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Consolidated Balance Sheets - USD ($) $ in Thousands	12 Months Ended
Dec. 31, 2010	Dec. 31, 2009
Real estate assets:
Net operating real estate assets	$ 1,935,319	$ 2,015,432
Real estate under development	37,083	34,427
Net real estate assets	1,972,402	2,049,859
Investments in real estate ventures	140,560	130,449
Cash and cash equivalents	46,750	131,950
Restricted cash	30,498	39,208
Receivables from related parties and affiliated real estate joint ventures	10,061	5,114
Other assets, net	48,197	50,976
Total assets	2,248,468	2,407,556
Liabilities, Noncontrolling Interests and Equity:
Notes payable	871,403	1,099,593
Notes payable to trusts	119,590	119,590
Exchangeable senior notes	87,663	87,663
Discount on exchangeable senior notes	(2,205)	(3,869)
Lines of credit	170,467	100,000
Accounts payable and accrued expenses	34,210	33,386
Other liabilities	28,269	24,974
Total liabilities	$ 1,309,397	$ 1,461,337
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, 87,587,322 and 86,721,841 shares issued and outstanding at December 31, 2010 and December 31, 2009, respectively	876	867
Paid-in capital	1,148,820	1,138,243
Accumulated other comprehensive deficit	(5,787)	(1,056)
Accumulated deficit	(262,508)	(253,875)
Total Extra Space Storage Inc. stockholders' equity	881,401	884,179
Noncontrolling interest represented by Preferred Operating Partnership units, net of $100,000 note receivable	29,733	29,886
Noncontrolling interests in Operating Partnership	26,803	31,381
Other noncontrolling interests	1,134	773
Total noncontrolling interests and equity	939,071	946,219
Total liabilities, noncontrolling interests and equity	$ 2,248,468	$ 2,407,556

DESCRIPTION OF BUSINESS

12 Months Ended

Dec. 31, 2010

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, 2010, the Company had direct and indirect equity interests in 660 storage facilities. In addition, the Company managed 160 properties for franchisees or third parties bringing the total number of properties which it owns and/or manages to 820, 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 and selling self-storage facilities. On June 2, 2009, the Company announced the wind-down of its development activities. As of December 31, 2010, there were six remaining development projects in process. The Company expects to complete these projects by the end of 2011. 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. t;/font/p/td/tr/table

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2010	Dec. 31, 2009
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	87,587,322	86,721,841
Common stock, shares outstanding	87,587,322	86,721,841
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, 2010	Dec. 31, 2009	Dec. 31, 2008
Revenues:
Property rental	$ 232,447	$ 238,256	$ 235,695
Management and franchise fees	23,122	20,961	20,945
Tenant reinsurance	25,928	20,929	16,091
Total revenues	281,497	280,146	272,731
Expenses:
Property operations	86,165	88,935	84,522
Tenant reinsurance	6,505	5,461	5,066
Unrecovered development and acquisition costs	1,235	19,011	1,727
Loss on sublease	2,000
Severance costs		2,225
General and administrative	44,428	40,224	39,388
Depreciation and amortization	50,349	52,403	49,566
Total expenses	190,682	208,259	180,269
Income from operations	90,815	71,887	92,462
Interest expense	(64,116)	(67,579)	(64,611)
Non-cash interest expense related to amortization of discount on exchangeable senior notes	(1,664)	(2,239)	(4,060)
Interest income	898	1,582	3,399
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	6,311
Loss on sale of investments available for sale			(1,415)
Income before equity in earnings of real estate ventures and income tax expense	30,783	36,429	36,936
Equity in earnings of real estate ventures	6,753	6,964	6,932
Income tax expense	(4,162)	(4,300)	(519)
Net income	33,374	39,093	43,349
Net income allocated to Preferred Operating Partnership noncontrolling interests	(6,048)	(6,186)	(6,269)
Net income allocated to Operating Partnership and other noncontrolling interests	(995)	(930)	(1,299)
Net income attributable to common stockholders	$ 26,331	$ 31,977	$ 35,781
Net income per common share
Basic (in dollars per share)	$ 0.30	$ 0.37	$ 0.46
Diluted (in dollars per share)	$ 0.30	$ 0.37	$ 0.46
Weighted average number of shares
Basic (in shares)	87,324,104	86,343,029	76,996,754
Diluted (in shares)	92,050,453	91,082,834	82,352,988
Cash dividends paid per common share (in dollars per share)	$ 0.40	$ 0.38	$ 1.00

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Increase (Decrease) in Stockholders' Equity
Balances	$ 946,219	$ 946,793	$ 704,678
Balances (in shares)	86,721,841
Issuance of common stock upon the exercise of options	$ 5,661		1,904
Restricted stock grants issued	4	5	4
Compensation expense related to stock-based awards	4,580	3,809	3,500
Deconsolidation of noncontrolling interests	104
Noncontrolling interest consolidated as business acquisition		726
Redemption of Operating Partnership units for cash	(4,116)	(1,908)
Conversion of Contingent Conversion shares to common stock			14
Issuance of common stock, net of offering costs			276,601
New Operating Partnership units issued			3,621
Investments from other noncontrolling interests	87	(615)	2,628
Purchase of noncontrolling interest	223
Repurchase of equity portion of exchangeable senior notes		(2,234)	(1,025)
Comprehensive income:
Net income (loss)	33,374	39,093	43,349
Change in fair value of interest rate swap	(4,963)	(1,111)
Loss on sale of investments available for sale			1,415
Total comprehensive income	28,411	37,982	44,764
Tax effect from vesting of restricted stock grants and stock option exercises	836	(414)	97
Tax effect from wind down of development program		2,539
Tax effect from contribution of property to Taxable REIT Subsidiary	(495)
Distributions to Operating Partnership units held by noncontrolling interests	(7,479)	(7,664)	(10,873)
Dividends paid on common stock at $0.40, $0.38 and $1.00 per share for the year 2010, 2009 and 2008, respectively	(34,964)	(32,800)	(79,120)
Balances	$ 939,071	$ 946,219	946,793
Balances (in shares)	87,587,322	86,721,841
Preferred Operating Partnership
Increase (Decrease) in Stockholders' Equity
Balances	$ 29,886	$ 29,837	30,287
Comprehensive income:
Net income (loss)	6,048	6,186	6,269
Change in fair value of interest rate swap	(55)	(11)
Loss on sale of investments available for sale			20
Distributions to Operating Partnership units held by noncontrolling interests	(6,146)	(6,126)	(6,739)
Balances	29,733	29,886	29,837
Operating Partnership
Increase (Decrease) in Stockholders' Equity
Balances	31,381	36,628	36,124
Redemption of Operating Partnership units for cash	(4,116)	(1,908)
New Operating Partnership units issued			3,621
Conversion of Operating Partnership units to common stock		(3,583)	(1,239)
Comprehensive income:
Net income (loss)	1,048	1,826	2,175
Change in fair value of interest rate swap	(177)	(44)
Loss on sale of investments available for sale			81
Distributions to Operating Partnership units held by noncontrolling interests	(1,333)	(1,538)	(4,134)
Balances	26,803	31,381	36,628
Other
Increase (Decrease) in Stockholders' Equity
Balances	773	1,558	(194)
Deconsolidation of noncontrolling interests	104
Noncontrolling interest consolidated as business acquisition		726
Investments from other noncontrolling interests	87	(615)	2,628
Purchase of noncontrolling interest	223
Comprehensive income:
Net income (loss)	(53)	(896)	(876)
Balances	1,134	773	1,558
Par Value
Increase (Decrease) in Stockholders' Equity
Balances	$ 867	$ 858	$ 658
Balances (in shares)	86,721,841	85,790,331	65,784,274
Issuance of common stock upon the exercise of options	$ 5		$ 1
Issuance of common stock upon the exercise of options (in shares)	484,261		146,795
Restricted stock grants issued	$ 4	$ 5	$ 4
Restricted stock grants issued (in shares)	445,230	547,265	361,624
Restricted stock grants cancelled (in shares)	(64,010)	(21,256)	(10,186)
Conversion of Contingent Conversion shares to common stock			$ 14
Conversion of Contingent Conversion shares to common stock (in shares)			1,428,325
Issuance of common stock, net of offering costs			$ 180
Issuance of common stock, net of offering costs (in shares)			17,950,000
Conversion of Operating Partnership units to common stock		$ 4	$ 1
Conversion of Operating Partnership units to common stock, (in shares)		405,501	129,499
Comprehensive income:
Balances	$ 876	$ 867	$ 858
Balances (in shares)	87,587,322	86,721,841	85,790,331
Paid-in Capital
Increase (Decrease) in Stockholders' Equity
Balances	$ 1,138,243	$ 1,130,964	$ 848,830
Issuance of common stock upon the exercise of options	5,656		1,903
Compensation expense related to stock-based awards	4,580	3,809	3,500
Issuance of common stock, net of offering costs			276,421
Repurchase of equity portion of exchangeable senior notes		(2,234)	(1,025)
Conversion of Operating Partnership units to common stock		3,579	1,238
Comprehensive income:
Tax effect from vesting of restricted stock grants and stock option exercises	836	(414)	97
Tax effect from wind down of development program		2,539
Tax effect from contribution of property to Taxable REIT Subsidiary	(495)
Balances	1,148,820	1,138,243	1,130,964
Accumulated Other Comprehensive Deficit
Increase (Decrease) in Stockholders' Equity
Balances	(1,056)		(1,314)
Comprehensive income:
Change in fair value of interest rate swap	(4,731)	(1,056)
Loss on sale of investments available for sale			1,314
Balances	(5,787)	(1,056)
Accumulated Deficit
Increase (Decrease) in Stockholders' Equity
Balances	(253,875)	(253,052)	(209,713)
Comprehensive income:
Net income (loss)	26,331	31,977	35,781
Dividends paid on common stock at $0.40, $0.38 and $1.00 per share for the year 2010, 2009 and 2008, respectively	(34,964)	(32,800)	(79,120)
Balances	(262,508)	(253,875)	(253,052)
Comprehensive Income
Comprehensive income:
Net income (loss)	33,374	39,093	43,349
Change in fair value of interest rate swap	(4,963)	(1,111)
Loss on sale of investments available for sale			1,415
Total comprehensive income	$ 28,411	$ 37,982	$ 44,764

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Consolidated Statement of Equity
Dividends paid on common stock, per share	$ 0.40	$ 0.38	$ 1.00

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Cash flows from operating activities:
Net income	$ 33,374	$ 39,093	$ 43,349
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	50,349	52,403	49,566
Amortization of deferred financing costs	4,354	3,877	3,596
Non-cash interest expense related to amortization of discount on exchangeable senior notes	1,664	2,239	4,060
Gain on repurchase of exchangeable senior notes		(27,928)	(6,311)
Compensation expense related to stock-based awards	4,580	3,809	3,500
Loss on sale of investments available for sale			1,415
Non-cash unrecovered development and acquisition costs		19,011	1,727
Loss on sublease	2,000
Distributions from real estate ventures in excess of earnings	6,722	5,968	5,176
Changes in operating assets and liabilities:
Receivables from related parties and affiliated real estate joint ventures	3,011	(12,347)	(5,976)
Other assets	(324)	(6,584)	(9,164)
Accounts payable and accrued expenses	824	(1,675)	3,435
Other liabilities	(1,739)	3,299	4,018
Net cash provided by operating activities	104,815	81,165	98,391
Cash flows from investing activities:
Acquisition of real estate assets	(69,588)	(38,185)	(127,293)
Development and construction of real estate assets	(36,062)	(67,301)	(66,071)
Proceeds from sale of real estate assets		4,652	340
Proceeds from sale of properties to joint venture	15,750
Investments in real estate ventures	(9,699)	(3,246)	(50,061)
Return of investment in real estate ventures	8,802	1,315	2,915
Net proceeds from sale of investments available for sale			21,812
Change in restricted cash	9,036	(497)	(3,781)
Purchase of equipment and fixtures	(1,945)	(1,148)	(2,342)
Net cash used in investing activities	(83,706)	(104,410)	(224,481)
Cash flows from financing activities:
Repurchase of exchangeable senior notes		(87,734)	(31,721)
Proceeds from notes payable and lines of credit	191,062	442,560	42,302
Principal payments on notes payable and lines of credit	(252,400)	(212,515)	(26,575)
Deferred financing costs	(4,160)	(8,716)	(1,007)
Investments from other noncontrolling interests	87		1,174
Redemption of Operating Partnership units held by noncontrolling interest	(4,116)	(1,908)
Proceeds from issuance of common shares, net			276,601
Net proceeds from exercise of stock options	5,661		1,904
Dividends paid on common stock	(34,964)	(32,800)	(79,120)
Distributions to noncontrolling interests in Operating Partnership	(7,479)	(7,664)	(10,873)
Net cash provided by (used in) financing activities	(106,309)	91,223	172,685
Net increase (decrease) in cash and cash equivalents	(85,200)	67,978	46,595
Cash and cash equivalents, beginning of the period	131,950	63,972	17,377
Cash and cash equivalents, end of the period	46,750	131,950	63,972
Supplemental schedule of cash flow information
Interest paid, net of amounts capitalized	60,100	64,175	62,831
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)
Conversion of Operating Partnership units held by noncontrolling interests for common stock		3,583	1,239
Acquisitions of real estate assets
Real estate assets, net	25,963		3,621
Notes payable assumed	$ (25,963)
Operating Partnership units issued as consideration			$ (3,621)
Change in receivables from related parties and affiliated real estate joint ventures due to consolidation of joint venture properties		$ 18,568