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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2011	Feb. 15, 2012	Jun. 30, 2011
Document and Entity Information
Entity Registrant Name	Extra Space Storage Inc.
Entity Central Index Key	0001289490
Document Type	10-K
Document Period End Date	Dec. 31, 2011
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 1,864,609,793
Entity Common Stock, Shares Outstanding		948,099,06.
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	FY

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010
Real estate assets:
Net operating real estate assets	$ 2,254,429	$ 1,935,319
Real estate under development	9,366	37,083
Net real estate assets	2,263,795	1,972,402
Investments in real estate ventures	130,410	140,560
Cash and cash equivalents	26,484	46,750
Restricted cash	25,768	30,498
Receivables from related parties and affiliated real estate joint ventures	18,517	10,061
Other assets, net	51,276	49,549
Total assets	2,516,250	2,249,820
Liabilities, Noncontrolling Interests and Equity:
Notes payable	937,001	871,403
Notes payable to trusts	119,590	119,590
Exchangeable senior notes	87,663	87,663
Premium (discount) on notes payable	4,402	(2,205)
Lines of credit	215,000	170,467
Accounts payable and accrued expenses	45,079	35,242
Other liabilities	33,754	28,589
Total liabilities	1,442,489	1,310,749
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, 94,783,590 and 87,587,322 shares issued and outstanding at December 31, 2011 and December 31, 2010, respectively	948	876
Paid-in capital	1,290,021	1,148,820
Accumulated other comprehensive deficit	(7,936)	(5,787)
Accumulated deficit	(264,086)	(262,508)
Total Extra Space Storage Inc. stockholders' equity	1,018,947	881,401
Noncontrolling interest represented by Preferred Operating Partnership units, net of $100,000 note receivable	29,695	29,733
Noncontrolling interests in Operating Partnership	24,018	26,803
Other noncontrolling interests	1,101	1,134
Total noncontrolling interests and equity	1,073,761	939,071
Total liabilities, noncontrolling interests and equity	$ 2,516,250	$ 2,249,820

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010
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	94,783,590	87,587,322
Common stock, shares outstanding	94,783,590	87,587,322
Note receivable from noncontrolling interest represented by Preferred Operating Partnership units (in dollars)	$ 100,000	$ 100,000

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Revenues:
Property rental	$ 268,725	$ 232,447	$ 238,256
Management and franchise fees	29,924	23,122	20,961
Tenant reinsurance	31,181	25,928	20,929
Total revenues	329,830	281,497	280,146
Expenses:
Property operations	95,481	86,165	88,935
Tenant reinsurance	6,143	6,505	5,461
Unrecovered development and acquisition costs	2,896	1,235	19,011
Loss on sublease		2,000
Severance costs	2,137		2,225
General and administrative	49,683	44,428	40,224
Depreciation and amortization	58,014	50,349	52,403
Total expenses	214,354	190,682	208,259
Income from operations	115,476	90,815	71,887
Interest expense	(67,301)	(64,116)	(67,579)
Non-cash interest expense related to amortization of discount on exchangeable senior notes	(1,761)	(1,664)	(2,239)
Interest income	1,027	898	1,582
Interest income on note receivable from Preferred Operating Partnership unit holder	4,850	4,850	4,850
Gain on repurchase of exchangeable senior notes			27,928
Income before equity in earnings of real estate ventures and income tax expense	52,291	30,783	36,429
Equity in earnings of real estate ventures	7,287	6,753	6,964
Income tax expense	(1,155)	(4,162)	(4,300)
Net income	58,423	33,374	39,093
Net income allocated to Preferred Operating Partnership noncontrolling interests	(6,289)	(6,048)	(6,186)
Net income allocated to Operating Partnership and other noncontrolling interests	(1,685)	(995)	(930)
Net income attributable to common stockholders	$ 50,449	$ 26,331	$ 31,977
Net income per common share
Basic (in dollars per share)	$ 0.55	$ 0.30	$ 0.37
Diluted (in dollars per share)	$ 0.54	$ 0.30	$ 0.37
Weighted average number of shares
Basic (in shares)	92,097,008	87,324,104	86,343,029
Diluted (in shares)	96,683,508	92,050,453	91,082,834
Cash dividends paid per common share (in dollars per share)	$ 0.56	$ 0.40	$ 0.38

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Preferred Operating Partnership	Operating Partnership	Other	Par Value	Paid-in Capital	Accumulated Other Comprehensive Deficit	Accumulated Deficit	Comprehensive Income
Balances at Dec. 31, 2008	$ 946,793	$ 29,837	$ 36,628	$ 1,558	$ 858	$ 1,130,964		$ (253,052)
Balances (in shares) at Dec. 31, 2008					85,790,331
Increase (Decrease) in Stockholders' Equity
Restricted stock grants issued	5				$ 5
Restricted stock grants issued (in shares)					547,265
Restricted stock grants cancelled (in shares)					(21,256)
Compensation expense related to stock-based awards	3,809					3,809
Noncontrolling interests consolidated as business acquisitions	726			726
Investments from other noncontrolling interests	(615)			(615)
Repurchase of equity portion of exchangeable senior notes	(2,234)					(2,234)
Redemption of Operating Partnership units for cash	(1,908)		(1,908)
Redemption of Operating Partnership units for common stock			(3,583)		$ 4	3,579
Redemption of Operating Partnership units for common stock (in shares)					405,501
Comprehensive income:
Net income (loss)	39,093	6,186	1,826	(896)				31,977	$ 39,093
Change in fair value of interest rate swap	(1,111)	(11)	(44)				$ (1,056)		(1,111)
Total comprehensive income	37,982								37,982
Tax effect from vesting of restricted stock grants and stock option exercises	(414)					(414)
Tax effect from wind down of development program	2,539					2,539
Distributions to Operating Partnership units held by noncontrolling interests	(7,664)	(6,126)	(1,538)
Dividends paid on common stock at $0.56, $0.40 and $0.38 per share for the year ended 31st December, 2011, 2010 and 2009, respectively	(32,800)							(32,800)
Balances at Dec. 31, 2009	946,219	29,886	31,381	773	$ 867	1,138,243	(1,056)	(253,875)
Balances (in shares) at Dec. 31, 2009					86,721,841
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon the exercise of options	5,661				$ 5	5,656
Issuance of common stock upon the exercise of options (in shares)					484,261
Restricted stock grants issued	4				$ 4
Restricted stock grants issued (in shares)					445,230
Restricted stock grants cancelled (in shares)					(64,010)
Compensation expense related to stock-based awards	4,580					4,580
Deconsolidation of noncontrolling interests	104			104
Investments from other noncontrolling interests	87			87
Purchase of noncontrolling interest	223			223
Redemption of Operating Partnership units for cash	(4,116)		(4,116)
Comprehensive income:
Net income (loss)	33,374	6,048	1,048	(53)				26,331	33,374
Change in fair value of interest rate swap	(4,963)	(55)	(177)				(4,731)		(4,963)
Total comprehensive income	28,411								28,411
Tax effect from vesting of restricted stock grants and stock option exercises	836					836
Tax effect from contribution of property to Taxable REIT Subsidiary	(495)					(495)
Distributions to Operating Partnership units held by noncontrolling interests	(7,479)	(6,146)	(1,333)
Dividends paid on common stock at $0.56, $0.40 and $0.38 per share for the year ended 31st December, 2011, 2010 and 2009, respectively	(34,964)							(34,964)
Balances at Dec. 31, 2010	$ 939,071	29,733	26,803	1,134	$ 876	1,148,820	(5,787)	(262,508)
Balances (in shares) at Dec. 31, 2010	87,587,322				87,587,322
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon the exercise of options	$ 18,622				$ 14	18,608
Issuance of common stock upon the exercise of options (in shares)					1,388,269
Restricted stock grants issued	2				$ 2
Restricted stock grants issued (in shares)					226,630
Restricted stock grants cancelled (in shares)					(47,695)
Issuance of common stock, net of offering costs	112,349				$ 53	112,296
Issuance of common stock, net of offering costs (in shares)					5,335,423
Compensation expense related to stock-based awards	5,757					5,757
Redemption of Operating Partnership units for cash	(271)		(271)
Redemption of Operating Partnership units for common stock			(2,344)		$ 3	2,341
Redemption of Operating Partnership units for common stock (in shares)					293,641
Comprehensive income:
Net income (loss)	58,423	6,289	1,689	(4)				50,449	58,423
Change in fair value of interest rate swap	(2,237)	(22)	(66)				(2,149)		(2,237)
Total comprehensive income	56,186								$ 56,186
Tax effect from vesting of restricted stock grants and stock option exercises	2,199					2,199
Distributions to Operating Partnership units held by noncontrolling interests	(8,098)	(6,305)	(1,793)
Distributions to other noncontrolling interests	(29)			(29)
Dividends paid on common stock at $0.56, $0.40 and $0.38 per share for the year ended 31st December, 2011, 2010 and 2009, respectively	(52,027)							(52,027)
Balances at Dec. 31, 2011	$ 1,073,761	$ 29,695	$ 24,018	$ 1,101	$ 948	$ 1,290,021	$ (7,936)	$ (264,086)
Balances (in shares) at Dec. 31, 2011	94,783,590				94,783,590

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Consolidated Statements of Stockholders' Equity
Dividends paid on common stock, per share (in dollars per share)	$ 0.56	$ 0.40	$ 0.38

Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
Consolidated Statements of Cash Flows $ in Thousands	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)
Cash flows from operating activities:
Net income	$ 58,423	$ 33,374	$ 39,093
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	58,014	50,349	52,403
Amortization of deferred financing costs	5,583	4,354	3,877
Non-cash interest expense related to amortization of discount on exchangeable senior notes	1,761	1,664	2,239
Gain on repurchase of exchangeable senior notes			(27,928)
Compensation expense related to stock-based awards	5,757	4,580	3,809
Non-cash unrecovered development and acquisition costs			19,011
Loss on sublease		2,000
Distributions from real estate ventures in excess of earnings	7,008	6,722	5,968
Changes in operating assets and liabilities:
Receivables from related parties and affiliated real estate joint ventures	(8,634)	3,011	(12,347)
Other assets	7,533	(1,676)	(6,584)
Accounts payable and accrued expenses	9,837	1,856	(1,675)
Other liabilities	(1,118)	(1,419)	3,299
Net cash provided by operating activities	144,164	104,815	81,165
Cash flows from investing activities:
Acquisition of real estate assets	(194,959)	(69,588)	(38,185)
Development and construction of real estate assets	(7,060)	(36,062)	(67,301)
Proceeds from sale of real estate assets			4,652
Proceeds from sale of properties to joint venture		15,750
Investments in real estate ventures	(4,088)	(9,699)	(3,246)
Return of investment in real estate ventures	4,614	8,802	1,315
Change in restricted cash	4,730	9,036	(497)
Purchase of affiliated joint venture note receivable, net of principal payments received	(50,140)
Purchase of equipment and fixtures	(5,016)	(1,945)	(1,148)
Net cash used in investing activities	(251,919)	(83,706)	(104,410)
Cash flows from financing activities:
Proceeds from the sale of common stock, net of offering costs	112,349
Repurchase of exchangeable senior notes			(87,734)
Proceeds from notes payable and lines of credit	475,487	191,062	442,560
Principal payments on notes payable and lines of credit	(452,347)	(252,400)	(212,515)
Deferred financing costs	(6,197)	(4,160)	(8,716)
Investments from other noncontrolling interests		87
Redemption of Operating Partnership units held by noncontrolling interest	(271)	(4,116)	(1,908)
Net proceeds from exercise of stock options	18,622	5,661
Dividends paid on common stock	(52,027)	(34,964)	(32,800)
Distributions to noncontrolling interests	(8,127)	(7,479)	(7,664)
Net cash provided by (used in) financing activities	87,489	(106,309)	91,223
Net increase (decrease) in cash and cash equivalents	(20,266)	(85,200)	67,978
Cash and cash equivalents, beginning of the period	46,750	131,950	63,972
Cash and cash equivalents, end of the period	26,484	46,750	131,950
Supplemental schedule of cash flow information
Interest paid, net of amounts capitalized	61,726	60,100	64,175
Income taxes paid	665	6,539	4,292
Deconsolidation of joint ventures due to application of Accounting Standards Codification 810:
Real estate assets, net		(42,739)
Investments in real estate ventures		404
Receivables from related parties and affiliated real estate joint ventures		21,142
Other assets and other liabilities		(51)
Notes payable		21,348
Other noncontrolling interests		(104)
Redemption of Operating Partnership units held by noncontrolling interests for common stock:
Noncontrolling interests in Operating Partnership	2,344		3,583
Common stock and paid-in capital	(2,344)		(3,583)
Tax effect from vesting of restricted stock grants and stock option exercises
Other assets	2,199	836	(414)
Paid-in capital	(2,199)	(836)	414
Acquisitions of real estate assets
Real estate assets, net	137,177	25,963
Notes payable assumed	(132,327)	$ (25,963)
Notes payable issued to seller	$ 4,850
Change in receivables from related parties and affiliated real estate joint ventures due to consolidation of joint venture properties			$ 18,568

DESCRIPTION OF BUSINESS

12 Months Ended

Dec. 31, 2011

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS

1. DESCRIPTION OF BUSINESS

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

The Company invests in self-storage facilities by acquiring or developing wholly-owned facilities or by acquiring an equity interest in real estate entities. At December 31, 2011, the Company had direct and indirect equity interests in 697 storage facilities. In addition, the Company managed 185 properties for franchisees or third parties bringing the total number of properties which it owns and/or manages to 882, located in 34 states and Washington, D.C.

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, redeveloping and selling self-storage facilities. In June 2009, the Company announced the wind-down of its development activities. As of December 31, 2011, there was one remaining development project in process. The Company expects to complete this project by the end of the first quarter of 2012. 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.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2011

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

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

Variable Interest Entities

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

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

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

Use of Estimates

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

Reclassifications

Certain amounts in the 2010 and 2009 financial statements and supporting note disclosures have been reclassified to conform to the current year presentation. Such reclassifications did not impact previously reported net income or accumulated deficit.

Fair Value Disclosures

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	December 31, 2011			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	$	(8,311	)	$	—	$	(8,311	)	$	—

There were no transfers of assets and liabilities between Level 1 and Level 2 during the year ended December 31, 2011. The Company did not have any significant assets or liabilities that are re-measured on a recurring basis using significant unobservable inputs as of December 31, 2011 or 2010.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Long-lived assets held for use are evaluated by the Company for impairment when events or circumstances indicate that there may be impairment. The Company reviews each self-storage facility at least annually to determine if any such events or circumstances have occurred or exist. The Company focuses on facilities where occupancy and/or rental income have decreased by a significant amount. For these facilities, the Company determines whether the decrease is temporary or permanent and whether the facility will likely recover the lost occupancy and/or revenue in the short term. In addition, the Company carefully reviews facilities in the lease-up stage and compares actual operating results to original projections.

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

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

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

As of December 31, 2011 and 2010, the Company did not have any assets or liabilities measured at fair value on a nonrecurring basis.

Fair Value of Financial Instruments

The carrying values of cash and cash equivalents, restricted cash, receivables, other financial instruments included in other assets, accounts payable and accrued expenses, variable rate notes payable, lines of credit and other liabilities reflected in the consolidated balance sheets at December 31, 2011 and 2010, approximate fair value. The fair values of the Company's notes receivable, fixed rate notes payable and notes payable to trusts and exchangeable senior notes are as follows:

	December 31, 2011				December 31, 2010

	Fair Value		Carrying Value		Fair Value		Carrying Value
Note receivable from Preferred Operating Partnership unit holder	$	104,049	$	100,000	$	115,696	$	100,000
Fixed rate notes payable and notes payable to trusts	$	1,008,039	$	938,681	$	777,575	$	731,588
Exchangeable senior notes	$	92,265	$	87,663	$	118,975	$	87,663

Real Estate Assets

Real estate assets are stated at cost, less accumulated depreciation. Direct and allowable internal costs associated with the development, construction, renovation, and improvement of real estate assets are capitalized. Interest, property taxes, and other costs associated with development incurred during the construction period are capitalized. Capitalized interest during the years ended December 31, 2011, 2010 and 2009, was $752, $2,013, and $4,148, respectively.

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

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

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

Investments in Real Estate Ventures

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

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

Cash and Cash Equivalents

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

Restricted Cash

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

Other Assets

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

Derivative Instruments and Hedging Activities

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

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

Risk Management and Use of Financial Instruments

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

Conversion of Operating Partnership Units

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

Revenue and Expense Recognition

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

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

Real Estate Sales

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

Advertising Costs

The Company incurs advertising costs primarily attributable to directory, direct mail, internet and other advertising. Direct response advertising costs are deferred and amortized over the expected benefit period determined to be 12 months. As of December 31, 2011 and 2010, the Company had $860 and $1,073, respectively, of prepaid advertising included in other assets on the consolidated balance sheets. All other advertising costs are expensed as incurred. The Company recognized $5,958, $6,430 and $5,892 in advertising expense for the years ended December 31, 2011, 2010 and 2009, respectively.

Income Taxes

The Company has elected to be treated as a REIT under Sections 856 through 860 of the Internal Revenue Code. In order to maintain its qualification as a REIT, among other things, the Company is required to distribute at least 90% of its REIT taxable income to its stockholders and meet certain tests regarding the nature of its income and assets. As a REIT, the Company is not subject to federal income tax with respect to that portion of its income which meets certain criteria and is distributed annually to stockholders. The Company plans to continue to operate so that it meets the requirements for taxation as a REIT. Many of these requirements, however, are highly technical and complex. If the Company were to fail to meet these requirements, it would be subject to federal income tax. The Company is subject to certain state and local taxes. Provision for such taxes has been included in income tax expense on the Company's consolidated statements of operations. For the year ended December 31, 2011, 0.0% (unaudited) of all distributions to stockholders qualifies as a return of capital.

The Company has elected to treat its corporate subsidiary, Extra Space Management, Inc. ("ESMI"), as a taxable REIT subsidiary ("TRS"). In general, the Company's TRS may perform additional services for tenants and generally may engage in any real estate or non-real estate related business (except for the operation or management of health care facilities or any lodging facilities or the provision to any person, under a franchise, license or otherwise, of rights to any brand name under which lodging facility or health care facility is operated). A TRS is subject to corporate federal income tax. ESM Reinsurance Limited, a wholly-owned subsidiary of ESMI, generates income from insurance premiums that are subject to corporate federal income tax and state insurance premiums tax.

Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities. At December 31, 2011 and 2010, there were no material unrecognized tax benefits. Interest and penalties relating to uncertain tax positions will be recognized in income tax expense when incurred. As of December 31, 2011 and 2010, the Company had no interest or penalties related to uncertain tax provisions.

Stock-Based Compensation

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

Net Income Per Share

Basic net income per common share is computed by dividing net income by the weighted average common shares outstanding including unvested share based payment awards that contain a non-forfeitable right to dividends or dividend equivalents. Diluted earnings per common share measures the performance of the Company over the reporting period while giving effect to all potential common shares that were dilutive and outstanding during the period. The denominator includes the weighted average number of basic shares and the number of additional common shares that would have been outstanding if the potential common shares that were dilutive had been issued and is calculated using either the treasury stock or 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 has $87,663 of exchangeable senior notes issued and outstanding as of December 31, 2011, that also can potentially have a dilutive effect on its earnings per share calculations. The exchangeable senior notes are exchangeable by holders into shares of the Company's common stock under certain circumstances per the terms of the indenture governing the exchangeable senior notes. The exchangeable senior notes are exchangeable if the price of the Company's common stock is greater than or equal to 130% of the applicable exchange price for a specified period during a quarter, and under certain other circumstances. The exchange price was $23.20 per share at December 31, 2011, and could change over time as described in the indenture. The price of the Company's common stock did not exceed 130% of the exchange price for the specified period of time during the fourth quarter of 2011. The exchangeable senior notes are also exchangeable at any time from March 1, 2012 through April 1, 2012.

The Company has irrevocably agreed to pay only cash for the accreted principal amount of the exchangeable senior notes relative to its exchange obligations, but has retained the right to satisfy the exchange obligations in excess of the accreted principal amount in cash and/or common stock. Though the Company has retained that right, Accounting Standards Codification ("ASC") 260, "Earnings Per Share," requires an assumption that shares will be used to pay the exchange obligations in excess of the accreted principal amount, and requires that those shares be included in the Company's calculation of weighted average common shares outstanding for the diluted earnings per share computation using the treasury stock method. No shares were included in the computation at December 31, 2011, as the shares in excess over the accreted principal would have been anti-dilutive. For the years ending December 31, 2010 and 2009, no shares were included in the computation because there was no excess over the accreted principal for these periods.

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

For the years ended December 31, 2011, 2010 and 2009, options to purchase approximately 107,523 shares, 1,788,142 shares, and 4,925,153 shares of common stock, respectively, were excluded from the computation of earnings per share as their effect would have been anti-dilutive. All restricted stock grants have been included in basic and diluted shares outstanding because such shares earn a non-forfeitable dividend and carry voting rights.

The computation of net income per share is as follows:

	For the Year Ended December 31,

	2011			2010			2009
Net income attributable to common stockholders	$	50,449		$	26,331		$	31,977
Add: Income allocated to noncontrolling interest—Preferred Operating Partnership and Operating Partnership		7,978			7,096			8,012
Subtract: Fixed component of income allocated to noncontrolling interest—Preferred Operating Partnership		(5,750	)		(5,750	)		(5,750	)

Net income for diluted computations	$	52,677		$	27,677		$	34,239

Weighted average common shares outstanding:
Average number of common shares outstanding—basic		92,097,008			87,324,104			86,343,029
Operating Partnership units		3,049,935			3,356,963			3,627,368
Preferred Operating Partnership units		989,980			989,980			989,980
Dilutive and cancelled stock options		546,585			379,406			122,457

Average number of common shares outstanding—diluted		96,683,508			92,050,453			91,082,834
Net income per common share
Basic	$	0.55		$	0.30		$	0.37
Diluted	$	0.54		$	0.30		$	0.37

Recently Issued Accounting Standards

In June 2011, the FASB issued Accounting Standards Update ("ASU") 2011-05, "Comprehensive Income (Topic 220): Presentation of Comprehensive Income," which is effective for annual reporting periods beginning after December 15, 2011. This guidance eliminates the option to present the components of other comprehensive income as part of the statement of stockholders' equity. In addition, items of other comprehensive income that are reclassified to profit or loss are required to be presented separately on the face of the financial statements. This guidance is intended to increase the prominence of other comprehensive income in financial statements by requiring that such amounts be presented either in a single continuous statement of income and comprehensive income or separately in consecutive statements of income and comprehensive income. The Company's adoption of ASU 2011-05 is not expected to have a material impact on its financial condition or results of operations.

In May 2011, the FASB issued ASU No. 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs ("ASU No. 2011-04"). ASU No. 2011-04 updates and further clarifies requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. Additionally, ASU No. 2011-04 clarifies the FASB's intent about the application of existing fair value measurements. ASU No. 2011-04 is effective for interim and annual periods beginning after December 15, 2011 and is applied prospectively. The Company does not expect that the adoption of ASU No. 2011-04 will have a material impact to its consolidated financial statements.

REAL ESTATE ASSETS

12 Months Ended

Dec. 31, 2011

REAL ESTATE ASSETS

REAL ESTATE ASSETS

3. REAL ESTATE ASSETS

The components of real estate assets are summarized as follows:

	December 31, 2011			December 31, 2010

Land—operating	$	580,995		$	494,005
Land—development		14,600			24,284
Buildings and improvements		1,934,693			1,641,665
Intangible assets—tenant relationships		37,293			32,257
Intangible lease rights		6,150			6,150

		2,573,731			2,198,361
Less: accumulated depreciation and amortization		(319,302	)		(263,042	)

Net operating real estate assets		2,254,429			1,935,319
Real estate under development		9,366			37,083

Net real estate assets	$	2,263,795		$	1,972,402

Real estate assets held for sale included in net real estate assets	$	7,875		$	11,275

The Company amortizes to expense intangible assets—tenant relationships on a straight-line basis over the average period that a tenant is expected to utilize the facility (currently estimated at 18 months). The Company amortizes to expense the intangible lease rights over the terms of the related leases. Amortization related to the tenant relationships and lease rights was $2,633, $907, and $1,905, for the years ended December 31, 2011, 2010 and 2009, respectively. The remaining balance of the unamortized lease rights will be amortized over the next 6 to 50 years.

In June 2009, the Company announced the wind-down of its development activities. As a result of this change, the Company reviewed its properties under construction, unimproved land and its investment in development joint ventures for potential impairments. This review included the preparation of updated models based on current market conditions, obtaining appraisals and reviewing recent sales and list prices of undeveloped land and mature self storage facilities. Based on this review, the Company identified certain assets as being impaired. The impairments relating to long-lived assets where the Company intends to complete the development and hold the asset are the result of the estimated undiscounted future cash flows being less than the current carrying value of the assets. The Company compared the carrying value of certain undeveloped land and seven vacant condominiums that the Company intended to sell to the fair market value of similar undeveloped land and condominiums. For the assets that the Company intended to sell, where the current estimated fair market value less costs to sell was below the carrying value, the Company reduced the carrying value of the asset to the current fair market value less selling costs and recorded an impairment charge. These assets were classified as held for sale. The impairments relating to investments in development joint ventures were the result of the Company comparing the estimated current fair market value to the carrying value of the investment. For those investments in development joint ventures where the current estimated fair market value was below the carrying value, the Company reduced the investment to the current fair market value through an impairment charge. Losses relating to changes in fair value were included in unrecovered development and acquisition costs on the Company's statements of operations for the year ended December 31, 2009. No impairment losses were recorded during the years ended December 31, 2011 or 2010. During 2011, the Company decided to lease the seven condominiums and as such they are no longer included as real estate assets held for sale. The rental income related to the condominiums is included in property operations and was immaterial for the year ending December 31, 2011. Real estate assets held for sale included in net real estate assets as of December 31, 2011 are recorded at fair value and consisted of undeveloped land.

On April 10, 2009, the Company sold vacant land in Los Angeles, California for cash of $4,652. A loss of $343 was recorded as a result of this sale, and is included in unrecovered development and acquisition costs in the consolidated statement of operations.

- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 57
-Paragraph 2
-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 SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph c
-Subparagraph Schedule III
-Article 5

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 28
-Article 12

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 6
-Subparagraph a
-Article 5

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher OTS
-Name Federal Regulation (FR)
-Number Title 12
-Chapter V
-Section 563c.102
-Paragraph 11
-Subsection I
-LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy. It will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Chapter 3
-Section A
-Paragraph 9
-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 154
-Paragraph 22
-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 Statement of Financial Accounting Standard (FAS)
-Number 67
-Paragraph 4, 5, 6, 7
-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 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 46R
-Paragraph 23, 24
-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 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 01-6
-Paragraph 13
-Subparagraph f
-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 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 15
-Paragraph 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 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 75-2
-Paragraph 47, 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 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Audit and Accounting Guide (AAG)
-Number AAG-DEP
-Chapter 11
-Paragraph 2, 6, 9-11, 18, 20
-IssueDate 2006-05-01
-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 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 04-2
-Paragraph 41, 63, 64
-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 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 7, 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 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 34
-Paragraph 9, 11, 12, 13, 14, 15, 21
-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 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 66
-Paragraph 4, 5, 37, 50, 59, 65, 95, 97
-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 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher OTS
-Name Federal Regulation (FR)
-Number Title 12
-Chapter V
-Section 563c.102
-Paragraph 10
-Subparagraph a, b
-Subsection I
-LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy. It will be removed from future versions of this taxonomy.

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 10
-Subparagraph 4
-Article 9

Reference 20: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 11
-Article 9

Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 970
-SubTopic 360
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-28)
-URI http://asc.fasb.org/extlink&oid=6590653&loc=d3e638233-123024

+ Details

PROPERTY ACQUISITIONS

12 Months Ended

Dec. 31, 2011

PROPERTY ACQUISITIONS

PROPERTY ACQUISITIONS

4. PROPERTY ACQUISITIONS

The following table shows the Company's acquisition of operating properties for the years ended December 31, 2011 and 2010, and does not include purchases of raw land or improvements made to existing assets:

					Consideration Paid													Acquisition Date Fair Value

Property Location	Number of Properties		Date of Acquisition		Total Paid		Cash Paid		Loan Assumed		Notes Payable Issued to Seller		Previous equity interest		Net Liabilities/ (Assets) Assumed			Land		Building		Intangible		Closing costs— expensed
New Jersey		1		12/16/2011	$	6,832	$	6,806	$	—	$	—	$	—	$	26		$	1,093	$	5,492	$	157	$	90
Florida, Illinois, Massachusetts, New York, Rhode Island		6		12/1/2011		61,797		4,941		50,140		4,850		1,817		49			15,645		46,139		—		13
Florida		1		10/25/2011		5,853		5,615		—		—		—		238			521		5,198		113		21
California		19		10/19/2011		104,029		31,464		73,527		—		—		(962	)		32,270		69,496		2,164		99
New Jersey		1		10/6/2011		18,372		18,334		—		—		—		38			861		17,127		333		51
Texas		1		8/2/2011		2,402		2,353		—		—		—		49			978		1,347		73		4
Maryland		1		8/1/2011		7,343		7,342		—		—		—		1			764		6,331		143		105
Maryland		1		7/8/2011		5,785		5,795		—		—		—		(10	)		1,303		4,218		125		139
Ohio, Indiana, Kentucky		15		6/27/2011		39,773		39,387		—		—		—		386			13,478		25,098		903		294
Nevada		1		6/22/2011		3,355		3,339		—		—		—		16			1,441		1,810		98		6
Colorado		1		6/10/2011		4,600		2,664		1,907		—		—		29			296		4,199		98		7
New Jersey		1		6/2/2011		4,963		4,959		—		—		—		4			1,644		3,115		135		69
Virginia		1		5/26/2011		10,514		5,205		5,463		—		—		(154	)		932		9,349		202		31
Colorado		1		5/25/2011		3,540		2,262		1,290		—		—		(12	)		407		3,077		61		(5	)
Tennessee		1		4/15/2011		2,539		2,514		—		—		—		25			652		1,791		79		17
California		1		4/7/2011		8,207		8,150		—		—		—		57			2,211		5,829		163		4
Utah, Texas		2		4/1/2011		7,262		7,205		—		—		—		57			1,512		5,548		188		14
Texas		2		12/14/2010		6,414		6,359		—		—		—		55			2,010		4,221		146		37
New York		1		11/23/2010		9,727		4,547		5,601		—		—		(421	)		5,676		3,784		209		58
Utah		2		11/23/2010		4,559		4,570		—		—		—		(11	)		1,306		3,132		106		15
Maryland, Virginia		2		10/20/2010		16,784		16,828		—		—		—		(44	)		1,461		14,668		490		165
Utah		1		10/20/2010		4,531		4,514		—		—		—		17			986		3,455		80		10
Alabama		2		8/23/2010		2,593		2,534		—		—		—		59			416		2,033		140		4
Florida		1		7/15/2010		2,787		2,759		—		—		—		28			625		2,133		19		10
Georgia		3		6/17/2010		7,661		7,551		—		—		—		110			2,769		4,487		318		87
New York		1		5/21/2010		9,629		3,231		6,475		—		—		(77	)		2,802		6,536		220		71

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

- 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
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 67-73
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+ Details

INVESTMENTS IN REAL ESTATE VENTURES

12 Months Ended

Dec. 31, 2011

INVESTMENTS IN REAL ESTATE VENTURES

INVESTMENTS IN REAL ESTATE VENTURES

5. INVESTMENTS IN REAL ESTATE VENTURES

Investments in real estate ventures consist of the following:

							Investment balance at

	Equity Ownership %			Excess Profit Participation %			December 31, 2011			December 31, 2010
Extra Space West One LLC ("ESW")		5	%		40	%	$	689		$	1,077
Extra Space West Two LLC ("ESW II")		5	%		40	%		4,501			4,606
Extra Space Northern Properties Six LLC ("ESNPS")		10	%		35	%		953			1,142
Extra Space of Santa Monica LLC ("ESSM")		48	%		48	%		3,015			2,901
Clarendon Storage Associates Limited Partnership ("Clarendon")		50	%		50	%		3,171			3,204
HSRE-ESP IA, LLC ("HSRE")		50	%		50	%		11,528			11,984
PRISA Self Storage LLC ("PRISA")		2	%		17	%		11,141			11,445
PRISA II Self Storage LLC ("PRISA II")		2	%		17	%		9,502			9,855
PRISA III Self Storage LLC ("PRISA III")		5	%		20	%		3,410			3,568
VRS Self Storage LLC ("VRS")		45	%		54	%		43,974			44,641
WCOT Self Storage LLC ("WCOT")		5	%		20	%		4,495			4,799
Storage Portfolio I LLC ("SP I")		25	%		25 - 40	%		11,853			14,873
Storage Portfolio Bravo II ("SPB II")		20	%		20 - 45	%		14,435			14,759
Extra Space Joint Ventures with Everest Real Estate Fund ("Everest")		39 - 58	%		40 - 50	%		3,609			5,514
U-Storage de Mexico S.A. and related entities ("U-Storage")		40	%		40	%		4,841			4,852
Other minority owned properties		18 - 50	%		19 - 50	%		(707	)		1,340

							$	130,410		$	140,560

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

In accordance with ASC 810, the Company reviews all of its joint venture relationships quarterly to ensure that there are no entities that require consolidation. As of December 31, 2011, there were no previously unconsolidated entities that were required to be consolidated as a result of this review.

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

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

On June 28, 2010, the Company contributed $6,660 to ESW as a result of a capital call related to the joint venture's repayment of its $16,650 loan. On August 25, 2010, ESW closed on a new loan and on August 30, 2010, ESW returned $6,660 of investment capital to the Company.

On June 15, 2010, the Company paid $193 to obtain an additional 7.2% percentage interest in ESSM, increasing the Company's interest in the venture from 41.0% to 48.2%.

On January 21, 2010, the Company closed a joint venture transaction with an affiliate of Harrison Street Real Estate Capital LLC ("Harrison Street"). Harrison Street contributed approximately $15,800 in cash to the joint venture in return for a 50.0% ownership interest. The Company contributed 19 wholly-owned properties and received approximately $15,800 in cash and a 50.0% ownership interest in the joint venture. The joint venture assumed approximately $101,000 of existing debt which is secured by the properties. The properties are located in California, Florida, Nevada, Ohio, Pennsylvania, Tennessee, Texas and Virginia. The Company continues to operate the properties and receives a 6.0% management fee. The Company's 50% joint venture interest is accounted for using the equity method of accounting.

Equity in earnings (losses) of real estate ventures consists of the following:

	For the Year Ended December 31,

	2011			2010			2009
Equity in earnings of ESW	$	1,156		$	1,213		$	1,164
Equity in losses of ESW II		(8	)		(31	)		(24	)
Equity in earnings of ESNPS		338			239			277
Equity in earnings (losses) of ESSM		114			(142	)		(113	)
Equity in earnings of Clarendon		465			417			375
Equity in earnings (losses) of HSRE		388			(161	)		—
Equity in earnings of PRISA		674			641			483
Equity in earnings of PRISA II		530			481			550
Equity in earnings of PRISA III		330			262			235
Equity in earnings of VRS		2,279			2,221			2,116
Equity in earnings of WCOT		92			251			242
Equity in earnings (losses) of SP I		(116	)		934			793
Equity in earnings of SPB II		301			184			283
Equity in earnings (losses) of Everest		179			195			(6	)
Equity in earnings (losses) of U-Storage		(11	)		55			70
Equity in earnings (losses) of other minority owned properties		576			(6	)		519

	$	7,287		$	6,753		$	6,964

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

Information (unaudited) related to the real estate ventures' debt at December 31, 2011, is set forth below:

	Loan Amount				Debt Maturity

ESW—Fixed	$	16,700	5.00	%	September 2015
ESW II—Fixed		20,000	5.48	%	March 2012
ESNPS—Fixed		34,500	5.27	%	June 2015
ESSM—Variable		11,125	3.01	%	November 2014
Clarendon—Swapped to fixed		8,266	5.93	%	September 2018
HSRE—Fixed		99,203	5.29	%	August 2015
PRISA		—	—		Unleveraged
PRISA II		—	—		Unleveraged
PRISA III—Fixed		145,000	4.97	%	August 2012
VRS—Fixed		52,100	4.76	%	August 2012
WCOT—Fixed		92,140	4.76	%	August 2012
SP I—Fixed		98,568	4.66	%	April 2018
SPB II—Fixed		57,350	8.00	%	August 2014
U-Storage		—	—		Unleveraged
Other minority owned properties		74,402	Various		Various

Combined, condensed unaudited financial information of ESW, ESW II, ESNPS, PRISA, PRISA II, PRISA III, VRS, WCOT, SP I and SPB II and HSRE as of December 31, 2011 and 2010, and for the years ended December 31, 2011, 2010, and 2009, follows:

	December 31,

Balance Sheets:	2011		2010
Assets:
Net real estate assets	$	1,971,431	$	2,056,032
Other		48,728		28,866

	$	2,020,159	$	2,084,898

Liabilities and members' equity:
Notes payable	$	615,561	$	634,778
Other liabilities		37,558		27,700
Members' equity		1,367,040		1,422,420

	$	2,020,159	$	2,084,898

	For the Year Ended December 31,

Statements of Income:	2011		2010		2009
Rents and other income	$	304,499	$	297,658	$	282,181
Expenses		217,114		211,283		195,330

Net income	$	87,385	$	86,375	$	86,851

Variable Interests in Unconsolidated Real Estate Joint Ventures:

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

The VIE JVs each own a single self-storage property. These joint ventures are financed through a combination of (1) equity contributions from the Company and its joint venture partners, (2) mortgage notes payable and (3) payables to the Company. The payables to the Company consist of amounts owed for expenses paid on behalf of the joint ventures by the Company as manager and mortgage notes payable to the Company. The Company performs management services for the VIE JVs in exchange for a management fee of approximately 6% of cash collected by the properties. Except as disclosed, the Company has not provided financial or other support during the periods presented to the VIE JVs that it was not previously contractually obligated to provide.

The Company guarantees the mortgage notes payable of the VIE JVs. The Company's maximum exposure to loss for these joint ventures as of December 31, 2011, is the total of the guaranteed loan balances, the payables due to the Company and the Company's investment balances in the joint ventures. The Company believes that the risk of incurring a material loss as a result of having to perform on the loan guarantees is unlikely and, therefore, no liability has been recorded related to these guarantees. Also, repossessing and/or selling the self-storage facility and land that collateralize the loans could provide funds sufficient to reimburse the Company. Additionally, the Company believes the payables to the Company are collectible.

The following table compares the liability balance and the maximum exposure to loss related to the VIE JVs as of December 31, 2011:

	Liability Balance		Investment Balance			Balance of Guaranteed Loan		Payables to Company		Maximum Exposure to Loss		Difference

Extra Space of Montrose Avenue LLC	$	—	$	1,194		$	5,120	$	2,195	$	8,509	$	(8,509	)
Extra Space of Sacramento One LLC		—		(914	)		4,307		6,111		9,504		(9,504	)

	$	—	$	280		$	9,427	$	8,306	$	18,013	$	(18,013	)

The Company had no consolidated VIEs for the year ended December 31, 2011.

- Definition

The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is.

+ References + Details

OTHER ASSETS

12 Months Ended

Dec. 31, 2011

OTHER ASSETS

OTHER ASSETS

6. OTHER ASSETS

The components of other assets are summarized as follows:

	December 31, 2011			December 31, 2010

Equipment and fixtures	$	12,146		$	13,552
Less: accumulated depreciation		(8,847	)		(10,490	)
Other intangible assets		3,424			3,343
Deferred financing costs, net		15,386			14,519
Prepaid expenses and deposits		5,265			6,869
Accounts receivable, net		14,262			12,519
Investments in Trusts		3,590			3,590
Income taxes receivable		2,447			1,353
Deferred tax assets		3,603			4,294

	$	51,276		$	49,549

NOTES PAYABLE

12 Months Ended

Dec. 31, 2011

NOTES PAYABLE

NOTES PAYABLE

7. NOTES PAYABLE

The components of notes payable are summarized as follows:

	December 31, 2011		December 31, 2010

*Fixed Rate*
Mortgage and construction loans with banks (including loans subject to interest rate swaps) bearing interest at fixed rates between 3.7% and 7.0%. The loans are collateralized by mortgages on real estate assets and the assignment of rents. Principal and interest payments are made monthly with all outstanding principal and interest due between January 2012 and February 2021.	$	819,091	$	695,505
*Variable Rate*
Mortgage and construction loans with banks bearing floating interest rates based on LIBOR and Prime. Interest rates based on LIBOR are between LIBOR plus 2.0% (2.3% at December 31, 2011 and December 31, 2010) and LIBOR plus 4.0% (4.3% at December 31, 2011 and December 31, 2010). Interest rates based on Prime are between Prime plus 0.5% (3.8% at December 31, 2011 and December 31, 2010), and Prime plus 1.5% (4.8% at December 31, 2011 and December 31, 2010). The loans are collateralized by mortgages on real estate assets and the assignment of rents. Principal and interest payments are made monthly with all outstanding principal and interest due between May 2012 and May 2015.		117,910		175,898

	$	937,001	$	871,403

The following table summarizes the scheduled maturities of notes payable at December 31, 2011:


2012	$	38,314
2013		120,680
2014		166,291
2015		200,040
2016		182,624
Thereafter		229,052

	$	937,001

Certain mortgage and construction loans with variable interest rates are subject to interest rate floors starting at 3.0%. Real estate assets are pledged as collateral for the notes payable. Also, certain of these notes payable are cross-collateralized with other properties. Of the Company's $937,001 in notes payable outstanding at December 31, 2011, $418,348 were recourse due to guarantees or other security provisions. The Company is subject to certain restrictive covenants relating to the outstanding notes payable. The Company was in compliance with all financial covenants at December 31, 2011.

DERIVATIVES

12 Months Ended

Dec. 31, 2011

DERIVATIVES

DERIVATIVES

8. 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 operation.

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 following table summarizes the terms of the Company's seven derivative financial instruments:

Hedge Product		Hedge Type		Notional Amounts		Strike		Effective Dates		Maturity Dates

Swap Agreements		Cash Flow		$8,462 - $63,000		2.24% - 6.98%		2/1/2009 - 10/1/2011		6/30/2013 - 9/20/2018

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

		For the Year Ended December 31,

	Classification of Income (Expense)	For the Year Ended December 31,
Type	Classification of Income (Expense)	2011			2010			2009
Swap Agreements	Interest expense	$	(3,771	)	$	(3,078	)	$	(463	)

Information relating to the losses recognized on the swap agreements is as follows:

					Gain (loss) reclassified from OCI

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

The Swap Agreements were highly effective for the year ended December 31, 2011. The gain (loss) reclassified from OCI in the preceding table represents the effective portion of our cash flow hedges reclassified from OCI to interest expense during the year ended December 31, 2011.

The balance sheet classification and carrying amounts of the interest rate swaps are as follows:

	Asset (Liability) Derivatives

	December 31, 2011				December 31, 2010
Derivatives designated as hedging instruments:	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Swap Agreements	Other liabilities	$	(8,311	)	Other liabilities	$	(6,074	)

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-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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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44
-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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-SubTopic 10
-Section 50
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5708775-113959

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41635-113959

Reference 20: 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))
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Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5708773-113959

Reference 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

+ Details

NOTES PAYABLE TO TRUSTS

12 Months Ended

Dec. 31, 2011

NOTES PAYABLE TO TRUSTS

NOTES PAYABLE TO TRUSTS

9. NOTES PAYABLE TO TRUSTS

During July 2005, ESS Statutory Trust III (the "Trust III"), a newly formed Delaware statutory trust and a wholly-owned, unconsolidated subsidiary of the Operating Partnership, issued an aggregate of $40,000 of preferred securities which mature on July 31, 2035. In addition, the Trust III issued 1,238 of Trust common securities to the Operating Partnership for a purchase price of $1,238. On July 27, 2005, the proceeds from the sale of the preferred and common securities of $41,238 were loaned in the form of a note to the Operating Partnership ("Note 3"). Note 3 had a fixed rate of 6.91% through July 31, 2010, and then was payable at a variable rate equal to the three-month LIBOR plus 2.40% per annum. Effective July 11, 2011, the Trust III entered into an interest rate swap that fixes the interest rate to be paid at 4.99% per annum and matures July 11, 2018. The interest on Note 3, payable quarterly, will be used by the Trust III to pay dividends on the trust preferred securities. The trust preferred securities became redeemable by the Trust III with no prepayment premium on July 27, 2010.

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

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

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

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

Following is a tabular comparison of the carrying amounts of the liabilities the Company has recorded as a result of its involvements with the trusts to the maximum exposure to loss the Company is subject to related to the trusts as of December 31, 2011:

	Notes payable to Trusts as of December 31, 2011		Investment Balance		Maximum exposure to loss		Difference

Trust	$	36,083	$	1,083	$	35,000	$	—
Trust II		42,269		1,269		41,000		—
Trust III		41,238		1,238		40,000		—

	$	119,590	$	3,590	$	116,000	$	—

EXCHANGEABLE SENIOR NOTES

12 Months Ended

Dec. 31, 2011

EXCHANGEABLE SENIOR NOTES

EXCHANGEABLE SENIOR NOTES

10. EXCHANGEABLE SENIOR NOTES

On March 27, 2007, the Company's Operating Partnership issued $250,000 of its 3.625% Exchangeable Senior Notes due April 1, 2027 (the "Notes"). Costs incurred to issue the Notes were approximately $5,700. The remaining portion of these costs are being amortized as an adjustment to interest expense over five years, which represents the estimated term of the Notes, and are included in other assets, net in the consolidated balance sheet as of December 31, 2011 and 2010. The Notes are general unsecured senior obligations of the Operating Partnership and are fully guaranteed by the Company. Interest is payable on April 1 and October 1 of each year until the maturity date of April 1, 2027. The Notes bear interest at 3.625% per annum and contain an exchange settlement feature, which provides that the Notes may, under certain circumstances, be 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 an exchange rate as of December 31, 2011, of approximately 43.1091 shares per $1,000 principal amount of Notes at the option of the Operating Partnership.

The Operating Partnership may redeem the Notes at any time to preserve the Company's status as a REIT. In addition, on or after April 5, 2012, the Operating Partnership may redeem the Notes for cash, in whole or in part, at 100% of the principal amount plus accrued and unpaid interest, upon at least 30 days but not more than 60 days prior written notice to holders of the Notes.

The holders of the Notes have the right to require the Operating Partnership to repurchase the Notes for cash, in whole or in part, on each of April 1, 2012, April 1, 2017 and April 1, 2022, and upon the occurrence of a designated event, in each case for a repurchase price equal to 100% of the principal amount of the Notes plus accrued and unpaid interest. Certain events are considered "Events of Default," as defined in the indenture governing the Notes, which may result in the accelerated maturity of the Notes.

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, accounts for the liability and equity components of the Notes separately. The equity component is included in paid-in-capital in stockholders' equity in the consolidated balance sheet, and the value of the equity component is treated as original issue discount for purposes of accounting for the debt component. The discount is being amortized over the period of the debt as additional interest expense.

Information about the carrying amounts of the equity component, the principal amount of the liability component, its unamortized discount, and its net carrying amount are as follows:

	December 31, 2011			December 31, 2010

Carrying amount of equity component	$	19,545		$	19,545

Principal amount of liability component	$	87,663		$	87,663
Unamortized discount		(444	)		(2,205	)

Net carrying amount of liability component	$	87,219		$	85,458

The remaining discount will be amortized over the remaining period of the debt through its first repurchase date, April 1, 2012. The effective interest rate on the liability component is 5.75%.

The amount of interest cost recognized relating to the contractual interest rate and the amortization of the discount on the liability component is as follows:

	For the Year Ended December 31,

	2011		2010		2009
Contractual interest	$	3,178	$	3,178	$	4,524
Amortization of discount		1,761		1,664		2,239

Total interest expense recognized	$	4,939	$	4,842	$	6,763

Repurchases of Notes

The Company has repurchased a portion of its Notes. The Company allocated the value of the consideration paid to repurchase the Notes (1) to the extinguishment of the liability component and (2) to the reacquisition of the equity component. The amount allocated to the extinguishment of the liability component is equal to the fair value of that component immediately prior to extinguishment. The difference between the consideration attributed to the extinguishment of the liability component and the sum of (a) the net carrying amount of the repurchased liability component, and (b) the related unamortized debt issuance costs, is recognized as a gain on debt extinguishment. The remaining settlement consideration is allocated to the reacquisition of the equity component of the repurchased Notes and recognized as a reduction of stockholders' equity.

Information about the repurchases and the related gains are as follows:

	October 2009			May 2009			March 2009			October 2008

Principal amount repurchased	$	7,500		$	43,000		$	71,500		$	40,337

Amount allocated to:
Extinguishment of liability component	$	6,700		$	35,000		$	43,800		$	30,696
Reacquisition of equity component		181			1,340			713			1,025

Total cash paid for repurchase	$	6,881		$	36,340		$	44,513		$	31,721

Exchangeable senior notes repurchased	$	7,500		$	43,000		$	71,500		$	40,337
Extinguishment of liability component		(6,700	)		(35,000	)		(43,800	)		(30,696	)
Discount on exchangeable senior notes		(366	)		(2,349	)		(4,208	)		(2,683	)
Related debt issuance costs		(82	)		(558	)		(1,009	)		(647	)

Gain on repurchase	$	352		$	5,093		$	22,483		$	6,311

LINES OF CREDIT

12 Months Ended

Dec. 31, 2011

LINES OF CREDIT

LINES OF CREDIT

11. LINES OF CREDIT

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

	As of December 31, 2011

Line of Credit	Amount Drawn		Capacity		Interest Rate			Origination Date	Maturity	Basis Rate	Notes
Credit Line 1	$	100,000	$	100,000		1.3	%	10/19/2007	10/31/2012	LIBOR plus 1.00% - 2.10%	(5)
Credit Line 2		40,000		74,000		2.4	%	2/13/2009	2/13/2014	LIBOR plus 2.15%	(1)(4)(5)
Credit Line 3		40,000		72,000		2.5	%	6/4/2010	5/31/2013	LIBOR plus 2.20%	(2)(4)(5)
Credit Line 4		25,000		40,000		2.5	%	11/16/2010	11/16/2013	LIBOR plus 2.20%	(3)(4)(5)
Credit Line 5		10,000		50,000		2.4	%	4/29/2011	5/1/2014	LIBOR plus 2.15%	(3)(4)(5)

	$	215,000	$	336,000

(1): One year extension available
(2): One two-year extension available
(3): Two one-year extensions available
(4): Guaranteed by the Company
(5): Secured by mortgages on certain real estate assets

OTHER LIABILITIES

12 Months Ended

Dec. 31, 2011

OTHER LIABILITIES

OTHER LIABILITIES

12. OTHER LIABILITIES

The components of other liabilities are summarized as follows:

	December 31, 2011		December 31, 2010

Deferred rental income	$	14,907	$	12,194
Lease obligation liability		5,828		7,016
Fair value of interest rate swaps		8,311		6,074
Other miscellaneous liabilities		4,708		3,305

	$	33,754	$	28,589

Included in the lease obligation liability is approximately $1,747 and $1,865 for the years ended December 31, 2011 and 2010, respectively, related to minimum rentals to be received in the future under non cancelable subleases. The lease obligation liability increased by $2,000 during the year ended December 31, 2010, as a result of the bankruptcy of a tenant subleasing office space from the Company in Memphis, TN. The Memphis, TN office lease is a liability assumed in the Storage USA acquisition in July 2005. The increase in this liability was recognized through a $2,000 charge which is included as loss on sublease in the consolidated statement of operations for the year ended December 31, 2010.

RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS

12 Months Ended

Dec. 31, 2011

13. RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS

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

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

		For the Year Ended December 31,

Entity	Type	2011		2010		2009
ESW	Affiliated real estate joint ventures	$	410	$	403	$	402
ESW II	Affiliated real estate joint ventures		335		318		312
ESNPS	Affiliated real estate joint ventures		479		458		452
ESSM	Affiliated real estate joint ventures		85		44		11
HSRE	Affiliated real estate joint ventures		1,045		961		—
PRISA	Affiliated real estate joint ventures		4,961		4,917		4,793
PRISA II	Affiliated real estate joint ventures		4,016		3,964		3,989
PRISA III	Affiliated real estate joint ventures		1,796		1,722		1,686
VRS	Affiliated real estate joint ventures		1,156		1,136		1,128
WCOT	Affiliated real estate joint ventures		1,497		1,468		1,454
SP I	Affiliated real estate joint ventures		6,392		1,256		1,243
SPB II	Affiliated real estate joint ventures		969		943		943
Everest	Affiliated real estate joint ventures		528		491		359
Other	Franchisees, third parties and other		6,255		5,041		4,189

		$	29,924	$	23,122	$	20,961

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

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

	December 31, 2011		December 31, 2010

Mortgage notes receivable	$	7,253	$	6,943
Other receivables from properties		11,264		3,118

	$	18,517	$	10,061

Other receivables from properties consist of amounts due for management fees, asset management fees and expenses paid on behalf of the properties that the Company manages. The Company believes that all of these related party and affiliated real estate joint venture receivables are fully collectible. The Company does not have any payables to related parties at December 31, 2011 and 2010.

In January 2009, the Company purchased a lender's interest in a construction loan from a joint venture that owns a single property located in Sacramento, CA. The construction loan was to ESS of Sacramento One, LLC, a joint venture in which the Company owns a 50% interest, and was guaranteed by the Company. In July 2009, the Company purchased a lender's interest in a mortgage note from a joint venture that owns a single property located in Chicago, IL. The note was to Extra Space of Montrose, a joint venture in which the Company holds a 39% interest, and was also guaranteed by the Company. Both ESS of Sacramento One, LLC and Extra Space of Montrose were consolidated as of December 31, 2009, as each joint venture was considered to be a VIE of which the Company was the primary beneficiary. The construction loan and mortgage note receivable were eliminated by the Company in consolidation as of December 31, 2009. On January 1, 2010, the Company adopted changes to the accounting guidance in ASC 810, "Consolidation." As a result of the adoption of this new guidance, the Company determined that these joint ventures should no longer be consolidated as the power to direct the activities that most significantly impact these entities' economic performance is shared equally by the Company and their joint venture partners, and therefore there is no primary beneficiary of either joint venture. The Company therefore deconsolidated these joint ventures as of January 1, 2010, and removed the associated assets and liabilities from its books. The $2,251 note receivable from Extra Space of Montrose and the $5,002 loan receivable from ESS of Sacramento One, LLC are no longer eliminated in consolidation as the Company now accounts for its interest in these joint ventures using the equity method of accounting.

Centershift, a related party service provider, is partially owned by a certain director and certain members of management of the Company. Effective January 1, 2004, the Company entered into a license agreement with Centershift which secures a perpetual right for continued use of STORE (the site management software used at all sites operated by the Company) in all aspects of the Company's property acquisition, development, redevelopment and operational activities. During the years ended December 31, 2011, 2010 and 2009, the Company paid Centershift $1,087, $778, and $1,081, respectively, relating to the purchase of software and to license agreements.

The Company has entered into an aircraft dry lease and service and management agreement with SpenAero, L.C. ("SpenAero"), an affiliate of Spencer F. Kirk, the Company's Chairman and Chief Executive Officer. Under the terms of the agreement, the Company pays a defined hourly rate for use of the aircraft. During the years ended December 31, 2011, 2010 and 2009, the Company paid SpenAero $608, $668, and $631, respectively. The services that the Company receives from SpenAero are similar in nature and price to those that are provided to other outside third parties.

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph k

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 3A
-Section 04
-Paragraph b

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 57
-Paragraph 1-4
-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 Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
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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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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
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-Subparagraph (SX 210.4-08.(k))
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864

+ Details

STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2011

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

14. STOCKHOLDERS' EQUITY

The Company's charter provides that it can issue up to 300,000,000 shares of common stock, $0.01 par value per share and 50,000,000 shares of preferred stock, $0.01 par value per share. As of December 31, 2011, 94,783,590 shares of common stock were issued and outstanding, and no shares of preferred stock were issued or outstanding.

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

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

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-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
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph d

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Chapter 1
-Section B
-Paragraph 7, 11A
-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 129
-Paragraph 2, 3, 4, 5, 6, 7, 8
-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 SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 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 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
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+ Details

NONCONTROLLING INTEREST REPRESENTED BY PREFERRED OPERATING PARTNERSHIP UNITS

12 Months Ended

Dec. 31, 2011

NONCONTROLLING INTEREST REPRESENTED BY PREFERRED OPERATING PARTNERSHIP UNITS

NONCONTROLLING INTEREST REPRESENTED BY PREFERRED OPERATING PARTNERSHIP UNITS

15. NONCONTROLLING INTEREST REPRESENTED BY PREFERRED OPERATING PARTNERSHIP UNITS

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

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

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

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

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

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

NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP

12 Months Ended

Dec. 31, 2011

NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP

NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP

16. NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP

The Company's interest in its properties is held through the Operating Partnership. ESS Holding Business Trust I, a wholly-owned subsidiary of the Company, is the sole general partner of the Operating Partnership. ESS Business Trust II, also a wholly-owned subsidiary of the Company, is a limited partner of the Operating Partnership. Between its general partner and limited partner interests, the Company held a 95.9% majority ownership interest therein as of December 31, 2011. The remaining ownership interests in the Operating Partnership (including Preferred OP units) of 4.1% are held by certain former owners of assets acquired by the Operating Partnership. As of December 31, 2011, the Operating Partnership had 3,049,935 common OP units outstanding.

The noncontrolling interest in the Operating Partnership represents OP units that are not owned by the Company. In conjunction with the formation of the Company and as a result of subsequent acquisitions, certain persons and entities contributing interests in properties to the Operating Partnership received limited partnership units in the form of OP units. Limited partners who received OP units in the formation transactions or in exchange for contributions for interests in properties have the right to require the Operating Partnership to redeem part or all of their OP units for cash based upon the fair market value of an equivalent number of shares of the Company's common stock (10 day average) at the time of the redemption. Alternatively, the Company may, at its option, elect to acquire those OP units in exchange for shares of its common stock on a one-for-one basis, subject to anti-dilution adjustments provided in the Operating Partnership agreement. The ten day average closing stock price at December 31, 2011, was $24.01 and there were 3,049,935 OP units outstanding. Assuming that all of the unit holders exercised their right to redeem all of their OP units on December 31, 2011 and the Company elected to pay the non-controlling members cash, the Company would have paid $73,229 in cash consideration to redeem the units.

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

During July 2010, 90,135 OP units were redeemed for $1,314 in cash. During August 2010, 180,270 OP units were redeemed for $2,802 in cash.

In December 2009, a member of management redeemed 72,643 OP units in exchange for the Company's common stock. This member of management no longer held any OP units after this redemption.

In November 2009, a director redeemed 217,930 OP units in exchange for the Company's common stock. The director no longer held any OP units after this redemption.

During April 2009, 114,928 OP units were redeemed in exchange for the Company's common stock. During July 2009, 232,099 OP units were redeemed in exchange for $1,908 in cash.

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

OTHER NONCONTROLLING INTERESTS

12 Months Ended

Dec. 31, 2011

OTHER NONCONTROLLING INTERESTS.

OTHER NONCONTROLLING INTERESTS

17. OTHER NONCONTROLLING INTERESTS

Other noncontrolling interests represent the ownership interests of various third parties in three consolidated self-storage properties as of December 31, 2011. Two of these consolidated properties were undeveloped, and one was in the lease-up stage as of December 31, 2011. The ownership interests of the third party owners range from 10.0% to 27.6%. Other noncontrolling interests are included in the stockholders' equity section of the Company's consolidated balance sheet. The income or losses attributable to these third party owners based on their ownership percentages are reflected in net income allocated to the Operating Partnership and other noncontrolling interests in the consolidated statement of operations.

In October 2010, the Company paid $500 to obtain its joint venture partners' equity interests in three joint ventures: Extra Space of Franklin Blvd. LLC, Extra Space of Washington Avenue LLC and Extra Space of Elk Grove LLC. Each of these joint ventures owned a single pre-stabilized property. These properties are now wholly-owned by the Company.

On June 25, 2010, the Company acquired all of its minority partners' membership interests in two consolidated self-storage properties located in New Jersey for a total of $50 in cash. These properties are now wholly-owned by the Company.

In April 2009, the Company requested a capital contribution from its partners in Westport Ewing LLC, a consolidated joint venture, in order to reduce the joint venture's loan with its current lender. The partners were unable to provide their pro rata share of the funds required to satisfy the lender and deeded their interest in Westport Ewing LLC to the Company on June 1, 2009. As a result, the property held by this joint venture became a wholly-owned property of the Company. The Company recorded a loss of $800 related to the reassessment of the fair value of the property.

- 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

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2011

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

18. STOCK-BASED COMPENSATION

The Company has the following plans under which shares were available for grant at December 31, 2011:

•

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

•

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

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

Also as defined under the terms of the Plans, restricted stock grants may be awarded. The stock grants are subject to a vesting period over which the restrictions are released and the stock certificates are given to the grantee. During the performance or vesting period, the grantee is not permitted to sell, transfer, pledge, encumber or assign shares of restricted stock granted under the Plans; however, the grantee has the ability to vote the shares and receive nonforfeitable dividends paid on shares. Unless otherwise determined by the CNG Committee at the time of grant, the forfeiture and transfer restrictions on the shares lapse over a four-year period beginning on the date of grant.

As of December 31, 2011, 2,786,113 shares were available for issuance under the Plans.

Option Grants

A summary of stock option activity is as follows:

Options			Weighted Average Exercise Price			Aggregate Intrinsic Value as of December 31, 2011

Outstanding at December 31, 2008	2,841,923		$	14.76
Granted	723,000			6.22
Forfeited	(107,875	)		13.36

Outstanding at December 31, 2009	3,457,048		$	13.02
Granted	308,680			11.75
Exercised	(484,261	)		11.69
Forfeited	(175,562	)		12.27

Outstanding at December 31, 2010	3,105,905		$	13.13
Granted	110,900			19.60
Exercised	(1,388,269	)		13.44
Forfeited	(29,675	)		15.65

Outstanding at December 31, 2011	1,798,861		$	13.25	5.30	$	19,759

Vested and Expected to Vest	1,744,908		$	13.25	5.21	$	19,162
Ending Exercisable	1,215,376		$	14.37	4.20	$	11,982

The aggregate intrinsic value in the table above represents the total value (the difference between the Company's closing stock price on the last trading day of 2011 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 31, 2011. The amount of aggregate intrinsic value will change based on the fair market value of the Company's stock.

The weighted average fair value of stock options granted in 2011, 2010 and 2009, was $5.39, $3.27, and $1.31, respectively. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:

	For the Year Ended December 31,

	2011			2010			2009
Expected volatility		45	%		47	%		42	%
Dividend yield		4.9	%		5.3	%		6.6	%
Risk-free interest rate		2.4	%		2.3	%		1.7	%
Average expected term (years)		5			5			5

The Black-Scholes model incorporates assumptions to value stock-based awards. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of the grant for the estimated life of the option. The Company uses actual historical data to calculate the expected price volatility, dividend yield and average expected term. The forfeiture rate, which is estimated at a weighted-average of 17.4% of unvested options outstanding as of December 31, 2011, is adjusted periodically based on the extent to which actual forfeitures differ, or are expected to differ, from the previous estimates.

A summary of stock options outstanding and exercisable as of December 31, 2011, is as follows:

	Options Outstanding						Options Exercisable

Exercise Price	Shares		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price		Shares		Weighted Average Exercise Price
$6.22 - $11.59		563,955		6.27	$	7.76		190,570	$	7.46
$11.60 - $12.50		284,950		4.12		12.42		226,900		12.48
$12.51 - $15.53		453,350		4.43		14.90		414,600		14.93
$15.54 - $19.00		250,756		5.22		17.11		218,256		17.16
$19.01 - $19.91		245,850		6.15		19.79		165,050		19.88

$6.22 - $19.91		1,798,861		5.30	$	13.25		1,215,376	$	14.37

The Company recorded compensation expense relating to outstanding options of $942, $801, and $831, in general and administrative expense for the years ended December 31, 2011, 2010 and 2009, respectively. Total cash received for the years ended December 31, 2011, 2010 and 2009, related to option exercises was $18,622, $5,661, and $0, respectively. At December 31, 2011, there was $722 of total unrecognized compensation expense related to non-vested stock options under the Company's 2004 Long-Term Incentive Compensation Plan. That cost is expected to be recognized over a weighted-average period of 1.59 years. The valuation model applied in this calculation utilizes subjective assumptions that could potentially change over time, including the expected forfeiture rate. Therefore, the amount of unrecognized compensation expense at December 31, 2011, noted above does not necessarily represent the expense that will ultimately be realized by the Company in the statement of operations.

Common Stock Granted to Employees and Directors

The Company recorded $4,815, $3,779, and $2,978 of expense in general and administrative expense in its statement of operations related to outstanding shares of common stock granted to employees and directors for the years ended December 31, 2011, 2010 and 2009, respectively. The forfeiture rate, which is estimated at a weighted-average of 7% of unvested awards outstanding as of December 31, 2011, is adjusted periodically based on the extent to which actual forfeitures differ, or are expected to differ, from the previous estimates. At December 31, 2011, there was $5,117 of total unrecognized compensation expense related to non-vested restricted stock awards under the Company's 2004 Long-Term Incentive Compensation Plan. That cost is expected to be recognized over a weighted-average period of 1.99 years.

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

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

Restricted Stock Grants			Weighted-Average Grant-Date Fair Value

Unreleased at December 31, 2008	441,204		$	16.21
Granted	547,265			6.19
Released	(198,284	)		13.51
Cancelled	(21,256	)		9.82

Unreleased at December 31, 2009	768,929		$	9.95
Granted	445,230			12.22
Released	(228,885	)		11.08
Cancelled	(64,010	)		10.11

Unreleased at December 31, 2010	921,264		$	10.75
Granted	226,630			20.09
Released	(386,113	)		11.39
Cancelled	(47,695	)		14.31

Unreleased at December 31, 2011	714,086		$	13.15

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-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 AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-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 SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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+ Details

EMPLOYEE BENEFIT PLAN

12 Months Ended

Dec. 31, 2011

EMPLOYEE BENEFIT PLAN

EMPLOYEE BENEFIT PLAN

19. EMPLOYEE BENEFIT PLAN

The Company has a retirement savings plan under Section 401(k) of the Internal Revenue Code under which eligible employees can contribute up to 15% of their annual salary, subject to a statutory prescribed annual limit. For the years ended December 31, 2011, 2010 and 2009, the Company made matching contributions to the plan of $832, $805, and $755, respectively, based on 100% of the first 3% and up to 50% of the next 2% of an employee's compensation.

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-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
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Principles Board Opinion (APB)
-Number 30
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Number FAS88
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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/topic&trid=2235017

+ Details

INCOME TAXES

12 Months Ended

Dec. 31, 2011

INCOME TAXES

INCOME TAXES

20. INCOME TAXES

As a REIT, the Company is generally not subject to federal income tax with respect to that portion of its income which is distributed annually to its stockholders. However, the Company has elected to treat one of its corporate subsidiaries, Extra Space Management, Inc., as a taxable REIT subsidiary. In general, the Company's TRS may perform additional services for tenants and generally may engage in any real estate or non-real estate related business (except for the operation or management of health care facilities or lodging facilities or the provision to any person, under a franchise, license or otherwise, of rights to any brand name under which lodging facility or health care facility is operated). A TRS is subject to corporate federal income tax. The Company accounts for income taxes in accordance with the provisions of ASC 740, "Income Taxes." Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities.

The income tax provision for the years ended December 31, 2011, 2010 and 2009, is comprised of the following components:

	For the Year Ended December 31, 2011

	Federal			State		Total
Current expense	$	1,350		$	606	$	1,956
Tax credits		(6,849	)		—		(6,849	)
Change in deferred benefit		6,048			—		6,048

Total tax expense	$	549		$	606	$	1,155

	For the Year Ended December 31, 2010

	Federal			State		Total
Current expense	$	3,588		$	124	$	3,712
Tax credits		(832	)		—		(832	)
Change in deferred benefit		1,282			—		1,282

Total tax expense	$	4,038		$	124	$	4,162

	For the Year Ended December 31, 2009

	Federal			State		Total
Current expense	$	4,177		$	1,171	$	5,348
Change in deferred benefit		(1,048	)		—		(1,048	)

Total tax expense	$	3,129		$	1,171	$	4,300

A reconciliation of the statutory income tax provisions to the effective income tax provisions for the years ended December 31, 2011 2010 and 2009, is as follows:

	December 31, 2011					December 31, 2010

Expected tax at statutory rate	$	20,854		35.0	%	$	13,204		35.0	%
Non-taxable REIT income		(14,957	)	(25.1	)%		(8,303	)	(22.0	)%
State and local tax expense—net of federal benefit		617		1.0	%		124		0.3	%
Change in valuation allowance		1,298		2.2	%		804		2.1	%
Tax credits		(6,849	)	(11.5	)%		(832	)	(2.2	)%
Miscellaneous		192		0.3	%		(835	)	(2.3	)%

Total provision	$	1,155		1.9	%	$	4,162		10.9	%

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

	December 31, 2011			December 31, 2010

Captive insurance subsidiary	$	232		$	236
Fixed assets		(6,455	)		1,589
Various liabilities		1,542			1,229
Solar credit		6,849			—
Stock compensation		1,955			2,140
State net operating losses		2,691			1,743

		6,814			6,937
Valuation allowance		(3,211	)		(2,643	)

Net deferred tax asset	$	3,603		$	4,294

The state income tax net operating losses expire between 2012 and 2031. The deferred tax benefits associated with the state income tax net operating losses have been fully reserved through the valuation allowance.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-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)
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-Paragraph 43, 44, 45, 46, 47, 48, 49
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-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
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+ Details

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2011

SEGMENT INFORMATION

SEGMENT INFORMATION

21. SEGMENT INFORMATION

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

	December 31, 2011		December 31, 2010

Balance Sheet
Investment in real estate ventures
Rental operations	$	130,410	$	140,560
Total assets
Property management, acquisition and development	$	634,782	$	302,262
Rental operations		1,837,756		1,931,150
Tenant reinsurance		43,712		16,408

	$	2,516,250	$	2,249,820

	For the Year Ended December 31,

	2011			2010			2009
Statement of Operations
Total revenues
Property management, acquisition and development	$	29,924		$	23,122		$	20,961
Rental operations		268,725			232,447			238,256
Tenant reinsurance		31,181			25,928			20,929

	$	329,830		$	281,497		$	280,146

Operating expenses, including depreciation and amortization
Property management, acquisition and development	$	58,012		$	49,762		$	64,246
Rental operations		150,199			134,415			138,552
Tenant reinsurance		6,143			6,505			5,461

	$	214,354		$	190,682		$	208,259

Income (loss) from operations
Property management, acquisition and development	$	(28,088	)	$	(26,640	)	$	(43,285	)
Rental operations		118,526			98,032			99,704
Tenant reinsurance		25,038			19,423			15,468

	$	115,476		$	90,815		$	71,887

Interest expense
Property management, acquisition and development	$	(2,464	)	$	(3,126	)	$	(3,463	)
Rental operations		(66,598	)		(62,654	)		(66,355	)

	$	(69,062	)	$	(65,780	)	$	(69,818	)

Interest income
Property management, acquisition and development	$	1,016		$	889		$	1,563
Tenant reinsurance		11			9			19

	$	1,027		$	898		$	1,582

Interest income on note receivable from Preferred Operating Partnership unit holder
Property management, acquisition and development	$	4,850		$	4,850		$	4,850

Gain on repurchase of exchangeable senior notes
Property management, acquisition and development	$	—		$	—		$	27,928

Equity in earnings of real estate ventures
Rental operations	$	7,287		$	6,753		$	6,964

Income tax expense
Property management, acquisition and development	$	7,612		$	2,639		$	1,156
Tenant reinsurance		(8,767	)		(6,801	)		(5,456	)

	$	(1,155	)	$	(4,162	)	$	(4,300	)

Net income (loss)
Property management, acquisition and development	$	(17,074	)	$	(21,388	)	$	(11,251	)
Rental operations		59,215			42,131			40,313
Tenant reinsurance		16,282			12,631			10,031

	$	58,423		$	33,374		$	39,093

Depreciation and amortization expense
Property management, acquisition and development	$	3,296		$	2,099		$	2,786
Rental operations		54,718			48,250			49,617

	$	58,014		$	50,349		$	52,403

Statement of Cash Flows
Acquisition of real estate assets
Property management, acquisition and development	$	(194,959	)	$	(69,588	)	$	(38,185	)
Development and construction of real estate assets
Property management, acquisition and development	$	(7,060	)	$	(36,062	)	$	(67,301	)

- 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

12 Months Ended

Dec. 31, 2011

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

22. COMMITMENTS AND CONTINGENCIES

The Company has operating leases on its corporate offices and owns 13 self-storage facilities that are subject to ground leases. At December 31, 2011, future minimum rental payments under these non-cancelable operating leases are as follows (unaudited):


Less than 1 year	$	7,231
Year 2		6,765
Year 3		6,171
Year 4		4,020
Year 5		2,865
Thereafter		35,253

	$	62,305

The monthly rental amount for one of the ground leases is the greater of a minimum amount or a percentage of gross monthly receipts. The Company recorded expense of $2,799, $2,416, and $2,289 related to these leases in the years ended December 31, 2011, 2010 and 2009, respectively.

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

			Guaranteed Loan Amount		Estimated Fair Market Value of Assets

Extra Space of Montrose Avenue LLC	Dec-10	Dec-13	$	5,120	$	8,446
Extra Space of Sacramento One LLC	Apr-09	Apr-14	$	4,307	$	9,745
ESS Baltimore LLC	Nov-04	Feb-13	$	4,031	$	6,647

If the joint ventures default on the loans, the Company may be forced to repay the loans. Repossessing and/or selling the self-storage facilities and land that collateralize the loans could provide funds sufficient to reimburse the Company. The Company has recorded no liability in relation to these guarantees as of December 31, 2011, as the fair value of the guarantees is not material. The Company believes the risk of incurring a material loss as a result of having to perform on these guarantees is remote.

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

- 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
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+ Details

SUPPLEMENTARY QUARTERLY FINANCIAL DATA (UNAUDITED)

12 Months Ended

Dec. 31, 2011

SUPPLEMENTARY QUARTERLY FINANCIAL DATA (UNAUDITED)

SUPPLEMENTARY QUARTERLY FINANCIAL DATA (UNAUDITED)

23. SUPPLEMENTARY QUARTERLY FINANCIAL DATA (UNAUDITED)

	For the Three Months Ended

	March 31, 2011		June 30, 2011		September 30, 2011		December 31, 2011(1)
Revenues	$	74,481	$	78,040	$	84,097	$	93,212
Cost of operations		50,451		52,188		52,882		58,833

Revenues less cost of operations	$	24,030	$	25,852	$	31,215	$	34,379

Net income	$	10,140	$	12,517	$	17,352	$	18,414

Net income attributable to common stockholders	$	8,301	$	10,609	$	15,261	$	16,278

Net income—basic	$	0.09	$	0.12	$	0.16	$	0.17
Net income—diluted	$	0.09	$	0.12	$	0.16	$	0.17

	For the Three Months Ended

	March 31, 2010		June 30, 2010		September 30, 2010		December 31, 2010
Revenues	$	67,587	$	68,777	$	71,979	$	73,154
Cost of operations		46,724		45,971		48,418		49,569

Revenues less cost of operations	$	20,863	$	22,806	$	23,561	$	23,585

Net income	$	5,179	$	7,925	$	9,482	$	10,788

Net income attributable to common stockholders	$	3,568	$	6,180	$	7,667	$	8,916

Net income—basic	$	0.04	$	0.07	$	0.09	$	0.10
Net income—diluted	$	0.04	$	0.07	$	0.09	$	0.10

(1): Included in revenues are the cumulative effects of $4,425 of asset management fees related to the years 2006 through 2010 and $203 related to the first three quarters of 2011 offset by a cumulative reduction of $1,157 to equity in earnings for the same periods. For further discussion, refer to Note 13.

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References + Details

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2011

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

24. SUBSEQUENT EVENTS

In February 2012, the Company sold its 40% interest in a joint venture that was not managed by the Company for $4,945.

Schedule III Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2011

Schedule III Real Estate and Accumulated Depreciation

Schedule III Real Estate and Accumulated Depreciation

																					Gross carrying amount at December 31, 2011

Property Number	Property Name	State	Debt		Land initial cost		Building and improvements initial cost		Land costs subsequent to acquisition		Building costs subsequent to acquisition			Land Adjustments			Notes	Building Adjustments		Notes	Land		Building and improvements		Total		Accumulated depreciation		Date acquired or development completed
8115	Auburn	AL		—		325		1,895		—		36			—				—			325		1,931		2,256		67		Aug-10
8116	Auburn	AL		—		92		138		—		107			—				—			92		245		337		12		Aug-10
0654	Hoover	AL		—		1,313		2,858		—		530			—				—			1,313		3,388		4,701		663		Aug-07
8066	Mesa	AZ		1,320		849		2,547		—		125			—				—			849		2,672		3,521		522		Aug-04
1211	Peoria	AZ		2,286		652		4,105		—		71			—				—			652		4,176		4,828		595		Apr-06
1431	Peoria	AZ		—		1,060		4,731		—		52			—				—			1,060		4,783		5,843		97		Jan-11
0338	Phoenix	AZ		7,268		1,441		7,982		—		468			—				—			1,441		8,450		9,891		1,549		Jul-05
0659	Phoenix	AZ		—		669		4,135		—		144			—				—			669		4,279		4,948		587		Jan-07
1356	Phoenix	AZ		3,440		552		3,530		—		190			—				—			552		3,720		4,272		594		Jun-06
1370	Alameda	CA		—		2,919		12,984		—		1,673			—				—			2,919		14,657		17,576		2,020		Jun-07
1232	Antelope	CA		3,998		1,525		8,345		—		(19	)		(340	)	(b)		—			1,185		8,326		9,511		704		Jul-08
1471	Bellflower	CA		1,294		640		1,350		—		3			—				—			640		1,353		1,993		7		Oct-11
1222	Belmont	CA		—		3,500		7,280		—		30			—				—			3,500		7,310		10,810		823		May-07
1371	Berkeley	CA		15,630		1,716		19,602		—		1,724			—				—			1,716		21,326		23,042		2,584		Jun-07
1472	Bloomington	CA		2,526		934		1,937		—		3			—				—			934		1,940		2,874		10		Oct-11
1473	Bloomington	CA		1,533		647		1,303		—		3			—				—			647		1,306		1,953		7		Oct-11
1071	Burbank	CA		8,684		3,199		5,082		—		557			419		(a)		672	(a)		3,618		6,311		9,929		1,863		Aug-00
1461	Burlingame	CA		5,668		2,211		5,829		—		51			—				—			2,211		5,880		8,091		107		Apr-11
1256	Carson	CA		—		—		9,709		—		55			—				—			—		9,764		9,764		198		Mar-11
1372	Castro Valley	CA		—		—		6,346		—		346			—				—			—		6,692		6,692		789		Jun-07
1474	Cerritos	CA		17,581		8,728		15,895		—		2			—				—			8,728		15,897		24,625		85		Oct-11
1004	Claremont	CA		—		1,472		2,012		—		216			—				—			1,472		2,228		3,700		468		Jun-04
1475	Claremont	CA		2,390		1,375		1,434		—		3			—				—			1,375		1,437		2,812		8		Oct-11
1373	Colma	CA		15,986		3,947		22,002		—		2,121			—				—			3,947		24,123		28,070		3,088		Jun-07
1255	Compton	CA		4,160		1,426		7,582		—		33			—				—			1,426		7,615		9,041		642		Sep-08
1404	El Cajon	CA		—		1,100		6,380		—		34			—				—			1,100		6,414		7,514		346		Sep-09
1378	El Sobrante	CA		—		1,209		4,018		—		965			—				—			1,209		4,983		6,192		755		Jun-07
1166	Elk Grove	CA		4,290		952		6,936		—		32			123		(a)		234	(a)		1,075		7,202		8,277		231		Dec-07
1121	Fontana	CA		1,866		1,246		3,356		—		164			54		(a)		179	(a) (c)		1,300		3,699		4,999		820		Oct-03
1157	Fontana	CA		—		961		3,846		—		170			39		(a)		186	(a) (c)		1,000		4,202		5,202		1,051		Sep-02
1476	Fontana	CA		4,375		768		4,208		—		3			—				—			768		4,211		4,979		23		Oct-11
1477	Fontana	CA		4,848		778		4,723		—		3			—				—			778		4,726		5,504		25		Oct-11
1478	Fontana	CA		4,150		684		3,951		—		3			—				—			684		3,954		4,638		21		Oct-11
1031	Glendale	CA		—		—		6,084		—		224			—				—			—		6,308		6,308		1,281		Jun-04
1030	Hawthorne	CA		3,960		1,532		3,871		—		197			—				—			1,532		4,068		5,600		847		Jun-04
1374	Hayward	CA		8,811		3,149		8,006		—		2,127			—				—			3,149		10,133		13,282		1,413		Jun-07
0177	Hemet	CA		5,206		1,146		6,369		—		242			—				—			1,146		6,611		7,757		1,163		Jul-05
1479	Hesperia	CA		451		156		430		—		4			—				—			156		434		590		2		Oct-11
1070	Inglewood	CA		5,011		1,379		3,343		—		391			150		(a)		377	(a)		1,529		4,111		5,640		1,303		Aug-00
1480	Irvine	CA		5,176		3,821		3,999		—		3			—				—			3,821		4,002		7,823		21		Oct-11
1481	Lake Elsinore	CA		—		587		4,219		—		3			—				—			587		4,222		4,809		23		Oct-11

																					Gross carrying amount at December 31, 2011

Property Number	Property Name	State	Debt		Land initial cost		Building and improvements initial cost		Land costs subsequent to acquisition		Building costs subsequent to acquisition		Land Adjustments			Notes	Building Adjustments			Notes	Land		Building and improvements		Total		Accumulated depreciation		Date acquired or development completed
1482	Lake Elsinore	CA		2,120		294		2,105		—		3		—				—				294		2,108		2,402		11		Oct-11
1278	Lancaster	CA		—		1,425		5,855		—		41		—				—				1,425		5,896		7,321		310		Oct-09
1358	Lancaster	CA		5,840		1,347		5,827		—		198		—				—				1,347		6,025		7,372		949		Jul-06
1013	Livermore	CA		—		1,134		4,615		—		128		—				—				1,134		4,743		5,877		951		Jun-04
1483	Long Beach	CA		2,798		1,772		2,539		—		2		—				—				1,772		2,541		4,313		14		Oct-11
1057	Los Angeles	CA		5,207		1,431		2,976		—		145		180		(a)		374		(a)		1,611		3,495		5,106		1,061		Mar-00
1160	Los Angeles	CA		—		3,991		9,774		—		36		—				—				3,991		9,810		13,801		1,014		Dec-07
1235	Los Angeles	CA		—		2,200		8,108		—		5		—				—				2,200		8,113		10,313		689		Sep-08
1296	Los Gatos	CA		—		2,550		—		—		—		—				—				2,550		—		2,550		—
8055	Manteca	CA		3,761		848		2,543		—		102		—				—				848		2,645		3,493		564		Jan-04
1383	Modesto	CA		1,494		909		3,043		—		261		—				—				909		3,304		4,213		447		Jun-07
1122	North Hollywood	CA		—		3,125		9,257		—		85		—				—				3,125		9,342		12,467		1,364		May-06
1053	Oakland	CA		2,929		—		3,777		—		463		—				494		(a)		—		4,734		4,734		1,472		Apr-00
1267	Oakland	CA		—		3,024		11,321		—		77		—				—				3,024		11,398		14,422		452		May-10
0645	Oceanside	CA		9,527		3,241		11,361		—		652		—				—				3,241		12,013		15,254		2,200		Jul-05
1254	Pacoima	CA		5,760		3,050		7,597		—		51		—				—				3,050		7,648		10,698		450		Aug-09
1111	Palmdale	CA		—		1,225		5,379		—		2,148		—				—				1,225		7,527		8,752		1,298		Jan-05
1484	Paramount	CA		2,693		1,404		2,549		—		4		—				—				1,404		2,553		3,957		14		Oct-11
1020	Pico Rivera	CA		4,290		1,150		3,450		—		128		—				—				1,150		3,578		4,728		946		Aug-00
1485	Placentia	CA		6,995		4,798		5,483		—		2		—				—				4,798		5,485		10,283		29		Oct-11
1382	Pleasanton	CA		2,944		1,208		4,283		—		376		—				—				1,208		4,659		5,867		701		May-07
1029	Richmond	CA		5,074		953		4,635		—		557		—				—				953		5,192		6,145		1,063		Jun-04
8016	Riverside	CA		2,341		1,075		4,042		—		442		—				—				1,075		4,484		5,559		952		Aug-04
0328	Sacramento	CA		4,125		852		4,720		—		371		—				—				852		5,091		5,943		965		Jul-05
1273	Sacramento	CA		2,867		1,738		5,522		—		42		106		(a)		(81	)	(a) (c)		1,844		5,483		7,327		177		Oct-10
1433	Sacramento	CA		—		2,400		7,425		—		31		—				—				2,400		7,456		9,856		439		Sep-09
1007	San Bernardino	CA		—		1,213		3,061		—		126		—				—				1,213		3,187		4,400		662		Jun-04
1194	San Bernardino	CA		—		750		5,135		—		41		—				—				750		5,176		5,926		689		Jun-06
1486	San Dimas	CA		5,596		1,867		6,354		—		6		—				—				1,867		6,360		8,227		34		Oct-11
1368	San Francisco	CA		13,040		8,457		9,928		—		1,182		—				—				8,457		11,110		19,567		1,597		Jun-07
8145	San Jose	CA		8,939		5,340		6,821		—		169		—				—				5,340		6,990		12,330		377		Sep-09
1257	San Leandro	CA		4,328		3,343		6,630		—		37		(52	)	(a)		(237	)	(a)		3,291		6,430		9,721		209		Oct-10
1377	San Leandro	CA		9,829		4,601		9,777		—		1,881		—				—				4,601		11,658		16,259		1,631		Aug-07
1261	Santa Clara	CA		8,153		4,750		8,218		—		23		—				—				4,750		8,241		12,991		485		Jul-09
1384	Santa Fe Springs	CA		6,814		3,617		7,022		—		273		—				—				3,617		7,295		10,912		874		Oct-07
1487	Santa Maria	CA		—		1,556		2,740		—		24		—				—				1,556		2,764		4,320		15		Oct-11
1488	Santa Maria	CA		3,305		1,310		3,526		—		3		—				—				1,310		3,529		4,839		19		Oct-11
8008	Sherman Oaks	CA		17,129		4,051		12,152		—		260		—				—				4,051		12,412		16,463		2,377		Aug-04
1275	Simi Valley	CA		—		5,533		—		—		—		(1,285	)	(e)		—				4,248		—		4,248		—
1095	Stockton	CA		—		649		3,272		—		159		—				—				649		3,431		4,080		868		May-02
1425	Sylmar	CA		4,240		3,058		4,671		—		226		—				—				3,058		4,897		7,955		534		May-08
1253	Thousand Oaks	CA		—		4,500		—		—		—		(1,000	)	(e)		—				3,500		—		3,500		—

																			Gross carrying amount at December 31, 2011

Property Number	Property Name	State	Debt		Land initial cost		Building and improvements initial cost		Land costs subsequent to acquisition		Building costs subsequent to acquisition		Land Adjustments		Notes	Building Adjustments		Notes	Land		Building and improvements		Total		Accumulated depreciation		Date acquired or development completed
1009	Torrance	CA		—		3,710		6,271		—		505		400	(d)		—			4,110		6,776		10,886		1,384		Jun-04
1112	Tracy	CA		2,819		778		2,638		—		137		133	(a)		481	(a) (c)		911		3,256		4,167		745		Jul-03
1174	Tracy	CA		—		946		1,937		—		150		—			10	(c)		946		2,097		3,043		521		Apr-04
1379	Vallejo	CA		—		1,177		2,157		—		815		—			—			1,177		2,972		4,149		488		Jun-07
8011	Venice	CA		6,421		2,803		8,410		—		125		—			—			2,803		8,535		11,338		1,637		Aug-04
1489	Victorville	CA		722		151		751		—		3		—			—			151		754		905		4		Oct-11
0144	Watsonville	CA		3,339		1,699		3,056		—		182		—			—			1,699		3,238		4,937		601		Jul-05
1083	Whittier	CA		—		—		2,985		—		83		—			20	(c)		—		3,088		3,088		784		Jun-02
1073	Arvada	CO		—		286		1,521		—		608		—			—			286		2,129		2,415		728		Sep-00
1458	Castle Rock	CO		1,261		407		3,077		—		32		—			—			407		3,109		3,516		50		May-11
0665	Colorado Springs	CO		—		781		3,400		—		163		—			—			781		3,563		4,344		451		Aug-07
0744	Colorado Springs	CO		3,401		1,525		4,310		—		183		—			—			1,525		4,493		6,018		386		Nov-08
1459	Colorado Springs	CO		1,881		296		4,199		—		71		—			—			296		4,270		4,566		60		Jun-11
0679	Denver	CO		2,742		368		1,574		—		154		—			—			368		1,728		2,096		341		Jul-05
1074	Denver	CO		—		602		2,052		—		555		143	(a)		512	(a)		745		3,119		3,864		945		Sep-00
1359	Parker	CO		2,672		800		4,549		—		562		—			—			800		5,111		5,911		796		Sep-06
1075	Thornton	CO		—		212		2,044		—		546		36	(a)		389	(a)		248		2,979		3,227		978		Sep-00
1076	Westminster	CO		—		291		1,586		—		874		8	(a)		48	(a)		299		2,508		2,807		881		Sep-00
1079	Groton	CT		2,386		1,277		3,992		—		346		—			46	(c)		1,277		4,384		5,661		1,028		Jan-04
1192	Middletown	CT		2,056		932		2,810		—		145		—			—			932		2,955		3,887		313		Dec-07
1097	Wethersfield	CT		—		709		4,205		—		135		—			16	(c)		709		4,356		5,065		1,083		Aug-02
1392	Coral Springs	FL		3,915		3,638		6,590		—		189		—			—			3,638		6,779		10,417		671		Jun-08
0752	Deland	FL		—		1,318		3,971		—		228		—			—			1,318		4,199		5,517		659		Jan-06
1402	Estero	FL		—		2,198		8,215		—		13		—			—			2,198		8,228		10,426		483		Jul-09
0101	Fort Myers	FL		4,322		1,985		4,983		—		372		—			—			1,985		5,355		7,340		1,028		Jul-05
1308	Fort Myers	FL		3,009		1,691		4,711		—		164		—			29	(c)		1,691		4,904		6,595		1,011		Aug-04
1310	Ft Lauderdale	FL		2,710		1,587		4,205		—		253		—			32	(c)		1,587		4,490		6,077		926		Aug-04
1427	Ft Lauderdale	FL		4,999		2,750		7,002		—		458		—			—			2,750		7,460		10,210		149		May-11
1337	Greenacres	FL		—		1,463		3,244		—		70		—			14	(c)		1,463		3,328		4,791		620		Mar-05
1266	Hialeah	FL		—		2,800		7,588		—		56		—			—			2,800		7,644		10,444		655		Aug-08
1403	Hialeah	FL		3,582		1,678		6,807		—		15		—			—			1,678		6,822		8,500		226		Sep-10
1409	Hialeah	FL		2,858		1,750		7,150		—		19		—			—			1,750		7,169		8,919		361		Jan-10
0763	Hollywood	FL		7,071		3,214		8,689		—		199		—			—			3,214		8,888		12,102		984		Nov-07
1424	Kendall	FL		—		2,375		5,543		—		45		—			—			2,375		5,588		7,963		77		Feb-11
1314	Madeira Beach	FL		2,677		1,686		5,163		—		140		—			29	(c)		1,686		5,332		7,018		1,060		Aug-04
1068	Margate	FL		3,247		430		3,139		—		320		39	(a)		287	(a)		469		3,746		4,215		1,133		Aug-00
1066	Miami	FL		3,332		1,325		4,395		—		370		114	(a)		388	(a)		1,439		5,153		6,592		1,577		Aug-00
1067	Miami	FL		9,158		5,315		4,305		—		247		544	(a)		447	(a)		5,859		4,999		10,858		1,488		Aug-00
1385	Miami	FL		5,414		1,238		7,597		—		218		—			—			1,238		7,815		9,053		996		May-07
1466	Miami	FL		—		521		5,198		—		8		—			—			521		5,206		5,727		28		Oct-11
1429	Miami	FL		5,712		4,798		9,475		—		25		—			—			4,798		9,500		14,298		499		Nov-09
1064	North Lauderdale	FL		3,629		428		3,516		—		621		31	(a)		260	(a)		459		4,397		4,856		1,422		Aug-00

																				Gross carrying amount at December 31, 2011

Property Number	Property Name	State	Debt		Land initial cost		Building and improvements initial cost		Land costs subsequent to acquisition		Building costs subsequent to acquisition		Land Adjustments			Notes	Building Adjustments		Notes	Land		Building and improvements		Total		Accumulated depreciation		Date acquired or development completed
1060	North Miami	FL		—		1,256		6,535		—		440		—				—			1,256		6,975		8,231		1,450		Jun-04
1335	Ocoee	FL		2,202		872		3,642		—		178		—				17	(c)		872		3,837		4,709		743		Mar-05
1317	Orlando	FL		—		1,216		5,008		—		201		—				39	(c)		1,216		5,248		6,464		1,069		Aug-04
1333	Orlando	FL		4,368		2,233		9,223		—		315		—				21	(c)		2,233		9,559		11,792		1,755		Mar-05
1334	Orlando	FL		4,027		1,474		6,101		—		223		—				21	(c)		1,474		6,345		7,819		1,149		Mar-05
1336	Orlando	FL		3,337		1,166		4,816		—		1,144		—				15	(c)		1,166		5,975		7,141		1,038		Mar-05
8136	Orlando	FL		—		625		2,133		—		49		—				—			625		2,182		2,807		87		Jul-10
1432	Plantation	FL		—		3,850		—		—		—		(1,900	)	(e)		—			1,950		—		1,950		—
1318	Port Charlotte	FL		—		1,389		4,632		—		132		—				20	(c)		1,389		4,784		6,173		950		Aug-04
1319	Riverview	FL		2,552		654		2,953		—		133		—				29	(c)		654		3,115		3,769		650		Aug-04
0545	Tampa	FL		3,994		1,425		4,766		—		285		—				—			1,425		5,051		6,476		707		Mar-07
1366	Tampa	FL		3,455		883		3,533		—		139		—				—			883		3,672		4,555		513		Nov-06
1324	Valrico	FL		3,080		1,197		4,411		—		162		—				34	(c)		1,197		4,607		5,804		922		Aug-04
0692	Venice	FL		7,065		1,969		5,903		—		243		—				—			1,969		6,146		8,115		1,004		Jan-06
0976	West Palm Beach	FL		3,929		1,752		4,909		—		361		—				—			1,752		5,270		7,022		1,027		Jul-05
1065	West Palm Beach	FL		1,581		1,164		2,511		—		341		82		(a)		180	(a)		1,246		3,032		4,278		933		Aug-00
1069	West Palm Beach	FL		1,821		1,312		2,511		—		445		104		(a)		204	(a)		1,416		3,160		4,576		1,019		Aug-00
1186	West Palm Beach	FL		—		1,729		4,058		—		—		—				—			1,729		4,058		5,787		4		Dec-11
0693	Alpharetta	GA		2,703		1,893		3,161		—		123		—				—			1,893		3,284		5,177		501		Aug-06
1304	Atlanta	GA		—		3,737		8,333		—		328		—				35	(c)		3,737		8,696		12,433		1,722		Aug-04
1320	Atlanta	GA		—		1,665		2,028		—		138		—				21	(c)		1,665		2,187		3,852		464		Aug-04
1338	Atlanta	GA		6,844		3,319		8,325		—		366		—				33	(c)		3,319		8,724		12,043		1,643		Feb-05
0699	Dacula	GA		3,862		1,993		3,001		—		93		—				—			1,993		3,094		5,087		492		Jan-06
8163	Douglasville	GA		—		1,209		719		—		20		—				—			1,209		739		1,948		30		Jun-10
0753	Duluth	GA		3,308		1,454		4,151		—		81		—				—			1,454		4,232		5,686		516		Jun-07
8162	Kennesaw	GA		—		673		1,151		—		63		—				—			673		1,214		1,887		49		Jun-10
8134	Lithonia	GA		—		1,958		3,645		—		27		—				—			1,958		3,672		5,630		204		Nov-09
8161	Marietta	GA		—		887		2,617		—		66		—				—			887		2,683		3,570		105		Jun-10
1321	Snellville	GA		—		2,691		4,026		—		198		—				23	(c)		2,691		4,247		6,938		859		Aug-04
0417	Stone Mountain	GA		1,826		925		3,505		—		209		—				—			925		3,714		4,639		669		Jul-05
1322	Stone Mountain	GA		2,945		1,817		4,382		—		206		—				24	(c)		1,817		4,612		6,429		919		Aug-04
0745	Sugar Hill	GA		—		1,368		2,540		—		148		—				—			1,368		2,688		4,056		343		Jun-07
0754	Sugar Hill	GA		—		1,371		2,547		—		131		—				—			1,371		2,678		4,049		347		Jun-07
1313	Alpharetta	GL		—		1,973		1,587		—		136		—				20	(c)		1,973		1,743		3,716		375		Aug-04
1375	Kahului	HI		—		3,984		15,044		—		500		—				—			3,984		15,544		19,528		1,942		Jun-07
1376	Kapolei	HI		14,824		—		24,701		—		328		—				—			—		25,029		25,029		2,986		Jun-07
0728	Chicago	IL		3,143		449		2,471		—		605		—				—			449		3,076		3,525		634		Jul-05
0729	Chicago	IL		2,848		472		2,582		—		594		—				—			472		3,176		3,648		677		Jul-05
0731	Chicago	IL		4,322		621		3,428		—		774		—				—			621		4,202		4,823		901		Jul-05
1226	Chicago	IL		—		1,925		—		—		—		—				—			1,925		—		1,925		—
1108	Crest Hill	IL		2,475		847		2,946		—		87		121		(a)		472	(a) (c)		968		3,505		4,473		806		Jul-03
1171	Gurnee	IL		—		1,374		8,296		—		74		—				—			1,374		8,370		9,744		911		Oct-07
1178	Highland Park	IL		—		5,798		6,016		—		8		—				—			5,798		6,024		11,822		6		Dec-11
1173	Naperville	IL		—		1,860		5,793		—		4		—				—			1,860		5,797		7,657		6		Dec-11
1259	Naperville	IL		—		2,800		7,355		—		79		(850	)	(e)		—			1,950		7,434		9,384		584		Dec-08
1242	North Aurora	IL		—		600		5,833		—		86		—				—			600		5,919		6,519		547		May-08
1104	South Holland	IL		1,577		839		2,879		—		177		26		(a)		108	(a) (c)		865		3,164		4,029		787		Oct-02
1263	Tinley Park	IL		—		1,823		4,794		—		79		(275	)	(e)		—			1,548		4,873		6,421		413		Aug-08
1393	Carmel	IN		—		1,169		4,393		—		199		—				—			1,169		4,592		5,761		426		Oct-08

																			Gross carrying amount at December 31, 2011

Property Number	Property Name	State	Debt		Land initial cost		Building and improvements initial cost		Land costs subsequent to acquisition		Building costs subsequent to acquisition		Land Adjustments		Notes	Building Adjustments		Notes	Land		Building and improvements		Total		Accumulated depreciation		Date acquired or development completed
1514	Connersville	IN		—		472		315		—		51		—			—			472		366		838		5		Jun-11
1394	Fort Wayne	IN		—		1,899		3,292		—		238		—			—			1,899		3,530		5,429		344		Oct-08
0652	Indianapolis	IN		—		588		3,457		—		203		—			—			588		3,660		4,248		480		Aug-07
1395	Indianapolis	IN		—		426		2,903		—		216		—			—			426		3,119		3,545		312		Oct-08
1396	Indianapolis	IN		—		850		4,545		—		247		—			—			850		4,792		5,642		457		Oct-08
1397	Mishawaka	IN		—		630		3,349		—		196		—			—			630		3,545		4,175		341		Oct-08
1513	Richmond	IN		—		723		482		—		48		—			—			723		530		1,253		8		Jun-11
0586	Wichita	KS		2,154		366		1,897		—		306		—			—			366		2,203		2,569		415		Apr-06
1515	Covington	KY		—		839		2,543		—		53		—			—			839		2,596		3,435		36		Jun-11
0343	Louisville	KY		2,947		586		3,244		—		212		—			—			586		3,456		4,042		672		Jul-05
0648	Louisville	KY		2,535		1,217		4,611		—		138		—			—			1,217		4,749		5,966		862		Jul-05
0668	Louisville	KY		3,617		892		2,677		—		145		—			—			892		2,822		3,714		469		Dec-05
1315	Metairie	LA		4,009		2,056		4,216		—		111		—			18	(c)		2,056		4,345		6,401		864		Aug-04
1316	New Orleans	LA		5,668		4,058		4,325		—		555		—			24	(c)		4,058		4,904		8,962		1,011		Aug-04
1028	Ashland	MA		—		474		3,324		—		290		—			27	(c)		474		3,641		4,115		1,003		Jun-03
1010	Auburn	MA		—		918		3,728		—		215		—			—			918		3,943		4,861		1,187		May-04
1025	Brockton	MA		—		647		2,762		—		121		—			—			647		2,883		3,530		791		May-04
1056	Dedham	MA		2,473		2,127		3,041		—		472		—			28	(c)		2,127		3,541		5,668		1,071		Mar-02
1205	Dedham	MA		—		2,443		7,328		—		995		—			16	(c)		2,443		8,339		10,782		1,826		Feb-04
1208	East Somerville	MA		—		—		—		—		137		—			14	(c)		—		151		151		78		Feb-04
0675	Everett	MA		—		692		2,129		—		638		—			—			692		2,767		3,459		582		Jul-05
1001	Foxboro	MA		—		759		4,158		—		445		—			—			759		4,603		5,362		1,641		May-04
1002	Hudson	MA		—		806		3,122		—		283		—			—			806		3,405		4,211		1,149		May-04
1098	Jamaica Plain	MA		2,742		3,285		11,275		—		112		—			—			3,285		11,387		14,672		1,194		Dec-07
1084	Kingston	MA		—		555		2,491		—		118		—			32	(c)		555		2,641		3,196		764		Oct-02
7002	Lynn	MA		—		1,703		3,237		—		263		—			—			1,703		3,500		5,203		1,016		Jun-01
1035	Marshfield	MA		4,776		1,039		4,155		—		202		—			—			1,039		4,357		5,396		896		Mar-04
1099	Milton	MA		—		2,838		3,979		—		6,400		—			20	(c)		2,838		10,399		13,237		1,566		Nov-02
1011	North Oxford	MA		—		482		1,762		—		207		46	(a)		168	(a)		528		2,137		2,665		717		Oct-99
1022	Northborough	MA		—		280		2,715		—		498		—			—			280		3,213		3,493		1,028		Feb-01
1019	Norwood	MA		—		2,160		2,336		—		1,502		61	(a)		95	(a)		2,221		3,933		6,154		1,036		Aug-99
0519	Plainville	MA		5,198		2,223		4,430		—		369		—			—			2,223		4,799		7,022		1,068		Jul-05
1204	Quincy	MA		—		1,359		4,078		—		225		—			18	(c)		1,359		4,321		5,680		974		Feb-04
1023	Raynham	MA		—		588		2,270		—		261		82	(a)		323	(a)		670		2,854		3,524		835		May-00
1135	Revere	MA		—		2,275		6,935		—		—		—			—			2,275		6,935		9,210		7		Dec-11
1094	Saugus	MA		3,802		1,725		5,514		—		395		—			104	(c)		1,725		6,013		7,738		1,536		Jun-03
1107	Somerville	MA		6,939		1,728		6,570		—		519		3	(a)		13	(a)		1,731		7,102		8,833		1,871		Jun-01
0746	Stoneham	MA		6,163		944		5,241		—		153		—			—			944		5,394		6,338		950		Jul-05
1047	Stoughton	MA		—		1,754		2,769		—		236		—			—			1,754		3,005		4,759		930		May-04
1206	Waltham	MA		—		3,770		11,310		—		1,005		—			17	(c)		3,770		12,332		16,102		2,514		Feb-04
7001	Weymouth	MA		—		2,806		3,129		—		170		—			—			2,806		3,299		6,105		1,041		Sep-00

																					Gross carrying amount at December 31, 2011

Property Number	Property Name	State	Debt		Land initial cost		Building and improvements initial cost		Land costs subsequent to acquisition		Building costs subsequent to acquisition		Land Adjustments			Notes	Building Adjustments			Notes	Land		Building and improvements		Total		Accumulated depreciation		Date acquired or development completed
1207	Woburn	MA		—		—		—		—		219		—				17		(c)		—		236		236		99		Feb-04
1003	Worcester	MA		—		896		4,377		—		2,718		—				—				896		7,095		7,991		1,764		May-04
1219	Worcester	MA		3,393		1,350		4,433		—		86		—				—				1,350		4,519		5,869		613		Dec-06
0152	Annapolis	MD		—		1,375		8,896		—		266		—				—				1,375		9,162		10,537		1,115		Aug-07
1381	Annapolis	MD		6,825		5,248		7,247		—		152		—				—				5,248		7,399		12,647		936		Apr-07
0919	Arnold	MD		9,331		2,558		9,446		—		287		—				—				2,558		9,733		12,291		1,700		Jul-05
1233	Baltimore	MD		3,067		800		5,955		—		53		—				—				800		6,008		6,808		495		Nov-08
1439	Baltimore	MD		—		1,900		5,277		—		53		—				—				1,900		5,330		7,230		211		Jun-10
0552	Bethesda	MD		12,572		—		18,331		—		321		—				—				—		18,652		18,652		3,522		Jul-05
1453	Capitol Heights	MD		—		1,461		9,866		—		104		—				—				1,461		9,970		11,431		313		Oct-10
0950	Columbia	MD		8,251		1,736		9,632		—		241		—				—				1,736		9,873		11,609		1,708		Jul-05
1262	Edgewood	MD		—		1,000		—		—		—		(575	)	(e)		—				425		—		425		—
0980	Ft. Washington	MD		11,280		4,920		9,174		—		151		—				—				4,920		9,325		14,245		1,226		Jan-07
8248	Glen Burnie	MD		—		1,303		4,218		—		71		—				—				1,303		4,289		5,592		51		Jul-11
1195	Lanham	MD		—		3,346		10,079		—		922		(728	)	(b)		12		(c)		2,618		11,013		13,631		2,389		Feb-04
1292	Laurel Heights	MD		6,360		3,000		5,930		—		57		—				—				3,000		5,987		8,987		641		Dec-07
0918	Pasadena	MD		—		1,869		3,056		—		693		—				—				1,869		3,749		5,618		403		Sep-08
1287	Pasadena	MD		—		3,500		7,407		—		7		—				—				3,500		7,414		10,914		103
8211	Randallstown	MD		4,839		764		6,331		—		16		—				—				764		6,347		7,111		62		Aug-11
0380	Rockville	MD		12,645		4,596		11,328		—		238		—				—				4,596		11,566		16,162		1,612		Sep-06
0507	Towson	MD		4,027		861		4,742		—		185		—				—				861		4,927		5,788		892		Jul-05
0309	Grandville	MI		1,670		726		1,298		—		357		—				—				726		1,655		2,381		367		Jul-05
0556	Mount Clemens	MI		2,063		798		1,796		—		315		—				—				798		2,111		2,909		418		Jul-05
0664	Florissant	MO		—		1,241		4,648		—		290		—				—				1,241		4,938		6,179		681		Aug-07
0985	Grandview	MO		1,080		612		1,770		—		304		—				—				612		2,074		2,686		475		Jul-05
0656	St. Louis	MO		—		1,444		4,162		—		240		—				—				1,444		4,402		5,846		597		Aug-07
0663	St. Louis	MO		2,834		676		3,551		—		251		—				—				676		3,802		4,478		523		Aug-07
1061	St. Louis	MO		2,057		631		2,159		—		305		59		(a)		205		(a)		690		2,669		3,359		845		Jun-00
1062	St. Louis	MO		1,577		156		1,313		—		369		17		(a)		151		(a)		173		1,833		2,006		604		Jun-00
8027	Merrimack	NH		—		754		3,299		—		209		63		(a)		279		(a)		817		3,787		4,604		926		Apr-99
0738	Nashua	NH		—		—		755		—		80		—				—				—		835		835		204		Jul-05
1329	Avenel	NJ		7,972		1,518		8,037		—		218		—				24		(c)		1,518		8,279		9,797		1,553		Jan-05
1330	Bayville	NJ		3,210		1,193		5,312		—		222		—				41		(c)		1,193		5,575		6,768		1,102		Dec-04
1408	Bellmawr	NJ		—		3,600		4,765		—		147		75		(c)		—				3,675		4,912		8,587		342		Sep-08
1115	Edison	NJ		5,690		2,519		8,547		—		450		—				—				2,519		8,997		11,516		2,421		Dec-01
1116	Egg Harbor Twp.	NJ		7,445		1,724		5,001		—		643		—				—				1,724		5,644		7,368		1,573		Dec-01
1258	Ewing	NJ		—		1,552		4,720		—		210		11		(c)		(362	)	(e)		1,563		4,568		6,131		604		Mar-07
1038	Glen Rock	NJ		—		1,109		2,401		—		149		113		(a)		249		(a)(c)		1,222		2,799		4,021		713		Mar-01
0330	Hackensack	NJ		—		2,283		11,234		—		641		—				—				2,283		11,875		14,158		2,224		Jul-05
1117	Hazlet	NJ		8,019		1,362		10,262		—		526		—				—				1,362		10,788		12,150		2,834		Dec-01

																			Gross carrying amount at December 31, 2011

Property Number	Property Name	State	Debt		Land initial cost		Building and improvements initial cost		Land costs subsequent to acquisition		Building costs subsequent to acquisition		Land Adjustments		Notes	Building Adjustments		Notes	Land		Building and improvements		Total		Accumulated depreciation		Date acquired or development completed
1039	Hoboken	NJ		8,170		2,687		6,092		—		198		—			3	(c)		2,687		6,293		8,980		1,589		Jul-02
1118	Howell	NJ		3,272		2,440		3,407		—		367		—			—			2,440		3,774		6,214		1,050		Dec-01
1120	Iselin	NJ		3,794		505		4,524		—		398		—			—			505		4,922		5,427		1,396		Dec-01
1196	Lawrenceville	NJ		—		3,402		10,230		—		408		—			8	(c)		3,402		10,646		14,048		2,245		Feb-04
0739	Linden	NJ		3,886		1,517		8,384		—		194		—			—			1,517		8,578		10,095		1,474		Jul-05
1328	Lumberton	NJ		3,649		831		4,060		—		146		—			22	(c)		831		4,228		5,059		879		Dec-04
1040	Lyndhurst	NJ		—		2,679		4,644		—		221		250	(a)		446	(a)(c)		2,929		5,311		8,240		1,340		Mar-01
8093	Maple Shade	NJ		—		1,093		5,492		—		1		—			—			1,093		5,493		6,586		6		Dec-11
0784	Merchantville	NJ		—		1,644		3,115		—		84		—			—			1,644		3,199		4,843		45		Jun-11
1054	Metuchen	NJ		—		1,153		4,462		—		208		—			—			1,153		4,670		5,823		1,237		Dec-01
1428	Monmouth Junction	NJ		—		1,700		5,835		—		22		—			—			1,700		5,857		7,557		294		Dec-09
1197	Morrisville	NJ		—		2,487		7,494		—		1,117		—			11	(c)		2,487		8,622		11,109		1,839		Feb-04
1360	Neptune	NJ		5,666		4,204		8,906		—		240		—			—			4,204		9,146		13,350		1,238		Nov-06
0677	North Bergen	NJ		—		861		17,127		—		—		—			—			861		17,127		17,988		92		Oct-11
0809	North Bergen	NJ		—		2,299		12,728		—		369		—			—			2,299		13,097		15,396		2,245		Jul-05
1089	North Bergen	NJ		6,545		2,100		6,606		—		183		—			74	(c)		2,100		6,863		8,963		1,636		Jul-03
1119	Old Bridge	NJ		5,130		2,758		6,450		—		909		—			—			2,758		7,359		10,117		1,972		Dec-01
0810	Parlin	NJ		—		2,517		4,516		—		396		—			—			2,517		4,912		7,429		1,050		Jul-05
1032	Parlin	NJ		—		—		5,273		—		329		—			—			—		5,602		5,602		1,770		May-04
0655	Toms River	NJ		5,123		1,790		9,935		—		277		—			—			1,790		10,212		12,002		1,891		Jul-05
1331	Union	NJ		—		1,754		6,237		—		232		—			78	(c)		1,754		6,547		8,301		1,299		Dec-04
0547	Albuquerque	NM		—		1,298		4,628		—		599		—			—			1,298		5,227		6,525		676		Aug-07
1058	Las Vegas	NV		1,244		251		717		—		323		27	(a)		87	(a)		278		1,127		1,405		433		Feb-00
1465	Las Vegas	NV		—		1,441		1,810		—		11		—			—			1,441		1,821		3,262		25		Jun-11
1391	Bohemia	NY		1,580		1,456		1,398		—		322		—			—			1,456		1,720		3,176		215		Dec-07
1042	Bronx	NY		—		3,450		21,210		—		—		—			—			3,450		21,210		24,660		23		Dec-11
1213	Bronx	NY		9,774		3,995		11,870		—		566		—			28	(c)		3,995		12,464		16,459		2,519		Aug-04
1399	Brooklyn	NY		14,069		12,993		10,405		—		110		—			—			12,993		10,515		23,508		893		Oct-08
1450	Brooklyn	NY		6,431		2,802		6,536		—		109		—			—			2,802		6,645		9,447		284		May-10
1398	Centereach	NY		2,135		2,226		1,657		—		116		—			—			2,226		1,773		3,999		165		Oct-08
1451	Freeport	NY		5,485		5,676		3,784		—		74		—			—			5,676		3,858		9,534		113		Nov-10
0502	Mount Vernon	NY		5,100		1,585		6,025		—		1,163		—			—			1,585		7,188		8,773		1,290		Jul-05
1087	Mount Vernon	NY		3,386		1,926		7,622		—		606		—			33	(c)		1,926		8,261		10,187		1,982		Nov-02

																			Gross carrying amount at December 31, 2011

Property Number	Property Name	State	Debt		Land initial cost		Building and improvements initial cost		Land costs subsequent to acquisition		Building costs subsequent to acquisition		Land Adjustments		Notes	Building Adjustments		Notes	Land		Building and improvements		Total		Accumulated depreciation		Date acquired or development completed
1055	Nanuet	NY		3,776		2,072		4,644		666		948		—			24	(c)		2,738		5,616		8,354		1,412		Feb-02
0406	New Paltz	NY		3,210		2,059		3,715		—		367		—			—			2,059		4,082		6,141		810		Jul-05
0539	New York	NY		10,069		3,060		16,978		—		604		—			—			3,060		17,582		20,642		3,104		Jul-05
1050	Plainview	NY		5,119		4,287		3,710		—		577		—			—			4,287		4,287		8,574		1,324		Dec-00
1501	Cincinnati	OH		—		2,941		2,177		—		112		—			—			2,941		2,289		5,230		32		Jun-11
1502	Cincinnati	OH		4,832		1,815		5,733		—		152		—			—			1,815		5,885		7,700		84		Jun-11
1503	Cincinnati	OH		—		1,445		3,755		—		80		—			—			1,445		3,835		5,280		54		Jun-11
1504	Cincinnati	OH		—		1,217		1,941		—		86		—			—			1,217		2,027		3,244		29		Jun-11
0438	Columbus	OH		2,848		483		2,654		—		483		—			—			483		3,137		3,620		715		Jul-05
1511	Greenville	OH		—		189		302		—		30		—			—			189		332		521		5		Jun-11
1505	Hamilton	OH		—		673		2,910		—		59		—			—			673		2,969		3,642		42		Jun-11
0365	Kent	OH		1,473		220		1,206		—		152		—			—			220		1,358		1,578		319		Jul-05
1506	Lebanon	OH		—		1,657		1,566		—		62		—			—			1,657		1,628		3,285		23		Jun-11
1507	Middletown	OH		—		534		1,047		—		54		—			—			534		1,101		1,635		16		Jun-11
1509	Sidney	OH		—		201		262		—		51		—			—			201		313		514		5		Jun-11
1510	Troy	OH		—		273		544		—		37		—			—			273		581		854		9		Jun-11
1512	Washington Court House	OH		—		197		499		—		29		—			—			197		528		725		8		Jun-11
1508	Xenia	OH		—		302		1,022		—		45		—			—			302		1,067		1,369		15		Jun-11
0288	Aloha	OR		6,371		1,221		6,262		—		199		—			—			1,221		6,461		7,682		1,166		Jul-05
1294	King City	OR		4,550		2,520		6,845		—		43		—			—			2,520		6,888		9,408		362		Sep-09
1332	Bensalem	PA		3,127		1,131		4,525		—		181		—			66	(c)		1,131		4,772		5,903		963		Dec-04
1354	Bensalem	PA		—		750		3,015		—		150		—			—			750		3,165		3,915		518		Mar-06
1036	Doylestown	PA		—		220		3,442		—		313		301	(a)(d)		384	(a)		521		4,139		4,660		1,053		Nov-99
1046	Kennedy Township	PA		—		736		3,173		—		169		—			—			736		3,342		4,078		1,035		May-04
1198	Philadelphia	PA		—		1,965		5,925		—		968		—			7	(c)		1,965		6,900		8,865		1,483		Feb-04
1045	Pittsburgh	PA		—		889		4,117		—		474		—			—			889		4,591		5,480		1,353		May-04
1063	Pittsburgh	PA		—		991		1,990		—		448		91	(a)		199	(a)		1,082		2,637		3,719		760		Aug-00
1048	Willow Grove	PA		—		1,297		4,027		—		164		—			—			1,297		4,191		5,488		111		Jan-11
0741	Johnston	RI		6,974		2,658		4,799		—		365		—			—			2,658		5,164		7,822		991		Jul-05
1150	Johnston	RI		—		533		2,127		—		1		—			—			533		2,128		2,661		2		Dec-11
1303	Charleston	SC		3,614		1,279		4,171		—		100		—			30	(c)		1,279		4,301		5,580		859		Aug-04
1305	Columbia	SC		2,896		838		3,312		—		149		—			38	(c)		838		3,499		4,337		734		Aug-04
1311	Goose Creek	SC		—		1,683		4,372		—		931		—			30	(c)		1,683		5,333		7,016		961		Aug-04
1323	Summerville	SC		—		450		4,454		—		123		—			26	(c)		450		4,603		5,053		923		Aug-04
0487	Cordova	TN		2,652		852		2,720		—		224		—			—			852		2,944		3,796		578		Jul-05
0704	Cordova	TN		—		894		2,680		—		135		—			—			894		2,815		3,709		383		Jan-07
8122	Cordova	TN		2,143		652		1,791		—		3		—			—			652		1,794		2,446		33		Apr-11
0574	Nashville	TN		2,960		390		2,598		—		610		—			—			390		3,208		3,598		622		Apr-06

																				Gross carrying amount at December 31, 2011

Property Number	Property Name	State	Debt		Land initial cost		Building and improvements initial cost		Land costs subsequent to acquisition		Building costs subsequent to acquisition		Land Adjustments		Notes	Building Adjustments			Notes	Land		Building and improvements		Total		Accumulated depreciation		Date acquired or development completed
1363	Allen	TX		4,325		901		5,553		—		182		—			—				901		5,735		6,636		788		Nov-06
1301	Arlington	TX		2,292		534		2,525		—		271		—			34		(c)		534		2,830		3,364		641		Aug-04
1302	Austin	TX		5,011		870		4,455		—		250		—			35		(c)		870		4,740		5,610		972		Aug-04
0514	Dallas	TX		11,700		1,980		12,501		—		275		—			—				1,980		12,776		14,756		1,914		May-06
0561	Dallas	TX		2,080		337		2,216		—		402		—			—				337		2,618		2,955		510		Apr-06
1307	Dallas	TX		11,188		4,432		6,181		—		417		—			36		(c)		4,432		6,634		11,066		1,352		Aug-04
0795	Euless	TX		—		671		3,213		—		182		—			—				671		3,395		4,066		60		Apr-11
1309	Fort Worth	TX		2,231		631		5,794		—		178		—			31		(c)		631		6,003		6,634		1,202		Aug-04
1312	Grand Prairie	TX		2,317		551		2,330		—		172		—			31		(c)		551		2,533		3,084		520		Aug-04
0584	Houston	TX		—		2,596		8,735		—		236		—			—				2,596		8,971		11,567		1,357		Apr-06
1457	Houston	TX		—		402		1,870		—		133		—			—				402		2,003		2,405		56		Dec-10
1456	La Porte	TX		—		1,608		2,351		—		185		—			—				1,608		2,536		4,144		73		Dec-10
1364	Plano	TX		4,435		1,010		6,203		—		270		—			—				1,010		6,473		7,483		875		Nov-06
1365	Plano	TX		—		614		3,775		—		198		—			—				614		3,973		4,587		569		Nov-06
1357	Rowlett	TX		2,052		1,002		2,601		—		264		—			—				1,002		2,865		3,867		441		Aug-06
1306	San Antonio	TX		993		1,269		1,816		—		458		—			30		(c)		1,269		2,304		3,573		506		Aug-04
1326	San Antonio	TX		1,150		253		1,496		—		113		—			32		(c)		253		1,641		1,894		353		Aug-04
1387	San Antonio	TX		—		2,471		3,556		—		186		—			(408	)	(f)		2,471		3,334		5,805		393		Dec-07
0521	South Houston	TX		2,413		478		4,069		—		534		—			—				478		4,603		5,081		751		Apr-06
8246	Spring	TX		—		978		1,347		—		2		—			—				978		1,349		2,327		13		Aug-11
1006	Kearns	UT		—		642		2,607		—		250		—			—				642		2,857		3,499		639		Jun-04
1454	Murray	UT		—		571		986		—		259		—			—				571		1,245		1,816		38		Nov-10
0792	Orem	UT		—		841		2,335		—		11		—			—				841		2,346		3,187		42		Apr-11
8002	Salt Lake City	UT		3,180		986		3,455		—		79		—			—				986		3,534		4,520		110		Oct-10
0132	Sandy	UT		4,045		1,349		4,372		—		248		—			—				1,349		4,620		5,969		849		Jul-05
1455	West Jordan	UT		2,212		735		2,146		—		35		—			—				735		2,181		2,916		68		Nov-10
0230	West Valley City	UT		1,817		461		1,722		—		130		—			—				461		1,852		2,313		359		Jul-05
1380	Alexandria	VA		6,094		1,620		13,103		—		503		—			—				1,620		13,606		15,226		1,826		Jun-07
1452	Arlington	VA		—		—		4,802		—		45		—			—				—		4,847		4,847		486		Oct-10
0717	Dumfries	VA		5,421		932		9,349		—		38		—			—				932		9,387		10,319		151		May-11
0678	Falls Church	VA		6,090		1,259		6,975		—		349		—			—				1,259		7,324		8,583		1,306		Jul-05
1325	Richmond	VA		4,703		2,305		5,467		—		114		—			8		(c)		2,305		5,589		7,894		1,086		Aug-04
0764	Stafford	VA		4554		2,076		5,175		—		68		—			—				2,076		5,243		7,319		403		Jan-09
1341	Lakewood	WA		4,580		1,917		5,256		—		158		—			—				1,917		5,414		7,331		850		Feb-06
1342	Lakewood	WA		4,577		1,389		4,780		—		214		—			—				1,389		4,994		6,383		801		Feb-06
0643	Seattle	WA		7,574		2,727		7,241		—		203		—			—				2,727		7,444		10,171		1,323		Jul-05

																				Gross carrying amount at December 31, 2011

Property Number	Property Name	State	Debt		Land initial cost		Building and improvements initial cost		Land costs subsequent to acquisition		Building costs subsequent to acquisition		Land Adjustments			Notes	Building Adjustments		Notes	Land		Building and improvements		Total		Accumulated depreciation		Date acquired or development completed
1343	Tacoma	WA		3,365		1,031		3,103		—		135		—				—			1,031		3,238		4,269		534		Feb-06
	Other corporate assets			4,850		849		2,202		—		31,806		(849	)	(d)		—			—		34,008		34,008		4,377		Various
	Construction in progress			—		—		—		—		9,366		—				—			—		9,366		9,366		—
	Intangible tenant relationships and lease rights			—		—		38,407		—		5,035		—				—			—		43,442		43,442		35,741		Various

			$	937,001	$	598,732	$	1,827,406	$	666	$	150,618	$	(3,803	)		$	9,478		$	595,595	$	1,987,502	$	2,583,097	$	319,302

(a): Adjustments relate to the acquisition of joint venture partners interests
(b): Adjustment relates to partial disposition of land
(c): Adjustment relates to asset transfers between land, building and/or equipment
(d): Adjustment relates to asset transfers between entities
(e): Adjustment relates to impairment charge
(f): Adjustment relates to a purchase price adjustment

- Definition

The entire disclosure for real estate and accumulated depreciation. This may include a schedule that describes the property and lists the initial cost of land, buildings and improvements, improvements and carrying costs capitalized after acquisition, and the total carrying cost for land, buildings and improvements for each property and in aggregate. The schedule also lists the accumulated depreciation for each property and in aggregate, the date each property was constructed and acquired, the useful life used to calculate depreciation and any encumbrances on the properties. The entity provides a reconciliation of the carrying amount of real estate from the beginning of the period to the end of the period. Any real estate investments that have been written down or reserved against are described, including the basis of the write-down. A material amount of intercompany profit in the total carrying amount of real estate is disclosed. The aggregate cost of all real estate investments for federal income tax purposes is also disclosed.

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2011

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Basis of Presentation

Variable Interest Entities

Variable Interest Entities

Use of Estimates

Use of Estimates

Reclassifications

Reclassifications

Fair Value Disclosures

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	December 31, 2011			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	$	(8,311	)	$	—	$	(8,311	)	$	—

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

As of December 31, 2011 and 2010, the Company did not have any assets or liabilities measured at fair value on a nonrecurring basis.

Fair Value of Financial Instruments

	December 31, 2011				December 31, 2010

	Fair Value		Carrying Value		Fair Value		Carrying Value
Note receivable from Preferred Operating Partnership unit holder	$	104,049	$	100,000	$	115,696	$	100,000
Fixed rate notes payable and notes payable to trusts	$	1,008,039	$	938,681	$	777,575	$	731,588
Exchangeable senior notes	$	92,265	$	87,663	$	118,975	$	87,663

Real Estate Assets

Real Estate Assets

Investments in Real Estate Ventures

Investments in Real Estate Ventures

Cash and Cash Equivalents

Cash and Cash Equivalents

Restricted Cash

Restricted Cash

Other Assets

Other Assets

Derivative Instruments and Hedging Activities

Derivative Instruments and Hedging Activities

Risk Management and Use of Financial Instruments

Risk Management and Use of Financial Instruments

Conversion of Operating Partnership Units

Conversion of Operating Partnership Units

Revenue and Expense Recognition

Revenue and Expense Recognition

Real Estate Sales

Real Estate Sales

Advertising Costs

Advertising Costs

Income Taxes

Income Taxes

Stock Based Compensation

Stock-Based Compensation

Net Income Per Share

Net Income Per Share

The computation of net income per share is as follows:

	For the Year Ended December 31,

	2011			2010			2009
Net income attributable to common stockholders	$	50,449		$	26,331		$	31,977
Add: Income allocated to noncontrolling interest—Preferred Operating Partnership and Operating Partnership		7,978			7,096			8,012
Subtract: Fixed component of income allocated to noncontrolling interest—Preferred Operating Partnership		(5,750	)		(5,750	)		(5,750	)

Net income for diluted computations	$	52,677		$	27,677		$	34,239

Weighted average common shares outstanding:
Average number of common shares outstanding—basic		92,097,008			87,324,104			86,343,029
Operating Partnership units		3,049,935			3,356,963			3,627,368
Preferred Operating Partnership units		989,980			989,980			989,980
Dilutive and cancelled stock options		546,585			379,406			122,457

Average number of common shares outstanding—diluted		96,683,508			92,050,453			91,082,834
Net income per common share
Basic	$	0.55		$	0.30		$	0.37
Diluted	$	0.54		$	0.30		$	0.37

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2011

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

				Fair Value Measurements at Reporting Date Using

Description	December 31, 2011			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	$	(8,311	)	$	—	$	(8,311	)	$	—

Schedule of fair value of financial instruments

	December 31, 2011				December 31, 2010

	Fair Value		Carrying Value		Fair Value		Carrying Value
Note receivable from Preferred Operating Partnership unit holder	$	104,049	$	100,000	$	115,696	$	100,000
Fixed rate notes payable and notes payable to trusts	$	1,008,039	$	938,681	$	777,575	$	731,588
Exchangeable senior notes	$	92,265	$	87,663	$	118,975	$	87,663

Schedule of computation of net income per common share

	For the Year Ended December 31,

	2011			2010			2009
Net income attributable to common stockholders	$	50,449		$	26,331		$	31,977
Add: Income allocated to noncontrolling interest—Preferred Operating Partnership and Operating Partnership		7,978			7,096			8,012
Subtract: Fixed component of income allocated to noncontrolling interest—Preferred Operating Partnership		(5,750	)		(5,750	)		(5,750	)

Net income for diluted computations	$	52,677		$	27,677		$	34,239

Weighted average common shares outstanding:
Average number of common shares outstanding—basic		92,097,008			87,324,104			86,343,029
Operating Partnership units		3,049,935			3,356,963			3,627,368
Preferred Operating Partnership units		989,980			989,980			989,980
Dilutive and cancelled stock options		546,585			379,406			122,457

Average number of common shares outstanding—diluted		96,683,508			92,050,453			91,082,834
Net income per common share
Basic	$	0.55		$	0.30		$	0.37
Diluted	$	0.54		$	0.30		$	0.37

- 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
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 14
-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 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15
-Subparagraph b-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
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-Number 157
-Paragraph 32
-Subparagraph a, c(1), c(2), c(3), 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.

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-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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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610

+ Details

REAL ESTATE ASSETS (Tables)

12 Months Ended

Dec. 31, 2011

REAL ESTATE ASSETS

Schedule of components of real estate assets

	December 31, 2011			December 31, 2010

Land—operating	$	580,995		$	494,005
Land—development		14,600			24,284
Buildings and improvements		1,934,693			1,641,665
Intangible assets—tenant relationships		37,293			32,257
Intangible lease rights		6,150			6,150

		2,573,731			2,198,361
Less: accumulated depreciation and amortization		(319,302	)		(263,042	)

Net operating real estate assets		2,254,429			1,935,319
Real estate under development		9,366			37,083

Net real estate assets	$	2,263,795		$	1,972,402

Real estate assets held for sale included in net real estate assets	$	7,875		$	11,275

PROPERTY ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2011

PROPERTY ACQUISITIONS

Schedule of operating properties acquired

					Consideration Paid													Acquisition Date Fair Value

Property Location	Number of Properties		Date of Acquisition		Total Paid		Cash Paid		Loan Assumed		Notes Payable Issued to Seller		Previous equity interest		Net Liabilities/ (Assets) Assumed			Land		Building		Intangible		Closing costs— expensed
New Jersey		1		12/16/2011	$	6,832	$	6,806	$	—	$	—	$	—	$	26		$	1,093	$	5,492	$	157	$	90
Florida, Illinois, Massachusetts, New York, Rhode Island		6		12/1/2011		61,797		4,941		50,140		4,850		1,817		49			15,645		46,139		—		13
Florida		1		10/25/2011		5,853		5,615		—		—		—		238			521		5,198		113		21
California		19		10/19/2011		104,029		31,464		73,527		—		—		(962	)		32,270		69,496		2,164		99
New Jersey		1		10/6/2011		18,372		18,334		—		—		—		38			861		17,127		333		51
Texas		1		8/2/2011		2,402		2,353		—		—		—		49			978		1,347		73		4
Maryland		1		8/1/2011		7,343		7,342		—		—		—		1			764		6,331		143		105
Maryland		1		7/8/2011		5,785		5,795		—		—		—		(10	)		1,303		4,218		125		139
Ohio, Indiana, Kentucky		15		6/27/2011		39,773		39,387		—		—		—		386			13,478		25,098		903		294
Nevada		1		6/22/2011		3,355		3,339		—		—		—		16			1,441		1,810		98		6
Colorado		1		6/10/2011		4,600		2,664		1,907		—		—		29			296		4,199		98		7
New Jersey		1		6/2/2011		4,963		4,959		—		—		—		4			1,644		3,115		135		69
Virginia		1		5/26/2011		10,514		5,205		5,463		—		—		(154	)		932		9,349		202		31
Colorado		1		5/25/2011		3,540		2,262		1,290		—		—		(12	)		407		3,077		61		(5	)
Tennessee		1		4/15/2011		2,539		2,514		—		—		—		25			652		1,791		79		17
California		1		4/7/2011		8,207		8,150		—		—		—		57			2,211		5,829		163		4
Utah, Texas		2		4/1/2011		7,262		7,205		—		—		—		57			1,512		5,548		188		14
Texas		2		12/14/2010		6,414		6,359		—		—		—		55			2,010		4,221		146		37
New York		1		11/23/2010		9,727		4,547		5,601		—		—		(421	)		5,676		3,784		209		58
Utah		2		11/23/2010		4,559		4,570		—		—		—		(11	)		1,306		3,132		106		15
Maryland, Virginia		2		10/20/2010		16,784		16,828		—		—		—		(44	)		1,461		14,668		490		165
Utah		1		10/20/2010		4,531		4,514		—		—		—		17			986		3,455		80		10
Alabama		2		8/23/2010		2,593		2,534		—		—		—		59			416		2,033		140		4
Florida		1		7/15/2010		2,787		2,759		—		—		—		28			625		2,133		19		10
Georgia		3		6/17/2010		7,661		7,551		—		—		—		110			2,769		4,487		318		87
New York		1		5/21/2010		9,629		3,231		6,475		—		—		(77	)		2,802		6,536		220		71

- 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)
-Number 141
-Paragraph 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
-Paragraph 68
-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 141R
-Appendix F
-Paragraph F4
-Subparagraph e

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=6972119&loc=d3e1486-128463

+ Details

INVESTMENTS IN REAL ESTATE VENTURES (Tables)

12 Months Ended

Dec. 31, 2011

INVESTMENTS IN REAL ESTATE VENTURES

Schedule of investments in real estate ventures

							Investment balance at

	Equity Ownership %			Excess Profit Participation %			December 31, 2011			December 31, 2010
Extra Space West One LLC ("ESW")		5	%		40	%	$	689		$	1,077
Extra Space West Two LLC ("ESW II")		5	%		40	%		4,501			4,606
Extra Space Northern Properties Six LLC ("ESNPS")		10	%		35	%		953			1,142
Extra Space of Santa Monica LLC ("ESSM")		48	%		48	%		3,015			2,901
Clarendon Storage Associates Limited Partnership ("Clarendon")		50	%		50	%		3,171			3,204
HSRE-ESP IA, LLC ("HSRE")		50	%		50	%		11,528			11,984
PRISA Self Storage LLC ("PRISA")		2	%		17	%		11,141			11,445
PRISA II Self Storage LLC ("PRISA II")		2	%		17	%		9,502			9,855
PRISA III Self Storage LLC ("PRISA III")		5	%		20	%		3,410			3,568
VRS Self Storage LLC ("VRS")		45	%		54	%		43,974			44,641
WCOT Self Storage LLC ("WCOT")		5	%		20	%		4,495			4,799
Storage Portfolio I LLC ("SP I")		25	%		25 - 40	%		11,853			14,873
Storage Portfolio Bravo II ("SPB II")		20	%		20 - 45	%		14,435			14,759
Extra Space Joint Ventures with Everest Real Estate Fund ("Everest")		39 - 58	%		40 - 50	%		3,609			5,514
U-Storage de Mexico S.A. and related entities ("U-Storage")		40	%		40	%		4,841			4,852
Other minority owned properties		18 - 50	%		19 - 50	%		(707	)		1,340

							$	130,410		$	140,560

Schedule of equity in earnings (losses) of real estate ventures

	For the Year Ended December 31,

	2011			2010			2009
Equity in earnings of ESW	$	1,156		$	1,213		$	1,164
Equity in losses of ESW II		(8	)		(31	)		(24	)
Equity in earnings of ESNPS		338			239			277
Equity in earnings (losses) of ESSM		114			(142	)		(113	)
Equity in earnings of Clarendon		465			417			375
Equity in earnings (losses) of HSRE		388			(161	)		—
Equity in earnings of PRISA		674			641			483
Equity in earnings of PRISA II		530			481			550
Equity in earnings of PRISA III		330			262			235
Equity in earnings of VRS		2,279			2,221			2,116
Equity in earnings of WCOT		92			251			242
Equity in earnings (losses) of SP I		(116	)		934			793
Equity in earnings of SPB II		301			184			283
Equity in earnings (losses) of Everest		179			195			(6	)
Equity in earnings (losses) of U-Storage		(11	)		55			70
Equity in earnings (losses) of other minority owned properties		576			(6	)		519

	$	7,287		$	6,753		$	6,964

Disclosure of real estate venture's debt

	Loan Amount				Debt Maturity

ESW—Fixed	$	16,700	5.00	%	September 2015
ESW II—Fixed		20,000	5.48	%	March 2012
ESNPS—Fixed		34,500	5.27	%	June 2015
ESSM—Variable		11,125	3.01	%	November 2014
Clarendon—Swapped to fixed		8,266	5.93	%	September 2018
HSRE—Fixed		99,203	5.29	%	August 2015
PRISA		—	—		Unleveraged
PRISA II		—	—		Unleveraged
PRISA III—Fixed		145,000	4.97	%	August 2012
VRS—Fixed		52,100	4.76	%	August 2012
WCOT—Fixed		92,140	4.76	%	August 2012
SP I—Fixed		98,568	4.66	%	April 2018
SPB II—Fixed		57,350	8.00	%	August 2014
U-Storage		—	—		Unleveraged
Other minority owned properties		74,402	Various		Various

Condensed financial information of unconsolidated real estate ventures

	December 31,

Balance Sheets:	2011		2010
Assets:
Net real estate assets	$	1,971,431	$	2,056,032
Other		48,728		28,866

	$	2,020,159	$	2,084,898

Liabilities and members' equity:
Notes payable	$	615,561	$	634,778
Other liabilities		37,558		27,700
Members' equity		1,367,040		1,422,420

	$	2,020,159	$	2,084,898

	For the Year Ended December 31,

Statements of Income:	2011		2010		2009
Rents and other income	$	304,499	$	297,658	$	282,181
Expenses		217,114		211,283		195,330

Net income	$	87,385	$	86,375	$	86,851

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

	Liability Balance		Investment Balance			Balance of Guaranteed Loan		Payables to Company		Maximum Exposure to Loss		Difference

Extra Space of Montrose Avenue LLC	$	—	$	1,194		$	5,120	$	2,195	$	8,509	$	(8,509	)
Extra Space of Sacramento One LLC		—		(914	)		4,307		6,111		9,504		(9,504	)

	$	—	$	280		$	9,427	$	8,306	$	18,013	$	(18,013	)

OTHER ASSETS (Tables)

12 Months Ended

Dec. 31, 2011

OTHER ASSETS

Schedule of other assets

	December 31, 2011			December 31, 2010

Equipment and fixtures	$	12,146		$	13,552
Less: accumulated depreciation		(8,847	)		(10,490	)
Other intangible assets		3,424			3,343
Deferred financing costs, net		15,386			14,519
Prepaid expenses and deposits		5,265			6,869
Accounts receivable, net		14,262			12,519
Investments in Trusts		3,590			3,590
Income taxes receivable		2,447			1,353
Deferred tax assets		3,603			4,294

	$	51,276		$	49,549

NOTES PAYABLE (Tables)

12 Months Ended

Dec. 31, 2011

NOTES PAYABLE

Schedule of components of notes payable

	December 31, 2011		December 31, 2010

*Fixed Rate*
Mortgage and construction loans with banks (including loans subject to interest rate swaps) bearing interest at fixed rates between 3.7% and 7.0%. The loans are collateralized by mortgages on real estate assets and the assignment of rents. Principal and interest payments are made monthly with all outstanding principal and interest due between January 2012 and February 2021.	$	819,091	$	695,505
*Variable Rate*
Mortgage and construction loans with banks bearing floating interest rates based on LIBOR and Prime. Interest rates based on LIBOR are between LIBOR plus 2.0% (2.3% at December 31, 2011 and December 31, 2010) and LIBOR plus 4.0% (4.3% at December 31, 2011 and December 31, 2010). Interest rates based on Prime are between Prime plus 0.5% (3.8% at December 31, 2011 and December 31, 2010), and Prime plus 1.5% (4.8% at December 31, 2011 and December 31, 2010). The loans are collateralized by mortgages on real estate assets and the assignment of rents. Principal and interest payments are made monthly with all outstanding principal and interest due between May 2012 and May 2015.		117,910		175,898

	$	937,001	$	871,403

Schedule of maturities of notes payable


2012	$	38,314
2013		120,680
2014		166,291
2015		200,040
2016		182,624
Thereafter		229,052

	$	937,001

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

+ Details

DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2011

DERIVATIVES

Schedule summarizing the terms of seven derivative financial instruments

Hedge Product		Hedge Type		Notional Amounts		Strike		Effective Dates		Maturity Dates

Swap Agreements		Cash Flow		$8,462 - $63,000		2.24% - 6.98%		2/1/2009 - 10/1/2011		6/30/2013 - 9/20/2018

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

		For the Year Ended December 31,

	Classification of Income (Expense)	For the Year Ended December 31,
Type	Classification of Income (Expense)	2011			2010			2009
Swap Agreements	Interest expense	$	(3,771	)	$	(3,078	)	$	(463	)

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

					Gain (loss) reclassified from OCI

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

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

	Asset (Liability) Derivatives

	December 31, 2011				December 31, 2010
Derivatives designated as hedging instruments:	Balance Sheet Location	Fair Value			Balance Sheet Location	Fair Value
Swap Agreements	Other liabilities	$	(8,311	)	Other liabilities	$	(6,074	)

- 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
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-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
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579240-113959

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

NOTES PAYABLE TO TRUSTS (Tables)

12 Months Ended

Dec. 31, 2011

NOTES PAYABLE TO TRUSTS

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

	Notes payable to Trusts as of December 31, 2011		Investment Balance		Maximum exposure to loss		Difference

Trust	$	36,083	$	1,083	$	35,000	$	—
Trust II		42,269		1,269		41,000		—
Trust III		41,238		1,238		40,000		—

	$	119,590	$	3,590	$	116,000	$	—

EXCHANGEABLE SENIOR NOTES (Tables)

12 Months Ended

Dec. 31, 2011

EXCHANGEABLE SENIOR NOTES

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

	December 31, 2011			December 31, 2010

Carrying amount of equity component	$	19,545		$	19,545

Principal amount of liability component	$	87,663		$	87,663
Unamortized discount		(444	)		(2,205	)

Net carrying amount of liability component	$	87,219		$	85,458

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

	For the Year Ended December 31,

	2011		2010		2009
Contractual interest	$	3,178	$	3,178	$	4,524
Amortization of discount		1,761		1,664		2,239

Total interest expense recognized	$	4,939	$	4,842	$	6,763

Information about the repurchases and related gains

	October 2009			May 2009			March 2009			October 2008

Principal amount repurchased	$	7,500		$	43,000		$	71,500		$	40,337

Amount allocated to:
Extinguishment of liability component	$	6,700		$	35,000		$	43,800		$	30,696
Reacquisition of equity component		181			1,340			713			1,025

Total cash paid for repurchase	$	6,881		$	36,340		$	44,513		$	31,721

Exchangeable senior notes repurchased	$	7,500		$	43,000		$	71,500		$	40,337
Extinguishment of liability component		(6,700	)		(35,000	)		(43,800	)		(30,696	)
Discount on exchangeable senior notes		(366	)		(2,349	)		(4,208	)		(2,683	)
Related debt issuance costs		(82	)		(558	)		(1,009	)		(647	)

Gain on repurchase	$	352		$	5,093		$	22,483		$	6,311

LINES OF CREDIT (Tables)

12 Months Ended

Dec. 31, 2011

LINES OF CREDIT

Summarized information of lines of credit

	As of December 31, 2011

Line of Credit	Amount Drawn		Capacity		Interest Rate			Origination Date	Maturity	Basis Rate	Notes
Credit Line 1	$	100,000	$	100,000		1.3	%	10/19/2007	10/31/2012	LIBOR plus 1.00% - 2.10%	(5)
Credit Line 2		40,000		74,000		2.4	%	2/13/2009	2/13/2014	LIBOR plus 2.15%	(1)(4)(5)
Credit Line 3		40,000		72,000		2.5	%	6/4/2010	5/31/2013	LIBOR plus 2.20%	(2)(4)(5)
Credit Line 4		25,000		40,000		2.5	%	11/16/2010	11/16/2013	LIBOR plus 2.20%	(3)(4)(5)
Credit Line 5		10,000		50,000		2.4	%	4/29/2011	5/1/2014	LIBOR plus 2.15%	(3)(4)(5)

	$	215,000	$	336,000

(1): One year extension available
(2): One two-year extension available
(3): Two one-year extensions available
(4): Guaranteed by the Company
(5): Secured by mortgages on certain real estate assets

OTHER LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2011

OTHER LIABILITIES

Summarized statement of Other liabilities

	December 31, 2011		December 31, 2010

Deferred rental income	$	14,907	$	12,194
Lease obligation liability		5,828		7,016
Fair value of interest rate swaps		8,311		6,074
Other miscellaneous liabilities		4,708		3,305

	$	33,754	$	28,589

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

12 Months Ended

Dec. 31, 2011

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

		For the Year Ended December 31,

Entity	Type	2011		2010		2009
ESW	Affiliated real estate joint ventures	$	410	$	403	$	402
ESW II	Affiliated real estate joint ventures		335		318		312
ESNPS	Affiliated real estate joint ventures		479		458		452
ESSM	Affiliated real estate joint ventures		85		44		11
HSRE	Affiliated real estate joint ventures		1,045		961		—
PRISA	Affiliated real estate joint ventures		4,961		4,917		4,793
PRISA II	Affiliated real estate joint ventures		4,016		3,964		3,989
PRISA III	Affiliated real estate joint ventures		1,796		1,722		1,686
VRS	Affiliated real estate joint ventures		1,156		1,136		1,128
WCOT	Affiliated real estate joint ventures		1,497		1,468		1,454
SP I	Affiliated real estate joint ventures		6,392		1,256		1,243
SPB II	Affiliated real estate joint ventures		969		943		943
Everest	Affiliated real estate joint ventures		528		491		359
Other	Franchisees, third parties and other		6,255		5,041		4,189

		$	29,924	$	23,122	$	20,961

Summarized information of receivables from related party and affiliated joint ventures

	December 31, 2011		December 31, 2010

Mortgage notes receivable	$	7,253	$	6,943
Other receivables from properties		11,264		3,118

	$	18,517	$	10,061

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2011

STOCK-BASED COMPENSATION

Summary of stock option activity

Options			Weighted Average Exercise Price			Aggregate Intrinsic Value as of December 31, 2011

Outstanding at December 31, 2008	2,841,923		$	14.76
Granted	723,000			6.22
Forfeited	(107,875	)		13.36

Outstanding at December 31, 2009	3,457,048		$	13.02
Granted	308,680			11.75
Exercised	(484,261	)		11.69
Forfeited	(175,562	)		12.27

Outstanding at December 31, 2010	3,105,905		$	13.13
Granted	110,900			19.60
Exercised	(1,388,269	)		13.44
Forfeited	(29,675	)		15.65

Outstanding at December 31, 2011	1,798,861		$	13.25	5.30	$	19,759

Vested and Expected to Vest	1,744,908		$	13.25	5.21	$	19,162
Ending Exercisable	1,215,376		$	14.37	4.20	$	11,982

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

	For the Year Ended December 31,

	2011			2010			2009
Expected volatility		45	%		47	%		42	%
Dividend yield		4.9	%		5.3	%		6.6	%
Risk-free interest rate		2.4	%		2.3	%		1.7	%
Average expected term (years)		5			5			5

Schedule of stock options outstanding and exercisable

	Options Outstanding						Options Exercisable

Exercise Price	Shares		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price		Shares		Weighted Average Exercise Price
$6.22 - $11.59		563,955		6.27	$	7.76		190,570	$	7.46
$11.60 - $12.50		284,950		4.12		12.42		226,900		12.48
$12.51 - $15.53		453,350		4.43		14.90		414,600		14.93
$15.54 - $19.00		250,756		5.22		17.11		218,256		17.16
$19.01 - $19.91		245,850		6.15		19.79		165,050		19.88

$6.22 - $19.91		1,798,861		5.30	$	13.25		1,215,376	$	14.37

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

Restricted Stock Grants			Weighted-Average Grant-Date Fair Value

Unreleased at December 31, 2008	441,204		$	16.21
Granted	547,265			6.19
Released	(198,284	)		13.51
Cancelled	(21,256	)		9.82

Unreleased at December 31, 2009	768,929		$	9.95
Granted	445,230			12.22
Released	(228,885	)		11.08
Cancelled	(64,010	)		10.11

Unreleased at December 31, 2010	921,264		$	10.75
Granted	226,630			20.09
Released	(386,113	)		11.39
Cancelled	(47,695	)		14.31

Unreleased at December 31, 2011	714,086		$	13.15

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2011

INCOME TAXES

Summarized statement of components of income tax provision

	For the Year Ended December 31, 2011

	Federal			State		Total
Current expense	$	1,350		$	606	$	1,956
Tax credits		(6,849	)		—		(6,849	)
Change in deferred benefit		6,048			—		6,048

Total tax expense	$	549		$	606	$	1,155

	For the Year Ended December 31, 2010

	Federal			State		Total
Current expense	$	3,588		$	124	$	3,712
Tax credits		(832	)		—		(832	)
Change in deferred benefit		1,282			—		1,282

Total tax expense	$	4,038		$	124	$	4,162

	For the Year Ended December 31, 2009

	Federal			State		Total
Current expense	$	4,177		$	1,171	$	5,348
Change in deferred benefit		(1,048	)		—		(1,048	)

Total tax expense	$	3,129		$	1,171	$	4,300

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

	December 31, 2011					December 31, 2010

Expected tax at statutory rate	$	20,854		35.0	%	$	13,204		35.0	%
Non-taxable REIT income		(14,957	)	(25.1	)%		(8,303	)	(22.0	)%
State and local tax expense—net of federal benefit		617		1.0	%		124		0.3	%
Change in valuation allowance		1,298		2.2	%		804		2.1	%
Tax credits		(6,849	)	(11.5	)%		(832	)	(2.2	)%
Miscellaneous		192		0.3	%		(835	)	(2.3	)%

Total provision	$	1,155		1.9	%	$	4,162		10.9	%

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

	December 31, 2011			December 31, 2010

Captive insurance subsidiary	$	232		$	236
Fixed assets		(6,455	)		1,589
Various liabilities		1,542			1,229
Solar credit		6,849			—
Stock compensation		1,955			2,140
State net operating losses		2,691			1,743

		6,814			6,937
Valuation allowance		(3,211	)		(2,643	)

Net deferred tax asset	$	3,603		$	4,294

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2011

SEGMENT INFORMATION

Schedule of financial information of business segments

	December 31, 2011		December 31, 2010

Balance Sheet
Investment in real estate ventures
Rental operations	$	130,410	$	140,560
Total assets
Property management, acquisition and development	$	634,782	$	302,262
Rental operations		1,837,756		1,931,150
Tenant reinsurance		43,712		16,408

	$	2,516,250	$	2,249,820

	For the Year Ended December 31,

	2011			2010			2009
Statement of Operations
Total revenues
Property management, acquisition and development	$	29,924		$	23,122		$	20,961
Rental operations		268,725			232,447			238,256
Tenant reinsurance		31,181			25,928			20,929

	$	329,830		$	281,497		$	280,146

Operating expenses, including depreciation and amortization
Property management, acquisition and development	$	58,012		$	49,762		$	64,246
Rental operations		150,199			134,415			138,552
Tenant reinsurance		6,143			6,505			5,461

	$	214,354		$	190,682		$	208,259

Income (loss) from operations
Property management, acquisition and development	$	(28,088	)	$	(26,640	)	$	(43,285	)
Rental operations		118,526			98,032			99,704
Tenant reinsurance		25,038			19,423			15,468

	$	115,476		$	90,815		$	71,887

Interest expense
Property management, acquisition and development	$	(2,464	)	$	(3,126	)	$	(3,463	)
Rental operations		(66,598	)		(62,654	)		(66,355	)

	$	(69,062	)	$	(65,780	)	$	(69,818	)

Interest income
Property management, acquisition and development	$	1,016		$	889		$	1,563
Tenant reinsurance		11			9			19

	$	1,027		$	898		$	1,582

Interest income on note receivable from Preferred Operating Partnership unit holder
Property management, acquisition and development	$	4,850		$	4,850		$	4,850

Gain on repurchase of exchangeable senior notes
Property management, acquisition and development	$	—		$	—		$	27,928

Equity in earnings of real estate ventures
Rental operations	$	7,287		$	6,753		$	6,964

Income tax expense
Property management, acquisition and development	$	7,612		$	2,639		$	1,156
Tenant reinsurance		(8,767	)		(6,801	)		(5,456	)

	$	(1,155	)	$	(4,162	)	$	(4,300	)

Net income (loss)
Property management, acquisition and development	$	(17,074	)	$	(21,388	)	$	(11,251	)
Rental operations		59,215			42,131			40,313
Tenant reinsurance		16,282			12,631			10,031

	$	58,423		$	33,374		$	39,093

Depreciation and amortization expense
Property management, acquisition and development	$	3,296		$	2,099		$	2,786
Rental operations		54,718			48,250			49,617

	$	58,014		$	50,349		$	52,403

Statement of Cash Flows
Acquisition of real estate assets
Property management, acquisition and development	$	(194,959	)	$	(69,588	)	$	(38,185	)
Development and construction of real estate assets
Property management, acquisition and development	$	(7,060	)	$	(36,062	)	$	(67,301	)

- 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)

12 Months Ended

Dec. 31, 2011

COMMITMENTS AND CONTINGENCIES

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


Less than 1 year	$	7,231
Year 2		6,765
Year 3		6,171
Year 4		4,020
Year 5		2,865
Thereafter		35,253

	$	62,305

Schedule of fully guaranteed loans for unconsolidated joint ventures

			Guaranteed Loan Amount		Estimated Fair Market Value of Assets

Extra Space of Montrose Avenue LLC	Dec-10	Dec-13	$	5,120	$	8,446
Extra Space of Sacramento One LLC	Apr-09	Apr-14	$	4,307	$	9,745
ESS Baltimore LLC	Nov-04	Feb-13	$	4,031	$	6,647

- 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

SUPPLEMENTARY QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2011

SUPPLEMENTARY QUARTERLY FINANCIAL DATA (UNAUDITED)

Schedule of supplementary quarterly financial data

	For the Three Months Ended

	March 31, 2010		June 30, 2010		September 30, 2010		December 31, 2010
Revenues	$	67,587	$	68,777	$	71,979	$	73,154
Cost of operations		46,724		45,971		48,418		49,569

Revenues less cost of operations	$	20,863	$	22,806	$	23,561	$	23,585

Net income	$	5,179	$	7,925	$	9,482	$	10,788

Net income attributable to common stockholders	$	3,568	$	6,180	$	7,667	$	8,916

Net income—basic	$	0.04	$	0.07	$	0.09	$	0.10
Net income—diluted	$	0.04	$	0.07	$	0.09	$	0.10

(1): Included in revenues are the cumulative effects of $4,425 of asset management fees related to the years 2006 through 2010 and $203 related to the first three quarters of 2011 offset by a cumulative reduction of $1,157 to equity in earnings for the same periods. For further discussion, refer to Note 13.

DESCRIPTION OF BUSINESS (Details)	12 Months Ended
DESCRIPTION OF BUSINESS (Details)	Dec. 31, 2011 Segment state Property project
DESCRIPTION OF BUSINESS
Number of operating storage facilities in which the entity has equity interests (in properties)	697
Number of properties owned by franchisees and third parties	185
Number of operating properties owned and/or managed	882
Number of states in which operating storage facilities are located \| state	34
Number of reportable segments \| Segment	3
Number of development projects in process \| project	1
Maximum percentage of rental income accounted for by any single tenant	5.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	Dec. 31, 2011 USD ($) Entity	Dec. 31, 2010 USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of nonconsolidated VIEs to which Operating Partnership has notes payable (in number of entities) \| Entity	3
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Cash Flow Hedge Swap Agreements	$ (8,311)	$ (6,074)
Recurring basis \| Estimated Fair Value
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Cash Flow Hedge Swap Agreements	(8,311)
Recurring basis \| Significant Other Observable Inputs (Level 2)
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Cash Flow Hedge Swap Agreements	$ (8,311)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010
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	104,049	115,696
Fixed rate notes payable and notes payable to trusts	1,008,039	777,575
Exchangeable senior notes	92,265	118,975
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	938,681	731,588
Exchangeable senior notes	$ 87,663	$ 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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) $ in Thousands	12 Months Ended
	Dec. 31, 2011 USD ($) Y M Property component	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)
REAL ESTATE ASSETS
Capitalized interest \| $	$ 752	$ 2,013	$ 4,148
Assets
Number of properties whereby leases cannot be classified as ground or building leases \| Property	2
Number of properties whereby leases have been assumed at rates lower than the current market rates \| Property	4
Cash and Cash Equivalents
Maximum term of maturity to classify debt instruments as cash equivalents (in months) \| M	3
Risk Management and Use of Financial Instruments
Number of components of economic risk \| component	3
Advertising Costs
Expected benefit period for amortization of direct response advertising costs (in months) \| M	12
Prepaid advertising \| $	$ 860	1,073
Advertising expense \| $	$ 5,958	$ 6,430	$ 5,892
Income Taxes
Minimum REIT taxable income that the company is required to distribute to its stockholders (as a percent)	90.00%
Percentage of all distributions to stockholders which qualifies as a return of capital	0.00%
Buildings and improvements
Assets
Estimated useful life, minimum (in years)	5
Estimated useful life, maximum (in years)	39
Equipment and fixtures
Assets
Estimated useful life, minimum (in years)	3
Estimated useful life, maximum (in years)	5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 4) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2011	Dec. 31, 2010
Net income per common share
Exchangeable senior notes	$ 87,663	$ 87,663
Operating Partnership
Net income per common share
Exchangeable senior notes	$ 87,663
Percentage of exchange price used to determine the minimum stock price that must be exceeded for exchangeable notes to be exchanged	130.00%
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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 5) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2010	Sep. 30, 2010	Jun. 30, 2010	Mar. 31, 2010	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Anti-dilutive share options excluded from computation of earnings per share									107,523	1,788,142	4,925,153
Computation of net income per common share
Net income attributable to common stockholders	$ 16,278	$ 15,261	$ 10,609	$ 8,301	$ 8,916	$ 7,667	$ 6,180	$ 3,568	$ 50,449	$ 26,331	$ 31,977
Add: Income allocated to noncontrolling interest - Preferred Operating Partnership and Operating Partnership									7,978	7,096	8,012
Subtract: Fixed component of income allocated to noncontrolling interest - Preferred Operating Partnership									(5,750)	(5,750)	(5,750)
Net income for diluted computations									$ 52,677	$ 27,677	$ 34,239
Weighted average common shares outstanding:
Average number of common shares outstanding - basic									92,097,008	87,324,104	86,343,029
Operating Partnership units (in shares)									3,049,935	3,356,963	3,627,368
Preferred Operating Partnership units (in shares)									989,980	989,980	989,980
Dilutive and cancelled stock options (in shares)									546,585	379,406	122,457
Average number of common shares outstanding - diluted									96,683,508	92,050,453	91,082,834
Net income per common share
Basic (in dollars per share)	$ 0.17	$ 0.16	$ 0.12	$ 0.09	$ 0.10	$ 0.09	$ 0.07	$ 0.04	$ 0.55	$ 0.30	$ 0.37
Diluted (in dollars per share)	$ 0.17	$ 0.16	$ 0.12	$ 0.09	$ 0.10	$ 0.09	$ 0.07	$ 0.04	$ 0.54	$ 0.30	$ 0.37

REAL ESTATE ASSETS (Details) $ in Thousands	1 Months Ended	12 Months Ended
REAL ESTATE ASSETS (Details) $ in Thousands	Apr. 30, 2009 USD ($)	Dec. 31, 2011 USD ($) M condominius	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)	Jun. 02, 2009 condominius
REAL ESTATE ASSETS
Gross real estate assets		$ 2,573,731	$ 2,198,361
Less: accumulated depreciation and amortization		(319,302)	(263,042)
Net operating real estate assets		2,254,429	1,935,319
Real estate under development		9,366	37,083
Net real estate assets		2,263,795	1,972,402	$ 2,049,859
Real estate assets held for sale included in net real estate assets		$ 7,875	11,275
Amortization period of intangible assets-tenant relationships (in months) \| M		18
Amortization expense related to the tenant relationships and lease rights		$ 2,633	907	1,905
Number of vacant condominiums held for sale (in number of properties) \| condominius					7
Number of condominiums to be rented \| condominius		7
Proceeds from sale of land in Los Angeles, California	$ 4,652			$ 4,652
Loss from sale of land in Los Angeles, California	$ 343
Maximum
REAL ESTATE ASSETS
Remaining amortization period (in years)		50
Minimum
REAL ESTATE ASSETS
Remaining amortization period (in years)		6
Land - operating
REAL ESTATE ASSETS
Gross real estate assets		$ 580,995	494,005
Land - development
REAL ESTATE ASSETS
Gross real estate assets		14,600	24,284
Buildings and improvements
REAL ESTATE ASSETS
Gross real estate assets		1,934,693	1,641,665
Intangible assets - tenant relationships
REAL ESTATE ASSETS
Gross real estate assets		37,293	32,257
Intangible lease rights
REAL ESTATE ASSETS
Gross real estate assets		$ 6,150	$ 6,150

PROPERTY ACQUISITIONS (Details) $ in Thousands	1 Months Ended	12 Months Ended
PROPERTY ACQUISITIONS (Details) $ in Thousands	Oct. 31, 2011 Property	Dec. 31, 2011 USD ($) Property loan	Dec. 31, 2010 USD ($)	Oct. 19, 2011 USD ($)
Property Acquisitions
Loan Assumed		$ 132,327	$ 25,963
Notes Payable Issued to Seller		$ (4,850)
Number of property portfolios \| Property	19
Number of mortgage loans \| loan		3
Amount due at the closing date		$ 68,681
Amount of premium on loan				$ 4,846
New Jersey, 1 Property Acquired 2011/12/16
Property Acquisitions
Number of Properties \| Property		1
Total Consideration Paid		$ 6,832
Cash Consideration Paid		6,806
Net Liabilities (Assets) Assumed		26
Acquisition Date Fair Value, Land		1,093
Acquisition Date Fair Value, Building		5,492
Acquisition Date Fair Value, Intangible		157
Closing costs - expensed		$ 90
Florida, Illinois, Massachusetts, New York, Rhode Island, 6 Property Acquired 2011/12/01
Property Acquisitions
Number of Properties \| Property		6
Total Consideration Paid		$ 61,797
Cash Consideration Paid		4,941
Loan Assumed		50,140
Notes Payable Issued to Seller		4,850
Net Liabilities (Assets) Assumed		49
Acquisition Date Fair Value, Land		15,645
Acquisition Date Fair Value, Building		46,139
Closing costs - expensed		13
Previous equity interest		$ 1,817
Florida, 1 Property Acquired 2011/10/25
Property Acquisitions
Number of Properties \| Property		1
Total Consideration Paid		$ 5,853
Cash Consideration Paid		5,615
Net Liabilities (Assets) Assumed		238
Acquisition Date Fair Value, Land		521
Acquisition Date Fair Value, Building		5,198
Acquisition Date Fair Value, Intangible		113
Closing costs - expensed		$ 21
California, 19 Property Acquired 2011/10/19
Property Acquisitions
Number of Properties \| Property		19
Total Consideration Paid		$ 104,029
Cash Consideration Paid		31,464
Loan Assumed		73,527
Net Liabilities (Assets) Assumed		(962)
Acquisition Date Fair Value, Land		32,270
Acquisition Date Fair Value, Building		69,496
Acquisition Date Fair Value, Intangible		2,164
Closing costs - expensed		$ 99
New Jersey, 1 Property Acquired 2011/10/06
Property Acquisitions
Number of Properties \| Property		1
Total Consideration Paid		$ 18,372
Cash Consideration Paid		18,334
Net Liabilities (Assets) Assumed		38
Acquisition Date Fair Value, Land		861
Acquisition Date Fair Value, Building		17,127
Acquisition Date Fair Value, Intangible		333
Closing costs - expensed		$ 51
Texas, 1 Property Acquired 2011/08/02
Property Acquisitions
Number of Properties \| Property		1
Total Consideration Paid		$ 2,402
Cash Consideration Paid		2,353
Net Liabilities (Assets) Assumed		49
Acquisition Date Fair Value, Land		978
Acquisition Date Fair Value, Building		1,347
Acquisition Date Fair Value, Intangible		73
Closing costs - expensed		$ 4
Maryland, 1 Property Acquired 2011/08/01
Property Acquisitions
Number of Properties \| Property		1
Total Consideration Paid		$ 7,343
Cash Consideration Paid		7,342
Net Liabilities (Assets) Assumed		1
Acquisition Date Fair Value, Land		764
Acquisition Date Fair Value, Building		6,331
Acquisition Date Fair Value, Intangible		143
Closing costs - expensed		$ 105
Maryland, 1 Property Acquired 2011/07/08
Property Acquisitions
Number of Properties \| Property		1
Total Consideration Paid		$ 5,785
Cash Consideration Paid		5,795
Net Liabilities (Assets) Assumed		(10)
Acquisition Date Fair Value, Land		1,303
Acquisition Date Fair Value, Building		4,218
Acquisition Date Fair Value, Intangible		125
Closing costs - expensed		$ 139
Ohio, Indiana , Kentucky, 15 Properties Acquired 2011/06/27
Property Acquisitions
Number of Properties \| Property		15
Total Consideration Paid		$ 39,773
Cash Consideration Paid		39,387
Net Liabilities (Assets) Assumed		386
Acquisition Date Fair Value, Land		13,478
Acquisition Date Fair Value, Building		25,098
Acquisition Date Fair Value, Intangible		903
Closing costs - expensed		$ 294
Nevada, 1 Property Acquired 2011/06/22
Property Acquisitions
Number of Properties \| Property		1
Total Consideration Paid		$ 3,355
Cash Consideration Paid		3,339
Net Liabilities (Assets) Assumed		16
Acquisition Date Fair Value, Land		1,441
Acquisition Date Fair Value, Building		1,810
Acquisition Date Fair Value, Intangible		98
Closing costs - expensed		$ 6
Colorado, 1 Property Acquired 2011/06/10
Property Acquisitions
Number of Properties \| Property		1
Total Consideration Paid		$ 4,600
Cash Consideration Paid		2,664
Loan Assumed		1,907
Net Liabilities (Assets) Assumed		29
Acquisition Date Fair Value, Land		296
Acquisition Date Fair Value, Building		4,199
Acquisition Date Fair Value, Intangible		98
Closing costs - expensed		$ 7
New Jersey, 1 Property Acquired 2011/06/02
Property Acquisitions
Number of Properties \| Property		1
Total Consideration Paid		$ 4,963
Cash Consideration Paid		4,959
Net Liabilities (Assets) Assumed		4
Acquisition Date Fair Value, Land		1,644
Acquisition Date Fair Value, Building		3,115
Acquisition Date Fair Value, Intangible		135
Closing costs - expensed		$ 69
Virginia, 1 Property Acquired 2011/05/26
Property Acquisitions
Number of Properties \| Property		1
Total Consideration Paid		$ 10,514
Cash Consideration Paid		5,205
Loan Assumed		5,463
Net Liabilities (Assets) Assumed		(154)
Acquisition Date Fair Value, Land		932
Acquisition Date Fair Value, Building		9,349
Acquisition Date Fair Value, Intangible		202
Closing costs - expensed		$ 31
Colorado, 1 Property Acquired 2011/05/25
Property Acquisitions
Number of Properties \| Property		1
Total Consideration Paid		$ 3,540
Cash Consideration Paid		2,262
Loan Assumed		1,290
Net Liabilities (Assets) Assumed		(12)
Acquisition Date Fair Value, Land		407
Acquisition Date Fair Value, Building		3,077
Acquisition Date Fair Value, Intangible		61
Closing costs - expensed		$ (5)
Tennessee, 1 Property Acquired 2011/04/15
Property Acquisitions
Number of Properties \| Property		1
Total Consideration Paid		$ 2,539
Cash Consideration Paid		2,514
Net Liabilities (Assets) Assumed		25
Acquisition Date Fair Value, Land		652
Acquisition Date Fair Value, Building		1,791
Acquisition Date Fair Value, Intangible		79
Closing costs - expensed		$ 17
California, 1 Property Acquired 2011/04/07
Property Acquisitions
Number of Properties \| Property		1
Total Consideration Paid		$ 8,207
Cash Consideration Paid		8,150
Net Liabilities (Assets) Assumed		57
Acquisition Date Fair Value, Land		2,211
Acquisition Date Fair Value, Building		5,829
Acquisition Date Fair Value, Intangible		163
Closing costs - expensed		$ 4
Utah, Texas, 2 Properties Acquired 2011/04/01
Property Acquisitions
Number of Properties \| Property		2
Total Consideration Paid		$ 7,262
Cash Consideration Paid		7,205
Net Liabilities (Assets) Assumed		57
Acquisition Date Fair Value, Land		1,512
Acquisition Date Fair Value, Building		5,548
Acquisition Date Fair Value, Intangible		188
Closing costs - expensed		$ 14
Texas, 2 Properties Acquired 2010/12/14
Property Acquisitions
Number of Properties \| Property		2
Total Consideration Paid		$ 6,414
Cash Consideration Paid		6,359
Net Liabilities (Assets) Assumed		55
Acquisition Date Fair Value, Land		2,010
Acquisition Date Fair Value, Building		4,221
Acquisition Date Fair Value, Intangible		146
Closing costs - expensed		$ 37
New York, 1 Property Acquired 2010/11/23
Property Acquisitions
Number of Properties \| Property		1
Total Consideration Paid		$ 9,727
Cash Consideration Paid		4,547
Loan Assumed		5,601
Net Liabilities (Assets) Assumed		(421)
Acquisition Date Fair Value, Land		5,676
Acquisition Date Fair Value, Building		3,784
Acquisition Date Fair Value, Intangible		209
Closing costs - expensed		$ 58
Utah, 2 Properties Acquired 2010/11/23
Property Acquisitions
Number of Properties \| Property		2
Total Consideration Paid		$ 4,559
Cash Consideration Paid		4,570
Net Liabilities (Assets) Assumed		(11)
Acquisition Date Fair Value, Land		1,306
Acquisition Date Fair Value, Building		3,132
Acquisition Date Fair Value, Intangible		106
Closing costs - expensed		$ 15
Maryland Virginia, 2 Properties Acquired 2010/10/20
Property Acquisitions
Number of Properties \| Property		2
Total Consideration Paid		$ 16,784
Cash Consideration Paid		16,828
Net Liabilities (Assets) Assumed		(44)
Acquisition Date Fair Value, Land		1,461
Acquisition Date Fair Value, Building		14,668
Acquisition Date Fair Value, Intangible		490
Closing costs - expensed		$ 165
Utah, 1 Property Acquired 2010/10/20
Property Acquisitions
Number of Properties \| Property		1
Total Consideration Paid		$ 4,531
Cash Consideration Paid		4,514
Net Liabilities (Assets) Assumed		17
Acquisition Date Fair Value, Land		986
Acquisition Date Fair Value, Building		3,455
Acquisition Date Fair Value, Intangible		80
Closing costs - expensed		$ 10
Alabama, 2 Properties Acquired 2010/08/23
Property Acquisitions
Number of Properties \| Property		2
Total Consideration Paid		$ 2,593
Cash Consideration Paid		2,534
Net Liabilities (Assets) Assumed		59
Acquisition Date Fair Value, Land		416
Acquisition Date Fair Value, Building		2,033
Acquisition Date Fair Value, Intangible		140
Closing costs - expensed		$ 4
Florida, 1 Property Acquired 2010/07/15
Property Acquisitions
Number of Properties \| Property		1
Total Consideration Paid		$ 2,787
Cash Consideration Paid		2,759
Net Liabilities (Assets) Assumed		28
Acquisition Date Fair Value, Land		625
Acquisition Date Fair Value, Building		2,133
Acquisition Date Fair Value, Intangible		19
Closing costs - expensed		$ 10
Georgia, 3 Properties Acquired 2010/06/17
Property Acquisitions
Number of Properties \| Property		3
Total Consideration Paid		$ 7,661
Cash Consideration Paid		7,551
Net Liabilities (Assets) Assumed		110
Acquisition Date Fair Value, Land		2,769
Acquisition Date Fair Value, Building		4,487
Acquisition Date Fair Value, Intangible		318
Closing costs - expensed		$ 87
New York, 1 Property Acquired 2010/05/21
Property Acquisitions
Number of Properties \| Property		1
Total Consideration Paid		$ 9,629
Cash Consideration Paid		3,231
Loan Assumed		6,475
Net Liabilities (Assets) Assumed		(77)
Acquisition Date Fair Value, Land		2,802
Acquisition Date Fair Value, Building		6,536
Acquisition Date Fair Value, Intangible		220
Closing costs - expensed		$ 71

INVESTMENTS IN REAL ESTATE VENTURES (Details) $ in Thousands	1 Months Ended						12 Months Ended
	Dec. 31, 2011 USD ($) Property	Sep. 30, 2011 USD ($)	Jan. 31, 2011 USD ($)	Aug. 31, 2010 USD ($)	Jun. 30, 2010 USD ($)	Jan. 31, 2010 USD ($) Property	Dec. 31, 2011 USD ($) Y Property	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)	Dec. 02, 2011 USD ($)	Jun. 15, 2010	Jun. 14, 2010
Real estate joint ventures of the entity
Investment balance	$ 130,410						$ 130,410	$ 140,560
Additional contributions							4,088	9,699	$ 3,246
Promissory notes to purchase interest in joint venture	$ (4,850)						(4,850)
Notes payable assumed							132,327	25,963
Return of investment in real estate ventures							$ 4,614	8,802	1,315
Cash received for property contributions made								15,750
Management fee to be received (as a percent)							6.00%
Equity in earnings (losses) of real estate ventures
Equity in earnings							$ 7,287	6,753	6,964
Amortization amount of excess purchase price included in equity earnings							$ 25,713
Amortization period of excess purchase price included in equity earnings (in years) \| Y							40
Extra Space West One LLC (ESW)
Real estate joint ventures of the entity
Equity Ownership (as a percent)	5.00%						5.00%
Excess Profit Participation (as a percent)	40.00%						40.00%
Investment balance	$ 689						$ 689	1,077
Additional contributions					$ 6,660
Return of investment in real estate ventures				$ 6,660
Equity in earnings (losses) of real estate ventures
Equity in earnings							$ 1,156	1,213	1,164
Extra Space West Two LLC (ESW II)
Real estate joint ventures of the entity
Equity Ownership (as a percent)	5.00%						5.00%
Excess Profit Participation (as a percent)	40.00%						40.00%
Investment balance	$ 4,501						$ 4,501	4,606
Equity in earnings (losses) of real estate ventures
Equity in earnings							$ (8)	(31)	(24)
Extra Space Northern Properties Six LLC (ESNPS)
Real estate joint ventures of the entity
Equity Ownership (as a percent)	10.00%						10.00%
Excess Profit Participation (as a percent)	35.00%						35.00%
Investment balance	$ 953						$ 953	1,142
Equity in earnings (losses) of real estate ventures
Equity in earnings							$ 338	239	277
Extra Space of Santa Monica LLC (ESSM)
Real estate joint ventures of the entity
Equity Ownership (as a percent)	48.00%						48.00%				48.20%	41.00%
Excess Profit Participation (as a percent)	48.00%						48.00%
Investment balance	$ 3,015						$ 3,015	2,901
Additional contributions					$ 193
Additional interest acquired in the venture (as a percent)											7.20%
Equity in earnings (losses) of real estate ventures
Equity in earnings							$ 114	(142)	(113)
Clarendon Storage Associates Limited Partnership (Clarendon)
Real estate joint ventures of the entity
Equity Ownership (as a percent)	50.00%						50.00%
Excess Profit Participation (as a percent)	50.00%						50.00%
Investment balance	$ 3,171						$ 3,171	3,204
Equity in earnings (losses) of real estate ventures
Equity in earnings							$ 465	417	375
HSRE-ESP IA, LLC (HSRE)
Real estate joint ventures of the entity
Equity Ownership (as a percent)	50.00%						50.00%
Excess Profit Participation (as a percent)	50.00%						50.00%
Investment balance	$ 11,528						$ 11,528	11,984
Number of properties contributed \| Property						19
Cash received for property contributions made						$ 15,800
Management fee to be received (as a percent)						6.00%
Equity in earnings (losses) of real estate ventures
Equity in earnings							$ 388	(161)
PRISA Self Storage LLC (PRISA)
Real estate joint ventures of the entity
Equity Ownership (as a percent)	2.00%						2.00%
Excess Profit Participation (as a percent)	17.00%						17.00%
Investment balance	$ 11,141						$ 11,141	11,445
Equity in earnings (losses) of real estate ventures
Equity in earnings							$ 674	641	483
PRISA II Self Storage LLC (PRISA II)
Real estate joint ventures of the entity
Equity Ownership (as a percent)	2.00%						2.00%
Excess Profit Participation (as a percent)	17.00%						17.00%
Investment balance	$ 9,502						$ 9,502	9,855
Equity in earnings (losses) of real estate ventures
Equity in earnings							$ 530	481	550
PRISA III Self Storage LLC (PRISA III)
Real estate joint ventures of the entity
Equity Ownership (as a percent)	5.00%						5.00%
Excess Profit Participation (as a percent)	20.00%						20.00%
Investment balance	$ 3,410						$ 3,410	3,568
Equity in earnings (losses) of real estate ventures
Equity in earnings							$ 330	262	235
VRS Self Storage LLC (VRS)
Real estate joint ventures of the entity
Equity Ownership (as a percent)	45.00%						45.00%
Excess Profit Participation (as a percent)	54.00%						54.00%
Investment balance	$ 43,974						$ 43,974	44,641
Equity in earnings (losses) of real estate ventures
Equity in earnings							$ 2,279	2,221	2,116
WCOT Self Storage LLC (WCOT)
Real estate joint ventures of the entity
Equity Ownership (as a percent)	5.00%						5.00%
Excess Profit Participation (as a percent)	20.00%						20.00%
Investment balance	$ 4,495						$ 4,495	4,799
Equity in earnings (losses) of real estate ventures
Equity in earnings							$ 92	251	242
Storage Portfolio I LLC (SP I)
Real estate joint ventures of the entity
Equity Ownership (as a percent)	25.00%						25.00%
Investment balance	$ 11,853						$ 11,853	14,873
Equity in earnings (losses) of real estate ventures
Equity in earnings							$ (116)	934	793
Storage Portfolio I LLC (SP I) \| Minimum
Real estate joint ventures of the entity
Excess Profit Participation (as a percent)	25.00%						25.00%
Storage Portfolio I LLC (SP I) \| Maximum
Real estate joint ventures of the entity
Excess Profit Participation (as a percent)	40.00%						40.00%
Storage Portfolio Bravo II (SPB II)
Real estate joint ventures of the entity
Equity Ownership (as a percent)	20.00%						20.00%
Investment balance	$ 14,435						$ 14,435	14,759
Equity in earnings (losses) of real estate ventures
Equity in earnings							$ 301	184	283
Storage Portfolio Bravo II (SPB II) \| Minimum
Real estate joint ventures of the entity
Excess Profit Participation (as a percent)	20.00%						20.00%
Storage Portfolio Bravo II (SPB II) \| Maximum
Real estate joint ventures of the entity
Excess Profit Participation (as a percent)	45.00%						45.00%
Extra Space Joint Ventures with Everest Real Estate Fund (Everest)
Real estate joint ventures of the entity
Investment balance	$ 3,609						$ 3,609	5,514
Additional contributions	$ 4,941		$ 320
Promissory notes to purchase interest in joint venture										$ 4,850
Number of properties owned by joint venture \| Property	6						6
Purchase of note payable due from Holdco to Bank of America		$ 51,000
Reference rate on notes payable							LIBOR
Margin added to variable rate (as a percent)	1.85%						1.85%
Notes payable assumed	$ 50,140
Equity in earnings (losses) of real estate ventures
Equity in earnings							$ 179	195	(6)
Extra Space Joint Ventures with Everest Real Estate Fund (Everest) \| Minimum
Real estate joint ventures of the entity
Equity Ownership (as a percent)	39.00%						39.00%
Excess Profit Participation (as a percent)	40.00%						40.00%
Extra Space Joint Ventures with Everest Real Estate Fund (Everest) \| Maximum
Real estate joint ventures of the entity
Equity Ownership (as a percent)	58.00%						58.00%
Excess Profit Participation (as a percent)	50.00%						50.00%
U-Storage de Mexico S.A and related entities (U-Storage)
Real estate joint ventures of the entity
Equity Ownership (as a percent)	40.00%						40.00%
Excess Profit Participation (as a percent)	40.00%						40.00%
Investment balance	$ 4,841						$ 4,841	4,852
Equity in earnings (losses) of real estate ventures
Equity in earnings							(11)	55	70
Other minority owned properties
Real estate joint ventures of the entity
Investment balance	$ (707)						(707)	1,340
Equity in earnings (losses) of real estate ventures
Equity in earnings							$ 576	$ (6)	$ 519
Other minority owned properties \| Minimum
Real estate joint ventures of the entity
Equity Ownership (as a percent)	18.00%						18.00%
Excess Profit Participation (as a percent)	19.00%						19.00%
Other minority owned properties \| Maximum
Real estate joint ventures of the entity
Equity Ownership (as a percent)	50.00%						50.00%
Excess Profit Participation (as a percent)	50.00%						50.00%

INVESTMENTS IN REAL ESTATE VENTURES (Details 2) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2010	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Jan. 21, 2010
Real estate joint ventures of the entity
Cash contribution to the joint venture		$ 4,088	$ 9,699	$ 3,246
HSRE-ESP IA, LLC (HSRE)
Real estate joint ventures of the entity
Equity Ownership (as a percent)		50.00%
Harrison Street Real Estate Capital LLC (Harrison Street) \| HSRE-ESP IA, LLC (HSRE)
Real estate joint ventures of the entity
Cash contribution to the joint venture	$ 15,800
Equity Ownership (as a percent)					50.00%

INVESTMENTS IN REAL ESTATE VENTURES (Details 3) - USD ($) $ in Thousands	1 Months Ended
	Jun. 30, 2010	Jan. 31, 2010	Dec. 31, 2011
Extra Space West One LLC (ESW)
Real estate joint ventures of the entity
Amount of loan repaid	$ 16,650
Information (unaudited) related to the real estate ventures' debt
Loan Amount - Fixed			$ 16,700
Current Interest Rate (as a percent)			5.00%
Extra Space West Two LLC (ESW II)
Information (unaudited) related to the real estate ventures' debt
Loan Amount - Fixed			$ 20,000
Current Interest Rate (as a percent)			5.48%
Extra Space Northern Properties Six LLC (ESNPS)
Information (unaudited) related to the real estate ventures' debt
Loan Amount - Fixed			$ 34,500
Current Interest Rate (as a percent)			5.27%
Extra Space of Santa Monica LLC (ESSM)
Information (unaudited) related to the real estate ventures' debt
Loan Amount - Variable			$ 11,125
Current Interest Rate (as a percent)			3.01%
Clarendon Storage Associates Limited Partnership (Clarendon)
Information (unaudited) related to the real estate ventures' debt
Loan Amount - Swapped to fixed			$ 8,266
Current Interest Rate (as a percent)			5.93%
HSRE-ESP IA, LLC (HSRE)
Real estate joint ventures of the entity
Debt assumed, secured by properties		$ 101,000
Information (unaudited) related to the real estate ventures' debt
Loan Amount - Fixed			$ 99,203
Current Interest Rate (as a percent)			5.29%
PRISA III Self Storage LLC (PRISA III)
Information (unaudited) related to the real estate ventures' debt
Loan Amount - Fixed			$ 145,000
Current Interest Rate (as a percent)			4.97%
VRS Self Storage LLC (VRS)
Information (unaudited) related to the real estate ventures' debt
Loan Amount - Fixed			$ 52,100
Current Interest Rate (as a percent)			4.76%
WCOT Self Storage LLC (WCOT)
Information (unaudited) related to the real estate ventures' debt
Loan Amount - Fixed			$ 92,140
Current Interest Rate (as a percent)			4.76%
Storage Portfolio I LLC (SP I)
Information (unaudited) related to the real estate ventures' debt
Loan Amount - Fixed			$ 98,568
Current Interest Rate (as a percent)			4.66%
Storage Portfolio Bravo II (SPB II)
Information (unaudited) related to the real estate ventures' debt
Loan Amount - Fixed			$ 57,350
Current Interest Rate (as a percent)			8.00%
Other minority owned properties
Information (unaudited) related to the real estate ventures' debt
Loan Amount			$ 74,402

INVESTMENTS IN REAL ESTATE VENTURES (Details 4) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Assets:
Net real estate assets	$ 1,971,431	$ 2,056,032
Other	48,728	28,866
Total	2,020,159	2,084,898
Liabilities and member's equity
Notes payable	615,561	634,778
Other liabilities	37,558	27,700
Member's equity	1,367,040	1,422,420
Total	2,020,159	2,084,898
Statements of Income:
Rents and other income	304,499	297,658	$ 282,181
Expenses	217,114	211,283	195,330
Net income	$ 87,385	$ 86,375	$ 86,851

INVESTMENTS IN REAL ESTATE VENTURES (Details 5) $ in Thousands	12 Months Ended
	Dec. 31, 2011 USD ($) Count
Variable Interests in Unconsolidated Real Estate Joint Ventures:
Management fees charged from unconsolidated VIE joint ventures (as a percent)	6.00%
Variable Interest Entity, not primary beneficiary
Variable Interests in Unconsolidated Real Estate Joint Ventures:
Number of interests in unconsolidated VIE joint ventures (in counts) \| Count	2
Voting rights in unconsolidated VIE joint ventures (as a percent)	50.00%
Management fees charged from unconsolidated VIE joint ventures (as a percent)	6.00%
Variable Interest Entity, not primary beneficiary \| Minimum
Variable Interests in Unconsolidated Real Estate Joint Ventures:
Equity Ownership (as a percent)	18.00%
Variable Interest Entity, not primary beneficiary \| Maximum
Variable Interests in Unconsolidated Real Estate Joint Ventures:
Equity Ownership (as a percent)	39.00%
Variable Interest Entity, not primary beneficiary \| Extra Space of Montrose Avenue LLC and Extra Space of Sacramento One LLC
Variable Interests in Unconsolidated Real Estate Joint Ventures:
Investment balance	$ 280
Balance of guaranteed loan	9,427
Payables to company	8,306
Maximum exposure to loss	18,013
Difference	(18,013)
Variable Interest Entity, not primary beneficiary \| Extra Space of Montrose Avenue LLC
Variable Interests in Unconsolidated Real Estate Joint Ventures:
Investment balance	1,194
Balance of guaranteed loan	5,120
Payables to company	2,195
Maximum exposure to loss	8,509
Difference	(8,509)
Variable Interest Entity, not primary beneficiary \| Extra Space of Sacramento One LLC
Variable Interests in Unconsolidated Real Estate Joint Ventures:
Investment balance	(914)
Balance of guaranteed loan	4,307
Payables to company	6,111
Maximum exposure to loss	9,504
Difference	$ (9,504)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010
Components of other assets
Equipment and fixtures	$ 12,146	$ 13,552
Less: accumulated depreciation	(8,847)	(10,490)
Other intangible assets	3,424	3,343
Deferred financing costs, net	15,386	14,519
Prepaid expenses and deposits	5,265	6,869
Accounts receivable, net	14,262	12,519
Investments in Trusts	3,590	3,590
Income taxes receivable	2,447	1,353
Deferred tax assets	3,603	4,294
Other assets, net	$ 51,276	$ 49,549

NOTES PAYABLE (Details) - USD ($) $ in Thousands	12 Months Ended
NOTES PAYABLE (Details) - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010
Notes Payable
Total notes payable	$ 937,001	$ 871,403
Notes Payable:
Notes Payable
Notes payable at fixed rate of interest	819,091	695,505
Notes payable at variable rate of interest	117,910	175,898
Total notes payable	$ 937,001	$ 871,403
Fixed Rate Interest
Fixed rate of interest, low end of range (as a percent)	3.70%
Fixed rate of interest, high end of range (as a percent)	7.00%
Summary of the scheduled maturities of notes payable
2012	$ 38,314
2013	120,680
2014	166,291
2015	200,040
2016	182,624
Thereafter	$ 229,052
Notes Payable, Other Disclosures
Interest rate floor on debt (as a percent)	3.00%
Notes payable subject to recourse	$ 418,348
Notes Payable: \| LIBOR
Variable Rate Interest
Effective rate of interest, low end of range (as a percent)	2.30%	2.30%
Effective rate of interest, high end of range (as a percent)	4.30%	4.30%
Notes Payable: \| LIBOR \| Minimum
Variable Rate Interest
Basis spread on variable rate (as a percent)	2.00%
Notes Payable: \| LIBOR \| Maximum
Variable Rate Interest
Basis spread on variable rate (as a percent)	4.00%
Notes Payable: \| Prime
Variable Rate Interest
Effective rate of interest, low end of range (as a percent)	3.80%	3.80%
Effective rate of interest, high end of range (as a percent)	4.80%	4.80%
Notes Payable: \| Prime \| Minimum
Variable Rate Interest
Basis spread on variable rate (as a percent)	0.50%
Notes Payable: \| Prime \| Maximum
Variable Rate Interest
Basis spread on variable rate (as a percent)	1.50%

DERIVATIVES (Details) $ in Thousands	12 Months Ended
DERIVATIVES (Details) $ in Thousands	Dec. 31, 2011 USD ($) instrument	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)
Derivatives
Number of derivative financial instruments \| instrument	7
Strike rate cash flow hedge swap agreements, low end of range (as a percent)	2.24%
Strike rate cash flow hedge swap agreements, high end of range (as a percent)	6.98%
Swap agreements increase (decrease) in interest expenses due to interest payments	$ (3,771)	$ (3,078)	$ (463)
Swap agreements gain (loss) recognized in OCI	(2,237)	(4,963)
Swap agreements gain (loss) reclassified from OCI	(3,771)	(3,078)
Fair value of cash flow hedge swap agreements	(8,311)	$ (6,074)
Low end of range
Derivatives
Notional Amounts	8,462
High end of range
Derivatives
Notional Amounts	$ 63,000

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

NOTES PAYABLE TO TRUSTS (Details 2) - USD ($) $ in Thousands	12 Months Ended	61 Months Ended	62 Months Ended
	Dec. 31, 2011	Jul. 31, 2010	Jun. 30, 2010	Dec. 31, 2010
Comparison of the liability balance and the maximum exposure to loss related to trusts
Notes payable to trusts	$ 119,590			$ 119,590
Investment balance	3,590			$ 3,590
Operating Partnership \| Variable Interest Entity, not primary beneficiary \| 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
Operating Partnership \| Variable Interest Entity, not primary beneficiary \| Trust III
NOTES PAYABLE TO TRUSTS
Interest rate, fixed (as a percent)		6.91%
Reference rate	three month LIBOR
Margin added to variable rate (as a percent)	2.40%
Interest rate swap, fixed rate of interest (as a percent)	4.99%
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
Operating Partnership \| Variable Interest Entity, not primary beneficiary \| Trust II
NOTES PAYABLE TO TRUSTS
Interest rate, fixed (as a percent)			6.67%
Reference rate	three month LIBOR
Margin added to variable rate (as a percent)	2.40%
Interest rate swap, fixed rate of interest (as a percent)	4.99%
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
Operating Partnership \| Variable Interest Entity, not primary beneficiary \| Trust
NOTES PAYABLE TO TRUSTS
Reference rate	three month LIBOR
Margin added to variable rate (as a percent)	2.25%
Interest rate swap, fixed rate of interest (as a percent)	5.62%
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

EXCHANGEABLE SENIOR NOTES (Details) $ in Thousands	1 Months Ended	12 Months Ended
EXCHANGEABLE SENIOR NOTES (Details) $ in Thousands	Mar. 31, 2007 USD ($)	Dec. 31, 2011 USD ($) Y rate D	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)	Mar. 27, 2007
Information about the equity and the liability component of the convertible debt instruments
Principal amount of liability component		$ 87,663	$ 87,663
Information relating to the contractual interest rate and amortization of the discount on the liability component
Amortization of discount		$ 1,761	1,664	$ 2,239
3.625% Exchangeable Senior Notes due April 1, 2027
Notes payable
Principal amount of notes issued	$ 250,000
Interest rate (as a percent)					3.625%
Issuance costs of senior notes	$ 5,700
Issuance costs of notes, amortization period (in years) \| Y		5
Conversion ratio, number of shares per $1,000 principal amount, numerator \| rate		43.1091
Conversion ratio, principal amount, denominator		1,000
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%
Information about the equity and the liability component of the convertible debt instruments
Carrying amount of equity component		$ 19,545	19,545
Principal amount of liability component		87,663	87,663
Unamortized discount		(444)	(2,205)
Net carrying amount of liability component		$ 87,219	85,458
Effective interest rate on the liability component (as a percent)		5.75%
Information relating to the contractual interest rate and amortization of the discount on the liability component
Contractual interest		$ 3,178	3,178	4,524
Amortization of discount		1,761	1,664	2,239
Total interest expense recognized		$ 4,939	$ 4,842	$ 6,763
3.625% Exchangeable Senior Notes due April 1, 2027 \| Minimum
Notes payable
Notice period to be given prior to redemption (in days) \| D		30
3.625% Exchangeable Senior Notes due April 1, 2027 \| Maximum
Notes payable
Notice period to be given prior to redemption (in days) \| D		60

EXCHANGEABLE SENIOR NOTES (Details 2) - USD ($) $ in Thousands	1 Months Ended				12 Months Ended
	Oct. 31, 2009	May 31, 2009	Mar. 31, 2009	Oct. 31, 2008	Dec. 31, 2009	Dec. 31, 2011	Dec. 31, 2010
Information about the repurchase of notes and related gains
Extinguishment of liability component						$ (87,663)	$ (87,663)
Gain on repurchase of notes
Extinguishment of liability component						$ 87,663	$ 87,663
Gain on repurchase					$ 27,928
3.625% Exchangeable Senior Notes due April 1, 2027
Information about the repurchase of notes and related gains
Principal amount repurchased	$ 7,500	$ 43,000	$ 71,500	$ 40,337
Extinguishment of liability component	6,700	35,000	43,800	30,696
Reacquisition of equity component	181	1,340	713	1,025
Total cash paid for repurchase	6,881	36,340	44,513	31,721
Gain on repurchase of notes
Exchangeable senior notes repurchased	7,500	43,000	71,500	40,337
Extinguishment of liability component	(6,700)	(35,000)	(43,800)	(30,696)
Discount on exchangeable senior notes	(366)	(2,349)	(4,208)	(2,683)
Related debt issuance costs	(82)	(558)	(1,009)	(647)
Gain on repurchase	$ 352	$ 5,093	$ 22,483	$ 6,311

LINES OF CREDIT (Details) $ in Thousands	12 Months Ended
LINES OF CREDIT (Details) $ in Thousands	Dec. 31, 2011 USD ($) Y Count
Line of Credit
Amount Drawn	$ 215,000
Capacity	336,000
Credit Line 1
Line of Credit
Amount Drawn	100,000
Capacity	$ 100,000
Interest Rate (as a percent)	1.30%
Line of credit facility variable rate basis	LIBOR
Credit Line 1 \| Minimum
Line of Credit
Basis spread on variable rate (as a percent)	1.00%
Credit Line 1 \| Maximum
Line of Credit
Basis spread on variable rate (as a percent)	2.10%
Credit Line 2
Line of Credit
Amount Drawn	$ 40,000
Capacity	$ 74,000
Interest Rate (as a percent)	2.40%
Line of credit facility variable rate basis	LIBOR
Basis spread on variable rate (as a percent)	2.15%
Extension of maturity date (in years) \| Y	1
Credit Line 3
Line of Credit
Amount Drawn	$ 40,000
Capacity	$ 72,000
Interest Rate (as a percent)	2.50%
Line of credit facility variable rate basis	LIBOR
Basis spread on variable rate (as a percent)	2.20%
Extension of maturity date (in years) \| Y	2
Number of extensions to maturity date (in count) \| Count	1
Credit Line 4
Line of Credit
Amount Drawn	$ 25,000
Capacity	$ 40,000
Interest Rate (as a percent)	2.50%
Line of credit facility variable rate basis	LIBOR
Basis spread on variable rate (as a percent)	2.20%
Extension of maturity date (in years) \| Y	1
Number of extensions to maturity date (in count) \| Count	2
Credit Line 5
Line of Credit
Amount Drawn	$ 10,000
Capacity	$ 50,000
Interest Rate (as a percent)	2.40%
Line of credit facility variable rate basis	LIBOR
Basis spread on variable rate (as a percent)	2.15%
Extension of maturity date (in years) \| Y	1
Number of extensions to maturity date (in count) \| Count	2

OTHER LIABILITIES (Details) - USD ($) $ in Thousands	12 Months Ended
OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2010	Dec. 31, 2011
OTHER LIABILITIES
Deferred rental income	$ 12,194	$ 14,907
Lease obligation liability	7,016	5,828
Fair value of interest rate swap	6,074	8,311
Other miscellaneous liabilities	3,305	4,708
Other liabilities, Total	28,589	33,754
Minimum rental receivable under non cancelable subleases	1,865	$ 1,747
Loss on sublease	$ 2,000

RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2011 USD ($) Y	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)
RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS
Management fees as a percentage of cash collected from total revenues	6.00%
RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS
Management fee revenues	$ 29,924	$ 23,122	$ 20,961
Receivables representing asset management fee owed	5,327
Receivables from related parties and affiliated real estate joint ventures
Due from related Parties	18,517	10,061
Mortgage notes receivable
Receivables from related parties and affiliated real estate joint ventures
Due from related Parties	7,253	6,943
Other receivables from properties
Receivables from related parties and affiliated real estate joint ventures
Due from related Parties	11,264	3,118
Extra Space West One LLC (ESW)
RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS
Management fee revenues	410	403	402
Extra Space West Two LLC (ESW II)
RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS
Management fee revenues	335	318	312
Extra Space Northern Properties Six LLC (ESNPS)
RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS
Management fee revenues	479	458	452
Extra Space of Santa Monica LLC (ESSM)
RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS
Management fee revenues	85	44	11
HSRE-ESP IA, LLC (HSRE)
RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS
Management fee revenues	1,045	961
PRISA Self Storage LLC (PRISA)
RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS
Management fee revenues	4,961	4,917	4,793
PRISA II Self Storage LLC (PRISA II)
RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS
Management fee revenues	4,016	3,964	3,989
PRISA III Self Storage LLC (PRISA III)
RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS
Management fee revenues	1,796	1,722	1,686
VRS Self Storage LLC (VRS)
RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS
Management fee revenues	1,156	1,136	1,128
WCOT Self Storage LLC (WCOT)
RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS
Management fee revenues	1,497	1,468	1,454
Storage Portfolio I LLC (SP I)
RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS
Management fee revenues	$ 6,392	1,256	1,243
Basis points multiplied by the total asset value for asset management fee	0.50%
Period over which asset management fee is not recorded \| Y	5
Annual asset management fee	$ 885
Reduction of equity in earnings	221
Amount of net income understated	664
Increase in management fee revenues to record asset management fee	4,425
Adjustment to reduce equity in earnings	1,106
Storage Portfolio Bravo II (SPB II)
RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS
Management fee revenues	969	943	943
Extra Space Joint Ventures with Everest Real Estate Fund (Everest)
RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS
Management fee revenues	528	491	359
Other
RELATED PARTY AND AFFILIATED REAL ESTATE JOINT VENTURE TRANSACTIONS
Management fee revenues	$ 6,255	5,041	4,189
Extra Space of Sacramento One LLC
Receivables from related parties and affiliated real estate joint ventures
Ownership percentage	50.00%
Notes and loan receivable	$ 5,002
Extra Space of Montrose Avenue LLC
Receivables from related parties and affiliated real estate joint ventures
Ownership percentage	39.00%
Notes and loan receivable	$ 2,251
Centershift
Receivables from related parties and affiliated real estate joint ventures
Cash paid for related party transactions	1,087	778	1,081
SpenAero, L.C.
Receivables from related parties and affiliated real estate joint ventures
Cash paid for related party transactions	$ 608	$ 668	$ 631

STOCKHOLDERS' EQUITY (Details) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2011 USD ($) $ / shares shares	Dec. 31, 2011 USD ($) Vote $ / shares shares	Dec. 31, 2010 $ / shares shares
STOCKHOLDERS' EQUITY
Common stock, shares authorized		300,000,000	300,000,000
Common stock, par value per share (in dollars per share) \| $ / shares		$ 0.01	$ 0.01
Preferred stock, shares authorized		50,000,000	50,000,000
Preferred stock, par value per share (in dollars per share) \| $ / shares		$ 0.01	$ 0.01
Common stock, shares issued		94,783,590	87,587,322
Common stock, shares outstanding		94,783,590	87,587,322
Number of votes, common stock holder rights \| Vote		1
Common stock, voting rights		All holders of the Company's common stock are entitled to receive dividends and to one vote on all matters submitted to a vote of stockholders.
Public stock offering (in shares)	5,335,423
Offer price of shares of common stock sold in a public offering (in dollars per share) \| $ / shares	$ 21.16
Gross proceeds from issuance of common stock \| $	$ 112,898
Transaction costs of stock issuance \| $	549
Net proceeds from issuance of common stock \| $	$ 112,349	$ 112,349

NONCONTROLLING INTEREST REPRESENTED BY PREFERRED OPERATING PARTNERSHIP UNITS (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2007 Property shares	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)	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 \| 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 \| 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	1 Months Ended								12 Months Ended
	Apr. 30, 2011 USD ($) shares	Jan. 31, 2011 shares	Aug. 31, 2010 USD ($) shares	Jul. 31, 2010 USD ($) shares	Dec. 31, 2009 shares	Nov. 30, 2009 shares	Jul. 31, 2009 USD ($) shares	Apr. 30, 2009 shares	Dec. 31, 2011 USD ($) D $ / shares shares
Noncontrolling interest in operating partnership
Ownership interest held by entity (as a percent)									95.90%
Noncontrolling interest in operating partnership (as a percent)									4.10%
Common OP units outstanding									3,049,935
Number of days used as a denomination to determine the average closing price of common stock (in days) \| D									10
Common OP units conversion basis									one-for-one basis
Ten day average closing stock price (in dollars per share) \| $ / shares									$ 24.01
Consideration to be paid on redemption of common OP units \| $									$ 73,229
Number of units redeemed during the period (in units)	143,641	150,000	180,270	90,135	72,643	217,930	232,099	114,928
Number of units redeemed for cash during the period (in units)	13,387
Cash consideration paid on redemption of common OP units \| $	$ 271		$ 2,802	$ 1,314			$ 1,908

OTHER NONCONTROLLING INTERESTS (Details) $ in Thousands	1 Months Ended		12 Months Ended
OTHER NONCONTROLLING INTERESTS (Details) $ in Thousands	Oct. 31, 2010 USD ($) JointVenture	Jun. 30, 2010 USD ($) Property	Dec. 31, 2011 USD ($) 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
Cash paid for acquiring equity interests in joint ventures \| $	$ 500
Number of real estate joint ventures in which entity acquired an equity interest during the period \| JointVenture	3
Number of self-storage properties in which minority partners' membership interests is acquired		2
Payment to acquire minority partners' interests in consolidated self-storage properties \| $		$ 50
Loss on reassessment of the property \| $			$ 800
Noncontrolling Interest [Member] \| Minimum
Other Noncontrolling Interests
Ownership interests of third party owners (as a percent)			10.00%
Noncontrolling Interest [Member] \| Maximum
Other Noncontrolling Interests
Ownership interests of third party owners (as a percent)			27.60%

STOCK-BASED COMPENSATION (Details)	12 Months Ended
STOCK-BASED COMPENSATION (Details)	Dec. 31, 2011 shares
STOCK BASED COMPENSATION
Shares available for issuance under plans	2,786,113
Stock options.
STOCK BASED COMPENSATION
Vesting period (in years)	4 years
Expiration period, minimum (in years)	P10Y
Restricted stock
STOCK BASED COMPENSATION
Vesting period (in years)	4 years

STOCK-BASED COMPENSATION (Details 2) - Stock options $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2011 USD ($) Y $ / shares shares	Dec. 31, 2010 Y $ / shares shares	Dec. 31, 2009 Y $ / shares shares
Stock options activity
Balance at the beginning of the period (in shares) \| shares	3,105,905	3,457,048	2,841,923
Granted (in shares) \| shares	110,900	308,680	723,000
Exercised (in shares) \| shares	(1,388,269)	(484,261)
Forfeited (in shares) \| shares	(29,675)	(175,562)	(107,875)
Balance at the end of the period (in shares) \| shares	1,798,861	3,105,905	3,457,048
Vested and expected to vest (in shares) \| shares	1,744,908
Exercisable at the end of the period (in shares) \| shares	1,215,376
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per share)	$ 13.13	$ 13.02	$ 14.76
Granted (in dollars per share)	19.60	11.75	6.22
Exercised (in dollars per share)	13.44	11.69
Forfeited (in dollars per share)	15.65	12.27	13.36
Balance at the end of the period (in dollars per share)	13.25	13.13	13.02
Vested and Expected to Vest (in dollars per share)	13.25
Exercisable at the end of the period (in dollars per share)	$ 14.37
Weighted Average Remaining Contractual Term
Outstanding at the end of the period (in years) \| Y	5.30
Vested and Expected to Vest (in years) \| Y	5.21
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm \| Y	4.20
Aggregate intrinsic value
Outstanding at the end of the period \| $	$ 19,759
Vested and Expected to Vest at the end of the period \| $	19,162
Exercisable at the end of the period \| $	$ 11,982
Weighted average fair value of stock options granted (in dollars per share)	$ 5.39	$ 3.27	$ 1.31
Weighted average assumptions used to estimate fair value of option
Expected volatility (as a percent)	45.00%	47.00%	42.00%
Dividend yield (as a percent)	4.90%	5.30%	6.60%
Risk-free interest rate (as a percent)	2.40%	2.30%	1.70%
Average expected term (in years) \| Y	5	5	5
Weighted average forfeiture rate (as a percent)	17.40%

STOCK-BASED COMPENSATION (Details 3)	12 Months Ended
STOCK-BASED COMPENSATION (Details 3)	Dec. 31, 2011 Y $ / shares shares
Information about non-qualified stock options, by exercise price
Exercise price range, lower limit (in dollars per share)	$ 6.22
Exercise price range, upper limit (in dollars per share)	$ 19.91
Options outstanding
Shares \| shares	1,798,861
Weighted Average Remaining Contractual Life (in years) \| Y	5.30
Weighted Average Exercise Price (in dollars per share)	$ 13.25
Options exercisable
Shares \| shares	1,215,376
Weighted Average Exercise Price (in dollars per share)	$ 14.37
Exercise price range $6.22-$11.59
Information about non-qualified stock options, by exercise price
Exercise price range, lower limit (in dollars per share)	6.22
Exercise price range, upper limit (in dollars per share)	$ 11.59
Options outstanding
Shares \| shares	563,955
Weighted Average Remaining Contractual Life (in years) \| Y	6.27
Weighted Average Exercise Price (in dollars per share)	$ 7.76
Options exercisable
Shares \| shares	190,570
Weighted Average Exercise Price (in dollars per share)	$ 7.46
Exercise price range $11.60-$12.50
Information about non-qualified stock options, by exercise price
Exercise price range, lower limit (in dollars per share)	11.60
Exercise price range, upper limit (in dollars per share)	$ 12.50
Options outstanding
Shares \| shares	284,950
Weighted Average Remaining Contractual Life (in years) \| Y	4.12
Weighted Average Exercise Price (in dollars per share)	$ 12.42
Options exercisable
Shares \| shares	226,900
Weighted Average Exercise Price (in dollars per share)	$ 12.48
Exercise price range $12.51-$15.53
Information about non-qualified stock options, by exercise price
Exercise price range, lower limit (in dollars per share)	12.51
Exercise price range, upper limit (in dollars per share)	$ 15.53
Options outstanding
Shares \| shares	453,350
Weighted Average Remaining Contractual Life (in years) \| Y	4.43
Weighted Average Exercise Price (in dollars per share)	$ 14.90
Options exercisable
Shares \| shares	414,600
Weighted Average Exercise Price (in dollars per share)	$ 14.93
Exercise price range $15.54-$19.00
Information about non-qualified stock options, by exercise price
Exercise price range, lower limit (in dollars per share)	15.54
Exercise price range, upper limit (in dollars per share)	$ 19.00
Options outstanding
Shares \| shares	250,756
Weighted Average Remaining Contractual Life (in years) \| Y	5.22
Weighted Average Exercise Price (in dollars per share)	$ 17.11
Options exercisable
Shares \| shares	218,256
Weighted Average Exercise Price (in dollars per share)	$ 17.16
Exercise price range $19.01-$19.91
Information about non-qualified stock options, by exercise price
Exercise price range, lower limit (in dollars per share)	19.01
Exercise price range, upper limit (in dollars per share)	$ 19.91
Options outstanding
Shares \| shares	245,850
Weighted Average Remaining Contractual Life (in years) \| Y	6.15
Weighted Average Exercise Price (in dollars per share)	$ 19.79
Options exercisable
Shares \| shares	165,050
Weighted Average Exercise Price (in dollars per share)	$ 19.88

STOCK-BASED COMPENSATION (Details 4) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2011 USD ($) Y $ / shares shares	Dec. 31, 2010 USD ($) $ / shares shares	Dec. 31, 2009 USD ($) $ / shares shares
Stock-based compensation
Cash received related to option exercise	$ 18,622	$ 5,661
Stock options.
Stock-based compensation
Compensation expense recorded during the period in general and administrative expense	942	801	$ 831
Cash received related to option exercise	18,622	5,661	0
Unrecognized compensation expense	$ 722
Weighted-average period for recognition of unrecognized compensation expense \| Y	1.59
Restricted stock
Stock-based compensation
Compensation expense recorded during the period in general and administrative expense	$ 4,815	$ 3,779	$ 2,978
Unrecognized compensation expense	$ 5,117
Weighted-average period for recognition of unrecognized compensation expense \| Y	1.99
Weighted average forfeiture rate (as a percent)	7.00%
Restricted Stock Grants
Balance at the beginning of the period (in shares) \| shares	921,264	768,929	441,204
Granted (in shares) \| shares	226,630	445,230	547,265
Released (in shares) \| shares	(386,113)	(228,885)	(198,284)
Cancelled (in shares) \| shares	(47,695)	(64,010)	(21,256)
Balance at the end of the period (in shares) \| shares	714,086	921,264	768,929
Weighted-Average Grant-Date Fair Value
Balance at the beginning of the period (in dollars per share) \| $ / shares	$ 10.75	$ 9.95	$ 16.21
Granted (in dollars per share) \| $ / shares	20.09	12.22	6.19
Released (in dollars per share) \| $ / shares	11.39	11.08	13.51
Cancelled (in dollars per share) \| $ / shares	14.31	10.11	9.82
Balance at the end of the period (in dollars per share) \| $ / shares	$ 13.15	$ 10.75	$ 9.95

EMPLOYEE BENEFIT PLAN (Details) - USD ($) $ in Thousands	12 Months Ended
EMPLOYEE BENEFIT PLAN (Details) - USD ($) $ in Thousands	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Retirement savings plan under Section 401(k) of the Internal Revenue Code
Employee contribution to retirement saving plan as a percentage of annual salary, maximum	15.00%
Matching contributions made by the entity during the period	$ 832	$ 805	$ 755
Percentage of company's matching contributions of first 3 percent of employee's compensation	100.00%
Percentage of employee's compensation that qualifies for 100 percent matching contribution by the company	3.00%
Percentage of the company's matching contributions of next 2 percent of employee's compensation	50.00%
Percentage of employee's compensation that qualifies for 50 percent matching contribution by the company	2.00%

INCOME TAXES (Details) - USD ($)	12 Months Ended
INCOME TAXES (Details) - USD ($)	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Income tax provision
Current expense, federal	$ 1,350,000	$ 3,588,000	$ 4,177,000
Current expense, state	606,000	124,000	1,171,000
Current expense, Total	1,956,000	3,712,000	5,348,000
Tax credit, Federal	(6,849,000)	(832,000)
Tax credit, Total	(6,849,000)	(832,000)
Change in deferred benefit, Federal	6,048,000	1,282,000	(1,048,000)
Change in deferred benefit, Total	6,048,000	1,282,000	(1,048,000)
Income tax expense, Federal	549,000	4,038,000	3,129,000
Income tax expense, State	606,000	124,000	1,171,000
Total tax expense	1,155,000	4,162,000	4,300,000
Reconciliation of effective income tax amount
Expected tax at statutory rate	20,854,000	13,204,000
Non-taxable REIT income	(14,957,000)	(8,303,000)
State and local tax expense (benefit) - net of federal benefit	617,000	124,000
Change in valuation allowance	1,298,000	804,000
Tax credits	(6,849,000)	(832,000)
Miscellaneous	192,000	(835,000)
Total tax expense	$ 1,155,000	$ 4,162,000	$ 4,300,000
Reconciliation of the statutory income tax provisions to the effective income tax provisions
Expected tax at statutory rate (as a percent)	35.00%	35.00%
Non-taxable REIT income (as a percent)	(25.10%)	(22.00%)
State and local tax expense - net of federal benefit (as a percent)	1.00%	0.30%
Change in valuation allowance (as a percent)	2.20%	2.10%
Tax credits (as a percent)	(11.50%)	(2.20%)
Miscellaneous (as a percent)	0.30%	(2.30%)
Total provision (as a percent)	1.90%	10.90%
Deferred tax assets
Captive insurance subsidiary	$ 232,000	$ 236,000
Fixed assets	(6,455,000)	1,589,000
Various liabilities	1,542,000	1,229,000
Solar credit	6,849,000
Stock compensation	1,955,000	2,140,000
State net operating losses	2,691,000	1,743,000
Deferred tax assets, gross	6,814,000	6,937,000
Valuation allowance	(3,211,000)	(2,643,000)
Net deferred tax asset	$ 3,603,000	$ 4,294,000

SEGMENT INFORMATION (Details)	12 Months Ended
SEGMENT INFORMATION (Details)	Dec. 31, 2011 Segment
SEGMENT INFORMATION
Number of reportable segments	3

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Dec. 31, 2011 USD ($) Facility	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)
COMMITMENTS AND CONTINGENCIES
Number of owned self-storage facilities that have ground leases \| Facility	13
Future minimum rental payments under operating lease
Less than 1 year	$ 7,231
Year 2	6,765
Year 3	6,171
Year 4	4,020
Year 5	2,865
Thereafter	35,253
Total	62,305
Expense related to leases	2,799	$ 2,416	$ 2,289
Commitments and Contingencies
Liability related to litigation matters	1,800
ESS Baltimore LLC
Commitments and Contingencies
Guaranteed loan amount	4,031
Estimated Fair Market Value of Assets	6,647
Extra Space of Montrose Avenue LLC
Commitments and Contingencies
Guaranteed loan amount	5,120
Estimated Fair Market Value of Assets	8,446
Extra Space of Sacramento One LLC
Commitments and Contingencies
Guaranteed loan amount	4,307
Estimated Fair Market Value of Assets	$ 9,745

SUPPLEMENTARY QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								9 Months Ended	12 Months Ended
	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2010	Sep. 30, 2010	Jun. 30, 2010	Mar. 31, 2010	Sep. 30, 2011	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
SUPPLEMENTARY QUARTERLY FINANCIAL DATA
Revenues	$ 93,212	$ 84,097	$ 78,040	$ 74,481	$ 73,154	$ 71,979	$ 68,777	$ 67,587		$ 329,830	$ 281,497	$ 280,146
Cost of operations	58,833	52,882	52,188	50,451	49,569	48,418	45,971	46,724		214,354	190,682	208,259
Revenue less cost of operations	34,379	31,215	25,852	24,030	23,585	23,561	22,806	20,863		115,476	90,815	71,887
Net income	18,414	17,352	12,517	10,140	10,788	9,482	7,925	5,179		58,423	33,374	39,093
Net income attributable to common stockholders	$ 16,278	$ 15,261	$ 10,609	$ 8,301	$ 8,916	$ 7,667	$ 6,180	$ 3,568		$ 50,449	$ 26,331	$ 31,977
Net income - basic (in dollars per share)	$ 0.17	$ 0.16	$ 0.12	$ 0.09	$ 0.10	$ 0.09	$ 0.07	$ 0.04		$ 0.55	$ 0.30	$ 0.37
Net income - diluted (in dollars per share)	$ 0.17	$ 0.16	$ 0.12	$ 0.09	$ 0.10	$ 0.09	$ 0.07	$ 0.04		$ 0.54	$ 0.30	$ 0.37
Cumulative effect of prior year misstatement corrected in current year
Asset management fee									$ 203
Cumulative adjustment for unrecorded asset management fees
Cumulative effect of prior year misstatement corrected in current year
Asset management fee										$ 4,425
Adjustment to reduce equity in earnings										$ 1,157

SUBSEQUENT EVENTS - Sale of interest in joint venture $ in Thousands	12 Months Ended
	Dec. 31, 2011 USD ($)
Subsequent event
Percentage of interest in a joint venture sold	40.00%
Sale of interest in joint venture	$ 4,945

Schedule III Real Estate and Accumulated Depreciation (Details) $ in Thousands	Dec. 31, 2011 USD ($)
Real Estate and Accumulated Depreciation
Debt	$ 937,001
Land initial cost	598,732
Building and improvements initial cost	1,827,406
Land costs subsequent to acquisition	666
Building costs subsequent to acquisition	150,618
Land Adjustments	(3,803)
Building Adjustments	9,478
Gross carrying amount
Land	595,595
Building and improvements	1,987,502
Total	2,583,097
Accumulated depreciation	319,302
Intangible tenant relationships and lease rights
Real Estate and Accumulated Depreciation
Building and improvements initial cost	38,407
Building costs subsequent to acquisition	5,035
Gross carrying amount
Building and improvements	43,442
Total	43,442
Accumulated depreciation	35,741
Other corporate assets
Real Estate and Accumulated Depreciation
Debt	4,850
Land initial cost	849
Building and improvements initial cost	2,202
Building costs subsequent to acquisition	31,806
Land Adjustments	(849)
Gross carrying amount
Building and improvements	34,008
Total	34,008
Accumulated depreciation	4,377
Construction in progress
Real Estate and Accumulated Depreciation
Building costs subsequent to acquisition	9,366
Gross carrying amount
Building and improvements	9,366
Total	9,366
0101 Fort Myers, FL
Real Estate and Accumulated Depreciation
Debt	4,322
Land initial cost	1,985
Building and improvements initial cost	4,983
Building costs subsequent to acquisition	372
Gross carrying amount
Land	1,985
Building and improvements	5,355
Total	7,340
Accumulated depreciation	1,028
0132 Sandy, UT
Real Estate and Accumulated Depreciation
Debt	4,045
Land initial cost	1,349
Building and improvements initial cost	4,372
Building costs subsequent to acquisition	248
Gross carrying amount
Land	1,349
Building and improvements	4,620
Total	5,969
Accumulated depreciation	849
0144 Watsonville, CA
Real Estate and Accumulated Depreciation
Debt	3,339
Land initial cost	1,699
Building and improvements initial cost	3,056
Building costs subsequent to acquisition	182
Gross carrying amount
Land	1,699
Building and improvements	3,238
Total	4,937
Accumulated depreciation	601
0152 Annapolis, MD
Real Estate and Accumulated Depreciation
Land initial cost	1,375
Building and improvements initial cost	8,896
Building costs subsequent to acquisition	266
Gross carrying amount
Land	1,375
Building and improvements	9,162
Total	10,537
Accumulated depreciation	1,115
0177 Hemet, CA
Real Estate and Accumulated Depreciation
Debt	5,206
Land initial cost	1,146
Building and improvements initial cost	6,369
Building costs subsequent to acquisition	242
Gross carrying amount
Land	1,146
Building and improvements	6,611
Total	7,757
Accumulated depreciation	1,163
0230 West Valley City, UT
Real Estate and Accumulated Depreciation
Debt	1,817
Land initial cost	461
Building and improvements initial cost	1,722
Building costs subsequent to acquisition	130
Gross carrying amount
Land	461
Building and improvements	1,852
Total	2,313
Accumulated depreciation	359
0288 Aloha, OR
Real Estate and Accumulated Depreciation
Debt	6,371
Land initial cost	1,221
Building and improvements initial cost	6,262
Building costs subsequent to acquisition	199
Gross carrying amount
Land	1,221
Building and improvements	6,461
Total	7,682
Accumulated depreciation	1,166
0309 Grandville, MI
Real Estate and Accumulated Depreciation
Debt	1,670
Land initial cost	726
Building and improvements initial cost	1,298
Building costs subsequent to acquisition	357
Gross carrying amount
Land	726
Building and improvements	1,655
Total	2,381
Accumulated depreciation	367
0328 Sacramento, CA
Real Estate and Accumulated Depreciation
Debt	4,125
Land initial cost	852
Building and improvements initial cost	4,720
Building costs subsequent to acquisition	371
Gross carrying amount
Land	852
Building and improvements	5,091
Total	5,943
Accumulated depreciation	965
0330 Hackensack, NJ
Real Estate and Accumulated Depreciation
Land initial cost	2,283
Building and improvements initial cost	11,234
Building costs subsequent to acquisition	641
Gross carrying amount
Land	2,283
Building and improvements	11,875
Total	14,158
Accumulated depreciation	2,224
0338 Phoenix, AZ
Real Estate and Accumulated Depreciation
Debt	7,268
Land initial cost	1,441
Building and improvements initial cost	7,982
Building costs subsequent to acquisition	468
Gross carrying amount
Land	1,441
Building and improvements	8,450
Total	9,891
Accumulated depreciation	1,549
0343 Louisville, KY
Real Estate and Accumulated Depreciation
Debt	2,947
Land initial cost	586
Building and improvements initial cost	3,244
Building costs subsequent to acquisition	212
Gross carrying amount
Land	586
Building and improvements	3,456
Total	4,042
Accumulated depreciation	672
0365 Kent, OH
Real Estate and Accumulated Depreciation
Debt	1,473
Land initial cost	220
Building and improvements initial cost	1,206
Building costs subsequent to acquisition	152
Gross carrying amount
Land	220
Building and improvements	1,358
Total	1,578
Accumulated depreciation	319
0380 Rockville, MD
Real Estate and Accumulated Depreciation
Debt	12,645
Land initial cost	4,596
Building and improvements initial cost	11,328
Building costs subsequent to acquisition	238
Gross carrying amount
Land	4,596
Building and improvements	11,566
Total	16,162
Accumulated depreciation	1,612
0406 New Paltz, NY
Real Estate and Accumulated Depreciation
Debt	3,210
Land initial cost	2,059
Building and improvements initial cost	3,715
Building costs subsequent to acquisition	367
Gross carrying amount
Land	2,059
Building and improvements	4,082
Total	6,141
Accumulated depreciation	810
0417 Stone Mountain, GA
Real Estate and Accumulated Depreciation
Debt	1,826
Land initial cost	925
Building and improvements initial cost	3,505
Building costs subsequent to acquisition	209
Gross carrying amount
Land	925
Building and improvements	3,714
Total	4,639
Accumulated depreciation	669
0438 Columbus, OH
Real Estate and Accumulated Depreciation
Debt	2,848
Land initial cost	483
Building and improvements initial cost	2,654
Building costs subsequent to acquisition	483
Gross carrying amount
Land	483
Building and improvements	3,137
Total	3,620
Accumulated depreciation	715
0487 Cordova, TN
Real Estate and Accumulated Depreciation
Debt	2,652
Land initial cost	852
Building and improvements initial cost	2,720
Building costs subsequent to acquisition	224
Gross carrying amount
Land	852
Building and improvements	2,944
Total	3,796
Accumulated depreciation	578
0502 Mount Vernon, NY
Real Estate and Accumulated Depreciation
Debt	5,100
Land initial cost	1,585
Building and improvements initial cost	6,025
Building costs subsequent to acquisition	1,163
Gross carrying amount
Land	1,585
Building and improvements	7,188
Total	8,773
Accumulated depreciation	1,290
0507 Towson, MD
Real Estate and Accumulated Depreciation
Debt	4,027
Land initial cost	861
Building and improvements initial cost	4,742
Building costs subsequent to acquisition	185
Gross carrying amount
Land	861
Building and improvements	4,927
Total	5,788
Accumulated depreciation	892
0514 Dallas, TX
Real Estate and Accumulated Depreciation
Debt	11,700
Land initial cost	1,980
Building and improvements initial cost	12,501
Building costs subsequent to acquisition	275
Gross carrying amount
Land	1,980
Building and improvements	12,776
Total	14,756
Accumulated depreciation	1,914
0519 Plainville, MA
Real Estate and Accumulated Depreciation
Debt	5,198
Land initial cost	2,223
Building and improvements initial cost	4,430
Building costs subsequent to acquisition	369
Gross carrying amount
Land	2,223
Building and improvements	4,799
Total	7,022
Accumulated depreciation	1,068
0521 South Houston, TX
Real Estate and Accumulated Depreciation
Debt	2,413
Land initial cost	478
Building and improvements initial cost	4,069
Building costs subsequent to acquisition	534
Gross carrying amount
Land	478
Building and improvements	4,603
Total	5,081
Accumulated depreciation	751
0539 New York, NY
Real Estate and Accumulated Depreciation
Debt	10,069
Land initial cost	3,060
Building and improvements initial cost	16,978
Building costs subsequent to acquisition	604
Gross carrying amount
Land	3,060
Building and improvements	17,582
Total	20,642
Accumulated depreciation	3,104
0545 Tampa, FL
Real Estate and Accumulated Depreciation
Debt	3,994
Land initial cost	1,425
Building and improvements initial cost	4,766
Building costs subsequent to acquisition	285
Gross carrying amount
Land	1,425
Building and improvements	5,051
Total	6,476
Accumulated depreciation	707
0547 Albuquerque, NM
Real Estate and Accumulated Depreciation
Land initial cost	1,298
Building and improvements initial cost	4,628
Building costs subsequent to acquisition	599
Gross carrying amount
Land	1,298
Building and improvements	5,227
Total	6,525
Accumulated depreciation	676
0552 Bethesda, MD
Real Estate and Accumulated Depreciation
Debt	12,572
Building and improvements initial cost	18,331
Building costs subsequent to acquisition	321
Gross carrying amount
Building and improvements	18,652
Total	18,652
Accumulated depreciation	3,522
0556 Mount Clemens, MI
Real Estate and Accumulated Depreciation
Debt	2,063
Land initial cost	798
Building and improvements initial cost	1,796
Building costs subsequent to acquisition	315
Gross carrying amount
Land	798
Building and improvements	2,111
Total	2,909
Accumulated depreciation	418
0561 Dallas, TX
Real Estate and Accumulated Depreciation
Debt	2,080
Land initial cost	337
Building and improvements initial cost	2,216
Building costs subsequent to acquisition	402
Gross carrying amount
Land	337
Building and improvements	2,618
Total	2,955
Accumulated depreciation	510
0574 Nashville, TN
Real Estate and Accumulated Depreciation
Debt	2,960
Land initial cost	390
Building and improvements initial cost	2,598
Building costs subsequent to acquisition	610
Gross carrying amount
Land	390
Building and improvements	3,208
Total	3,598
Accumulated depreciation	622
0584 Houston, TX
Real Estate and Accumulated Depreciation
Land initial cost	2,596
Building and improvements initial cost	8,735
Building costs subsequent to acquisition	236
Gross carrying amount
Land	2,596
Building and improvements	8,971
Total	11,567
Accumulated depreciation	1,357
0586 Wichita, KS
Real Estate and Accumulated Depreciation
Debt	2,154
Land initial cost	366
Building and improvements initial cost	1,897
Building costs subsequent to acquisition	306
Gross carrying amount
Land	366
Building and improvements	2,203
Total	2,569
Accumulated depreciation	415
0643 Seattle, WA
Real Estate and Accumulated Depreciation
Debt	7,574
Land initial cost	2,727
Building and improvements initial cost	7,241
Building costs subsequent to acquisition	203
Gross carrying amount
Land	2,727
Building and improvements	7,444
Total	10,171
Accumulated depreciation	1,323
0645 Oceanside, CA
Real Estate and Accumulated Depreciation
Debt	9,527
Land initial cost	3,241
Building and improvements initial cost	11,361
Building costs subsequent to acquisition	652
Gross carrying amount
Land	3,241
Building and improvements	12,013
Total	15,254
Accumulated depreciation	2,200
0648 Louisville, KY
Real Estate and Accumulated Depreciation
Debt	2,535
Land initial cost	1,217
Building and improvements initial cost	4,611
Building costs subsequent to acquisition	138
Gross carrying amount
Land	1,217
Building and improvements	4,749
Total	5,966
Accumulated depreciation	862
0652 Indianapolis, IN
Real Estate and Accumulated Depreciation
Land initial cost	588
Building and improvements initial cost	3,457
Building costs subsequent to acquisition	203
Gross carrying amount
Land	588
Building and improvements	3,660
Total	4,248
Accumulated depreciation	480
0654 Hoover, AL
Real Estate and Accumulated Depreciation
Land initial cost	1,313
Building and improvements initial cost	2,858
Building costs subsequent to acquisition	530
Gross carrying amount
Land	1,313
Building and improvements	3,388
Total	4,701
Accumulated depreciation	663
0655 Toms River, NJ
Real Estate and Accumulated Depreciation
Debt	5,123
Land initial cost	1,790
Building and improvements initial cost	9,935
Building costs subsequent to acquisition	277
Gross carrying amount
Land	1,790
Building and improvements	10,212
Total	12,002
Accumulated depreciation	1,891
0656 St. Louis, MO
Real Estate and Accumulated Depreciation
Land initial cost	1,444
Building and improvements initial cost	4,162
Building costs subsequent to acquisition	240
Gross carrying amount
Land	1,444
Building and improvements	4,402
Total	5,846
Accumulated depreciation	597
0659 Phoenix, AZ
Real Estate and Accumulated Depreciation
Land initial cost	669
Building and improvements initial cost	4,135
Building costs subsequent to acquisition	144
Gross carrying amount
Land	669
Building and improvements	4,279
Total	4,948
Accumulated depreciation	587
0663 St. Louis, MO
Real Estate and Accumulated Depreciation
Debt	2,834
Land initial cost	676
Building and improvements initial cost	3,551
Building costs subsequent to acquisition	251
Gross carrying amount
Land	676
Building and improvements	3,802
Total	4,478
Accumulated depreciation	523
0664 Florissant, MO
Real Estate and Accumulated Depreciation
Land initial cost	1,241
Building and improvements initial cost	4,648
Building costs subsequent to acquisition	290
Gross carrying amount
Land	1,241
Building and improvements	4,938
Total	6,179
Accumulated depreciation	681
0665 Colorado Springs, CO
Real Estate and Accumulated Depreciation
Land initial cost	781
Building and improvements initial cost	3,400
Building costs subsequent to acquisition	163
Gross carrying amount
Land	781
Building and improvements	3,563
Total	4,344
Accumulated depreciation	451
0668 Louisville, KY
Real Estate and Accumulated Depreciation
Debt	3,617
Land initial cost	892
Building and improvements initial cost	2,677
Building costs subsequent to acquisition	145
Gross carrying amount
Land	892
Building and improvements	2,822
Total	3,714
Accumulated depreciation	469
0675 Everett, MA
Real Estate and Accumulated Depreciation
Land initial cost	692
Building and improvements initial cost	2,129
Building costs subsequent to acquisition	638
Gross carrying amount
Land	692
Building and improvements	2,767
Total	3,459
Accumulated depreciation	582
0677 North Bergen, NJ
Real Estate and Accumulated Depreciation
Land initial cost	861
Building and improvements initial cost	17,127
Gross carrying amount
Land	861
Building and improvements	17,127
Total	17,988
Accumulated depreciation	92
0678 Falls Church, VA
Real Estate and Accumulated Depreciation
Debt	6,090
Land initial cost	1,259
Building and improvements initial cost	6,975
Building costs subsequent to acquisition	349
Gross carrying amount
Land	1,259
Building and improvements	7,324
Total	8,583
Accumulated depreciation	1,306
0679 Denver, CO
Real Estate and Accumulated Depreciation
Debt	2,742
Land initial cost	368
Building and improvements initial cost	1,574
Building costs subsequent to acquisition	154
Gross carrying amount
Land	368
Building and improvements	1,728
Total	2,096
Accumulated depreciation	341
0692 Venice, FL
Real Estate and Accumulated Depreciation
Debt	7,065
Land initial cost	1,969
Building and improvements initial cost	5,903
Building costs subsequent to acquisition	243
Gross carrying amount
Land	1,969
Building and improvements	6,146
Total	8,115
Accumulated depreciation	1,004
0693 Alpharetta, GA
Real Estate and Accumulated Depreciation
Debt	2,703
Land initial cost	1,893
Building and improvements initial cost	3,161
Building costs subsequent to acquisition	123
Gross carrying amount
Land	1,893
Building and improvements	3,284
Total	5,177
Accumulated depreciation	501
0699 Dacula, GA
Real Estate and Accumulated Depreciation
Debt	3,862
Land initial cost	1,993
Building and improvements initial cost	3,001
Building costs subsequent to acquisition	93
Gross carrying amount
Land	1,993
Building and improvements	3,094
Total	5,087
Accumulated depreciation	492
0704 Cordova, TN
Real Estate and Accumulated Depreciation
Land initial cost	894
Building and improvements initial cost	2,680
Building costs subsequent to acquisition	135
Gross carrying amount
Land	894
Building and improvements	2,815
Total	3,709
Accumulated depreciation	383
0717 Dumfries, VA
Real Estate and Accumulated Depreciation
Debt	5,421
Land initial cost	932
Building and improvements initial cost	9,349
Building costs subsequent to acquisition	38
Gross carrying amount
Land	932
Building and improvements	9,387
Total	10,319
Accumulated depreciation	151
0728 Chicago, IL
Real Estate and Accumulated Depreciation
Debt	3,143
Land initial cost	449
Building and improvements initial cost	2,471
Building costs subsequent to acquisition	605
Gross carrying amount
Land	449
Building and improvements	3,076
Total	3,525
Accumulated depreciation	634
0729 Chicago, IL
Real Estate and Accumulated Depreciation
Debt	2,848
Land initial cost	472
Building and improvements initial cost	2,582
Building costs subsequent to acquisition	594
Gross carrying amount
Land	472
Building and improvements	3,176
Total	3,648
Accumulated depreciation	677
0731 Chicago, IL
Real Estate and Accumulated Depreciation
Debt	4,322
Land initial cost	621
Building and improvements initial cost	3,428
Building costs subsequent to acquisition	774
Gross carrying amount
Land	621
Building and improvements	4,202
Total	4,823
Accumulated depreciation	901
0738 Nashua, NH
Real Estate and Accumulated Depreciation
Building and improvements initial cost	755
Building costs subsequent to acquisition	80
Gross carrying amount
Building and improvements	835
Total	835
Accumulated depreciation	204
0739 Linden, NJ
Real Estate and Accumulated Depreciation
Debt	3,886
Land initial cost	1,517
Building and improvements initial cost	8,384
Building costs subsequent to acquisition	194
Gross carrying amount
Land	1,517
Building and improvements	8,578
Total	10,095
Accumulated depreciation	1,474
0741 Johnston, RI
Real Estate and Accumulated Depreciation
Debt	6,974
Land initial cost	2,658
Building and improvements initial cost	4,799
Building costs subsequent to acquisition	365
Gross carrying amount
Land	2,658
Building and improvements	5,164
Total	7,822
Accumulated depreciation	991
0744 Colorado Springs, CO
Real Estate and Accumulated Depreciation
Debt	3,401
Land initial cost	1,525
Building and improvements initial cost	4,310
Building costs subsequent to acquisition	183
Gross carrying amount
Land	1,525
Building and improvements	4,493
Total	6,018
Accumulated depreciation	386
0745 Sugar Hill, GA
Real Estate and Accumulated Depreciation
Land initial cost	1,368
Building and improvements initial cost	2,540
Building costs subsequent to acquisition	148
Gross carrying amount
Land	1,368
Building and improvements	2,688
Total	4,056
Accumulated depreciation	343
0746 Stoneham, MA
Real Estate and Accumulated Depreciation
Debt	6,163
Land initial cost	944
Building and improvements initial cost	5,241
Building costs subsequent to acquisition	153
Gross carrying amount
Land	944
Building and improvements	5,394
Total	6,338
Accumulated depreciation	950
0752 Deland, FL
Real Estate and Accumulated Depreciation
Land initial cost	1,318
Building and improvements initial cost	3,971
Building costs subsequent to acquisition	228
Gross carrying amount
Land	1,318
Building and improvements	4,199
Total	5,517
Accumulated depreciation	659
0753 Duluth, GA
Real Estate and Accumulated Depreciation
Debt	3,308
Land initial cost	1,454
Building and improvements initial cost	4,151
Building costs subsequent to acquisition	81
Gross carrying amount
Land	1,454
Building and improvements	4,232
Total	5,686
Accumulated depreciation	516
0754 Sugar Hill, GA
Real Estate and Accumulated Depreciation
Land initial cost	1,371
Building and improvements initial cost	2,547
Building costs subsequent to acquisition	131
Gross carrying amount
Land	1,371
Building and improvements	2,678
Total	4,049
Accumulated depreciation	347
0763 Hollywood, FL
Real Estate and Accumulated Depreciation
Debt	7,071
Land initial cost	3,214
Building and improvements initial cost	8,689
Building costs subsequent to acquisition	199
Gross carrying amount
Land	3,214
Building and improvements	8,888
Total	12,102
Accumulated depreciation	984
0764 Stafford, VA
Real Estate and Accumulated Depreciation
Debt	4,554
Land initial cost	2,076
Building and improvements initial cost	5,175
Building costs subsequent to acquisition	68
Gross carrying amount
Land	2,076
Building and improvements	5,243
Total	7,319
Accumulated depreciation	403
0784 Merchantville, NJ
Real Estate and Accumulated Depreciation
Land initial cost	1,644
Building and improvements initial cost	3,115
Building costs subsequent to acquisition	84
Gross carrying amount
Land	1,644
Building and improvements	3,199
Total	4,843
Accumulated depreciation	45
0792 Orem, UT
Real Estate and Accumulated Depreciation
Land initial cost	841
Building and improvements initial cost	2,335
Building costs subsequent to acquisition	11
Gross carrying amount
Land	841
Building and improvements	2,346
Total	3,187
Accumulated depreciation	42
0795 Euless, TX
Real Estate and Accumulated Depreciation
Land initial cost	671
Building and improvements initial cost	3,213
Building costs subsequent to acquisition	182
Gross carrying amount
Land	671
Building and improvements	3,395
Total	4,066
Accumulated depreciation	60
0809 North Bergen, NJ
Real Estate and Accumulated Depreciation
Land initial cost	2,299
Building and improvements initial cost	12,728
Building costs subsequent to acquisition	369
Gross carrying amount
Land	2,299
Building and improvements	13,097
Total	15,396
Accumulated depreciation	2,245
0810 Parlin, NJ
Real Estate and Accumulated Depreciation
Land initial cost	2,517
Building and improvements initial cost	4,516
Building costs subsequent to acquisition	396
Gross carrying amount
Land	2,517
Building and improvements	4,912
Total	7,429
Accumulated depreciation	1,050
0918 Pasadena, MD
Real Estate and Accumulated Depreciation
Land initial cost	1,869
Building and improvements initial cost	3,056
Building costs subsequent to acquisition	693
Gross carrying amount
Land	1,869
Building and improvements	3,749
Total	5,618
Accumulated depreciation	403
0919 Arnold, MD
Real Estate and Accumulated Depreciation
Debt	9,331
Land initial cost	2,558
Building and improvements initial cost	9,446
Building costs subsequent to acquisition	287
Gross carrying amount
Land	2,558
Building and improvements	9,733
Total	12,291
Accumulated depreciation	1,700
0950 Columbia, MD
Real Estate and Accumulated Depreciation
Debt	8,251
Land initial cost	1,736
Building and improvements initial cost	9,632
Building costs subsequent to acquisition	241
Gross carrying amount
Land	1,736
Building and improvements	9,873
Total	11,609
Accumulated depreciation	1,708
0976 West Palm Beach, FL
Real Estate and Accumulated Depreciation
Debt	3,929
Land initial cost	1,752
Building and improvements initial cost	4,909
Building costs subsequent to acquisition	361
Gross carrying amount
Land	1,752
Building and improvements	5,270
Total	7,022
Accumulated depreciation	1,027
0980 Ft. Washington, MD
Real Estate and Accumulated Depreciation
Debt	11,280
Land initial cost	4,920
Building and improvements initial cost	9,174
Building costs subsequent to acquisition	151
Gross carrying amount
Land	4,920
Building and improvements	9,325
Total	14,245
Accumulated depreciation	1,226
0985 Grandview, MO
Real Estate and Accumulated Depreciation
Debt	1,080
Land initial cost	612
Building and improvements initial cost	1,770
Building costs subsequent to acquisition	304
Gross carrying amount
Land	612
Building and improvements	2,074
Total	2,686
Accumulated depreciation	475
1001 Foxboro, MA
Real Estate and Accumulated Depreciation
Land initial cost	759
Building and improvements initial cost	4,158
Building costs subsequent to acquisition	445
Gross carrying amount
Land	759
Building and improvements	4,603
Total	5,362
Accumulated depreciation	1,641
1002 Hudson, MA
Real Estate and Accumulated Depreciation
Land initial cost	806
Building and improvements initial cost	3,122
Building costs subsequent to acquisition	283
Gross carrying amount
Land	806
Building and improvements	3,405
Total	4,211
Accumulated depreciation	1,149
1003 Worcester, MA
Real Estate and Accumulated Depreciation
Land initial cost	896
Building and improvements initial cost	4,377
Building costs subsequent to acquisition	2,718
Gross carrying amount
Land	896
Building and improvements	7,095
Total	7,991
Accumulated depreciation	1,764
1004 Claremont, CA
Real Estate and Accumulated Depreciation
Land initial cost	1,472
Building and improvements initial cost	2,012
Building costs subsequent to acquisition	216
Gross carrying amount
Land	1,472
Building and improvements	2,228
Total	3,700
Accumulated depreciation	468
1006 Kearns, UT
Real Estate and Accumulated Depreciation
Land initial cost	642
Building and improvements initial cost	2,607
Building costs subsequent to acquisition	250
Gross carrying amount
Land	642
Building and improvements	2,857
Total	3,499
Accumulated depreciation	639
1007 San Bernardino, CA
Real Estate and Accumulated Depreciation
Land initial cost	1,213
Building and improvements initial cost	3,061
Building costs subsequent to acquisition	126
Gross carrying amount
Land	1,213
Building and improvements	3,187
Total	4,400
Accumulated depreciation	662
1009 Torrance, CA
Real Estate and Accumulated Depreciation
Land initial cost	3,710
Building and improvements initial cost	6,271
Building costs subsequent to acquisition	505
Land Adjustments	400
Gross carrying amount
Land	4,110
Building and improvements	6,776
Total	10,886
Accumulated depreciation	1,384
1010 Auburn, MA
Real Estate and Accumulated Depreciation
Land initial cost	918
Building and improvements initial cost	3,728
Building costs subsequent to acquisition	215
Gross carrying amount
Land	918
Building and improvements	3,943
Total	4,861
Accumulated depreciation	1,187
1011 North Oxford, MA
Real Estate and Accumulated Depreciation
Land initial cost	482
Building and improvements initial cost	1,762
Building costs subsequent to acquisition	207
Land Adjustments	46
Building Adjustments	168
Gross carrying amount
Land	528
Building and improvements	2,137
Total	2,665
Accumulated depreciation	717
1013 Livermore, CA
Real Estate and Accumulated Depreciation
Land initial cost	1,134
Building and improvements initial cost	4,615
Building costs subsequent to acquisition	128
Gross carrying amount
Land	1,134
Building and improvements	4,743
Total	5,877
Accumulated depreciation	951
1019 Norwood, MA
Real Estate and Accumulated Depreciation
Land initial cost	2,160
Building and improvements initial cost	2,336
Building costs subsequent to acquisition	1,502
Land Adjustments	61
Building Adjustments	95
Gross carrying amount
Land	2,221
Building and improvements	3,933
Total	6,154
Accumulated depreciation	1,036
1020 Pico Rivera, CA
Real Estate and Accumulated Depreciation
Debt	4,290
Land initial cost	1,150
Building and improvements initial cost	3,450
Building costs subsequent to acquisition	128
Gross carrying amount
Land	1,150
Building and improvements	3,578
Total	4,728
Accumulated depreciation	946
1022 Northborough, MA
Real Estate and Accumulated Depreciation
Land initial cost	280
Building and improvements initial cost	2,715
Building costs subsequent to acquisition	498
Gross carrying amount
Land	280
Building and improvements	3,213
Total	3,493
Accumulated depreciation	1,028
1023 Raynham, MA
Real Estate and Accumulated Depreciation
Land initial cost	588
Building and improvements initial cost	2,270
Building costs subsequent to acquisition	261
Land Adjustments	82
Building Adjustments	323
Gross carrying amount
Land	670
Building and improvements	2,854
Total	3,524
Accumulated depreciation	835
1025 Brockton, MA
Real Estate and Accumulated Depreciation
Land initial cost	647
Building and improvements initial cost	2,762
Building costs subsequent to acquisition	121
Gross carrying amount
Land	647
Building and improvements	2,883
Total	3,530
Accumulated depreciation	791
1028 Ashland, MA
Real Estate and Accumulated Depreciation
Land initial cost	474
Building and improvements initial cost	3,324
Building costs subsequent to acquisition	290
Building Adjustments	27
Gross carrying amount
Land	474
Building and improvements	3,641
Total	4,115
Accumulated depreciation	1,003
1029 Richmond, CA
Real Estate and Accumulated Depreciation
Debt	5,074
Land initial cost	953
Building and improvements initial cost	4,635
Building costs subsequent to acquisition	557
Gross carrying amount
Land	953
Building and improvements	5,192
Total	6,145
Accumulated depreciation	1,063
1030 Hawthorne, CA
Real Estate and Accumulated Depreciation
Debt	3,960
Land initial cost	1,532
Building and improvements initial cost	3,871
Building costs subsequent to acquisition	197
Gross carrying amount
Land	1,532
Building and improvements	4,068
Total	5,600
Accumulated depreciation	847
1031 Glendale, CA
Real Estate and Accumulated Depreciation
Building and improvements initial cost	6,084
Building costs subsequent to acquisition	224
Gross carrying amount
Building and improvements	6,308
Total	6,308
Accumulated depreciation	1,281
1032 Parlin, NJ
Real Estate and Accumulated Depreciation
Building and improvements initial cost	5,273
Building costs subsequent to acquisition	329
Gross carrying amount
Building and improvements	5,602
Total	5,602
Accumulated depreciation	1,770
1035 Marshfield, MA
Real Estate and Accumulated Depreciation
Debt	4,776
Land initial cost	1,039
Building and improvements initial cost	4,155
Building costs subsequent to acquisition	202
Gross carrying amount
Land	1,039
Building and improvements	4,357
Total	5,396
Accumulated depreciation	896
1036 Doylestown, PA
Real Estate and Accumulated Depreciation
Land initial cost	220
Building and improvements initial cost	3,442
Building costs subsequent to acquisition	313
Land Adjustments	301
Building Adjustments	384
Gross carrying amount
Land	521
Building and improvements	4,139
Total	4,660
Accumulated depreciation	1,053
1038 Glen Rock, NJ
Real Estate and Accumulated Depreciation
Land initial cost	1,109
Building and improvements initial cost	2,401
Building costs subsequent to acquisition	149
Land Adjustments	113
Building Adjustments	249
Gross carrying amount
Land	1,222
Building and improvements	2,799
Total	4,021
Accumulated depreciation	713
1039 Hoboken, NJ
Real Estate and Accumulated Depreciation
Debt	8,170
Land initial cost	2,687
Building and improvements initial cost	6,092
Building costs subsequent to acquisition	198
Building Adjustments	3
Gross carrying amount
Land	2,687
Building and improvements	6,293
Total	8,980
Accumulated depreciation	1,589
1040 Lyndhurst, NJ
Real Estate and Accumulated Depreciation
Land initial cost	2,679
Building and improvements initial cost	4,644
Building costs subsequent to acquisition	221
Land Adjustments	250
Building Adjustments	446
Gross carrying amount
Land	2,929
Building and improvements	5,311
Total	8,240
Accumulated depreciation	1,340
1042 Bronx, NY
Real Estate and Accumulated Depreciation
Land initial cost	3,450
Building and improvements initial cost	21,210
Gross carrying amount
Land	3,450
Building and improvements	21,210
Total	24,660
Accumulated depreciation	23
1045 Pittsburgh, PA
Real Estate and Accumulated Depreciation
Land initial cost	889
Building and improvements initial cost	4,117
Building costs subsequent to acquisition	474
Gross carrying amount
Land	889
Building and improvements	4,591
Total	5,480
Accumulated depreciation	1,353
1046 Kennedy Township, PA
Real Estate and Accumulated Depreciation
Land initial cost	736
Building and improvements initial cost	3,173
Building costs subsequent to acquisition	169
Gross carrying amount
Land	736
Building and improvements	3,342
Total	4,078
Accumulated depreciation	1,035
1047 Stoughton , MA
Real Estate and Accumulated Depreciation
Land initial cost	1,754
Building and improvements initial cost	2,769
Building costs subsequent to acquisition	236
Gross carrying amount
Land	1,754
Building and improvements	3,005
Total	4,759
Accumulated depreciation	930
1048 Willow Grove, PA
Real Estate and Accumulated Depreciation
Land initial cost	1,297
Building and improvements initial cost	4,027
Building costs subsequent to acquisition	164
Gross carrying amount
Land	1,297
Building and improvements	4,191
Total	5,488
Accumulated depreciation	111
1050 Plainview, NY
Real Estate and Accumulated Depreciation
Debt	5,119
Land initial cost	4,287
Building and improvements initial cost	3,710
Building costs subsequent to acquisition	577
Gross carrying amount
Land	4,287
Building and improvements	4,287
Total	8,574
Accumulated depreciation	1,324
1053 Oakland, CA
Real Estate and Accumulated Depreciation
Debt	2,929
Building and improvements initial cost	3,777
Building costs subsequent to acquisition	463
Building Adjustments	494
Gross carrying amount
Building and improvements	4,734
Total	4,734
Accumulated depreciation	1,472
1054 Metuchen, NJ
Real Estate and Accumulated Depreciation
Land initial cost	1,153
Building and improvements initial cost	4,462
Building costs subsequent to acquisition	208
Gross carrying amount
Land	1,153
Building and improvements	4,670
Total	5,823
Accumulated depreciation	1,237
1055 Nanuet, NY
Real Estate and Accumulated Depreciation
Debt	3,776
Land initial cost	2,072
Building and improvements initial cost	4,644
Land costs subsequent to acquisition	666
Building costs subsequent to acquisition	948
Building Adjustments	24
Gross carrying amount
Land	2,738
Building and improvements	5,616
Total	8,354
Accumulated depreciation	1,412
1056 Dedham, MA
Real Estate and Accumulated Depreciation
Debt	2,473
Land initial cost	2,127
Building and improvements initial cost	3,041
Building costs subsequent to acquisition	472
Building Adjustments	28
Gross carrying amount
Land	2,127
Building and improvements	3,541
Total	5,668
Accumulated depreciation	1,071
1057 Los Angeles, CA
Real Estate and Accumulated Depreciation
Debt	5,207
Land initial cost	1,431
Building and improvements initial cost	2,976
Building costs subsequent to acquisition	145
Land Adjustments	180
Building Adjustments	374
Gross carrying amount
Land	1,611
Building and improvements	3,495
Total	5,106
Accumulated depreciation	1,061
1058 Las Vegas, NV
Real Estate and Accumulated Depreciation
Debt	1,244
Land initial cost	251
Building and improvements initial cost	717
Building costs subsequent to acquisition	323
Land Adjustments	27
Building Adjustments	87
Gross carrying amount
Land	278
Building and improvements	1,127
Total	1,405
Accumulated depreciation	433
1060 North Miami, FL
Real Estate and Accumulated Depreciation
Land initial cost	1,256
Building and improvements initial cost	6,535
Building costs subsequent to acquisition	440
Gross carrying amount
Land	1,256
Building and improvements	6,975
Total	8,231
Accumulated depreciation	1,450
1061 St. Louis, MO
Real Estate and Accumulated Depreciation
Debt	2,057
Land initial cost	631
Building and improvements initial cost	2,159
Building costs subsequent to acquisition	305
Land Adjustments	59
Building Adjustments	205
Gross carrying amount
Land	690
Building and improvements	2,669
Total	3,359
Accumulated depreciation	845
1062 St. Louis, MO
Real Estate and Accumulated Depreciation
Debt	1,577
Land initial cost	156
Building and improvements initial cost	1,313
Building costs subsequent to acquisition	369
Land Adjustments	17
Building Adjustments	151
Gross carrying amount
Land	173
Building and improvements	1,833
Total	2,006
Accumulated depreciation	604
1063 Pittsburgh, PA
Real Estate and Accumulated Depreciation
Land initial cost	991
Building and improvements initial cost	1,990
Building costs subsequent to acquisition	448
Land Adjustments	91
Building Adjustments	199
Gross carrying amount
Land	1,082
Building and improvements	2,637
Total	3,719
Accumulated depreciation	760
1064 North Lauderdale, FL
Real Estate and Accumulated Depreciation
Debt	3,629
Land initial cost	428
Building and improvements initial cost	3,516
Building costs subsequent to acquisition	621
Land Adjustments	31
Building Adjustments	260
Gross carrying amount
Land	459
Building and improvements	4,397
Total	4,856
Accumulated depreciation	1,422
1065 West Palm Beach, FL
Real Estate and Accumulated Depreciation
Debt	1,581
Land initial cost	1,164
Building and improvements initial cost	2,511
Building costs subsequent to acquisition	341
Land Adjustments	82
Building Adjustments	180
Gross carrying amount
Land	1,246
Building and improvements	3,032
Total	4,278
Accumulated depreciation	933
1066 Miami, FL
Real Estate and Accumulated Depreciation
Debt	3,332
Land initial cost	1,325
Building and improvements initial cost	4,395
Building costs subsequent to acquisition	370
Land Adjustments	114
Building Adjustments	388
Gross carrying amount
Land	1,439
Building and improvements	5,153
Total	6,592
Accumulated depreciation	1,577
1067 Miami, FL
Real Estate and Accumulated Depreciation
Debt	9,158
Land initial cost	5,315
Building and improvements initial cost	4,305
Building costs subsequent to acquisition	247
Land Adjustments	544
Building Adjustments	447
Gross carrying amount
Land	5,859
Building and improvements	4,999
Total	10,858
Accumulated depreciation	1,488
1068 Margate, FL
Real Estate and Accumulated Depreciation
Debt	3,247
Land initial cost	430
Building and improvements initial cost	3,139
Building costs subsequent to acquisition	320
Land Adjustments	39
Building Adjustments	287
Gross carrying amount
Land	469
Building and improvements	3,746
Total	4,215
Accumulated depreciation	1,133
1069 West Palm Beach, FL
Real Estate and Accumulated Depreciation
Debt	1,821
Land initial cost	1,312
Building and improvements initial cost	2,511
Building costs subsequent to acquisition	445
Land Adjustments	104
Building Adjustments	204
Gross carrying amount
Land	1,416
Building and improvements	3,160
Total	4,576
Accumulated depreciation	1,019
1070 Inglewood, CA
Real Estate and Accumulated Depreciation
Debt	5,011
Land initial cost	1,379
Building and improvements initial cost	3,343
Building costs subsequent to acquisition	391
Land Adjustments	150
Building Adjustments	377
Gross carrying amount
Land	1,529
Building and improvements	4,111
Total	5,640
Accumulated depreciation	1,303
1071 Burbank, CA
Real Estate and Accumulated Depreciation
Debt	8,684
Land initial cost	3,199
Building and improvements initial cost	5,082
Building costs subsequent to acquisition	557
Land Adjustments	419
Building Adjustments	672
Gross carrying amount
Land	3,618
Building and improvements	6,311
Total	9,929
Accumulated depreciation	1,863
1073 Arvada, CO
Real Estate and Accumulated Depreciation
Land initial cost	286
Building and improvements initial cost	1,521
Building costs subsequent to acquisition	608
Gross carrying amount
Land	286
Building and improvements	2,129
Total	2,415
Accumulated depreciation	728
1074 Denver, CO
Real Estate and Accumulated Depreciation
Land initial cost	602
Building and improvements initial cost	2,052
Building costs subsequent to acquisition	555
Land Adjustments	143
Building Adjustments	512
Gross carrying amount
Land	745
Building and improvements	3,119
Total	3,864
Accumulated depreciation	945
1075 Thornton, CO
Real Estate and Accumulated Depreciation
Land initial cost	212
Building and improvements initial cost	2,044
Building costs subsequent to acquisition	546
Land Adjustments	36
Building Adjustments	389
Gross carrying amount
Land	248
Building and improvements	2,979
Total	3,227
Accumulated depreciation	978
1076 Westminster, CO
Real Estate and Accumulated Depreciation
Land initial cost	291
Building and improvements initial cost	1,586
Building costs subsequent to acquisition	874
Land Adjustments	8
Building Adjustments	48
Gross carrying amount
Land	299
Building and improvements	2,508
Total	2,807
Accumulated depreciation	881
1079 Groton, CT
Real Estate and Accumulated Depreciation
Debt	2,386
Land initial cost	1,277
Building and improvements initial cost	3,992
Building costs subsequent to acquisition	346
Building Adjustments	46
Gross carrying amount
Land	1,277
Building and improvements	4,384
Total	5,661
Accumulated depreciation	1,028
1083 Whittier, CA
Real Estate and Accumulated Depreciation
Building and improvements initial cost	2,985
Building costs subsequent to acquisition	83
Building Adjustments	20
Gross carrying amount
Building and improvements	3,088
Total	3,088
Accumulated depreciation	784
1084 Kingston, MA
Real Estate and Accumulated Depreciation
Land initial cost	555
Building and improvements initial cost	2,491
Building costs subsequent to acquisition	118
Building Adjustments	32
Gross carrying amount
Land	555
Building and improvements	2,641
Total	3,196
Accumulated depreciation	764
1087 Mount Vernon, NY
Real Estate and Accumulated Depreciation
Debt	3,386
Land initial cost	1,926
Building and improvements initial cost	7,622
Building costs subsequent to acquisition	606
Building Adjustments	33
Gross carrying amount
Land	1,926
Building and improvements	8,261
Total	10,187
Accumulated depreciation	1,982
1089 North Bergen, NJ
Real Estate and Accumulated Depreciation
Debt	6,545
Land initial cost	2,100
Building and improvements initial cost	6,606
Building costs subsequent to acquisition	183
Building Adjustments	74
Gross carrying amount
Land	2,100
Building and improvements	6,863
Total	8,963
Accumulated depreciation	1,636
1094 Saugus, MA
Real Estate and Accumulated Depreciation
Debt	3,802
Land initial cost	1,725
Building and improvements initial cost	5,514
Building costs subsequent to acquisition	395
Building Adjustments	104
Gross carrying amount
Land	1,725
Building and improvements	6,013
Total	7,738
Accumulated depreciation	1,536
1095 Stockton, CA
Real Estate and Accumulated Depreciation
Land initial cost	649
Building and improvements initial cost	3,272
Building costs subsequent to acquisition	159
Gross carrying amount
Land	649
Building and improvements	3,431
Total	4,080
Accumulated depreciation	868
1097 Wethersfield, CT
Real Estate and Accumulated Depreciation
Land initial cost	709
Building and improvements initial cost	4,205
Building costs subsequent to acquisition	135
Building Adjustments	16
Gross carrying amount
Land	709
Building and improvements	4,356
Total	5,065
Accumulated depreciation	1,083
1098 Jamaica Plain, MA
Real Estate and Accumulated Depreciation
Debt	2,742
Land initial cost	3,285
Building and improvements initial cost	11,275
Building costs subsequent to acquisition	112
Gross carrying amount
Land	3,285
Building and improvements	11,387
Total	14,672
Accumulated depreciation	1,194
1099 Milton, MA
Real Estate and Accumulated Depreciation
Land initial cost	2,838
Building and improvements initial cost	3,979
Building costs subsequent to acquisition	6,400
Building Adjustments	20
Gross carrying amount
Land	2,838
Building and improvements	10,399
Total	13,237
Accumulated depreciation	1,566
1104 South Holland, IL
Real Estate and Accumulated Depreciation
Debt	1,577
Land initial cost	839
Building and improvements initial cost	2,879
Building costs subsequent to acquisition	177
Land Adjustments	26
Building Adjustments	108
Gross carrying amount
Land	865
Building and improvements	3,164
Total	4,029
Accumulated depreciation	787
1107 Somerville, MA
Real Estate and Accumulated Depreciation
Debt	6,939
Land initial cost	1,728
Building and improvements initial cost	6,570
Building costs subsequent to acquisition	519
Land Adjustments	3
Building Adjustments	13
Gross carrying amount
Land	1,731
Building and improvements	7,102
Total	8,833
Accumulated depreciation	1,871
1108 Crest Hill, IL
Real Estate and Accumulated Depreciation
Debt	2,475
Land initial cost	847
Building and improvements initial cost	2,946
Building costs subsequent to acquisition	87
Land Adjustments	121
Building Adjustments	472
Gross carrying amount
Land	968
Building and improvements	3,505
Total	4,473
Accumulated depreciation	806
1111 Palmdale, CA
Real Estate and Accumulated Depreciation
Land initial cost	1,225
Building and improvements initial cost	5,379
Building costs subsequent to acquisition	2,148
Gross carrying amount
Land	1,225
Building and improvements	7,527
Total	8,752
Accumulated depreciation	1,298
1112 Tracy, CA
Real Estate and Accumulated Depreciation
Debt	2,819
Land initial cost	778
Building and improvements initial cost	2,638
Building costs subsequent to acquisition	137
Land Adjustments	133
Building Adjustments	481
Gross carrying amount
Land	911
Building and improvements	3,256
Total	4,167
Accumulated depreciation	745
1115 Edison, NJ
Real Estate and Accumulated Depreciation
Debt	5,690
Land initial cost	2,519
Building and improvements initial cost	8,547
Building costs subsequent to acquisition	450
Gross carrying amount
Land	2,519
Building and improvements	8,997
Total	11,516
Accumulated depreciation	2,421
1116 Egg Harbor Twp., NJ
Real Estate and Accumulated Depreciation
Debt	7,445
Land initial cost	1,724
Building and improvements initial cost	5,001
Building costs subsequent to acquisition	643
Gross carrying amount
Land	1,724
Building and improvements	5,644
Total	7,368
Accumulated depreciation	1,573
1117 Hazlet, NJ
Real Estate and Accumulated Depreciation
Debt	8,019
Land initial cost	1,362
Building and improvements initial cost	10,262
Building costs subsequent to acquisition	526
Gross carrying amount
Land	1,362
Building and improvements	10,788
Total	12,150
Accumulated depreciation	2,834
1118 Howell, NJ
Real Estate and Accumulated Depreciation
Debt	3,272
Land initial cost	2,440
Building and improvements initial cost	3,407
Building costs subsequent to acquisition	367
Gross carrying amount
Land	2,440
Building and improvements	3,774
Total	6,214
Accumulated depreciation	1,050
1119 Old Bridge, NJ
Real Estate and Accumulated Depreciation
Debt	5,130
Land initial cost	2,758
Building and improvements initial cost	6,450
Building costs subsequent to acquisition	909
Gross carrying amount
Land	2,758
Building and improvements	7,359
Total	10,117
Accumulated depreciation	1,972
1120 Iselin, NJ
Real Estate and Accumulated Depreciation
Debt	3,794
Land initial cost	505
Building and improvements initial cost	4,524
Building costs subsequent to acquisition	398
Gross carrying amount
Land	505
Building and improvements	4,922
Total	5,427
Accumulated depreciation	1,396
1121 Fontana, CA
Real Estate and Accumulated Depreciation
Debt	1,866
Land initial cost	1,246
Building and improvements initial cost	3,356
Building costs subsequent to acquisition	164
Land Adjustments	54
Building Adjustments	179
Gross carrying amount
Land	1,300
Building and improvements	3,699
Total	4,999
Accumulated depreciation	820
1122 North Hollywood, CA
Real Estate and Accumulated Depreciation
Land initial cost	3,125
Building and improvements initial cost	9,257
Building costs subsequent to acquisition	85
Gross carrying amount
Land	3,125
Building and improvements	9,342
Total	12,467
Accumulated depreciation	1,364
1135 Revere, MA
Real Estate and Accumulated Depreciation
Land initial cost	2,275
Building and improvements initial cost	6,935
Gross carrying amount
Land	2,275
Building and improvements	6,935
Total	9,210
Accumulated depreciation	7
1150 Johnston, RI
Real Estate and Accumulated Depreciation
Land initial cost	533
Building and improvements initial cost	2,127
Building costs subsequent to acquisition	1
Gross carrying amount
Land	533
Building and improvements	2,128
Total	2,661
Accumulated depreciation	2
1157 Fontana, CA
Real Estate and Accumulated Depreciation
Land initial cost	961
Building and improvements initial cost	3,846
Building costs subsequent to acquisition	170
Land Adjustments	39
Building Adjustments	186
Gross carrying amount
Land	1,000
Building and improvements	4,202
Total	5,202
Accumulated depreciation	1,051
1160 Los Angeles, CA
Real Estate and Accumulated Depreciation
Land initial cost	3,991
Building and improvements initial cost	9,774
Building costs subsequent to acquisition	36
Gross carrying amount
Land	3,991
Building and improvements	9,810
Total	13,801
Accumulated depreciation	1,014
1166 Elk Grove, CA
Real Estate and Accumulated Depreciation
Debt	4,290
Land initial cost	952
Building and improvements initial cost	6,936
Building costs subsequent to acquisition	32
Land Adjustments	123
Building Adjustments	234
Gross carrying amount
Land	1,075
Building and improvements	7,202
Total	8,277
Accumulated depreciation	231
1171 Gurnee, IL
Real Estate and Accumulated Depreciation
Land initial cost	1,374
Building and improvements initial cost	8,296
Building costs subsequent to acquisition	74
Gross carrying amount
Land	1,374
Building and improvements	8,370
Total	9,744
Accumulated depreciation	911
1173 Naperville, IL
Real Estate and Accumulated Depreciation
Land initial cost	1,860
Building and improvements initial cost	5,793
Building costs subsequent to acquisition	4
Gross carrying amount
Land	1,860
Building and improvements	5,797
Total	7,657
Accumulated depreciation	6
1174 Tracy, CA
Real Estate and Accumulated Depreciation
Land initial cost	946
Building and improvements initial cost	1,937
Building costs subsequent to acquisition	150
Building Adjustments	10
Gross carrying amount
Land	946
Building and improvements	2,097
Total	3,043
Accumulated depreciation	521
1178 Highland Park, IL
Real Estate and Accumulated Depreciation
Land initial cost	5,798
Building and improvements initial cost	6,016
Building costs subsequent to acquisition	8
Gross carrying amount
Land	5,798
Building and improvements	6,024
Total	11,822
Accumulated depreciation	6
1186 West Palm Beach, FL
Real Estate and Accumulated Depreciation
Land initial cost	1,729
Building and improvements initial cost	4,058
Gross carrying amount
Land	1,729
Building and improvements	4,058
Total	5,787
Accumulated depreciation	4
1192 Middletown, CT
Real Estate and Accumulated Depreciation
Debt	2,056
Land initial cost	932
Building and improvements initial cost	2,810
Building costs subsequent to acquisition	145
Gross carrying amount
Land	932
Building and improvements	2,955
Total	3,887
Accumulated depreciation	313
1194 San Bernardino, CA
Real Estate and Accumulated Depreciation
Land initial cost	750
Building and improvements initial cost	5,135
Building costs subsequent to acquisition	41
Gross carrying amount
Land	750
Building and improvements	5,176
Total	5,926
Accumulated depreciation	689
1195 Lanham, MD
Real Estate and Accumulated Depreciation
Land initial cost	3,346
Building and improvements initial cost	10,079
Building costs subsequent to acquisition	922
Land Adjustments	(728)
Building Adjustments	12
Gross carrying amount
Land	2,618
Building and improvements	11,013
Total	13,631
Accumulated depreciation	2,389
1196 Lawrenceville, NJ
Real Estate and Accumulated Depreciation
Land initial cost	3,402
Building and improvements initial cost	10,230
Building costs subsequent to acquisition	408
Building Adjustments	8
Gross carrying amount
Land	3,402
Building and improvements	10,646
Total	14,048
Accumulated depreciation	2,245
1197 Morrisville, NJ
Real Estate and Accumulated Depreciation
Land initial cost	2,487
Building and improvements initial cost	7,494
Building costs subsequent to acquisition	1,117
Building Adjustments	11
Gross carrying amount
Land	2,487
Building and improvements	8,622
Total	11,109
Accumulated depreciation	1,839
1198 Philadelphia, PA
Real Estate and Accumulated Depreciation
Land initial cost	1,965
Building and improvements initial cost	5,925
Building costs subsequent to acquisition	968
Building Adjustments	7
Gross carrying amount
Land	1,965
Building and improvements	6,900
Total	8,865
Accumulated depreciation	1,483
1204 Quincy, MA
Real Estate and Accumulated Depreciation
Land initial cost	1,359
Building and improvements initial cost	4,078
Building costs subsequent to acquisition	225
Building Adjustments	18
Gross carrying amount
Land	1,359
Building and improvements	4,321
Total	5,680
Accumulated depreciation	974
1205 Dedham, MA
Real Estate and Accumulated Depreciation
Land initial cost	2,443
Building and improvements initial cost	7,328
Building costs subsequent to acquisition	995
Building Adjustments	16
Gross carrying amount
Land	2,443
Building and improvements	8,339
Total	10,782
Accumulated depreciation	1,826
1206 Waltham, MA
Real Estate and Accumulated Depreciation
Land initial cost	3,770
Building and improvements initial cost	11,310
Building costs subsequent to acquisition	1,005
Building Adjustments	17
Gross carrying amount
Land	3,770
Building and improvements	12,332
Total	16,102
Accumulated depreciation	2,514
1207 Woburn, MA
Real Estate and Accumulated Depreciation
Building costs subsequent to acquisition	219
Building Adjustments	17
Gross carrying amount
Building and improvements	236
Total	236
Accumulated depreciation	99
1208 East Somerville, MA
Real Estate and Accumulated Depreciation
Building costs subsequent to acquisition	137
Building Adjustments	14
Gross carrying amount
Building and improvements	151
Total	151
Accumulated depreciation	78
1211 Peoria, AZ
Real Estate and Accumulated Depreciation
Debt	2,286
Land initial cost	652
Building and improvements initial cost	4,105
Building costs subsequent to acquisition	71
Gross carrying amount
Land	652
Building and improvements	4,176
Total	4,828
Accumulated depreciation	595
1213 Bronx, NY
Real Estate and Accumulated Depreciation
Debt	9,774
Land initial cost	3,995
Building and improvements initial cost	11,870
Building costs subsequent to acquisition	566
Building Adjustments	28
Gross carrying amount
Land	3,995
Building and improvements	12,464
Total	16,459
Accumulated depreciation	2,519
1219 Worcester, MA
Real Estate and Accumulated Depreciation
Debt	3,393
Land initial cost	1,350
Building and improvements initial cost	4,433
Building costs subsequent to acquisition	86
Gross carrying amount
Land	1,350
Building and improvements	4,519
Total	5,869
Accumulated depreciation	613
1222 Belmont, CA
Real Estate and Accumulated Depreciation
Land initial cost	3,500
Building and improvements initial cost	7,280
Building costs subsequent to acquisition	30
Gross carrying amount
Land	3,500
Building and improvements	7,310
Total	10,810
Accumulated depreciation	823
1226 Chicago, IL
Real Estate and Accumulated Depreciation
Land initial cost	1,925
Gross carrying amount
Land	1,925
Total	1,925
1232 Antelope, CA
Real Estate and Accumulated Depreciation
Debt	3,998
Land initial cost	1,525
Building and improvements initial cost	8,345
Building costs subsequent to acquisition	(19)
Land Adjustments	(340)
Gross carrying amount
Land	1,185
Building and improvements	8,326
Total	9,511
Accumulated depreciation	704
1233 Baltimore, MD
Real Estate and Accumulated Depreciation
Debt	3,067
Land initial cost	800
Building and improvements initial cost	5,955
Building costs subsequent to acquisition	53
Gross carrying amount
Land	800
Building and improvements	6,008
Total	6,808
Accumulated depreciation	495
1235 Los Angeles, CA
Real Estate and Accumulated Depreciation
Land initial cost	2,200
Building and improvements initial cost	8,108
Building costs subsequent to acquisition	5
Gross carrying amount
Land	2,200
Building and improvements	8,113
Total	10,313
Accumulated depreciation	689
1242 North Aurora, IL
Real Estate and Accumulated Depreciation
Land initial cost	600
Building and improvements initial cost	5,833
Building costs subsequent to acquisition	86
Gross carrying amount
Land	600
Building and improvements	5,919
Total	6,519
Accumulated depreciation	547
1253 Thousand Oaks, CA
Real Estate and Accumulated Depreciation
Land initial cost	4,500
Land Adjustments	(1,000)
Gross carrying amount
Land	3,500
Total	3,500
1254 Pacoima, CA
Real Estate and Accumulated Depreciation
Debt	5,760
Land initial cost	3,050
Building and improvements initial cost	7,597
Building costs subsequent to acquisition	51
Gross carrying amount
Land	3,050
Building and improvements	7,648
Total	10,698
Accumulated depreciation	450
1255 Compton, CA
Real Estate and Accumulated Depreciation
Debt	4,160
Land initial cost	1,426
Building and improvements initial cost	7,582
Building costs subsequent to acquisition	33
Gross carrying amount
Land	1,426
Building and improvements	7,615
Total	9,041
Accumulated depreciation	642
1256 Carson, CA
Real Estate and Accumulated Depreciation
Building and improvements initial cost	9,709
Building costs subsequent to acquisition	55
Gross carrying amount
Building and improvements	9,764
Total	9,764
Accumulated depreciation	198
1257 San Leandro, CA
Real Estate and Accumulated Depreciation
Debt	4,328
Land initial cost	3,343
Building and improvements initial cost	6,630
Building costs subsequent to acquisition	37
Land Adjustments	(52)
Building Adjustments	(237)
Gross carrying amount
Land	3,291
Building and improvements	6,430
Total	9,721
Accumulated depreciation	209
1258 Ewing, NJ
Real Estate and Accumulated Depreciation
Land initial cost	1,552
Building and improvements initial cost	4,720
Building costs subsequent to acquisition	210
Land Adjustments	11
Building Adjustments	(362)
Gross carrying amount
Land	1,563
Building and improvements	4,568
Total	6,131
Accumulated depreciation	604
1259 Naperville, IL
Real Estate and Accumulated Depreciation
Land initial cost	2,800
Building and improvements initial cost	7,355
Building costs subsequent to acquisition	79
Land Adjustments	(850)
Gross carrying amount
Land	1,950
Building and improvements	7,434
Total	9,384
Accumulated depreciation	584
1261 Santa Clara, CA
Real Estate and Accumulated Depreciation
Debt	8,153
Land initial cost	4,750
Building and improvements initial cost	8,218
Building costs subsequent to acquisition	23
Gross carrying amount
Land	4,750
Building and improvements	8,241
Total	12,991
Accumulated depreciation	485
1262 Edgewood, MD
Real Estate and Accumulated Depreciation
Land initial cost	1,000
Land Adjustments	(575)
Gross carrying amount
Land	425
Total	425
1263 Tinley Park, IL
Real Estate and Accumulated Depreciation
Land initial cost	1,823
Building and improvements initial cost	4,794
Building costs subsequent to acquisition	79
Land Adjustments	(275)
Gross carrying amount
Land	1,548
Building and improvements	4,873
Total	6,421
Accumulated depreciation	413
1266 Hialeah, FL
Real Estate and Accumulated Depreciation
Land initial cost	2,800
Building and improvements initial cost	7,588
Building costs subsequent to acquisition	56
Gross carrying amount
Land	2,800
Building and improvements	7,644
Total	10,444
Accumulated depreciation	655
1267 Oakland, CA
Real Estate and Accumulated Depreciation
Land initial cost	3,024
Building and improvements initial cost	11,321
Building costs subsequent to acquisition	77
Gross carrying amount
Land	3,024
Building and improvements	11,398
Total	14,422
Accumulated depreciation	452
1273 Sacramento, CA
Real Estate and Accumulated Depreciation
Debt	2,867
Land initial cost	1,738
Building and improvements initial cost	5,522
Building costs subsequent to acquisition	42
Land Adjustments	106
Building Adjustments	(81)
Gross carrying amount
Land	1,844
Building and improvements	5,483
Total	7,327
Accumulated depreciation	177
1275 Simi Valley, CA
Real Estate and Accumulated Depreciation
Land initial cost	5,533
Land Adjustments	(1,285)
Gross carrying amount
Land	4,248
Total	4,248
1278 Lancaster, CA
Real Estate and Accumulated Depreciation
Land initial cost	1,425
Building and improvements initial cost	5,855
Building costs subsequent to acquisition	41
Gross carrying amount
Land	1,425
Building and improvements	5,896
Total	7,321
Accumulated depreciation	310
1287 Pasadena, MD
Real Estate and Accumulated Depreciation
Land initial cost	3,500
Building and improvements initial cost	7,407
Building costs subsequent to acquisition	7
Gross carrying amount
Land	3,500
Building and improvements	7,414
Total	10,914
Accumulated depreciation	103
1292 Laurel Heights, MD
Real Estate and Accumulated Depreciation
Debt	6,360
Land initial cost	3,000
Building and improvements initial cost	5,930
Building costs subsequent to acquisition	57
Gross carrying amount
Land	3,000
Building and improvements	5,987
Total	8,987
Accumulated depreciation	641
1294 King City, OR
Real Estate and Accumulated Depreciation
Debt	4,550
Land initial cost	2,520
Building and improvements initial cost	6,845
Building costs subsequent to acquisition	43
Gross carrying amount
Land	2,520
Building and improvements	6,888
Total	9,408
Accumulated depreciation	362
1296 Los Gatos, CA
Real Estate and Accumulated Depreciation
Land initial cost	2,550
Gross carrying amount
Land	2,550
Total	2,550
1301 Arlington, TX
Real Estate and Accumulated Depreciation
Debt	2,292
Land initial cost	534
Building and improvements initial cost	2,525
Building costs subsequent to acquisition	271
Building Adjustments	34
Gross carrying amount
Land	534
Building and improvements	2,830
Total	3,364
Accumulated depreciation	641
1302 Austin, TX
Real Estate and Accumulated Depreciation
Debt	5,011
Land initial cost	870
Building and improvements initial cost	4,455
Building costs subsequent to acquisition	250
Building Adjustments	35
Gross carrying amount
Land	870
Building and improvements	4,740
Total	5,610
Accumulated depreciation	972
1303 Charleston, SC
Real Estate and Accumulated Depreciation
Debt	3,614
Land initial cost	1,279
Building and improvements initial cost	4,171
Building costs subsequent to acquisition	100
Building Adjustments	30
Gross carrying amount
Land	1,279
Building and improvements	4,301
Total	5,580
Accumulated depreciation	859
1304 Atlanta, GA
Real Estate and Accumulated Depreciation
Land initial cost	3,737
Building and improvements initial cost	8,333
Building costs subsequent to acquisition	328
Building Adjustments	35
Gross carrying amount
Land	3,737
Building and improvements	8,696
Total	12,433
Accumulated depreciation	1,722
1305 Columbia, SC
Real Estate and Accumulated Depreciation
Debt	2,896
Land initial cost	838
Building and improvements initial cost	3,312
Building costs subsequent to acquisition	149
Building Adjustments	38
Gross carrying amount
Land	838
Building and improvements	3,499
Total	4,337
Accumulated depreciation	734
1306 San Antonio, TX
Real Estate and Accumulated Depreciation
Debt	993
Land initial cost	1,269
Building and improvements initial cost	1,816
Building costs subsequent to acquisition	458
Building Adjustments	30
Gross carrying amount
Land	1,269
Building and improvements	2,304
Total	3,573
Accumulated depreciation	506
1307 Dallas, TX
Real Estate and Accumulated Depreciation
Debt	11,188
Land initial cost	4,432
Building and improvements initial cost	6,181
Building costs subsequent to acquisition	417
Building Adjustments	36
Gross carrying amount
Land	4,432
Building and improvements	6,634
Total	11,066
Accumulated depreciation	1,352
1308 Fort Myers, FL
Real Estate and Accumulated Depreciation
Debt	3,009
Land initial cost	1,691
Building and improvements initial cost	4,711
Building costs subsequent to acquisition	164
Building Adjustments	29
Gross carrying amount
Land	1,691
Building and improvements	4,904
Total	6,595
Accumulated depreciation	1,011
1309 Fort Worth, TX
Real Estate and Accumulated Depreciation
Debt	2,231
Land initial cost	631
Building and improvements initial cost	5,794
Building costs subsequent to acquisition	178
Building Adjustments	31
Gross carrying amount
Land	631
Building and improvements	6,003
Total	6,634
Accumulated depreciation	1,202
1310 Ft Lauderdale, FL
Real Estate and Accumulated Depreciation
Debt	2,710
Land initial cost	1,587
Building and improvements initial cost	4,205
Building costs subsequent to acquisition	253
Building Adjustments	32
Gross carrying amount
Land	1,587
Building and improvements	4,490
Total	6,077
Accumulated depreciation	926
1311 Goose Creek, SC
Real Estate and Accumulated Depreciation
Land initial cost	1,683
Building and improvements initial cost	4,372
Building costs subsequent to acquisition	931
Building Adjustments	30
Gross carrying amount
Land	1,683
Building and improvements	5,333
Total	7,016
Accumulated depreciation	961
1312 Grand Prairie, TX
Real Estate and Accumulated Depreciation
Debt	2,317
Land initial cost	551
Building and improvements initial cost	2,330
Building costs subsequent to acquisition	172
Building Adjustments	31
Gross carrying amount
Land	551
Building and improvements	2,533
Total	3,084
Accumulated depreciation	520
1313 Alpharetta, GL
Real Estate and Accumulated Depreciation
Land initial cost	1,973
Building and improvements initial cost	1,587
Building costs subsequent to acquisition	136
Building Adjustments	20
Gross carrying amount
Land	1,973
Building and improvements	1,743
Total	3,716
Accumulated depreciation	375
1314 Madeira Beach, FL
Real Estate and Accumulated Depreciation
Debt	2,677
Land initial cost	1,686
Building and improvements initial cost	5,163
Building costs subsequent to acquisition	140
Building Adjustments	29
Gross carrying amount
Land	1,686
Building and improvements	5,332
Total	7,018
Accumulated depreciation	1,060
1315 Metairie, LA
Real Estate and Accumulated Depreciation
Debt	4,009
Land initial cost	2,056
Building and improvements initial cost	4,216
Building costs subsequent to acquisition	111
Building Adjustments	18
Gross carrying amount
Land	2,056
Building and improvements	4,345
Total	6,401
Accumulated depreciation	864
1316 New Orleans, LA
Real Estate and Accumulated Depreciation
Debt	5,668
Land initial cost	4,058
Building and improvements initial cost	4,325
Building costs subsequent to acquisition	555
Building Adjustments	24
Gross carrying amount
Land	4,058
Building and improvements	4,904
Total	8,962
Accumulated depreciation	1,011
1317 Orlando, FL
Real Estate and Accumulated Depreciation
Land initial cost	1,216
Building and improvements initial cost	5,008
Building costs subsequent to acquisition	201
Building Adjustments	39
Gross carrying amount
Land	1,216
Building and improvements	5,248
Total	6,464
Accumulated depreciation	1,069
1318 Port Charlotte, FL
Real Estate and Accumulated Depreciation
Land initial cost	1,389
Building and improvements initial cost	4,632
Building costs subsequent to acquisition	132
Building Adjustments	20
Gross carrying amount
Land	1,389
Building and improvements	4,784
Total	6,173
Accumulated depreciation	950
1319 Riverview, FL
Real Estate and Accumulated Depreciation
Debt	2,552
Land initial cost	654
Building and improvements initial cost	2,953
Building costs subsequent to acquisition	133
Building Adjustments	29
Gross carrying amount
Land	654
Building and improvements	3,115
Total	3,769
Accumulated depreciation	650
1320 Atlanta, GA
Real Estate and Accumulated Depreciation
Land initial cost	1,665
Building and improvements initial cost	2,028
Building costs subsequent to acquisition	138
Building Adjustments	21
Gross carrying amount
Land	1,665
Building and improvements	2,187
Total	3,852
Accumulated depreciation	464
1321 Snellville, GA
Real Estate and Accumulated Depreciation
Land initial cost	2,691
Building and improvements initial cost	4,026
Building costs subsequent to acquisition	198
Building Adjustments	23
Gross carrying amount
Land	2,691
Building and improvements	4,247
Total	6,938
Accumulated depreciation	859
1322 Stone Mountain, GA
Real Estate and Accumulated Depreciation
Debt	2,945
Land initial cost	1,817
Building and improvements initial cost	4,382
Building costs subsequent to acquisition	206
Building Adjustments	24
Gross carrying amount
Land	1,817
Building and improvements	4,612
Total	6,429
Accumulated depreciation	919
1323 Summerville, SC
Real Estate and Accumulated Depreciation
Land initial cost	450
Building and improvements initial cost	4,454
Building costs subsequent to acquisition	123
Building Adjustments	26
Gross carrying amount
Land	450
Building and improvements	4,603
Total	5,053
Accumulated depreciation	923
1324 Valrico, FL
Real Estate and Accumulated Depreciation
Debt	3,080
Land initial cost	1,197
Building and improvements initial cost	4,411
Building costs subsequent to acquisition	162
Building Adjustments	34
Gross carrying amount
Land	1,197
Building and improvements	4,607
Total	5,804
Accumulated depreciation	922
1325 Richmond, VA
Real Estate and Accumulated Depreciation
Debt	4,703
Land initial cost	2,305
Building and improvements initial cost	5,467
Building costs subsequent to acquisition	114
Building Adjustments	8
Gross carrying amount
Land	2,305
Building and improvements	5,589
Total	7,894
Accumulated depreciation	1,086
1326 San Antonio, TX
Real Estate and Accumulated Depreciation
Debt	1,150
Land initial cost	253
Building and improvements initial cost	1,496
Building costs subsequent to acquisition	113
Building Adjustments	32
Gross carrying amount
Land	253
Building and improvements	1,641
Total	1,894
Accumulated depreciation	353
1328 Lumberton, NJ
Real Estate and Accumulated Depreciation
Debt	3,649
Land initial cost	831
Building and improvements initial cost	4,060
Building costs subsequent to acquisition	146
Building Adjustments	22
Gross carrying amount
Land	831
Building and improvements	4,228
Total	5,059
Accumulated depreciation	879
1329 Avenel, NJ
Real Estate and Accumulated Depreciation
Debt	7,972
Land initial cost	1,518
Building and improvements initial cost	8,037
Building costs subsequent to acquisition	218
Building Adjustments	24
Gross carrying amount
Land	1,518
Building and improvements	8,279
Total	9,797
Accumulated depreciation	1,553
1330 Bayville, NJ
Real Estate and Accumulated Depreciation
Debt	3,210
Land initial cost	1,193
Building and improvements initial cost	5,312
Building costs subsequent to acquisition	222
Building Adjustments	41
Gross carrying amount
Land	1,193
Building and improvements	5,575
Total	6,768
Accumulated depreciation	1,102
1331 Union, NJ
Real Estate and Accumulated Depreciation
Land initial cost	1,754
Building and improvements initial cost	6,237
Building costs subsequent to acquisition	232
Building Adjustments	78
Gross carrying amount
Land	1,754
Building and improvements	6,547
Total	8,301
Accumulated depreciation	1,299
1332 Bensalem , PA
Real Estate and Accumulated Depreciation
Debt	3,127
Land initial cost	1,131
Building and improvements initial cost	4,525
Building costs subsequent to acquisition	181
Building Adjustments	66
Gross carrying amount
Land	1,131
Building and improvements	4,772
Total	5,903
Accumulated depreciation	963
1333 Orlando, FL
Real Estate and Accumulated Depreciation
Debt	4,368
Land initial cost	2,233
Building and improvements initial cost	9,223
Building costs subsequent to acquisition	315
Building Adjustments	21
Gross carrying amount
Land	2,233
Building and improvements	9,559
Total	11,792
Accumulated depreciation	1,755
1334 Orlando, FL
Real Estate and Accumulated Depreciation
Debt	4,027
Land initial cost	1,474
Building and improvements initial cost	6,101
Building costs subsequent to acquisition	223
Building Adjustments	21
Gross carrying amount
Land	1,474
Building and improvements	6,345
Total	7,819
Accumulated depreciation	1,149
1335 Ocoee, FL
Real Estate and Accumulated Depreciation
Debt	2,202
Land initial cost	872
Building and improvements initial cost	3,642
Building costs subsequent to acquisition	178
Building Adjustments	17
Gross carrying amount
Land	872
Building and improvements	3,837
Total	4,709
Accumulated depreciation	743
1336 Orlando, FL
Real Estate and Accumulated Depreciation
Debt	3,337
Land initial cost	1,166
Building and improvements initial cost	4,816
Building costs subsequent to acquisition	1,144
Building Adjustments	15
Gross carrying amount
Land	1,166
Building and improvements	5,975
Total	7,141
Accumulated depreciation	1,038
1337 Greenacres, FL
Real Estate and Accumulated Depreciation
Land initial cost	1,463
Building and improvements initial cost	3,244
Building costs subsequent to acquisition	70
Building Adjustments	14
Gross carrying amount
Land	1,463
Building and improvements	3,328
Total	4,791
Accumulated depreciation	620
1338 Atlanta, GA
Real Estate and Accumulated Depreciation
Debt	6,844
Land initial cost	3,319
Building and improvements initial cost	8,325
Building costs subsequent to acquisition	366
Building Adjustments	33
Gross carrying amount
Land	3,319
Building and improvements	8,724
Total	12,043
Accumulated depreciation	1,643
1341 Lakewood, WA
Real Estate and Accumulated Depreciation
Debt	4,580
Land initial cost	1,917
Building and improvements initial cost	5,256
Building costs subsequent to acquisition	158
Gross carrying amount
Land	1,917
Building and improvements	5,414
Total	7,331
Accumulated depreciation	850
1342 Lakewood, WA
Real Estate and Accumulated Depreciation
Debt	4,577
Land initial cost	1,389
Building and improvements initial cost	4,780
Building costs subsequent to acquisition	214
Gross carrying amount
Land	1,389
Building and improvements	4,994
Total	6,383
Accumulated depreciation	801
1343 Tacoma, WA
Real Estate and Accumulated Depreciation
Debt	3,365
Land initial cost	1,031
Building and improvements initial cost	3,103
Building costs subsequent to acquisition	135
Gross carrying amount
Land	1,031
Building and improvements	3,238
Total	4,269
Accumulated depreciation	534
1354 Bensalem , PA
Real Estate and Accumulated Depreciation
Land initial cost	750
Building and improvements initial cost	3,015
Building costs subsequent to acquisition	150
Gross carrying amount
Land	750
Building and improvements	3,165
Total	3,915
Accumulated depreciation	518
1356 Phoenix, AZ
Real Estate and Accumulated Depreciation
Debt	3,440
Land initial cost	552
Building and improvements initial cost	3,530
Building costs subsequent to acquisition	190
Gross carrying amount
Land	552
Building and improvements	3,720
Total	4,272
Accumulated depreciation	594
1357 Rowlett, TX
Real Estate and Accumulated Depreciation
Debt	2,052
Land initial cost	1,002
Building and improvements initial cost	2,601
Building costs subsequent to acquisition	264
Gross carrying amount
Land	1,002
Building and improvements	2,865
Total	3,867
Accumulated depreciation	441
1358 Lancaster, CA
Real Estate and Accumulated Depreciation
Debt	5,840
Land initial cost	1,347
Building and improvements initial cost	5,827
Building costs subsequent to acquisition	198
Gross carrying amount
Land	1,347
Building and improvements	6,025
Total	7,372
Accumulated depreciation	949
1359 Parker, CO
Real Estate and Accumulated Depreciation
Debt	2,672
Land initial cost	800
Building and improvements initial cost	4,549
Building costs subsequent to acquisition	562
Gross carrying amount
Land	800
Building and improvements	5,111
Total	5,911
Accumulated depreciation	796
1360 Neptune, NJ
Real Estate and Accumulated Depreciation
Debt	5,666
Land initial cost	4,204
Building and improvements initial cost	8,906
Building costs subsequent to acquisition	240
Gross carrying amount
Land	4,204
Building and improvements	9,146
Total	13,350
Accumulated depreciation	1,238
1363 Allen, TX
Real Estate and Accumulated Depreciation
Debt	4,325
Land initial cost	901
Building and improvements initial cost	5,553
Building costs subsequent to acquisition	182
Gross carrying amount
Land	901
Building and improvements	5,735
Total	6,636
Accumulated depreciation	788
1364 Plano, TX
Real Estate and Accumulated Depreciation
Debt	4,435
Land initial cost	1,010
Building and improvements initial cost	6,203
Building costs subsequent to acquisition	270
Gross carrying amount
Land	1,010
Building and improvements	6,473
Total	7,483
Accumulated depreciation	875
1365 Plano, TX
Real Estate and Accumulated Depreciation
Land initial cost	614
Building and improvements initial cost	3,775
Building costs subsequent to acquisition	198
Gross carrying amount
Land	614
Building and improvements	3,973
Total	4,587
Accumulated depreciation	569
1366 Tampa, FL
Real Estate and Accumulated Depreciation
Debt	3,455
Land initial cost	883
Building and improvements initial cost	3,533
Building costs subsequent to acquisition	139
Gross carrying amount
Land	883
Building and improvements	3,672
Total	4,555
Accumulated depreciation	513
1368 San Francisco, CA
Real Estate and Accumulated Depreciation
Debt	13,040
Land initial cost	8,457
Building and improvements initial cost	9,928
Building costs subsequent to acquisition	1,182
Gross carrying amount
Land	8,457
Building and improvements	11,110
Total	19,567
Accumulated depreciation	1,597
1370 Alameda, CA
Real Estate and Accumulated Depreciation
Land initial cost	2,919
Building and improvements initial cost	12,984
Building costs subsequent to acquisition	1,673
Gross carrying amount
Land	2,919
Building and improvements	14,657
Total	17,576
Accumulated depreciation	2,020
1371 Berkeley, CA
Real Estate and Accumulated Depreciation
Debt	15,630
Land initial cost	1,716
Building and improvements initial cost	19,602
Building costs subsequent to acquisition	1,724
Gross carrying amount
Land	1,716
Building and improvements	21,326
Total	23,042
Accumulated depreciation	2,584
1372 Castro Valley, CA
Real Estate and Accumulated Depreciation
Building and improvements initial cost	6,346
Building costs subsequent to acquisition	346
Gross carrying amount
Building and improvements	6,692
Total	6,692
Accumulated depreciation	789
1373 Colma, CA
Real Estate and Accumulated Depreciation
Debt	15,986
Land initial cost	3,947
Building and improvements initial cost	22,002
Building costs subsequent to acquisition	2,121
Gross carrying amount
Land	3,947
Building and improvements	24,123
Total	28,070
Accumulated depreciation	3,088
1374 Hayward, CA
Real Estate and Accumulated Depreciation
Debt	8,811
Land initial cost	3,149
Building and improvements initial cost	8,006
Building costs subsequent to acquisition	2,127
Gross carrying amount
Land	3,149
Building and improvements	10,133
Total	13,282
Accumulated depreciation	1,413
1375 Kahului, HI
Real Estate and Accumulated Depreciation
Land initial cost	3,984
Building and improvements initial cost	15,044
Building costs subsequent to acquisition	500
Gross carrying amount
Land	3,984
Building and improvements	15,544
Total	19,528
Accumulated depreciation	1,942
1376 Kapolei, HI
Real Estate and Accumulated Depreciation
Debt	14,824
Building and improvements initial cost	24,701
Building costs subsequent to acquisition	328
Gross carrying amount
Building and improvements	25,029
Total	25,029
Accumulated depreciation	2,986
1377 San Leandro, CA
Real Estate and Accumulated Depreciation
Debt	9,829
Land initial cost	4,601
Building and improvements initial cost	9,777
Building costs subsequent to acquisition	1,881
Gross carrying amount
Land	4,601
Building and improvements	11,658
Total	16,259
Accumulated depreciation	1,631
1378 El Sobrante, CA
Real Estate and Accumulated Depreciation
Land initial cost	1,209
Building and improvements initial cost	4,018
Building costs subsequent to acquisition	965
Gross carrying amount
Land	1,209
Building and improvements	4,983
Total	6,192
Accumulated depreciation	755
1379 Vallejo, CA
Real Estate and Accumulated Depreciation
Land initial cost	1,177
Building and improvements initial cost	2,157
Building costs subsequent to acquisition	815
Gross carrying amount
Land	1,177
Building and improvements	2,972
Total	4,149
Accumulated depreciation	488
1380 Alexandria, VA
Real Estate and Accumulated Depreciation
Debt	6,094
Land initial cost	1,620
Building and improvements initial cost	13,103
Building costs subsequent to acquisition	503
Gross carrying amount
Land	1,620
Building and improvements	13,606
Total	15,226
Accumulated depreciation	1,826
1381 Annapolis, MD
Real Estate and Accumulated Depreciation
Debt	6,825
Land initial cost	5,248
Building and improvements initial cost	7,247
Building costs subsequent to acquisition	152
Gross carrying amount
Land	5,248
Building and improvements	7,399
Total	12,647
Accumulated depreciation	936
1382 Pleasanton, CA
Real Estate and Accumulated Depreciation
Debt	2,944
Land initial cost	1,208
Building and improvements initial cost	4,283
Building costs subsequent to acquisition	376
Gross carrying amount
Land	1,208
Building and improvements	4,659
Total	5,867
Accumulated depreciation	701
1383 Modesto, CA
Real Estate and Accumulated Depreciation
Debt	1,494
Land initial cost	909
Building and improvements initial cost	3,043
Building costs subsequent to acquisition	261
Gross carrying amount
Land	909
Building and improvements	3,304
Total	4,213
Accumulated depreciation	447
1384 Santa Fe Springs, CA
Real Estate and Accumulated Depreciation
Debt	6,814
Land initial cost	3,617
Building and improvements initial cost	7,022
Building costs subsequent to acquisition	273
Gross carrying amount
Land	3,617
Building and improvements	7,295
Total	10,912
Accumulated depreciation	874
1385 Miami, FL
Real Estate and Accumulated Depreciation
Debt	5,414
Land initial cost	1,238
Building and improvements initial cost	7,597
Building costs subsequent to acquisition	218
Gross carrying amount
Land	1,238
Building and improvements	7,815
Total	9,053
Accumulated depreciation	996
1387 San Antonio, TX
Real Estate and Accumulated Depreciation
Land initial cost	2,471
Building and improvements initial cost	3,556
Building costs subsequent to acquisition	186
Building Adjustments	(408)
Gross carrying amount
Land	2,471
Building and improvements	3,334
Total	5,805
Accumulated depreciation	393
1391 Bohemia, NY
Real Estate and Accumulated Depreciation
Debt	1,580
Land initial cost	1,456
Building and improvements initial cost	1,398
Building costs subsequent to acquisition	322
Gross carrying amount
Land	1,456
Building and improvements	1,720
Total	3,176
Accumulated depreciation	215
1392 Coral Springs, FL
Real Estate and Accumulated Depreciation
Debt	3,915
Land initial cost	3,638
Building and improvements initial cost	6,590
Building costs subsequent to acquisition	189
Gross carrying amount
Land	3,638
Building and improvements	6,779
Total	10,417
Accumulated depreciation	671
1393 Carmel, IN
Real Estate and Accumulated Depreciation
Land initial cost	1,169
Building and improvements initial cost	4,393
Building costs subsequent to acquisition	199
Gross carrying amount
Land	1,169
Building and improvements	4,592
Total	5,761
Accumulated depreciation	426
1394 Fort Wayne, IN
Real Estate and Accumulated Depreciation
Land initial cost	1,899
Building and improvements initial cost	3,292
Building costs subsequent to acquisition	238
Gross carrying amount
Land	1,899
Building and improvements	3,530
Total	5,429
Accumulated depreciation	344
1395 Indianapolis, IN
Real Estate and Accumulated Depreciation
Land initial cost	426
Building and improvements initial cost	2,903
Building costs subsequent to acquisition	216
Gross carrying amount
Land	426
Building and improvements	3,119
Total	3,545
Accumulated depreciation	312
1396 Indianapolis, IN
Real Estate and Accumulated Depreciation
Land initial cost	850
Building and improvements initial cost	4,545
Building costs subsequent to acquisition	247
Gross carrying amount
Land	850
Building and improvements	4,792
Total	5,642
Accumulated depreciation	457
1397 Mishawaka, IN
Real Estate and Accumulated Depreciation
Land initial cost	630
Building and improvements initial cost	3,349
Building costs subsequent to acquisition	196
Gross carrying amount
Land	630
Building and improvements	3,545
Total	4,175
Accumulated depreciation	341
1398 Centereach, NY
Real Estate and Accumulated Depreciation
Debt	2,135
Land initial cost	2,226
Building and improvements initial cost	1,657
Building costs subsequent to acquisition	116
Gross carrying amount
Land	2,226
Building and improvements	1,773
Total	3,999
Accumulated depreciation	165
1399 Brooklyn, NY
Real Estate and Accumulated Depreciation
Debt	14,069
Land initial cost	12,993
Building and improvements initial cost	10,405
Building costs subsequent to acquisition	110
Gross carrying amount
Land	12,993
Building and improvements	10,515
Total	23,508
Accumulated depreciation	893
1402 Estero, FL
Real Estate and Accumulated Depreciation
Land initial cost	2,198
Building and improvements initial cost	8,215
Building costs subsequent to acquisition	13
Gross carrying amount
Land	2,198
Building and improvements	8,228
Total	10,426
Accumulated depreciation	483
1403 Hialeah, FL
Real Estate and Accumulated Depreciation
Debt	3,582
Land initial cost	1,678
Building and improvements initial cost	6,807
Building costs subsequent to acquisition	15
Gross carrying amount
Land	1,678
Building and improvements	6,822
Total	8,500
Accumulated depreciation	226
1404 El Cajon, CA
Real Estate and Accumulated Depreciation
Land initial cost	1,100
Building and improvements initial cost	6,380
Building costs subsequent to acquisition	34
Gross carrying amount
Land	1,100
Building and improvements	6,414
Total	7,514
Accumulated depreciation	346
1408 Bellmawr, NJ
Real Estate and Accumulated Depreciation
Land initial cost	3,600
Building and improvements initial cost	4,765
Building costs subsequent to acquisition	147
Land Adjustments	75
Gross carrying amount
Land	3,675
Building and improvements	4,912
Total	8,587
Accumulated depreciation	342
1409 Hialeah, FL
Real Estate and Accumulated Depreciation
Debt	2,858
Land initial cost	1,750
Building and improvements initial cost	7,150
Building costs subsequent to acquisition	19
Gross carrying amount
Land	1,750
Building and improvements	7,169
Total	8,919
Accumulated depreciation	361
1424 Kendall, FL
Real Estate and Accumulated Depreciation
Land initial cost	2,375
Building and improvements initial cost	5,543
Building costs subsequent to acquisition	45
Gross carrying amount
Land	2,375
Building and improvements	5,588
Total	7,963
Accumulated depreciation	77
1425 Sylmar, CA
Real Estate and Accumulated Depreciation
Debt	4,240
Land initial cost	3,058
Building and improvements initial cost	4,671
Building costs subsequent to acquisition	226
Gross carrying amount
Land	3,058
Building and improvements	4,897
Total	7,955
Accumulated depreciation	534
1427 Ft Lauderdale, FL
Real Estate and Accumulated Depreciation
Debt	4,999
Land initial cost	2,750
Building and improvements initial cost	7,002
Building costs subsequent to acquisition	458
Gross carrying amount
Land	2,750
Building and improvements	7,460
Total	10,210
Accumulated depreciation	149
1428 Monmouth Junction, NJ
Real Estate and Accumulated Depreciation
Land initial cost	1,700
Building and improvements initial cost	5,835
Building costs subsequent to acquisition	22
Gross carrying amount
Land	1,700
Building and improvements	5,857
Total	7,557
Accumulated depreciation	294
1429 Miami, FL
Real Estate and Accumulated Depreciation
Debt	5,712
Land initial cost	4,798
Building and improvements initial cost	9,475
Building costs subsequent to acquisition	25
Gross carrying amount
Land	4,798
Building and improvements	9,500
Total	14,298
Accumulated depreciation	499
1431 Peoria, AZ
Real Estate and Accumulated Depreciation
Land initial cost	1,060
Building and improvements initial cost	4,731
Building costs subsequent to acquisition	52
Gross carrying amount
Land	1,060
Building and improvements	4,783
Total	5,843
Accumulated depreciation	97
1432 Plantation, FL
Real Estate and Accumulated Depreciation
Land initial cost	3,850
Land Adjustments	(1,900)
Gross carrying amount
Land	1,950
Total	1,950
1433 Sacramento, CA
Real Estate and Accumulated Depreciation
Land initial cost	2,400
Building and improvements initial cost	7,425
Building costs subsequent to acquisition	31
Gross carrying amount
Land	2,400
Building and improvements	7,456
Total	9,856
Accumulated depreciation	439
1439 Baltimore, MD
Real Estate and Accumulated Depreciation
Land initial cost	1,900
Building and improvements initial cost	5,277
Building costs subsequent to acquisition	53
Gross carrying amount
Land	1,900
Building and improvements	5,330
Total	7,230
Accumulated depreciation	211
1450 Brooklyn, NY
Real Estate and Accumulated Depreciation
Debt	6,431
Land initial cost	2,802
Building and improvements initial cost	6,536
Building costs subsequent to acquisition	109
Gross carrying amount
Land	2,802
Building and improvements	6,645
Total	9,447
Accumulated depreciation	284
1451 Freeport, NY
Real Estate and Accumulated Depreciation
Debt	5,485
Land initial cost	5,676
Building and improvements initial cost	3,784
Building costs subsequent to acquisition	74
Gross carrying amount
Land	5,676
Building and improvements	3,858
Total	9,534
Accumulated depreciation	113
1452 Arlington, VA
Real Estate and Accumulated Depreciation
Building and improvements initial cost	4,802
Building costs subsequent to acquisition	45
Gross carrying amount
Building and improvements	4,847
Total	4,847
Accumulated depreciation	486
1453 Capitol Heights, MD
Real Estate and Accumulated Depreciation
Land initial cost	1,461
Building and improvements initial cost	9,866
Building costs subsequent to acquisition	104
Gross carrying amount
Land	1,461
Building and improvements	9,970
Total	11,431
Accumulated depreciation	313
1454 Murray, UT
Real Estate and Accumulated Depreciation
Land initial cost	571
Building and improvements initial cost	986
Building costs subsequent to acquisition	259
Gross carrying amount
Land	571
Building and improvements	1,245
Total	1,816
Accumulated depreciation	38
1455 West Jordan, UT
Real Estate and Accumulated Depreciation
Debt	2,212
Land initial cost	735
Building and improvements initial cost	2,146
Building costs subsequent to acquisition	35
Gross carrying amount
Land	735
Building and improvements	2,181
Total	2,916
Accumulated depreciation	68
1456 La Porte, TX
Real Estate and Accumulated Depreciation
Land initial cost	1,608
Building and improvements initial cost	2,351
Building costs subsequent to acquisition	185
Gross carrying amount
Land	1,608
Building and improvements	2,536
Total	4,144
Accumulated depreciation	73
1457 Houston, TX
Real Estate and Accumulated Depreciation
Land initial cost	402
Building and improvements initial cost	1,870
Building costs subsequent to acquisition	133
Gross carrying amount
Land	402
Building and improvements	2,003
Total	2,405
Accumulated depreciation	56
1458 Castle Rock, CO
Real Estate and Accumulated Depreciation
Debt	1,261
Land initial cost	407
Building and improvements initial cost	3,077
Building costs subsequent to acquisition	32
Gross carrying amount
Land	407
Building and improvements	3,109
Total	3,516
Accumulated depreciation	50
1459 Colorado Springs, CO
Real Estate and Accumulated Depreciation
Debt	1,881
Land initial cost	296
Building and improvements initial cost	4,199
Building costs subsequent to acquisition	71
Gross carrying amount
Land	296
Building and improvements	4,270
Total	4,566
Accumulated depreciation	60
1461 Burlingame, CA
Real Estate and Accumulated Depreciation
Debt	5,668
Land initial cost	2,211
Building and improvements initial cost	5,829
Building costs subsequent to acquisition	51
Gross carrying amount
Land	2,211
Building and improvements	5,880
Total	8,091
Accumulated depreciation	107
1465 Las Vegas, NV
Real Estate and Accumulated Depreciation
Land initial cost	1,441
Building and improvements initial cost	1,810
Building costs subsequent to acquisition	11
Gross carrying amount
Land	1,441
Building and improvements	1,821
Total	3,262
Accumulated depreciation	25
1466 Miami, FL
Real Estate and Accumulated Depreciation
Land initial cost	521
Building and improvements initial cost	5,198
Building costs subsequent to acquisition	8
Gross carrying amount
Land	521
Building and improvements	5,206
Total	5,727
Accumulated depreciation	28
1471 Bellflower, CA
Real Estate and Accumulated Depreciation
Debt	1,294
Land initial cost	640
Building and improvements initial cost	1,350
Building costs subsequent to acquisition	3
Gross carrying amount
Land	640
Building and improvements	1,353
Total	1,993
Accumulated depreciation	7
1472 Bloomington, CA
Real Estate and Accumulated Depreciation
Debt	2,526
Land initial cost	934
Building and improvements initial cost	1,937
Building costs subsequent to acquisition	3
Gross carrying amount
Land	934
Building and improvements	1,940
Total	2,874
Accumulated depreciation	10
1473 Bloomington, CA
Real Estate and Accumulated Depreciation
Debt	1,533
Land initial cost	647
Building and improvements initial cost	1,303
Building costs subsequent to acquisition	3
Gross carrying amount
Land	647
Building and improvements	1,306
Total	1,953
Accumulated depreciation	7
1474 Cerritos, CA
Real Estate and Accumulated Depreciation
Debt	17,581
Land initial cost	8,728
Building and improvements initial cost	15,895
Building costs subsequent to acquisition	2
Gross carrying amount
Land	8,728
Building and improvements	15,897
Total	24,625
Accumulated depreciation	85
1475 Claremont, CA
Real Estate and Accumulated Depreciation
Debt	2,390
Land initial cost	1,375
Building and improvements initial cost	1,434
Building costs subsequent to acquisition	3
Gross carrying amount
Land	1,375
Building and improvements	1,437
Total	2,812
Accumulated depreciation	8
1476 Fontana, CA
Real Estate and Accumulated Depreciation
Debt	4,375
Land initial cost	768
Building and improvements initial cost	4,208
Building costs subsequent to acquisition	3
Gross carrying amount
Land	768
Building and improvements	4,211
Total	4,979
Accumulated depreciation	23
1477 Fontana, CA
Real Estate and Accumulated Depreciation
Debt	4,848
Land initial cost	778
Building and improvements initial cost	4,723
Building costs subsequent to acquisition	3
Gross carrying amount
Land	778
Building and improvements	4,726
Total	5,504
Accumulated depreciation	25
1478 Fontana, CA
Real Estate and Accumulated Depreciation
Debt	4,150
Land initial cost	684
Building and improvements initial cost	3,951
Building costs subsequent to acquisition	3
Gross carrying amount
Land	684
Building and improvements	3,954
Total	4,638
Accumulated depreciation	21
1479 Hesperia, CA
Real Estate and Accumulated Depreciation
Debt	451
Land initial cost	156
Building and improvements initial cost	430
Building costs subsequent to acquisition	4
Gross carrying amount
Land	156
Building and improvements	434
Total	590
Accumulated depreciation	2
1480 Irvine, CA
Real Estate and Accumulated Depreciation
Debt	5,176
Land initial cost	3,821
Building and improvements initial cost	3,999
Building costs subsequent to acquisition	3
Gross carrying amount
Land	3,821
Building and improvements	4,002
Total	7,823
Accumulated depreciation	21
1481 Lake Elsinore, CA
Real Estate and Accumulated Depreciation
Land initial cost	587
Building and improvements initial cost	4,219
Building costs subsequent to acquisition	3
Gross carrying amount
Land	587
Building and improvements	4,222
Total	4,809
Accumulated depreciation	23
1482 Lake Elsinore, CA
Real Estate and Accumulated Depreciation
Debt	2,120
Land initial cost	294
Building and improvements initial cost	2,105
Building costs subsequent to acquisition	3
Gross carrying amount
Land	294
Building and improvements	2,108
Total	2,402
Accumulated depreciation	11
1483 Long Beach, CA
Real Estate and Accumulated Depreciation
Debt	2,798
Land initial cost	1,772
Building and improvements initial cost	2,539
Building costs subsequent to acquisition	2
Gross carrying amount
Land	1,772
Building and improvements	2,541
Total	4,313
Accumulated depreciation	14
1484 Paramount, CA
Real Estate and Accumulated Depreciation
Debt	2,693
Land initial cost	1,404
Building and improvements initial cost	2,549
Building costs subsequent to acquisition	4
Gross carrying amount
Land	1,404
Building and improvements	2,553
Total	3,957
Accumulated depreciation	14
1485 Placentia, CA
Real Estate and Accumulated Depreciation
Debt	6,995
Land initial cost	4,798
Building and improvements initial cost	5,483
Building costs subsequent to acquisition	2
Gross carrying amount
Land	4,798
Building and improvements	5,485
Total	10,283
Accumulated depreciation	29
1486 San Dimas, CA
Real Estate and Accumulated Depreciation
Debt	5,596
Land initial cost	1,867
Building and improvements initial cost	6,354
Building costs subsequent to acquisition	6
Gross carrying amount
Land	1,867
Building and improvements	6,360
Total	8,227
Accumulated depreciation	34
1487 Santa Maria, CA
Real Estate and Accumulated Depreciation
Land initial cost	1,556
Building and improvements initial cost	2,740
Building costs subsequent to acquisition	24
Gross carrying amount
Land	1,556
Building and improvements	2,764
Total	4,320
Accumulated depreciation	15
1488 Santa Maria, CA
Real Estate and Accumulated Depreciation
Debt	3,305
Land initial cost	1,310
Building and improvements initial cost	3,526
Building costs subsequent to acquisition	3
Gross carrying amount
Land	1,310
Building and improvements	3,529
Total	4,839
Accumulated depreciation	19
1489 Victorville, CA
Real Estate and Accumulated Depreciation
Debt	722
Land initial cost	151
Building and improvements initial cost	751
Building costs subsequent to acquisition	3
Gross carrying amount
Land	151
Building and improvements	754
Total	905
Accumulated depreciation	4
1501 Cincinnati, OH
Real Estate and Accumulated Depreciation
Land initial cost	2,941
Building and improvements initial cost	2,177
Building costs subsequent to acquisition	112
Gross carrying amount
Land	2,941
Building and improvements	2,289
Total	5,230
Accumulated depreciation	32
1502 Cincinnati, OH
Real Estate and Accumulated Depreciation
Debt	4,832
Land initial cost	1,815
Building and improvements initial cost	5,733
Building costs subsequent to acquisition	152
Gross carrying amount
Land	1,815
Building and improvements	5,885
Total	7,700
Accumulated depreciation	84
1503 Cincinnati, OH
Real Estate and Accumulated Depreciation
Land initial cost	1,445
Building and improvements initial cost	3,755
Building costs subsequent to acquisition	80
Gross carrying amount
Land	1,445
Building and improvements	3,835
Total	5,280
Accumulated depreciation	54
1504 Cincinnati, OH
Real Estate and Accumulated Depreciation
Land initial cost	1,217
Building and improvements initial cost	1,941
Building costs subsequent to acquisition	86
Gross carrying amount
Land	1,217
Building and improvements	2,027
Total	3,244
Accumulated depreciation	29
1505 Hamilton, OH
Real Estate and Accumulated Depreciation
Land initial cost	673
Building and improvements initial cost	2,910
Building costs subsequent to acquisition	59
Gross carrying amount
Land	673
Building and improvements	2,969
Total	3,642
Accumulated depreciation	42
1506 Lebanon, OH
Real Estate and Accumulated Depreciation
Land initial cost	1,657
Building and improvements initial cost	1,566
Building costs subsequent to acquisition	62
Gross carrying amount
Land	1,657
Building and improvements	1,628
Total	3,285
Accumulated depreciation	23
1507 Middletown, OH
Real Estate and Accumulated Depreciation
Land initial cost	534
Building and improvements initial cost	1,047
Building costs subsequent to acquisition	54
Gross carrying amount
Land	534
Building and improvements	1,101
Total	1,635
Accumulated depreciation	16
1508 Xenia, OH
Real Estate and Accumulated Depreciation
Land initial cost	302
Building and improvements initial cost	1,022
Building costs subsequent to acquisition	45
Gross carrying amount
Land	302
Building and improvements	1,067
Total	1,369
Accumulated depreciation	15
1509 Sidney, OH
Real Estate and Accumulated Depreciation
Land initial cost	201
Building and improvements initial cost	262
Building costs subsequent to acquisition	51
Gross carrying amount
Land	201
Building and improvements	313
Total	514
Accumulated depreciation	5
1510 Troy, OH
Real Estate and Accumulated Depreciation
Land initial cost	273
Building and improvements initial cost	544
Building costs subsequent to acquisition	37
Gross carrying amount
Land	273
Building and improvements	581
Total	854
Accumulated depreciation	9
1511 Greenville, OH
Real Estate and Accumulated Depreciation
Land initial cost	189
Building and improvements initial cost	302
Building costs subsequent to acquisition	30
Gross carrying amount
Land	189
Building and improvements	332
Total	521
Accumulated depreciation	5
1512 Washington Court House, OH
Real Estate and Accumulated Depreciation
Land initial cost	197
Building and improvements initial cost	499
Building costs subsequent to acquisition	29
Gross carrying amount
Land	197
Building and improvements	528
Total	725
Accumulated depreciation	8
1513 Richmond, IN
Real Estate and Accumulated Depreciation
Land initial cost	723
Building and improvements initial cost	482
Building costs subsequent to acquisition	48
Gross carrying amount
Land	723
Building and improvements	530
Total	1,253
Accumulated depreciation	8
1514 Connersville, IN
Real Estate and Accumulated Depreciation
Land initial cost	472
Building and improvements initial cost	315
Building costs subsequent to acquisition	51
Gross carrying amount
Land	472
Building and improvements	366
Total	838
Accumulated depreciation	5
1515 Covington, KY
Real Estate and Accumulated Depreciation
Land initial cost	839
Building and improvements initial cost	2,543
Building costs subsequent to acquisition	53
Gross carrying amount
Land	839
Building and improvements	2,596
Total	3,435
Accumulated depreciation	36
7001 Weymouth, MA
Real Estate and Accumulated Depreciation
Land initial cost	2,806
Building and improvements initial cost	3,129
Building costs subsequent to acquisition	170
Gross carrying amount
Land	2,806
Building and improvements	3,299
Total	6,105
Accumulated depreciation	1,041
7002 Lynn, MA
Real Estate and Accumulated Depreciation
Land initial cost	1,703
Building and improvements initial cost	3,237
Building costs subsequent to acquisition	263
Gross carrying amount
Land	1,703
Building and improvements	3,500
Total	5,203
Accumulated depreciation	1,016
8002 Salt Lake City, UT
Real Estate and Accumulated Depreciation
Debt	3,180
Land initial cost	986
Building and improvements initial cost	3,455
Building costs subsequent to acquisition	79
Gross carrying amount
Land	986
Building and improvements	3,534
Total	4,520
Accumulated depreciation	110
8008 Sherman Oaks, CA
Real Estate and Accumulated Depreciation
Debt	17,129
Land initial cost	4,051
Building and improvements initial cost	12,152
Building costs subsequent to acquisition	260
Gross carrying amount
Land	4,051
Building and improvements	12,412
Total	16,463
Accumulated depreciation	2,377
8011 Venice, CA
Real Estate and Accumulated Depreciation
Debt	6,421
Land initial cost	2,803
Building and improvements initial cost	8,410
Building costs subsequent to acquisition	125
Gross carrying amount
Land	2,803
Building and improvements	8,535
Total	11,338
Accumulated depreciation	1,637
8016 Riverside, CA
Real Estate and Accumulated Depreciation
Debt	2,341
Land initial cost	1,075
Building and improvements initial cost	4,042
Building costs subsequent to acquisition	442
Gross carrying amount
Land	1,075
Building and improvements	4,484
Total	5,559
Accumulated depreciation	952
8027 Merrimack, NH
Real Estate and Accumulated Depreciation
Land initial cost	754
Building and improvements initial cost	3,299
Building costs subsequent to acquisition	209
Land Adjustments	63
Building Adjustments	279
Gross carrying amount
Land	817
Building and improvements	3,787
Total	4,604
Accumulated depreciation	926
8055 Manteca, CA
Real Estate and Accumulated Depreciation
Debt	3,761
Land initial cost	848
Building and improvements initial cost	2,543
Building costs subsequent to acquisition	102
Gross carrying amount
Land	848
Building and improvements	2,645
Total	3,493
Accumulated depreciation	564
8066 Mesa, AZ
Real Estate and Accumulated Depreciation
Debt	1,320
Land initial cost	849
Building and improvements initial cost	2,547
Building costs subsequent to acquisition	125
Gross carrying amount
Land	849
Building and improvements	2,672
Total	3,521
Accumulated depreciation	522
8093 Maple Shade, NJ
Real Estate and Accumulated Depreciation
Land initial cost	1,093
Building and improvements initial cost	5,492
Building costs subsequent to acquisition	1
Gross carrying amount
Land	1,093
Building and improvements	5,493
Total	6,586
Accumulated depreciation	6
8115 Auburn, AL
Real Estate and Accumulated Depreciation
Land initial cost	325
Building and improvements initial cost	1,895
Building costs subsequent to acquisition	36
Gross carrying amount
Land	325
Building and improvements	1,931
Total	2,256
Accumulated depreciation	67
8116 Auburn, AL
Real Estate and Accumulated Depreciation
Land initial cost	92
Building and improvements initial cost	138
Building costs subsequent to acquisition	107
Gross carrying amount
Land	92
Building and improvements	245
Total	337
Accumulated depreciation	12
8122 Cordova, TN
Real Estate and Accumulated Depreciation
Debt	2,143
Land initial cost	652
Building and improvements initial cost	1,791
Building costs subsequent to acquisition	3
Gross carrying amount
Land	652
Building and improvements	1,794
Total	2,446
Accumulated depreciation	33
8134 Lithonia, GA
Real Estate and Accumulated Depreciation
Land initial cost	1,958
Building and improvements initial cost	3,645
Building costs subsequent to acquisition	27
Gross carrying amount
Land	1,958
Building and improvements	3,672
Total	5,630
Accumulated depreciation	204
8136 Orlando, FL
Real Estate and Accumulated Depreciation
Land initial cost	625
Building and improvements initial cost	2,133
Building costs subsequent to acquisition	49
Gross carrying amount
Land	625
Building and improvements	2,182
Total	2,807
Accumulated depreciation	87
8145 San Jose, CA
Real Estate and Accumulated Depreciation
Debt	8,939
Land initial cost	5,340
Building and improvements initial cost	6,821
Building costs subsequent to acquisition	169
Gross carrying amount
Land	5,340
Building and improvements	6,990
Total	12,330
Accumulated depreciation	377
8161 Marietta, GA
Real Estate and Accumulated Depreciation
Land initial cost	887
Building and improvements initial cost	2,617
Building costs subsequent to acquisition	66
Gross carrying amount
Land	887
Building and improvements	2,683
Total	3,570
Accumulated depreciation	105
8162 Kennesaw, GA
Real Estate and Accumulated Depreciation
Land initial cost	673
Building and improvements initial cost	1,151
Building costs subsequent to acquisition	63
Gross carrying amount
Land	673
Building and improvements	1,214
Total	1,887
Accumulated depreciation	49
8163 Douglasville, GA
Real Estate and Accumulated Depreciation
Land initial cost	1,209
Building and improvements initial cost	719
Building costs subsequent to acquisition	20
Gross carrying amount
Land	1,209
Building and improvements	739
Total	1,948
Accumulated depreciation	30
8211 Randallstown, MD
Real Estate and Accumulated Depreciation
Debt	4,839
Land initial cost	764
Building and improvements initial cost	6,331
Building costs subsequent to acquisition	16
Gross carrying amount
Land	764
Building and improvements	6,347
Total	7,111
Accumulated depreciation	62
8246 Spring, TX
Real Estate and Accumulated Depreciation
Land initial cost	978
Building and improvements initial cost	1,347
Building costs subsequent to acquisition	2
Gross carrying amount
Land	978
Building and improvements	1,349
Total	2,327
Accumulated depreciation	13
8248 Glen Burnie, MD
Real Estate and Accumulated Depreciation
Land initial cost	1,303
Building and improvements initial cost	4,218
Building costs subsequent to acquisition	71
Gross carrying amount
Land	1,303
Building and improvements	4,289
Total	5,592
Accumulated depreciation	$ 51

Schedule III Real Estate and Accumulated Depreciation (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Activity in real estate
Balance at beginning of year	$ 2,198,361
Balance at end of year	2,573,731	$ 2,198,361
Activity in accumulated depreciation
Balance at beginning of year	263,042
Balance at end of year	319,302	263,042
Net real estate assets	2,263,795	1,972,402	$ 2,049,859
Aggregate cost of real estate for U.S. federal income tax purposes	2,117,151
Operating facilities
Activity in real estate
Balance at beginning of year	2,198,361	2,249,262	2,121,257
Acquisitions	301,531	89,750	21,764
Improvements	39,352	16,563	31,652
Transfers	34,777	33,407	78,148
Dispositions and other	(290)	(190,621)	(3,559)
Balance at end of year	2,573,731	2,198,361	2,249,262
Activity in accumulated depreciation
Balance at beginning of year	263,042	233,830	182,335
Depreciation expense	56,702	48,665	50,530
Dispositions and other	(442)	(19,453)	965
Balance at end of year	319,302	263,042	233,830
Construction in progress
Activity in real estate
Balance at beginning of year	37,083	34,427	58,734
Current development	7,060	36,063	67,301
Transfers	(34,777)	(33,407)	(78,148)
Dispositions and other			(13,460)
Balance at end of year	$ 9,366	$ 37,083	$ 34,427

Label	Element	Value
Interest and Debt Expense	us-gaap_InterestAndDebtExpense	$ 65,780,000
Interest and Debt Expense	us-gaap_InterestAndDebtExpense	69,818,000
Interest and Debt Expense	us-gaap_InterestAndDebtExpense	69,062,000
Rental Operations [Member]
Operating Income (Loss)	us-gaap_OperatingIncomeLoss	98,032,000
Operating Income (Loss)	us-gaap_OperatingIncomeLoss	99,704,000
Operating Income (Loss)	us-gaap_OperatingIncomeLoss	118,526,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	42,131,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	40,313,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	59,215,000
Costs and Expenses	us-gaap_CostsAndExpenses	134,415,000
Costs and Expenses	us-gaap_CostsAndExpenses	138,552,000
Costs and Expenses	us-gaap_CostsAndExpenses	150,199,000
Real Estate Revenue, Net	us-gaap_RealEstateRevenueNet	232,447,000
Real Estate Revenue, Net	us-gaap_RealEstateRevenueNet	238,256,000
Real Estate Revenue, Net	us-gaap_RealEstateRevenueNet	268,725,000
Assets	us-gaap_Assets	1,931,150,000
Assets	us-gaap_Assets	1,837,756,000
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures	us-gaap_RealEstateInvestmentsUnconsolidatedRealEstateAndOtherJointVentures	140,560,000
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures	us-gaap_RealEstateInvestmentsUnconsolidatedRealEstateAndOtherJointVentures	130,410,000
Income (Loss) from Equity Method Investments	us-gaap_IncomeLossFromEquityMethodInvestments	6,753,000
Income (Loss) from Equity Method Investments	us-gaap_IncomeLossFromEquityMethodInvestments	6,964,000
Income (Loss) from Equity Method Investments	us-gaap_IncomeLossFromEquityMethodInvestments	7,287,000
Depreciation, Depletion and Amortization	us-gaap_DepreciationDepletionAndAmortization	48,250,000
Depreciation, Depletion and Amortization	us-gaap_DepreciationDepletionAndAmortization	49,617,000
Depreciation, Depletion and Amortization	us-gaap_DepreciationDepletionAndAmortization	54,718,000
Interest and Debt Expense	us-gaap_InterestAndDebtExpense	62,654,000
Interest and Debt Expense	us-gaap_InterestAndDebtExpense	66,355,000
Interest and Debt Expense	us-gaap_InterestAndDebtExpense	66,598,000
Tenant Reinsurance [Member]
Operating Income (Loss)	us-gaap_OperatingIncomeLoss	19,423,000
Operating Income (Loss)	us-gaap_OperatingIncomeLoss	15,468,000
Operating Income (Loss)	us-gaap_OperatingIncomeLoss	25,038,000
Income Tax Expense (Benefit)	us-gaap_IncomeTaxExpenseBenefit	6,801,000
Income Tax Expense (Benefit)	us-gaap_IncomeTaxExpenseBenefit	5,456,000
Income Tax Expense (Benefit)	us-gaap_IncomeTaxExpenseBenefit	8,767,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	12,631,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	10,031,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	16,282,000
Investment Income, Interest	us-gaap_InvestmentIncomeInterest	9,000
Investment Income, Interest	us-gaap_InvestmentIncomeInterest	19,000
Investment Income, Interest	us-gaap_InvestmentIncomeInterest	11,000
Costs and Expenses	us-gaap_CostsAndExpenses	6,505,000
Costs and Expenses	us-gaap_CostsAndExpenses	5,461,000
Costs and Expenses	us-gaap_CostsAndExpenses	6,143,000
Real Estate Revenue, Net	us-gaap_RealEstateRevenueNet	25,928,000
Real Estate Revenue, Net	us-gaap_RealEstateRevenueNet	20,929,000
Real Estate Revenue, Net	us-gaap_RealEstateRevenueNet	31,181,000
Assets	us-gaap_Assets	16,408,000
Assets	us-gaap_Assets	43,712,000
Property Management Acquisition and Development [Member]
Operating Income (Loss)	us-gaap_OperatingIncomeLoss	(26,640,000)
Operating Income (Loss)	us-gaap_OperatingIncomeLoss	(43,285,000)
Operating Income (Loss)	us-gaap_OperatingIncomeLoss	(28,088,000)
Payments for Construction in Process	us-gaap_PaymentsForConstructionInProcess	36,062,000
Payments for Construction in Process	us-gaap_PaymentsForConstructionInProcess	67,301,000
Payments for Construction in Process	us-gaap_PaymentsForConstructionInProcess	7,060,000
Income Tax Expense (Benefit)	us-gaap_IncomeTaxExpenseBenefit	7,612,000
Income Tax Expense (Benefit)	us-gaap_IncomeTaxExpenseBenefit	2,639,000
Income Tax Expense (Benefit)	us-gaap_IncomeTaxExpenseBenefit	1,156,000
Gains (Losses) on Extinguishment of Debt	us-gaap_GainsLossesOnExtinguishmentOfDebt	27,928,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	(21,388,000)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	(11,251,000)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	us-gaap_ProfitLoss	(17,074,000)
Investment Income, Interest	us-gaap_InvestmentIncomeInterest	889,000
Investment Income, Interest	us-gaap_InvestmentIncomeInterest	1,563,000
Investment Income, Interest	us-gaap_InvestmentIncomeInterest	1,016,000
Costs and Expenses	us-gaap_CostsAndExpenses	49,762,000
Costs and Expenses	us-gaap_CostsAndExpenses	64,246,000
Costs and Expenses	us-gaap_CostsAndExpenses	58,012,000
Interest Income on Note Receivable from Preferred Partnership Unit Holders	exr_InterestIncomeOnNoteReceivableFromPreferredPartnershipUnitHolders	4,850,000
Interest Income on Note Receivable from Preferred Partnership Unit Holders	exr_InterestIncomeOnNoteReceivableFromPreferredPartnershipUnitHolders	4,850,000
Interest Income on Note Receivable from Preferred Partnership Unit Holders	exr_InterestIncomeOnNoteReceivableFromPreferredPartnershipUnitHolders	4,850,000
Real Estate Revenue, Net	us-gaap_RealEstateRevenueNet	23,122,000
Real Estate Revenue, Net	us-gaap_RealEstateRevenueNet	20,961,000
Real Estate Revenue, Net	us-gaap_RealEstateRevenueNet	29,924,000
Assets	us-gaap_Assets	302,262,000
Assets	us-gaap_Assets	634,782,000
Depreciation, Depletion and Amortization	us-gaap_DepreciationDepletionAndAmortization	2,099,000
Depreciation, Depletion and Amortization	us-gaap_DepreciationDepletionAndAmortization	2,786,000
Depreciation, Depletion and Amortization	us-gaap_DepreciationDepletionAndAmortization	3,296,000
Interest and Debt Expense	us-gaap_InterestAndDebtExpense	3,126,000
Interest and Debt Expense	us-gaap_InterestAndDebtExpense	3,463,000
Interest and Debt Expense	us-gaap_InterestAndDebtExpense	2,464,000
Payments to Acquire Commercial Real Estate	us-gaap_PaymentsToAcquireCommercialRealEstate	69,588,000
Payments to Acquire Commercial Real Estate	us-gaap_PaymentsToAcquireCommercialRealEstate	38,185,000
Payments to Acquire Commercial Real Estate	us-gaap_PaymentsToAcquireCommercialRealEstate	$ 194,959,000