating to the gains recognized on the swap agreements

	Gain (loss) recognized in OCI				Gain (loss) reclassified from OCI
Type	September 30, 2012			Location of amounts reclassified from OCI into income	For the Nine Months Ended September 30, 2012
Swap Agreements	$	(7,296	)	Interest expense	$	(4,429	)

Schedule of balance sheet classification and carrying amounts of the interest rate swaps

	Asset (Liability) Derivatives
	September 30, 2012				December 31, 2011
Derivatives designated as	Balance Sheet	Fair			Balance Sheet	Fair
hedging instruments:	Location	Value			Location	Value
Swap Agreements	Other liabilities	$	(15,607	)	Other liabilities	$	(8,311	)

- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

+ References + Details

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579245-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624163-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624171-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41678-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41638-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5580258-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41641-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41620-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

+ Details

SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2012

SEGMENT INFORMATION

Schedule of financial information of business segments

	September 30, 2012		December 31, 2011
Balance Sheet
Investment in real estate ventures
Rental operations	$	121,269	$	130,410

Total assets
Property management, acquisition and development	$	244,653	$	250,953
Rental operations	2,743,474		2,243,441
Tenant reinsurance	24,795		21,856
	$	3,012,922	$	2,516,250

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2012			2011			2012			2011
Statement of Operations
Total revenues
Property management, acquisition and development	$	6,231		$	6,353		$	19,476		$	18,464
Rental operations	94,065			69,475			249,193			195,265
Tenant reinsurance	9,495			8,269			27,060			22,889
	$	109,791		$	84,097		$	295,729		$	236,618

Operating expenses, including depreciation and amortization
Property management, acquisition and development	$	16,008		$	13,237		$	44,203		$	40,773
Rental operations	48,920			38,049			132,746			110,155
Tenant reinsurance	1,379			1,596			4,651			4,593
	$	66,307		$	52,882		$	181,600		$	155,521

Income (loss) from operations
Property management, acquisition and development	$	(9,777	)	$	(6,884	)	$	(24,727	)	$	(22,309	)
Rental operations	45,145			31,426			116,447			85,110
Tenant reinsurance	8,116			6,673			22,409			18,296
	$	43,484		$	31,215		$	114,129		$	81,097

Interest expense
Property management, acquisition and development	$	(848	)	$	(926	)	$	(1,843	)	$	(2,531	)
Rental operations	(17,575		)	(16,270		)	(50,949		)	(48,208		)
	$	(18,423	)	$	(17,196	)	$	(52,792	)	$	(50,739	)

Interest income
Property management, acquisition and development	$	459		$	182		$	1,176		$	548
Tenant reinsurance	2			3			8			8
	$	461		$	185		$	1,184		$	556

Interest income on note receivable from Preferred Operating Partnership unit holder
Property management, acquisition and development	$	1,213		$	1,213		$	3,638		$	3,638

Equity in earnings of real estate ventures
Rental operations	$	2,854		$	1,873		$	7,848		$	6,060

Equity in earnings of real estate ventures-gain on sale of real estate assets and purchase of partner’s interest
Property management, acquisition and development	$	13,620		$	—		$	19,049		$	—

Income tax expense
Property management, acquisition and development	$	1,354		$	2,570		$	4,096		$	6,330
Rental operations	(169		)	(169		)	(491		)	(527		)
Tenant reinsurance	(2,841		)	(2,339		)	(7,845		)	(6,406		)
	$	(1,656	)	$	62		$	(4,240	)	$	(603	)

Net income (loss)
Property management, acquisition and development	$	6,021		$	(3,845	)	$	1,389		$	(14,324	)
Rental operations	30,255			16,860			72,855			42,435
Tenant reinsurance	5,277			4,337			14,572			11,898
	$	41,553		$	17,352		$	88,816		$	40,009

Depreciation and amortization expense
Property management, acquisition and development	$	963		$	585		$	2,895		$	2,212
Rental operations	18,805			13,779			50,023			39,829
	$	19,768		$	14,364		$	52,918		$	42,041

Statement of Cash Flows
Acquisition of real estate assets
Property management, acquisition and development							$	(365,616	)	$	(108,403	)

Development and construction of real estate assets
Property management, acquisition and development							$	(3,137	)	$	(6,315	)

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References + Details

COMMITMENTS AND CONTINGENCIES (Tables)

9 Months Ended

Sep. 30, 2012

COMMITMENTS AND CONTINGENCIES

Schedule of guaranteed loans for unconsolidated joint ventures

					Estimated
		Loan			Fair
	Date of	Maturity	Guaranteed		Value of
	Guaranty	Date	Loan Amount		Assets
Extra Space of Montrose Avenue LLC	Dec-10	Dec-13	$	5,120	$	8,364
Extra Space of Sacramento One LLC	Apr-09	Apr-14	$	4,307	$	9,609
ESS Baltimore LLC	Nov-04	Feb-13	$	3,970	$	6,511

- Definition

Tabular disclosure of each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties.

+ References + Details

ORGANIZATION (Details)	9 Months Ended
ORGANIZATION (Details)	Sep. 30, 2012 property state segment
ORGANIZATION
Number of operating storage facilities in which the entity has equity interests (in properties)	720
Number of properties owned by franchisees and third parties	190
Number of operating properties owned and/or managed	910
Number of states in which operating storage facilities are located \| state	34
Number of reportable segments \| segment	3
Maximum percentage of rental income accounted for by any single tenant	5.00%

FAIR VALUE DISCLOSURES (Details) - Recurring basis $ in Thousands	Sep. 30, 2012 USD ($)
Estimated Fair Value
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Cash flow hedge swap agreements	$ (15,607)
Significant Other Observable Inputs (Level 2)
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Cash flow hedge swap agreements	$ (15,607)

FAIR VALUE DISCLOSURES (Details 2) - USD ($) $ in Thousands	Sep. 30, 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	108,925	104,049
Fixed-rate notes payable and notes payable to trusts	1,264,295	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	$ 1,177,736	938,681
Exchangeable senior notes		$ 87,663

- Definition

Aggregate amount of receivables to be collected from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth, at the financial statement date. which are usually due after one year (or one business cycle).

+ References + Details

NET INCOME PER COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2012	Mar. 31, 2012	Dec. 31, 2011
Net income per common share
Exchangeable senior notes			$ 87,663
Operating Partnership
Net income per common share
Exchangeable senior notes		$ 87,663
Exchangeable senior notes exchange price per share (in dollars per share)		$ 23.20
Preferred Operating Partnership
Net income per common share
Exchangeable preferred operating partnership units settled in cash, minimum	$ 115,000

NET INCOME PER COMMON SHARE (Details 2) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
NET INCOME PER COMMON SHARE
Anti-dilutive share options excluded from computation of earnings per share	15,223	120,634	54,959	106,726
Computation of net income per common share
Net income attributable to common stockholders	$ 38,606	$ 15,261	$ 81,233	$ 34,171
Add: Income allocated to noncontrolling interest - Preferred Operating Partnership and Operating Partnership	2,938	2,092	7,563	5,846
Subtract: Fixed component of income allocated to noncontrolling interest - Preferred Operating Partnership	(1,438)	(1,438)	(4,313)	(4,313)
Net income for diluted computations	$ 40,106	$ 15,915	$ 84,483	$ 35,704
Weighted average number of common shares outstanding - basic	104,252,227	94,314,429	100,429,840	91,277,261
Operating Partnership units (in shares)	3,060,467	3,049,935	3,060,467	3,049,935
Preferred Operating Partnership units (in shares)	989,980	989,980	989,980	989,980
Shares related to Dilutive and Cancelled Stock Options	452,642	513,459	500,889	549,114
Weighted average number of common shares outstanding - diluted	108,755,316	98,867,803	104,981,176	95,866,290
Net income per common share
Basic (in dollars per share)	$ 0.37	$ 0.16	$ 0.81	$ 0.37
Diluted (in dollars per share)	$ 0.37	$ 0.16	$ 0.80	$ 0.37

PROPERTY ACQUISITIONS (Details) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 31, 2012 USD ($)	Sep. 30, 2012 USD ($) property state $ / shares	Sep. 30, 2011 USD ($) $ / shares	Sep. 30, 2012 USD ($) property state $ / shares shares	Sep. 30, 2011 USD ($) $ / shares
Property Acquisitions
Loan Assumed				$ 147,592	$ 8,660
Non-cash gain				$ 13,499
Number of states in which operating storage facilities are located \| state		34		34
PRISA III
Property Acquisitions
Number of Properties \| property				36
Pro forma financial information
Total revenues		$ 109,791	$ 92,235	$ 312,130	260,474
Net income attributable to common stockholders		$ 38,606	$ 16,978	$ 84,575	$ 38,819
Net income per common share
Basic \| $ / shares		$ 0.37	$ 0.18	$ 0.84	$ 0.43
Diluted \| $ / shares		$ 0.37	$ 0.18	$ 0.84	$ 0.42
Summary of revenues and earnings related to acquisition since the acquisition date
Total revenues		$ 8,657		$ 8,657
Net income attributable to common stockholders		3,067		$ 3,067
Texas, 1 Property Acquired 2012/02/29
Property Acquisitions
Number of Properties \| property				1
Total Consideration Paid		9,405		$ 9,405
Cash Consideration Paid		9,323		9,323
Net Liabilities (Assets) Assumed		82		82
Acquisition Date Fair Value, Land		1,036		1,036
Acquisition Date Fair Value, Building		8,133		8,133
Acquisition Date Fair Value, Intangible		187		187
Closing costs - expensed				$ 49
Maryland, 1 Property Acquired 2012/03/07
Property Acquisitions
Number of Properties \| property				1
Total Consideration Paid		6,284		$ 6,284
Cash Consideration Paid		5,886		5,886
Net Liabilities (Assets) Assumed		21		21
Value of OP units issued		377		$ 377
Number of OP units issued (in shares) \| shares				14,193
Acquisition Date Fair Value, Land		465		$ 465
Acquisition Date Fair Value, Building		5,600		5,600
Acquisition Date Fair Value, Intangible		128		128
Closing costs - expensed				$ 91
Florida, 3 Property Acquired 2012/05/02
Property Acquisitions
Number of Properties \| property				3
Total Consideration Paid		14,942		$ 14,942
Cash Consideration Paid		14,792		14,792
Net Liabilities (Assets) Assumed		150		150
Acquisition Date Fair Value, Land		1,933		1,933
Acquisition Date Fair Value, Building		12,682		12,682
Acquisition Date Fair Value, Intangible		321		321
Closing costs - expensed				$ 6
Maryland, 1 Property Acquired 2012/05/31
Property Acquisitions
Number of Properties \| property				1
Total Consideration Paid		6,501		$ 6,501
Cash Consideration Paid		6,438		6,438
Net Liabilities (Assets) Assumed		11		11
Value of OP units issued		52		$ 52
Number of OP units issued (in shares) \| shares				1,814
Acquisition Date Fair Value, Land		1,185		$ 1,185
Acquisition Date Fair Value, Building		5,051		5,051
Acquisition Date Fair Value, Intangible		147		147
Closing costs - expensed				$ 118
Various states, 36 Property Acquired 2012/07/02
Property Acquisitions
Number of Properties \| property				36
Total Consideration Paid		322,518		$ 322,518
Cash Consideration Paid		162,707		162,707
Loan Assumed				145,000
Non-cash gain				13,499
Previous equity interest				3,355
Net Liabilities (Assets) Assumed		(2,043)		(2,043)
Acquisition Date Fair Value, Land		67,550		67,550
Acquisition Date Fair Value, Building		248,201		248,201
Acquisition Date Fair Value, Intangible		$ 6,076		6,076
Closing costs - expensed				$ 691
Various states, 36 Property Acquired 2012/07/02 \| Prudential Real Estate Investors'
Property Acquisitions
Additional interest acquired in the venture (as a percent)		94.90%		94.90%
Number of properties owned by joint venture \| property		36		36
Number of states in which operating storage facilities are located \| state		18		18
New Jersey, New York, 6 Property Acquired 2012/07/18
Property Acquisitions
Number of Properties \| property				6
Total Consideration Paid		$ 55,614		$ 55,614
Cash Consideration Paid		55,748		55,748
Net Liabilities (Assets) Assumed		(134)		(134)
Acquisition Date Fair Value, Land		7,860		7,860
Acquisition Date Fair Value, Building		46,075		46,075
Acquisition Date Fair Value, Intangible		1,227		1,227
Closing costs - expensed				$ 452
Colorado, 1 Property Acquired 2012/07/18
Property Acquisitions
Number of Properties \| property				1
Total Consideration Paid		7,085		$ 7,085
Cash Consideration Paid		7,038		7,038
Net Liabilities (Assets) Assumed		47		47
Acquisition Date Fair Value, Building		6,945		6,945
Acquisition Date Fair Value, Intangible		137		137
Closing costs - expensed				$ 3
South Carolina, 1 Property Acquired 2012/07/19
Property Acquisitions
Number of Properties \| property				1
Total Consideration Paid		4,651		$ 4,651
Cash Consideration Paid		4,621		4,621
Net Liabilities (Assets) Assumed		30		30
Acquisition Date Fair Value, Land		1,784		1,784
Acquisition Date Fair Value, Building		2,755		2,755
Acquisition Date Fair Value, Intangible		107		107
Closing costs - expensed				$ 5
California, 1 Property Acquired 2012/07/26
Property Acquisitions
Number of Properties \| property				1
Total Consideration Paid		4,860		$ 4,860
Cash Consideration Paid		2,376		2,376
Loan Assumed				2,592
Net Liabilities (Assets) Assumed		(108)		(108)
Acquisition Date Fair Value, Land		2,428		2,428
Acquisition Date Fair Value, Building		2,317		2,317
Acquisition Date Fair Value, Intangible		93		93
Closing costs - expensed				$ 22
New York, 1 Property Acquired 2012/08/10
Property Acquisitions
Number of Properties \| property				1
Total Consideration Paid		15,300		$ 15,300
Cash Consideration Paid		15,377		15,377
Net Liabilities (Assets) Assumed		(77)		(77)
Acquisition Date Fair Value, Land		2,800		2,800
Acquisition Date Fair Value, Building		12,173		12,173
Acquisition Date Fair Value, Intangible		269		269
Closing costs - expensed				$ 58
Texas, 2 Property Acquired 2012/08/10
Property Acquisitions
Number of Properties \| property				2
Total Consideration Paid		9,948		$ 9,948
Cash Consideration Paid		9,775		9,775
Net Liabilities (Assets) Assumed		173		173
Acquisition Date Fair Value, Land		4,869		4,869
Acquisition Date Fair Value, Building		4,826		4,826
Acquisition Date Fair Value, Intangible		241		241
Closing costs - expensed				$ 12
New Jersey, 1 Property Acquired 2012/08/23
Property Acquisitions
Number of Properties \| property				1
Total Consideration Paid		9,091		$ 9,091
Cash Consideration Paid		9,099		9,099
Net Liabilities (Assets) Assumed		(8)		(8)
Acquisition Date Fair Value, Land		1,162		1,162
Acquisition Date Fair Value, Building		7,642		7,642
Acquisition Date Fair Value, Intangible		158		158
Closing costs - expensed				$ 129
New Jersey,1 Property Acquired 2012/08/23
Property Acquisitions
Number of Properties \| property				1
Total Consideration Paid		15,475		$ 15,475
Cash Consideration Paid		15,431		15,431
Net Liabilities (Assets) Assumed		44		44
Acquisition Date Fair Value, Land		1,890		1,890
Acquisition Date Fair Value, Building		13,112		13,112
Acquisition Date Fair Value, Intangible		269		269
Closing costs - expensed				$ 204
New Jersey, 1 Property Acquired 2012/08/28
Property Acquisitions
Number of Properties \| property				1
Total Consideration Paid		13,678		$ 13,678
Cash Consideration Paid		13,678		13,678
Acquisition Date Fair Value, Land		1,245		1,245
Acquisition Date Fair Value, Building		11,998		11,998
Acquisition Date Fair Value, Intangible		241		241
Closing costs - expensed				$ 194
Virginia, 1 Property Acquired 2012/09/20
Property Acquisitions
Number of Properties \| property				1
Total Consideration Paid		6,884		$ 6,884
Cash Consideration Paid		6,850		6,850
Net Liabilities (Assets) Assumed		34		34
Acquisition Date Fair Value, Land		1,172		1,172
Acquisition Date Fair Value, Building		5,562		5,562
Acquisition Date Fair Value, Intangible		119		119
Closing costs - expensed				$ 31
Utah, 1 Property Acquired
Property Acquisitions
Number of Properties \| property				1
Total Consideration Paid		7,410		$ 7,410
Cash Consideration Paid		7,322		7,322
Net Liabilities (Assets) Assumed		88		88
Acquisition Date Fair Value, Land		2,063		2,063
Acquisition Date Fair Value, Building		5,202		5,202
Acquisition Date Fair Value, Intangible		$ 132		132
Closing costs - expensed				$ 13
Maryland, land acquired on July 31, 2012
Property Acquisitions
Cash Consideration Paid	$ 3,671

VARIABLE INTERESTS (Details) $ in Thousands	1 Months Ended	9 Months Ended
VARIABLE INTERESTS (Details) $ in Thousands	May 31, 2012 USD ($) property item	Sep. 30, 2012 USD ($) interest item	Sep. 30, 2011 USD ($)	May 01, 2012
Variable Interests in Unconsolidated Real Estate Joint Ventures:
Number of interests in unconsolidated VIE joint ventures \| interest		2
Equity interests in unconsolidated VIE joint ventures, low end of range (as a percent)		18.00%
Equity interests in unconsolidated VIE joint ventures, high end of range (as a percent)		39.00%
Voting rights in unconsolidated VIE joint ventures (as a percent)		50.00%
Management fees charged from unconsolidated VIE (as a percent)	6.00%	6.00%
Number of notes receivable purchased \| item	2
Note receivable purchased	$ 7,878	$ 7,875	$ 51,000
Interest rate (as a percent)				15.00%
Number of self storage properties \| property	2
Number of joint venture VIEs \| item		2
Affiliated joint venture, Spacebox Land O' Lakes LLC and Spacebox North Fort Myers LLC
Variable Interests in Unconsolidated Real Estate Joint Ventures:
Investment balance		$ 153
Balance of guaranteed loan		9,427
Payables to company		16,523
Maximum exposure to loss		26,103
Difference		(26,103)
Extra Space of Montrose Avenue LLC
Variable Interests in Unconsolidated Real Estate Joint Ventures:
Investment balance		1,149
Balance of guaranteed loan		5,120
Payables to company		2,196
Maximum exposure to loss		8,465
Difference		(8,465)
Extra Space of Sacramento One LLC
Variable Interests in Unconsolidated Real Estate Joint Ventures:
Investment balance		(996)
Balance of guaranteed loan		4,307
Payables to company		6,094
Maximum exposure to loss		9,405
Difference		(9,405)
Spacebox Land O' Lakes LLC
Variable Interests in Unconsolidated Real Estate Joint Ventures:
Payables to company		3,781
Maximum exposure to loss		3,781
Difference		(3,781)
Spacebox North Fort Myers LLC
Variable Interests in Unconsolidated Real Estate Joint Ventures:
Payables to company		4,452
Maximum exposure to loss		4,452
Difference		$ (4,452)

VARIABLE INTERESTS (Details 2) $ in Thousands	Sep. 30, 2012 USD ($) subsidiary	Dec. 31, 2011 USD ($)
VARIABLE INTERESTS
Number of wholly-owned unconsolidated subsidiaries \| subsidiary	3
Comparison of the liability balance and the maximum exposure to loss related to trusts
Notes payable to trusts	$ 119,590	$ 119,590
The Trusts
Comparison of the liability balance and the maximum exposure to loss related to trusts
Notes payable to trusts	119,590
Investment balance	3,590
Maximum exposure to loss	116,000
Trust
Comparison of the liability balance and the maximum exposure to loss related to trusts
Notes payable to trusts	36,083
Investment balance	1,083
Maximum exposure to loss	35,000
Trust II
Comparison of the liability balance and the maximum exposure to loss related to trusts
Notes payable to trusts	42,269
Investment balance	1,269
Maximum exposure to loss	41,000
Trust III
Comparison of the liability balance and the maximum exposure to loss related to trusts
Notes payable to trusts	41,238
Investment balance	1,238
Maximum exposure to loss	$ 40,000

DERIVATIVES (Details) $ in Thousands	3 Months Ended		9 Months Ended
DERIVATIVES (Details) $ in Thousands	Sep. 30, 2012 USD ($) financialinstrument	Sep. 30, 2011 USD ($)	Sep. 30, 2012 USD ($) financialinstrument	Sep. 30, 2011 USD ($)	Dec. 31, 2011 USD ($)
Derivatives
Number of derivative financial instruments \| financialinstrument	15		15
Strike rate cash flow hedge swap agreements, low end of range (as a percent)	2.25%		2.25%
Strike rate cash flow hedge swap agreements, high end of range (as a percent)	6.98%		6.98%
Swap agreements increase (decrease) in interest expenses due to interest payments	$ (1,386)	$ (1,365)	$ (3,901)	$ (2,014)
Swap agreements gain (loss) recognized in OCI			(7,296)
Swap agreements gain (loss) reclassified from OCI			(3,901)
Fair value of cash flow hedge swap agreements	(15,607)		(15,607)		$ (8,311)
Low end of range
Derivatives
Notional Amounts	8,462		8,462
High end of range
Derivatives
Notional Amounts	$ 102,000		$ 102,000

EXCHANGEABLE SENIOR NOTES (Details) $ in Thousands	1 Months Ended	9 Months Ended
EXCHANGEABLE SENIOR NOTES (Details) $ in Thousands	Mar. 31, 2007 USD ($)	Sep. 30, 2012 shares	Apr. 26, 2012 shares	Mar. 01, 2012 USD ($)	Dec. 31, 2011 shares	Mar. 27, 2007
Notes payable
Shares of common stock issued \| shares		104,322,435			94,783,590
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%				3.625%
Conversion ratio, number of shares per $1,000 principal amount, numerator		43.1091
Redemption price as percentage of principal amount of notes plus accrued and unpaid interest		100.00%
Redemption price as percentage of principal amount of notes at request of debt holders and upon occurrence of designated event		100.00%
Principal amount of notes \| $				$ 87,663
Shares of common stock issued \| shares			684,685

STOCK OFFERING (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	9 Months Ended
	Apr. 30, 2012	Sep. 30, 2012	Sep. 30, 2011	Apr. 16, 2012
STOCK OFFERING
Public stock offering (in shares)	8,050,000
Offer price of shares of common stock sold in a public offering (in dollars per share)				$ 28.22
Gross proceeds from issuance of common stock	$ 227,171
Transaction costs of stock issuance	479
Net proceeds of the offering	$ 226,692	$ 226,692	$ 112,352

NONCONTROLLING INTEREST REPRESENTED BY PREFERRED OPERATING PARTNERSHIP UNITS (Details) $ in Thousands	1 Months Ended	9 Months Ended
	Jun. 30, 2007 property shares	Sep. 30, 2012 USD ($)	Dec. 31, 2011 USD ($)	Jun. 25, 2007 USD ($)
Noncontrolling interest represented by preferred operating partnership units
Loan to holders of preferred OP units		$ 100,000	$ 100,000
Preferred Operating Partnership
Noncontrolling interest represented by preferred operating partnership units
Number of self-storage facilities (properties) acquired \| property	10
Preferred OP units (in shares) \| shares	989,980
Loan to holders of preferred OP units				$ 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) \| 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

NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP (Details) - Operating Partnership $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2012 USD ($) D $ / shares shares
Noncontrolling interest in operating partnership
Ownership interest held by entity (as a percent)	96.30%
Noncontrolling interest in operating partnership (as a percent)	3.70%
Common OP units outstanding (in shares) \| shares	3,060,467
Number of days used as a denomination to determine the average closing price of common stock \| D	10
Common OP units conversion basis	one-for-one basis
Ten day average closing stock price (in dollars per share) \| $ / shares	$ 33.53
Consideration to be paid on redemption of common OP units \| $	$ 102,617

OTHER NONCONTROLLING INTERESTS (Details)	Sep. 30, 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%

EQUITY IN EARNINGS OF REAL ESTATE VENTURES - GAIN ON SALE OF JOINT VENTURE REAL ESTATE ASSETS AND PURCHASE OF JOINT VENTURE PARTNER'S INTEREST (Details) $ in Thousands		1 Months Ended		9 Months Ended
	Jul. 02, 2012 USD ($)	Feb. 29, 2012 USD ($)	Jan. 31, 2012 USD ($)	Sep. 30, 2012 USD ($) property state
EQUITY IN EARNINGS OF REAL ESTATE VENTURES - GAIN ON SALE OF JOINT VENTURE REAL ESTATE ASSETS AND PURCHASE OF JOINT VENTURE PARTNER'S INTEREST
Number of Real Estate Properties Owned and or Managed \| property				910
Number of States in which Entity Operates \| state				34
REAL ESTATE ASSETS
Issuance of notes receivable				$ 3,349
Gain on purchase of joint venture partner's interest				$ 13,499
U-Storage de Mexico S.A and related entities (U-Storage)
REAL ESTATE ASSETS
Percentage of interest in a joint venture sold			40.00%
Cash consideration received			$ 1,492
Issuance of notes receivable			3,349
Aggregate consideration received			$ 4,841
Affiliated joint venture
REAL ESTATE ASSETS
Percentage of interest in a joint venture sold		40.00%
Gain on sale of investment in joint venture		$ 5,550
PRISA III \| PREI
REAL ESTATE ASSETS
Gain on purchase of joint venture partner's interest	$ 13,499
Ownership percentage	94.90%
Ownership percentage acquired	5.10%

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended		9 Months Ended
SEGMENT INFORMATION (Details) $ in Thousands	Sep. 30, 2012 USD ($)	Sep. 30, 2011 USD ($)	Sep. 30, 2012 USD ($) segment	Sep. 30, 2011 USD ($)	Dec. 31, 2011 USD ($)
SEGMENT INFORMATION
Number of reportable segments \| segment			3
Balance Sheet
Investments in real estate ventures	$ 121,269		$ 121,269		$ 130,410
Total assets	3,012,922		3,012,922		2,516,250
Statement of Operations
Total revenues	109,791	$ 84,097	295,729	$ 236,618
Operating expenses, including depreciation and amortization	66,307	52,882	181,600	155,521
Income (loss) from operations	43,484	31,215	114,129	81,097
Interest expense	(18,423)	(17,196)	(52,792)	(50,739)
Interest income	461	185	1,184	556
Interest income on note receivable from Preferred Operating Partnership unit holder	1,213	1,213	3,638	3,638
Equity in earnings of real estate ventures	2,854	1,873	7,848	6,060
Equity in earnings of real estate ventures - gain on sale of real estate assets and purchase of joint venture partner's interest	13,620		19,049
Income tax expense	(1,656)	62	(4,240)	(603)
Net income	41,553	17,352	88,816	40,009
Depreciation and amortization expense
Total depreciation and amortization expense	19,768	14,364	52,918	42,041
Statement of Cash Flows
Acquisition of real estate assets			(365,616)	(108,403)
Development and construction of real estate assets			(3,137)	(6,315)
Property management, acquisition and development
Balance Sheet
Total assets	244,653		244,653		250,953
Statement of Operations
Total revenues	6,231	6,353	19,476	18,464
Income (loss) from operations	(9,777)	(6,884)	(24,727)	(22,309)
Interest expense	(848)	(926)	(1,843)	(2,531)
Interest income	459	182	1,176	548
Interest income on note receivable from Preferred Operating Partnership unit holder	1,213	1,213	3,638	3,638
Equity in earnings of real estate ventures - gain on sale of real estate assets and purchase of joint venture partner's interest	13,620		19,049
Income tax expense	(1,656)	2,570	765	6,330
Net income	3,011	(3,845)	(1,942)	(14,324)
Depreciation and amortization expense
Total depreciation and amortization expense	963	585	2,895	2,212
Statement of Cash Flows
Acquisition of real estate assets			(365,616)	(108,403)
Development and construction of real estate assets			(3,137)	(6,315)
Rental operations
Balance Sheet
Investments in real estate ventures	121,269		121,269		130,410
Total assets	2,743,474		2,743,474		2,243,441
Statement of Operations
Total revenues	94,065	69,475	249,193	195,265
Operating expenses, including depreciation and amortization	48,920	38,049	132,746	110,155
Income (loss) from operations	45,145	31,426	116,447	85,110
Interest expense	(17,575)	(16,270)	(50,949)	(48,208)
Equity in earnings of real estate ventures	2,854	1,873	7,848	6,060
Income tax expense		(169)		(527)
Net income	30,424	16,860	73,346	42,435
Depreciation and amortization expense
Total depreciation and amortization expense	18,805	13,779	50,023	39,829
Tenant reinsurance
Balance Sheet
Total assets	24,795		24,795		$ 21,856
Statement of Operations
Total revenues	9,495	8,269	27,060	22,889
Operating expenses, including depreciation and amortization	1,379	1,596	4,651	4,593
Income (loss) from operations	8,116	6,673	22,409	18,296
Interest income	2	3	8	8
Income tax expense		(2,339)	(5,005)	(6,406)
Net income	$ 8,118	$ 4,337	$ 17,412	$ 11,898

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Sep. 30, 2012 USD ($)
Commitments and Contingencies
Liability related to litigation matters	$ 1,800
ESS Baltimore LLC
Commitments and Contingencies
Guaranteed loan amount	3,970
Estimated Fair Value of Assets	6,511
Extra Space of Montrose Avenue LLC
Commitments and Contingencies
Guaranteed loan amount	5,120
Estimated Fair Value of Assets	8,364
Extra Space of Sacramento One LLC
Commitments and Contingencies
Guaranteed loan amount	4,307
Estimated Fair Value of Assets	$ 9,609

SUBSEQUENT EVENTS (Details) $ in Thousands	Oct. 26, 2012 USD ($)
Repayment of line of credit
Subsequent event
Outstanding loan balance at time of payoff	$ 100,000