At Extra Space, we are committed to being good corporate citizens and running a company that is built to last. We achieve our goals through our ongoing efforts to improve the sustainability of our operations through environmental, social and governance best practices.
Extra Space has been investing in solar panels on our facilities for over a dozen years. This year we invested $19.8 million into solar builds and have over a hundred installation projects in planning, development, and building phases. As of December 31, 2022, 55% of our REIT wholly-owned facilities had solar panel systems. Our solar efforts reduce our grid electricity consumption while targeting a great financial return, showing clearly how sustainability can be at the intersection of what is good for the environment, the community, and our shareholders.