Extra Space Storage (EXR) 10-Q7 Aug 142014 Q2 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2014	Jul. 31, 2014
Document and Entity Information	'	'
Entity Registrant Name	'Extra Space Storage Inc.	'
Entity Central Index Key	'0001289490	'
Document Type	'10-Q	'
Document Period End Date	30-Jun-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	116,018,391
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Assets:	'	'
Real estate assets, net	$3,941,042	$3,636,544
Investments in unconsolidated real estate ventures	86,794	88,125
Cash and cash equivalents	53,945	126,723
Restricted cash	20,651	21,451
Receivables from related parties and affiliated real estate joint ventures	12,640	7,542
Other assets, net	93,818	96,755
Total assets	4,208,890	3,977,140
Liabilities, Noncontrolling Interests and Equity:	'	'
Notes payable	1,794,049	1,588,596
Premium on notes payable	4,775	4,948
Exchangeable senior notes	250,000	250,000
Discount on exchangeable senior notes	-14,787	-16,487
Notes payable to trusts	119,590	119,590
Lines of credit	10,000	'
Accounts payable and accrued expenses	65,539	60,601
Other liabilities	49,016	37,997
Total liabilities	2,278,182	2,045,245
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, 500,000,000 shares authorized, 116,017,391 and 115,755,527 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively	1,160	1,157
Paid-in capital	1,981,186	1,973,159
Accumulated other comprehensive income	2,073	10,156
Accumulated deficit	-247,871	-226,002
Total Extra Space Storage Inc. stockholders' equity	1,736,548	1,758,470
Noncontrolling interest represented by Preferred Operating Partnership units, net of $100,000 note receivable	102,799	80,947
Noncontrolling interests in Operating Partnership	90,332	91,453
Other noncontrolling interests	1,029	1,025
Total noncontrolling interests and equity	1,930,708	1,931,895
Total liabilities, noncontrolling interests and equity	$4,208,890	$3,977,140

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Condensed Consolidated Balance Sheets	'	'
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	116,017,391	115,755,527
Common stock, shares outstanding	116,017,391	115,755,527
Note receivable from noncontrolling interest represented by Preferred Operating Partnership units (in dollars)	$100,000	$100,000

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenues:	'	'	'	'
Property rental	$138,778	$107,340	$270,779	$210,263
Tenant reinsurance	14,508	12,110	27,971	22,331
Management fees	6,954	6,796	13,670	12,974
Total revenues	160,240	126,246	312,420	245,568
Expenses:	'	'	'	'
Property operations	42,294	33,462	85,776	67,899
Tenant reinsurance	2,636	2,202	5,203	4,112
Acquisition related costs	1,393	683	3,449	1,135
General and administrative	14,985	13,739	30,287	26,508
Depreciation and amortization	28,271	22,785	56,646	45,810
Total expenses	89,579	72,871	181,361	145,464
Income from operations	70,661	53,375	131,059	100,104
Gain (loss) on sale of real estate and earnout from prior acquisition	-7,785	800	-7,785	800
Interest expense	-20,658	-18,362	-40,256	-35,728
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes	-663	-113	-1,325	-113
Interest income	712	133	981	317
Interest income on note receivable from Preferred Operating Partnership unit holder	1,212	1,212	2,425	2,425
Income before equity in earnings of unconsolidated real estate ventures and income tax expense	43,479	37,045	85,099	67,805
Equity in earnings of unconsolidated real estate ventures	2,604	2,914	5,023	5,537
Equity in earnings of unconsolidated real estate ventures - purchase of joint venture partners' interests	3,438	'	3,438	2,556
Income tax expense	-3,513	-2,858	-6,343	-4,866
Net Income	46,008	37,101	87,217	71,032
Net income allocated to Preferred Operating Partnership noncontrolling interests	-2,812	-1,745	-5,304	-3,462
Net income allocated to Operating Partnership and other noncontrolling interests	-1,531	-890	-2,908	-1,679
Net income attributable to common stockholders	$41,665	$34,466	$79,005	$65,891
Earnings per common share	'	'	'	'
Basic (in dollars per share)	$0.36	$0.31	$0.68	$0.59
Diluted (in dollars per share)	$0.36	$0.31	$0.68	$0.59
Weighted average number of shares	'	'	'	'
Basic (in shares)	115,653,489	110,731,153	115,546,341	110,523,974
Diluted (in shares)	121,254,222	113,962,981	121,161,292	114,247,520
Cash dividends paid per common share (in dollars per share)	$0.47	$0.40	$0.87	$0.65

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Condensed Consolidated Statements of Comprehensive Income	'	'	'	'
Net income	$46,008	$37,101	$87,217	$71,032
Other comprehensive income (loss):	'	'	'	'
Change in fair value of interest rate swaps	-5,701	18,469	-8,448	20,040
Total comprehensive income	40,307	55,570	78,769	91,072
Less: comprehensive income attributable to noncontrolling interests	4,097	3,237	7,847	5,800
Comprehensive income attributable to common stockholders	$36,210	$52,333	$70,922	$85,272

Condensed_Consolidated_Stateme2

Condensed Consolidated Statement of Noncontrolling Interests and Equity (USD $)	Total	Series A	Series B	Series C	Operating Partnership	Other	Par Value	Paid-in Capital	Accumulated Other Comprehensive Income	Accumulated Deficit
In Thousands, except Share data, unless otherwise specified	Total	Series A	Series B	Series C	Operating Partnership	Other	Par Value	Paid-in Capital	Accumulated Other Comprehensive Income	Accumulated Deficit
Balances at Dec. 31, 2013	$1,931,895	$30,202	$33,568	$17,177	$91,453	$1,025	$1,157	$1,973,159	$10,156	($226,002)
Balances (in shares) at Dec. 31, 2013	115,755,527	'	'	'	'	'	115,755,527	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'	'	'	'	'
Issuance of common stock upon the exercise of options	2,551	'	'	'	'	'	2	2,549	'	'
Issuance of common stock upon the exercise of options (in shares)	'	'	'	'	'	'	169,940	'	'	'
Restricted stock grants issued	1	'	'	'	'	'	1	'	'	'
Restricted stock grants issued (in shares)	'	'	'	'	'	'	105,570	'	'	'
Restricted stock grants cancelled (in shares)	'	'	'	'	'	'	-13,646	'	'	'
Compensation expense related to stock-based awards	2,799	'	'	'	'	'	'	2,799	'	'
Issuance of Operating Partnership units in conjunction with portfolio acquisition	22,117	'	8,334	13,783	'	'	'	'	'	'
Net income	87,217	3,539	1,129	636	2,904	4	'	'	'	79,005
Other comprehensive income	-8,448	-68	'	'	-297	'	'	'	-8,083	'
Tax effect from vesting of restricted stock grants and stock option exercises	2,679	'	'	'	'	'	'	2,679	'	'
Distributions to Operating Partnership units held by noncontrolling interests	-9,229	-3,736	-1,129	-636	-3,728	'	'	'	'	'
Dividends paid on common stock at $0.87 per share	-100,874	'	'	'	'	'	'	'	'	-100,874
Balances at Jun. 30, 2014	$1,930,708	$29,937	$41,902	$30,960	$90,332	$1,029	$1,160	$1,981,186	$2,073	($247,871)
Balances (in shares) at Jun. 30, 2014	116,017,391	'	'	'	'	'	116,017,391	'	'	'

Condensed_Consolidated_Stateme3

Condensed Consolidated Statement of Noncontrolling Interests and Equity (Parenthetical) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Condensed Consolidated Statement of Noncontrolling Interests and Equity	'	'	'	'
Dividends paid on common stock, per share	$0.47	$0.40	$0.87	$0.65

Condensed_Consolidated_Stateme4

Condensed Consolidated Statements of Cash Flows (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities:	'	'
Net income	$87,217	$71,032
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	56,646	45,810
Amortization of deferred financing costs	3,236	3,035
Loss on earnout related to prior acquisition	7,785	'
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes	1,325	113
Non-cash interest benefit related to amortization of premium on notes payable	-1,585	-773
Compensation expense related to stock-based awards	2,799	2,585
Gain on purchase of joint venture partners' interests	-3,438	-2,556
Distributions from unconsolidated real estate ventures in excess of earnings	3,427	1,924
Changes in operating assets and liabilities:	'	'
Receivables from related parties and affiliated real estate joint ventures	-791	5,561
Other assets	3,773	1,948
Accounts payable and accrued expenses	4,938	-5,317
Other liabilities	2,427	3,189
Net cash provided by operating activities	167,759	126,551
Cash flows from investing activities:	'	'
Acquisition of real estate assets	-296,920	-59,704
Development and redevelopment of real estate assets	-5,958	-2,332
Proceeds from sale of real estate assets	'	929
Investments in unconsolidated real estate ventures	'	-955
Change in restricted cash	800	-3,526
Purchase of notes receivable	-9,028	'
Purchase of equipment and fixtures	-2,336	-1,478
Net cash used in investing activities	-313,442	-67,066
Cash flows from financing activities:	'	'
Net proceeds from the issuance of exchangeable senior notes	'	246,250
Proceeds from notes payable and lines of credit	421,957	267,960
Principal payments on notes payable and lines of credit	-238,283	-319,790
Deferred financing costs	-3,217	-5,658
Redemption of Operating Partnership units held by noncontrolling interest	'	-41
Net proceeds from exercise of stock options	2,551	5,552
Dividends paid on common stock	-100,874	-72,218
Distributions to noncontrolling interests	-9,229	-5,393
Net cash provided by financing activities	72,905	116,662
Net (decrease) increase in cash and cash equivalents	-72,778	176,147
Cash and cash equivalents, beginning of the period	126,723	30,785
Cash and cash equivalents, end of the period	53,945	206,932
Supplemental schedule of cash flow information	'	'
Interest paid	33,859	32,548
Income taxes paid	3,050	1,198
Tax effect from vesting of restricted stock grants and option exercises	'	'
Other assets	2,679	3,426
Paid-in capital	-2,679	-3,426
Acquisitions of real estate assets	'	'
Real estate assets, net	55,308	15,503
Notes payable assumed	-33,190	-7,122
Operating Partnership units issued	-22,118	-6,130
Receivables from related parties and affiliated real estate joint ventures	'	($2,251)

ORGANIZATION

ORGANIZATION	6 Months Ended
ORGANIZATION	Jun. 30, 2014
ORGANIZATION	'
ORGANIZATION	'
	1. ORGANIZATION

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

	The Company invests in self-storage facilities by acquiring wholly-owned facilities or by acquiring an equity interest in real estate entities. At June 30, 2014, the Company had direct and indirect equity interests in 807 operating storage facilities. In addition, the Company managed 264 properties for third parties, bringing the total number of operating properties which it owns and/or manages to 1,071. These properties are located in 35 states, Washington, D.C. and Puerto Rico.

	The Company operates in three distinct segments: (1) rental operations; (2) tenant reinsurance; and (3) property management, acquisition and development. The rental operations activities include rental operations of self-storage facilities in which we have an ownership interest. 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. The Company’s property management, acquisition and development activities include managing, acquiring, developing and selling self-storage facilities.

BASIS_OF_PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
BASIS OF PRESENTATION	Jun. 30, 2014
BASIS OF PRESENTATION	'
BASIS OF PRESENTATION	'
	2. BASIS OF PRESENTATION

	The accompanying unaudited condensed consolidated financial statements of the Company are presented on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information, and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they may not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2014, are not necessarily indicative of results that may be expected for the year ending December 31, 2014. The condensed consolidated balance sheet as of December 31, 2013 has been derived from the Company’s audited financial statements as of that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. For further information refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, as filed with the Securities and Exchange Commission.

	Certain amounts in the Company’s 2013 consolidated financial statements and supporting note disclosures have been reclassified to conform to the current period presentation. Such reclassifications did not impact previously reported net income or accumulated deficit.

	Recently Issued Accounting Standards

	In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09 amends the guidance for revenue recognition to replace numerous, industry-specific requirements and converges areas under this topic with those of the International Financial Reporting Standards. ASU 2014-09 outlines a five-step process for customer contract revenue recognition that focuses on transfer of control, as opposed to transfer of risk and rewards. The amendment also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenues and cash flows from contracts with customers. ASU 2014-09 is effective for reporting periods beginning after December 15, 2016, and early adoption is prohibited. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. Management is currently assessing the impact of the adoption of ASU 2014-09 on the Company’s condensed consolidated financial statements.

FAIR_VALUE_DISCLOSURES

FAIR VALUE DISCLOSURES	6 Months Ended
	Jun. 30, 2014
FAIR VALUE DISCLOSURES	'
FAIR VALUE DISCLOSURES	'
	3. FAIR VALUE DISCLOSURES

	Derivative Financial Instruments

	Currently, the Company uses interest rate swaps to manage its interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate forward curves.

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

	Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. However, as of June 30, 2014, the Company had assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of its derivatives. As a result, the Company determined that its derivative valuations in their entirety were classified in Level 2 of the fair value hierarchy.

	The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2014, aggregated by the level in the fair value hierarchy within which those measurements fall.

					Fair Value Measurements at Reporting Date Using
	Description	June 30, 2014			Quoted Prices in Active		Significant Other			Significant
					Markets for Identical		Observable Inputs			Unobservable Inputs
					Assets (Level 1)		(Level 2)			(Level 3)
	Other assets - Cash Flow Hedge Swap Agreements	$	4,691		$	—	$	4,691		$	—
	Other liabilities - Cash Flow Hedge Swap Agreements	$	(3,194	)	$	—	$	(3,194	)	$	—

	There were no transfers of assets and liabilities between Level 1 and Level 2 during the six months ended June 30, 2014. The Company did not have any significant assets or liabilities that are re-measured on a recurring basis using significant unobservable inputs as of June 30, 2014 or December 31, 2013.

	Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

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

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

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

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

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

	Fair Value of Financial Instruments

	The carrying values of cash and cash equivalents, restricted cash, receivables, other financial instruments included in other assets, accounts payable and accrued expenses, variable-rate notes payable, lines of credit and other liabilities reflected in the condensed consolidated balance sheets at June 30, 2014 and December 31, 2013 approximate fair value.

	The fair value of the Company’s note receivable from Preferred Operating Partnership unit holders was based on the discounted estimated future cash flows of the note (categorized within Level 3 of the fair value hierarchy); the discount rate used approximated the current market rate for loans with similar maturities and credit quality. The fair values of the Company’s fixed-rate notes payable and notes payable to trusts were estimated using the discounted estimated future cash payments to be made on such debt (categorized within Level 3 of the fair value hierarchy); the discount rates used approximated current market rates for loans, or groups of loans, with similar maturities and credit quality. The fair value of the Company’s exchangeable senior notes was estimated using an average market price for similar securities obtained from a third party.

	The fair values of the Company’s fixed-rate assets and liabilities were as follows for the periods indicated:

		June 30, 2014					December 31, 2013
		Fair			Carrying		Fair			Carrying
		Value			Value		Value			Value
	Note receivable from Preferred Operating Partnership unit holders	$	102,045		$	100,000	$	103,491		$	100,000
	Fixed rate notes payable and notes payable to trusts	$	1,379,655		$	1,351,136	$	1,365,290		$	1,368,885
	Exchangeable senior notes	$	269,525		$	250,000	$	251,103		$	250,000

EARNINGS_PER_COMMON_SHARE

EARNINGS PER COMMON SHARE	6 Months Ended
	Jun. 30, 2014
EARNINGS PER COMMON SHARE	'
EARNINGS PER COMMON SHARE	'
	4. EARNINGS PER COMMON SHARE

	Basic earnings per common share is computed using the two-class method by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding during the period. All outstanding unvested restricted stock awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common stockholders; accordingly, they are considered participating securities that are included in the two-class method. 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 two-class, treasury stock or as if-converted method, whichever is most dilutive. Potential common shares are securities (such as options, convertible debt, Series A Participating Redeemable Preferred Units (“Series A Units”), Series B Redeemable Preferred Units (“Series B Units”), Series C Convertible Redeemable Preferred Units (“Series C Units”) and common Operating Partnership units (“OP Units”)) that do not have a current right to participate in earnings of the Company but could do so in the future by virtue of their option, redemption 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 common share, only potential common shares that are dilutive (those that reduce earnings per common share) are included. For the three months ended June 30, 2014 and 2013, options to purchase approximately 33,059 and 52,471 shares of common stock, respectively, and for the six months ended June 30, 2014 and 2013, options to purchase approximately 25,068 and 39,171 shares of common stock, respectively, were excluded from the computation of earnings per common share as their effect would have been anti-dilutive.

	The Operating Partnership had $250,000 of its 2.375% Exchangeable Senior Notes due 2033 (the “Notes”) issued and outstanding as of June 30, 2014. The Notes could potentially have a dilutive effect on the Company’s earnings per common share calculations. The Notes are exchangeable by holders into shares of the Company’s common stock under certain circumstances per the terms of the indenture governing the Notes. The exchange price of the Notes was $55.62 per share as of June 30, 2014, and could change over time as described in the indenture. The Company has irrevocably agreed to pay only cash for the accreted principal amount of the Notes relative to its exchange obligations, but retained the right to satisfy the exchange obligation 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 would be used to pay the exchange obligation 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 common share computation. For the three and six months ended June 30, 2014, no shares related to the Notes were included in the computation for diluted earnings per common share as the per share price of the Company’s common stock during this period did not exceed the exchange price.

	For the purposes of computing the diluted impact on earnings per common share of the potential exchange of Series A Units for common shares upon redemption, 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 Series A 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 common share as allowed by ASC 260-10-45-46.

	For the purposes of computing the diluted impact on earnings per common share of the potential exchange of Series B Units for common shares upon redemption, where the Company has the option to redeem in cash or shares and where the Company has the ability to settle the redemption in shares, the Company divided the total weighted value of the Series B Units outstanding as of June 30, 2014 of $37,666 by the average closing price of the Company’s common stock for the six months ended June 30, 2014 of $48.99 per share. The resulting 768,853 shares were excluded from the computation of earnings per common share as their effect would have been anti-dilutive.

	For the purposes of computing the diluted impact on earnings per common share of the potential exchange of Series C Units for common shares upon redemption, where the Company has the option to redeem in cash or shares and where the Company has the ability to settle the redemption in shares, the Company divided the total weighted value of the Series C Units outstanding as of June 30, 2014 of $21,255 by the average closing price of the Company’s common stock for the six months ended June 30, 2014 of $48.99 per share. The resulting 433,854 shares were excluded from the computation of earnings per common share as their effect would have been anti-dilutive.

	The computation of earnings per common share was as follows for the periods presented:

		For the Three Months Ended June 30,						For the Six Months Ended June 30,
		2014			2013			2014			2013

	Net income attributable to common stockholders	$	41,665		$	34,466		$	79,005		$	65,891
	Earnings and dividends allocated to participating securities	(125		)	(146		)	(242		)	(246		)
	Earnings for basic computations	41,540			34,320			78,763			65,645

	Earnings and dividends allocated to participating securities	—			—			—			246
	Add: Income allocated to noncontrolling interest - Preferred Operating Partnership (Series A Units) and Operating Partnership	3,315			2,624			6,443			5,118
	Subtract: Fixed component of income allocated to noncontrolling interest - Preferred Operating Partnership (Series A Units)	(1,437		)	(1,438		)	(2,875		)	(2,875		)
	Net income for diluted computations	$	43,418		$	35,506		$	82,331		$	68,134

	Weighted average common shares outstanding:
	Average number of common shares outstanding - basic	115,653,489			110,731,153			115,546,341			110,523,974
	Series A Units	989,980			—			989,980			—
	Common OP Units	4,334,118			2,898,510			4,334,118			2,898,510
	Unvested restricted stock awards included for treasury stock method	—			—			—			450,530
	Dilutive stock options	276,635			333,318			290,853			374,506
	Average number of common shares outstanding - diluted	121,254,222			113,962,981			121,161,292			114,247,520

	Earnings per common share
	Basic	$	0.36		$	0.31		$	0.68		$	0.59
	Diluted	$	0.36		$	0.31		$	0.68		$	0.59

PROPERTY_ACQUISITIONS

PROPERTY ACQUISITIONS	6 Months Ended
	Jun. 30, 2014
PROPERTY ACQUISITIONS	'
PROPERTY ACQUISITIONS	'
	5. PROPERTY ACQUISITIONS

	The following table summarizes the Company’s acquisitions of operating properties for the six months ended June 30, 2014, and does not include purchases of raw land or improvements made to existing assets:


				Consideration Paid																Acquisition Date Fair Value
	Property	Number of	Date of	Total		Cash Paid		Loan		Non-cash		Previous		Net			Value of		Number	Land		Building		Intangible		Closing costs -		Notes
	Location	Properties	Acquisition					Assumed		gain		equity		Liabilities/			OP Units		of OP							expensed
												interest		(Assets)			Issued		Units
														Assumed					Issued
	Virginia	17	1/7/14	$	200,588	$	200,525	$	—	$	—	$	—	$	63		$	—	—	$	53,878	$	142,840	$	2,973	$	897
	Texas	1	2/5/14	14,191		14,152		—		—		—		39			—		—	1,767		12,368		38		18
	California	1	3/4/14	7,000		6,974		—		—		—		26			—		—	2,150		4,734		113		3		-1
	Connecticut	1	3/17/14	15,138		15,169		—		—		—		(31		)	—		—	1,072		14,028		—		38
	Alabama	1	3/20/14	13,813		13,752		—		—		—		61			—		—	2,381		11,224		200		8
	Georgia	1	4/3/14	23,649		15,158		—		—		—		157			8,334		333,360	2,961		19,819		242		627
	Florida	1	4/15/14	10,186		10,077		—		—		—		109			—		—	1,640		8,358		149		39
	California	3	4/25/14	35,275		2,726		19,111		3,438		129		(580		)	10,451		226,285	6,853		27,666		579		177		-2
	Washington	1	4/30/14	4,388		4,388		—		—		—		—			—		—	437		3,808		102		41
	California	1	5/28/14	17,614		294		14,079		—		—		(92		)	3,333		69,735	4,707		12,604		265		38
	North Carolina	1	6/18/14	7,310		7,307		—		—		—		3			—		—	2,940		4,265		93		12

	2014 Totals	29		$	349,152	$	290,522	$	33,190	$	3,438	$	129	$	(245	)	$	22,118	629,380	$	80,786	$	261,714	$	4,754	$	1,898


	(1) This property was owned by Spencer F. Kirk, the Company’s Chief Executive Officer, and Kenneth M. Woolley, the Company’s Executive Chairman. The Company acquired the building on March 4, 2014. In a separate transaction on March 5, 2014, the Company acquired the land for $2,150 from a third party unrelated to the Company’s executives and terminated the existing ground lease.

	(2) The Company previously held an equity interest in one of three properties acquired. The Company acquired its joint venture partner’s 60% interest in an existing joint venture which held the one property in California, resulting in full ownership by the Company. Prior to the acquisition date, the Company accounted for its 40% interest in this joint venture as an equity method investment. The total acquisition date fair value of the previous equity interest was approximately $3,567 and is included as consideration transferred. The Company recognized a non-cash gain of $3,438 as a result of re-measuring its prior equity interest in this joint venture held before the acquisition. The three properties were acquired in exchange for approximately $2,726 of cash and 226,285 Series C Units valued at $10,451.

GAIN_LOSS_ON_SALE_OF_REAL_ESTA

GAIN (LOSS) ON SALE OF REAL ESTATE AND EARNOUT FROM PRIOR ACQUISITION	6 Months Ended
	Jun. 30, 2014
GAIN (LOSS) ON SALE OF REAL ESTATE AND EARNOUT FROM PRIOR ACQUISITION	'
GAIN (LOSS) ON SALE OF REAL ESTATE AND EARNOUT FROM PRIOR ACQUISITION	'
	6. GAIN (LOSS) ON SALE OF REAL ESTATE AND EARNOUT FROM PRIOR ACQUISITION

	During 2012, the Company acquired a portfolio of ten self-storage properties located in New York and New Jersey. As part of this acquisition, the Company agreed to make an additional cash payment to the sellers if the properties acquired exceeded a specified amount of net rental income after two years. At the time of acquisition, the Company believed that it was unlikely that any significant payment would be made as a result of this earnout provision. The rental income of the properties has been higher than expected, resulting in a payment due to the sellers of $7,785. This amount is included in “Gain (loss) on sale of real estate and earnout from prior acquisition” on the Company’s condensed consolidated statements of operations.

	In June 2013, the Company recorded a gain of $800 due to the condemnation of a portion of land at one self-storage property in California that resulted from eminent domain.

VARIABLE_INTERESTS

VARIABLE INTERESTS	6 Months Ended
	Jun. 30, 2014
VARIABLE INTERESTS	'
VARIABLE INTERESTS	'
	7. VARIABLE INTERESTS

	The Company has an interest in one unconsolidated joint venture with an unrelated third party which is a variable interest entity (“VIE”). The Company holds an 18% equity interest and a 50% profit interest in the VIE joint venture (“VIE JV”), and has 50% of the voting rights in the VIE JV. Qualification as a VIE was based on the determination that the equity investment at risk for this joint venture was not sufficient based on a qualitative and quantitative analysis performed by the Company. The Company performed a qualitative analysis for the joint venture to determine which party was the primary beneficiary. The Company determined that since the powers to direct the activities most significant to the economic performance of the entity are shared equally by the Company and its joint venture partner, there is no primary beneficiary. Accordingly, the interest is recorded using the equity method.

	The VIE JV owns a single self-storage property. This joint venture is financed through a combination of (1) equity contributions from the Company and its joint venture partner and (2) amounts payable to the Company. The amounts payable to the Company consist of expenses paid on behalf of the joint venture by the Company as manager and mortgage notes payable to the Company. The Company performs management services for the VIE JV in exchange for a management fee of approximately 6% of cash collected by the property. The Company completed the purchase of the VIE JV’s mortgage loan on April 3, 2014. Except as disclosed, the Company has not provided financial or other support during the periods presented to the VIE JV that it was not previously contractually obligated to provide.

	The Company’s maximum exposure to loss for this joint venture as of June 30, 2014 is the total of the amounts payable to the Company and the Company’s investment balance in the joint venture. The Company believes that the risk of incurring a material loss as a result of its investment in the property is unlikely and, therefore, no liability has been recorded. Also, repossessing and/or selling the self-storage facility and land that collateralize the amounts payable to the Company could provide funds sufficient to reimburse the Company.

	The following table compares the liability balance and the maximum exposure to loss related to the Company’s VIE JV as of June 30, 2014:

							Amounts		Maximum
		Liability		Investment			Payable to the		Exposure
		Balance		Balance			Company		to Loss		Difference
	Extra Space of Sacramento One LLC	$	—	$	(1,203	)	$	10,819	$	9,616	$	(9,616	)


	The Operating Partnership has three wholly-owned unconsolidated subsidiaries (“Trust,” “Trust II” and “Trust III,” together, the “Trusts”) that have issued trust preferred securities to third parties and common securities to the Operating Partnership. The proceeds from the sale of the preferred and common securities were loaned in the form of notes to the Operating Partnership. The Trusts are VIEs because the holders of the equity investment at risk (the trust preferred securities) do not have the power to direct the activities of the entities that most significantly affect the entities’ economic performance because of their lack of voting or similar rights. Because the Operating Partnership’s investment in the Trusts’ common securities was financed directly by the Trusts as a result of its loan of the proceeds to the Operating Partnership, that investment is not considered an equity investment at risk. The Operating Partnership’s investment in the Trusts is not a variable interest because equity interests are variable interests only to the extent that the investment is considered to be at risk, and therefore the Operating Partnership cannot be the primary beneficiary of the Trusts. Since the Company is not the primary beneficiary of the Trusts, they have not been consolidated. A debt obligation has been recorded in the form of notes for the proceeds as discussed above, which are owed to the Trusts. The Company has also included its investment in the Trusts’ common securities in other assets on the condensed consolidated balance sheets.

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

	Following is a tabular comparison of the liabilities the Company has recorded as a result of its involvement with the Trusts to the maximum exposure to loss the Company is subject to as a result of such involvement as of June 30, 2014:

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

	The Company had no consolidated VIEs during the six months ended June 30, 2014.

DERIVATIVES

6 Months Ended

Jun. 30, 2014

DERIVATIVES

8. DERIVATIVES

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

Cash Flow Hedges of Interest Rate Risk

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

The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (“OCI”) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. A portion of these changes is excluded from accumulated other comprehensive income as it is allocated to noncontrolling interests. During the three and six months ended June 30, 2014 and 2013, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt.

The following table summarizes the terms of the Company’s 22 derivative financial instruments as of June 30, 2014:

Hedge Product

Current Notional

Strike

Effective Dates

Maturity Dates

Amounts

Swap Agreements

$4,718 - $95,372

2.79% - 6.32%

7/1/2009 - 1/1/2014

7/1/2014 - 4/1/2021

Fair Values of Derivative Instruments

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the condensed consolidated balance sheets:

Asset (Liability) Derivatives

June 30, 2014

December 31, 2013

Derivatives designated as

Balance Sheet

Fair

Balance Sheet

Fair

hedging instruments:

Location

Value

Location

Value

Swap Agreements

Other assets

4,691

Other assets

13,630

Swap Agreements

Other liabilities

(3,194

)

Other liabilities

(3,684

)

Effect of Derivative Instruments

The tables below present the effect of the Company’s derivative financial instruments on the condensed consolidated statements of operations for the periods presented. No tax effect has been presented as the derivative instruments are held by the Company:

Classification of

For the Three Months Ended June 30,

For the Six Months Ended June 30,

Type

Income (Expense)

2014

2013

2014

2013

Swap Agreements

Interest expense

(2,317

)

(2,129

)

(4,610

)

(4,282

)

Gain (loss)

Location of amounts

Gain (loss) reclassified

recognized in OCI

from OCI

Type

June 30, 2014

reclassified from OCI

For the Six Months

into income

Ended June 30, 2014

Swap Agreements

(12,924

)

Interest expense

(4,610

)

Gain (loss)

Location of amounts

Gain (loss) reclassified

recognized in OCI

from OCI

Type

June 30, 2013

reclassified from OCI

For the Six Months

into income

Ended June 30, 2013

Swap Agreements

15,222

Interest expense

(4,282

)

Credit-risk-related Contingent Features

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

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

As of June 30, 2014, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk related to these agreements, was $3,194. As of June 30, 2014, the Company had not posted any collateral related to these agreements. If the Company had breached any of these provisions as of June 30, 2014, it could have been required to settle its obligations under the agreements at their termination value of $3,533.

EXCHANGEABLE_SENIOR_NOTES

EXCHANGEABLE SENIOR NOTES	6 Months Ended
EXCHANGEABLE SENIOR NOTES	Jun. 30, 2014
EXCHANGEABLE SENIOR NOTES	'
EXCHANGEABLE SENIOR NOTES	'
	9. EXCHANGEABLE SENIOR NOTES

	On June 21, 2013, the Operating Partnership issued $250,000 of its 2.375% Exchangeable Senior Notes due 2033 at a 1.5% discount, or $3,750. Costs incurred to issue the Notes were approximately $1,672. These costs are being amortized as an adjustment to interest expense over five years, which represents the estimated term based on the first available redemption date, and are included in other assets in the condensed consolidated balance sheets. The Notes are general unsecured senior obligations of the Operating Partnership and are fully guaranteed by the Company. Interest is payable on January 1 and July 1 of each year beginning January 1, 2014, until the maturity date of July 1, 2033. The Notes bear interest at 2.375% per annum and contain an exchange settlement feature, which provides that the Notes may, under certain circumstances, be exchangeable for cash (for the principal amount of the Notes) and, with respect to any excess exchange value, for cash, shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock, at the Company’s option. The exchange rate of the Notes as of June 30, 2014 is approximately 17.98 shares of the Company’s common stock per $1,000 principal amount of the Notes.

	The Operating Partnership may redeem the Notes at any time to preserve the Company’s status as a REIT. In addition, on or after July 5, 2018, 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 the 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 July 1 of the years 2018, 2023, and 2028, and upon the occurrence of certain designated events, 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 condensed consolidated balance sheets, 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 as interest expense over the remaining period of the debt through its first redemption date, July 1, 2018. The effective interest rate on the liability component is 4.0%.

	Information about the carrying amount of the equity component, the principal amount of the liability component, its unamortized discount and its net carrying amount for the Notes was as follows for the periods indicated:

		June 30, 2014			December 31, 2013
	Carrying amount of equity component	$	(14,496	)	$	(14,496	)

	Principal amount of liability component	$	250,000		$	250,000
	Unamortized discount - equity component	(11,806		)	(13,131		)
	Unamortized cash discount	(2,981		)	(3,356		)
	Net carrying amount of liability component	$	235,213		$	233,513

	The amount of interest cost recognized relating to the contractual interest rate and the amortization of the discount on the liability component of the Notes were as follows for the periods indicated:

		For the Three Months Ended June 30,						For the Six Months Ended June 30,
		2014			2013			2014		2013
	Contractual interest	$	1,484		$	146		$	2,968	$	146
	Amortization of discount	663			113			1,325		113
	Total interest expense recognized	$	2,147		$	259		$	4,293	$	259

NONCONTROLLING_INTEREST_REPRES

NONCONTROLLING INTEREST REPRESENTED BY PREFERRED OPERATING PARTNERSHIP UNITS	6 Months Ended
	Jun. 30, 2014
NONCONTROLLING INTEREST REPRESENTED BY PREFERRED OPERATING PARTNERSHIP UNITS	'
NONCONTROLLING INTEREST REPRESENTED BY PREFERRED OPERATING PARTNERSHIP UNITS	'
	10. NONCONTROLLING INTEREST REPRESENTED BY PREFERRED OPERATING PARTNERSHIP UNITS

	Classification of Noncontrolling Interests

	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 Operating Partnership’s preferred units and classifies the noncontrolling interest represented by such preferred units as stockholders’ equity in the accompanying condensed consolidated balance sheets. The Company will periodically evaluate individual noncontrolling interests for the ability to continue to recognize the noncontrolling interest as permanent equity in the condensed consolidated balance sheets. Any noncontrolling interests that fail to qualify as permanent equity will be reclassified as temporary equity and adjusted to the greater of (1) the carrying amount and (2) the redemption value as of the end of the period in which the determination is made.

	Series A Participating Redeemable Preferred 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 in exchange for 989,980 Series A Units of the Operating Partnership. The self-storage facilities are located in California and Hawaii.

	On June 25, 2007, the Operating Partnership loaned the holders of the Series A Units $100,000. The note receivable bears interest at 4.85% and is due September 1, 2020. The loan is secured by the borrower’s Series A Units. The holders of the Series A Units can redeem up to 114,500 Series A Units prior to the maturity date of the loan. If any redemption in excess of 114,500 Series A Units occurs prior to the maturity date, the holder of the Series A Units is required to repay the loan as of the date of that redemption. The Series A Units are shown on the condensed consolidated balance sheets net of the $100,000 loan because the borrower under the loan receivable is also the holder of the Series A Units.

	The partnership agreement of the Operating Partnership (as amended, the “Partnership Agreement”) provides for the designation and issuance of the Series A Units. The Series A Units will have priority over all other partnership interests of the Operating Partnership with respect to distributions and liquidation.

	Under the Partnership Agreement, Series A Units in the amount of $115,000 bear a fixed priority return of 5% and have a fixed liquidation value of $115,000. The remaining balance participates in distributions with, and has a liquidation value equal to, that of the OP Units. The Series A Units are redeemable at the option of the holder, which redemption obligation may be satisfied, at the Company’s option, in cash or shares of its common stock.

	Series B Redeemable Preferred Units

	On April 3, 2014, the Operating Partnership completed the purchase of a self-storage facility located in Georgia. This property was acquired in exchange for $15,158 of cash and 333,360 Series B Units valued at $8,334.

	On August 29, 2013, the Operating Partnership completed the purchase of 19 out of 20 self-storage facilities affiliated with All Aboard Mini Storage, all of which are located in California. On September 26, 2013, the Operating Partnership completed the purchase of the remaining facility. These properties were acquired in exchange for $100,876 of cash (including $98,960 of debt assumed and immediately defeased at closing), 1,342,727 Series B Units valued at $33,568, and 1,448,108 OP Units valued at $62,341.

	The Partnership Agreement provides for the designation and issuance of the Series B Units. The Series B Units rank junior to the Series A Units, on parity with the Series C Units, and senior to all other partnership interests of the Operating Partnership with respect to distributions and liquidation.

	The Series B Units have a liquidation value of $25.00 per unit for a fixed liquidation value of $41,902. Holders of the Series B Units receive distributions at an annual rate of 6%. These distributions are cumulative and accrue each quarter regardless of the declaration of dividends or distributions. The Series B Units will become redeemable at the option of the holder on the first anniversary of the date of issuance, which redemption obligation may be satisfied at the Company’s option in cash or shares of its common stock.

	Series C Convertible Redeemable Preferred Units

	On November 19, 2013, the Company entered into Contribution Agreements with various entities affiliated with Grupe Properties Co. Inc. (“Grupe”), under which the Company agreed to acquire 12 self-storage facilities, all of which are located in California. The Company completed the purchase of these self-storage facilities between December 2013 and May 2014. The Company previously held 35% interests in five of these properties and a 40% interest in one property through six separate joint ventures with Grupe. These properties were acquired in exchange for a total of approximately $45,722 of cash, the assumption of $37,532 in existing debt, and the issuance of 704,016 Series C Units valued at $30,960.

	The Partnership Agreement provides for the designation and issuance of the Series C Units. The Series C Units rank junior to the Series A Units, on parity with the Series B Units, and senior to all other partnership interests of the Operating Partnership with respect to distributions and liquidation.

	The Series C Units have a liquidation value of $42.10 per unit for a fixed liquidation value of $29,639. From issuance to the fifth anniversary of issuance, each Series C Unit holder will receive quarterly distributions equal to the quarterly distribution per OP Unit plus $0.18. Beginning on the fifth anniversary of issuance, each Series C Unit holder will receive a fixed quarterly distribution equal to the aggregate quarterly distribution payable in respect of such Series C Unit during the four quarters immediately preceding the fifth anniversary of issuance, divided by four. These distributions are cumulative. The Series C Units will become redeemable at the option of the holder one year from the date of issuance, which redemption obligation may be satisfied at the Company’s option in cash or shares of its common stock. The Series C Units will also become convertible into OP Units at the option of the holder one year from the date of issuance, at a rate of 0.9145 OP Units per Series C Unit converted. This conversion option expires upon the fifth anniversary of the date of issuance.

NONCONTROLLING_INTEREST_IN_OPE

NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP	6 Months Ended
NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP	Jun. 30, 2014
NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP	'
NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP	'
	11. NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP

	The Company’s interest in its properties is held through the Operating Partnership. ESS Holding Business Trust I, a wholly-owned subsidiary of the Company, is the sole general partner of the Operating Partnership. ESS Holding 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 93.8% ownership interest in the Operating Partnership as of June 30, 2014. The remaining ownership interests in the Operating Partnership (including Preferred Operating Partnership units) of 6.2% are held by certain former owners of assets acquired by the Operating Partnership.

	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 interests 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 (based on the ten-day average trading price) at the time of the redemption. Alternatively, the Company may, in its sole discretion, elect to acquire those OP Units in exchange for shares of its common stock on a one-for-one basis, subject to anti-dilution adjustments provided in the Partnership Agreement. The ten-day average closing stock price at June 30, 2014 was $53.45 and there were 4,334,118 OP Units outstanding. Assuming that all of the OP Unit holders exercised their right to redeem all of their OP Units on June 30, 2014 and the Company elected to pay the OP Unit holders cash, the Company would have paid $231,659 in cash consideration to redeem the units.

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

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

OTHER_NONCONTROLLING_INTERESTS

OTHER NONCONTROLLING INTERESTS	6 Months Ended
OTHER NONCONTROLLING INTERESTS	Jun. 30, 2014
OTHER NONCONTROLLING INTERESTS	'
OTHER NONCONTROLLING INTERESTS	'
	12. OTHER NONCONTROLLING INTERESTS

	Other noncontrolling interests represent the ownership interests of various third parties in two consolidated joint ventures as of June 30, 2014. One of these consolidated joint ventures owns one property which was under construction at June 30, 2014. The second consolidated joint venture owns 19 operating properties. The ownership interests of the third-party owners range from 1.0% to 3.3%. Other noncontrolling interests are included in the stockholders’ equity section of the Company’s condensed consolidated balance sheets. The income or losses attributable to these third-party owners based on their ownership percentages are reflected in net income allocated to Operating Partnership and other noncontrolling interests in the condensed consolidated statements of operations.

	In February 2013, the Company purchased one of its joint venture partner’s 1.7% capital interest and 17% profit interest in one of these consolidated joint ventures for $200. As a result, the Company’s capital interest percentage in this joint venture increased from 95.0% to 96.7%. Since the Company retained its controlling financial interest in the subsidiary, this transaction was accounted for as an equity transaction. The carrying amount of the noncontrolling interest was reduced to reflect the purchase and the difference between the price paid by the Company and the adjustment to the carrying value of the noncontrolling interest was recorded as an adjustment to equity attributable to the parent.

	In May 2013, the Company purchased one of its joint venture partner’s 27.7% capital interest and 35.0% profit interest in a previously unconsolidated joint venture for $950. The partner’s interest was reported in other noncontrolling interests prior to the purchase. As a result of the acquisition, the property became wholly-owned by the Company. Since the Company retained its controlling financial interest in the subsidiary, this transaction was accounted for as an equity transaction. The carrying amount of the noncontrolling interest was reduced to zero to reflect the purchase, and the difference between the price paid by the Company and the carrying value of the noncontrolling interest was recorded as an adjustment to equity attributable to the parent.

EQUITY_IN_EARNINGS_OF_UNCONSOL

EQUITY IN EARNINGS OF UNCONSOLIDATED REAL ESTATE VENTURES - PURCHASE OF JOINT VENTURE PARTNERS' INTERESTS	6 Months Ended
	Jun. 30, 2014
EQUITY IN EARNINGS OF UNCONSOLIDATED REAL ESTATE VENTURES - PURCHASE OF JOINT VENTURE PARTNERS' INTERESTS	'
EQUITY IN EARNINGS OF UNCONSOLIDATED REAL ESTATE VENTURES - PURCHASE OF JOINT VENTURE PARTNERS' INTERESTS	'
	13. EQUITY IN EARNINGS OF UNCONSOLIDATED REAL ESTATE VENTURES — PURCHASE OF JOINT VENTURE PARTNERS’ INTERESTS

	On April 25, 2014, as part of the Grupe acquisition, the Company acquired its joint venture partner’s 60% equity interest in Savi-Ranch SPC, LLC, which owned one self storage property located in California, resulting in full ownership by the Company. Prior to the acquisition, the Company accounted for its 40% interest in this joint venture as an equity-method investment. The total acquisition-date fair value of the previous equity interest was approximately $3,567, and is included as consideration transferred. The Company recognized a non-cash gain of $3,438 as a result of re-measuring its prior equity interest in this joint venture held before the acquisition. This property was acquired in exchange for approximately $1,785 of cash and 101,929 Series C Units valued at $4,291.

	On February 13, 2013, the Company acquired its joint venture partner’s 48% equity interest in Extra Space of Eastern Avenue LLC (“Eastern Avenue”), which owned one self-storage property located in Maryland, for approximately $5,979. Prior to the acquisition, the remaining 52% interest was owned by the Company, which accounted for its investment in Eastern Avenue using the equity method. The Company recorded a non-cash gain of $2,215 related to this transaction, which represents the increase in fair value of the Company’s interest in Eastern Avenue from its formation to the acquisition date.

	On February 13, 2013, the Company acquired its joint venture partner’s 61% equity interest in Extra Space of Montrose Avenue LLC (“Montrose”), which owned one self-storage property located in Illinois, for approximately $6,878. Prior to the acquisition, the remaining 39% interest was owned by the Company, which accounted for its investment in Montrose using the equity method. The Company recorded a non-cash gain of $341 related to this transaction, which represents the increase in fair value of the Company’s interest in the joint venture from its formation to the acquisition date.

SEGMENT_INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2014
SEGMENT INFORMATION	'
SEGMENT INFORMATION	'
	14. SEGMENT INFORMATION

	The Company operates in three distinct segments: (1) rental operations; (2) tenant reinsurance; and (3) property management, acquisition and development. Management fees collected for wholly-owned properties are eliminated in consolidation. Financial information for the Company’s business segments is presented below:

			June 30, 2014			December 31, 2013
	Balance Sheet
	Investment in unconsolidated real estate ventures
	Rental operations		$	86,794		$	88,125

	Total assets
	Rental operations		$	3,954,126		$	3,641,746
	Tenant reinsurance		29,359			34,393
	Property management, acquisition and development		225,405			301,001
			$	4,208,890		$	3,977,140

			For the Three Months Ended June 30,						For the Six Months Ended June 30,
			2014			2013			2014			2013
	Statement of Operations
	Total revenues
	Rental operations		$	138,778		$	107,340		$	270,779		$	210,263
	Tenant reinsurance		14,508			12,110			27,971			22,331
	Property management, acquisition and development		6,954			6,796			13,670			12,974
			160,240			126,246			312,420			245,568

	Operating expenses, including depreciation and amortization
	Rental operations		68,620			54,904			138,562			110,872
	Tenant reinsurance		2,636			2,202			5,203			4,112
	Property management, acquisition and development		18,323			15,765			37,596			30,480
			89,579			72,871			181,361			145,464

	Income (loss) from operations
	Rental operations		70,158			52,436			132,217			99,391
	Tenant reinsurance		11,872			9,908			22,768			18,219
	Property management, acquisition and development		(11,369		)	(8,969		)	(23,926		)	(17,506		)
			70,661			53,375			131,059			100,104

	Gain (loss) on sale of real estate and earnout from prior acquisition
	Property management, acquisition and development		(7,785		)	800			(7,785		)	800

	Interest expense
	Rental operations		(20,348		)	(18,069		)	(39,658		)	(35,049		)
	Property management, acquisition and development		(310		)	(293		)	(598		)	(679		)
			(20,658		)	(18,362		)	(40,256		)	(35,728		)

	Non-cash interest expense related to the amortization of discount on equity component of exchangeable senior notes
	Rental operations		(663		)	(113		)	(1,325		)	(113		)

	Interest income
	Tenant reinsurance		4			4			8			8
	Property management, acquisition and development		708			129			973			309
			712			133			981			317

	Interest income on note receivable from Preferred Operating Partnership unit holder
	Property management, acquisition and development		1,212			1,212			2,425			2,425

	Equity in earnings of unconsolidated real estate ventures
	Rental operations		2,604			2,914			5,023			5,537

	Equity in earnings of unconsolidated real estate ventures - gain on purchase of joint venture partners’ interests
	Rental operations		3,438			—			3,438			2,556

	Income tax expense
	Rental operations		601			3,838			2,020			4,847
Tenant reinsurance		(3,856		)	(6,379		)	(7,671		)	(9,245		)
Property management, acquisition and development		(258		)	(317		)	(692		)	(468		)
		(3,513		)	(2,858		)	(6,343		)	(4,866		)

Net income (loss)
Rental operations		55,790			41,006			101,715			77,169
Tenant reinsurance		8,020			3,533			15,105			8,982
Property management, acquisition and development		(17,802		)	(7,438		)	(29,603		)	(15,119		)
		$	46,008		$	37,101		$	87,217		$	71,032

Depreciation and amortization expense
Rental operations		$	26,326		$	21,442		$	52,786		$	42,973
Property management, acquisition and development		1,945			1,343			3,860			2,837
		$	28,271		$	22,785		$	56,646		$	45,810

Statement of Cash Flows
Acquisition of real estate assets
Property management, acquisition and development		$	(40,161	)	$	(40,950	)	$	(296,920	)	$	(59,704	)
Development and redevelopment of real estate assets
Property management, acquisition and development		$	(3,138	)	$	(1,542	)	$	(5,958	)	$	(2,332	)

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2014
COMMITMENTS AND CONTINGENCIES	'
COMMITMENTS AND CONTINGENCIES	'
	15. COMMITMENTS AND CONTINGENCIES

	As of June 30, 2014, the Company was not involved in any material litigation nor, to its knowledge, was any material litigation threatened against it which, in the opinion of management, is expected to have a material adverse effect on the Company’s financial condition or results of operations.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2014
SUBSEQUENT EVENTS	'
SUBSEQUENT EVENTS	'
	16. SUBSEQUENT EVENTS

	On August 6, 2014 the Company purchased a single property located in Georgia for $11,150.

BASIS_OF_PRESENTATION_Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
BASIS OF PRESENTATION (Policies)	Jun. 30, 2014
BASIS OF PRESENTATION	'
Recently Issued Accounting Standards	'
	Recently Issued Accounting Standards

	In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09 amends the guidance for revenue recognition to replace numerous, industry-specific requirements and converges areas under this topic with those of the International Financial Reporting Standards. ASU 2014-09 outlines a five-step process for customer contract revenue recognition that focuses on transfer of control, as opposed to transfer of risk and rewards. The amendment also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenues and cash flows from contracts with customers. ASU 2014-09 is effective for reporting periods beginning after December 15, 2016, and early adoption is prohibited. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. Management is currently assessing the impact of the adoption of ASU 2014-09 on the Company’s condensed consolidated financial statements.

FAIR_VALUE_DISCLOSURES_Tables

FAIR VALUE DISCLOSURES (Tables)	6 Months Ended
FAIR VALUE DISCLOSURES (Tables)	Jun. 30, 2014
FAIR VALUE DISCLOSURES	'
Schedule of assets and liabilities measured at fair value on a recurring basis	'

					Fair Value Measurements at Reporting Date Using
	Description	June 30, 2014			Quoted Prices in Active		Significant Other			Significant
					Markets for Identical		Observable Inputs			Unobservable Inputs
					Assets (Level 1)		(Level 2)			(Level 3)
	Other assets - Cash Flow Hedge Swap Agreements	$	4,691		$	—	$	4,691		$	—
	Other liabilities - Cash Flow Hedge Swap Agreements	$	(3,194	)	$	—	$	(3,194	)	$	—
Schedule of fair value of financial instruments	'

		June 30, 2014					December 31, 2013
		Fair			Carrying		Fair			Carrying
		Value			Value		Value			Value
	Note receivable from Preferred Operating Partnership unit holders	$	102,045		$	100,000	$	103,491		$	100,000
	Fixed rate notes payable and notes payable to trusts	$	1,379,655		$	1,351,136	$	1,365,290		$	1,368,885
	Exchangeable senior notes	$	269,525		$	250,000	$	251,103		$	250,000

EARNINGS_PER_COMMON_SHARE_Tabl

EARNINGS PER COMMON SHARE (Tables)	6 Months Ended
	Jun. 30, 2014
EARNINGS PER COMMON SHARE	'
Schedule of computation of earnings per common share	'

		For the Three Months Ended June 30,						For the Six Months Ended June 30,
		2014			2013			2014			2013

	Net income attributable to common stockholders	$	41,665		$	34,466		$	79,005		$	65,891
	Earnings and dividends allocated to participating securities	(125		)	(146		)	(242		)	(246		)
	Earnings for basic computations	41,540			34,320			78,763			65,645

	Earnings and dividends allocated to participating securities	—			—			—			246
	Add: Income allocated to noncontrolling interest - Preferred Operating Partnership (Series A Units) and Operating Partnership	3,315			2,624			6,443			5,118
	Subtract: Fixed component of income allocated to noncontrolling interest - Preferred Operating Partnership (Series A Units)	(1,437		)	(1,438		)	(2,875		)	(2,875		)
	Net income for diluted computations	$	43,418		$	35,506		$	82,331		$	68,134

	Weighted average common shares outstanding:
	Average number of common shares outstanding - basic	115,653,489			110,731,153			115,546,341			110,523,974
	Series A Units	989,980			—			989,980			—
	Common OP Units	4,334,118			2,898,510			4,334,118			2,898,510
	Unvested restricted stock awards included for treasury stock method	—			—			—			450,530
	Dilutive stock options	276,635			333,318			290,853			374,506
	Average number of common shares outstanding - diluted	121,254,222			113,962,981			121,161,292			114,247,520

	Earnings per common share
	Basic	$	0.36		$	0.31		$	0.68		$	0.59
	Diluted	$	0.36		$	0.31		$	0.68		$	0.59

PROPERTY_ACQUISITIONS_Tables

PROPERTY ACQUISITIONS (Tables)	6 Months Ended
	Jun. 30, 2014
PROPERTY ACQUISITIONS	'
Schedule of operating properties acquired	'


				Consideration Paid																Acquisition Date Fair Value
	Property	Number of	Date of	Total		Cash Paid		Loan		Non-cash		Previous		Net			Value of		Number	Land		Building		Intangible		Closing costs -		Notes
	Location	Properties	Acquisition					Assumed		gain		equity		Liabilities/			OP Units		of OP							expensed
												interest		(Assets)			Issued		Units
														Assumed					Issued
	Virginia	17	1/7/14	$	200,588	$	200,525	$	—	$	—	$	—	$	63		$	—	—	$	53,878	$	142,840	$	2,973	$	897
	Texas	1	2/5/14	14,191		14,152		—		—		—		39			—		—	1,767		12,368		38		18
	California	1	3/4/14	7,000		6,974		—		—		—		26			—		—	2,150		4,734		113		3		-1
	Connecticut	1	3/17/14	15,138		15,169		—		—		—		(31		)	—		—	1,072		14,028		—		38
	Alabama	1	3/20/14	13,813		13,752		—		—		—		61			—		—	2,381		11,224		200		8
	Georgia	1	4/3/14	23,649		15,158		—		—		—		157			8,334		333,360	2,961		19,819		242		627
	Florida	1	4/15/14	10,186		10,077		—		—		—		109			—		—	1,640		8,358		149		39
	California	3	4/25/14	35,275		2,726		19,111		3,438		129		(580		)	10,451		226,285	6,853		27,666		579		177		-2
	Washington	1	4/30/14	4,388		4,388		—		—		—		—			—		—	437		3,808		102		41
	California	1	5/28/14	17,614		294		14,079		—		—		(92		)	3,333		69,735	4,707		12,604		265		38
	North Carolina	1	6/18/14	7,310		7,307		—		—		—		3			—		—	2,940		4,265		93		12

	2014 Totals	29		$	349,152	$	290,522	$	33,190	$	3,438	$	129	$	(245	)	$	22,118	629,380	$	80,786	$	261,714	$	4,754	$	1,898


	(1) This property was owned by Spencer F. Kirk, the Company’s Chief Executive Officer, and Kenneth M. Woolley, the Company’s Executive Chairman. The Company acquired the building on March 4, 2014. In a separate transaction on March 5, 2014, the Company acquired the land for $2,150 from a third party unrelated to the Company’s executives and terminated the existing ground lease.

	(2) The Company previously held an equity interest in one of three properties acquired. The Company acquired its joint venture partner’s 60% interest in an existing joint venture which held the one property in California, resulting in full ownership by the Company. Prior to the acquisition date, the Company accounted for its 40% interest in this joint venture as an equity method investment. The total acquisition date fair value of the previous equity interest was approximately $3,567 and is included as consideration transferred. The Company recognized a non-cash gain of $3,438 as a result of re-measuring its prior equity interest in this joint venture held before the acquisition. The three properties were acquired in exchange for approximately $2,726 of cash and 226,285 Series C Units valued at $10,451.

VARIABLE_INTERESTS_Tables

VARIABLE INTERESTS (Tables)	6 Months Ended
VARIABLE INTERESTS (Tables)	Jun. 30, 2014
VARIABLE INTERESTS	'
Schedule of the comparison of the liability balance and the maximum exposure to loss related to the Company's each VIE	'
	The following table compares the liability balance and the maximum exposure to loss related to the Company’s VIE JV as of June 30, 2014:

							Amounts		Maximum
		Liability		Investment			Payable to the		Exposure
		Balance		Balance			Company		to Loss		Difference
	Extra Space of Sacramento One LLC	$	—	$	(1,203	)	$	10,819	$	9,616	$	(9,616	)

Schedule of the liabilities and the maximum exposure to loss related to the trusts	'
	Following is a tabular comparison of the liabilities the Company has recorded as a result of its involvement with the Trusts to the maximum exposure to loss the Company is subject to as a result of such involvement as of June 30, 2014:

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

DERIVATIVES_Tables

DERIVATIVES (Tables)

6 Months Ended

Jun. 30, 2014

DERIVATIVES

Schedule summarizing the terms of entity's derivative financial instruments

The following table summarizes the terms of the Company’s 22 derivative financial instruments as of June 30, 2014:

Hedge Product

Current Notional

Strike

Effective Dates

Maturity Dates

Amounts

Swap Agreements

$4,718 - $95,372

2.79% - 6.32%

7/1/2009 - 1/1/2014

7/1/2014 - 4/1/2021

Schedule of balance sheet classification and fair value of the entity's derivative financial instruments

Asset (Liability) Derivatives

June 30, 2014

December 31, 2013

Derivatives designated as

Balance Sheet

Fair

Balance Sheet

Fair

hedging instruments:

Location

Value

Location

Value

Swap Agreements

Other assets

4,691

Other assets

13,630

Swap Agreements

Other liabilities

(3,194

)

Other liabilities

(3,684

)

Interest payments recognized as an increase or decrease in interest expense

Classification of

For the Three Months Ended June 30,

For the Six Months Ended June 30,

Type

Income (Expense)

2014

2013

2014

2013

Swap Agreements

Interest expense

(2,317

)

(2,129

)

(4,610

)

(4,282

)

Schedule of information relating to the gain (loss) recognized on the swap agreements

Gain (loss)

Location of amounts

Gain (loss) reclassified

recognized in OCI

from OCI

Type

June 30, 2014

reclassified from OCI

For the Six Months

into income

Ended June 30, 2014

Swap Agreements

(12,924

)

Interest expense

(4,610

)

Gain (loss)

Location of amounts

Gain (loss) reclassified

recognized in OCI

from OCI

Type

June 30, 2013

reclassified from OCI

For the Six Months

into income

Ended June 30, 2013

Swap Agreements

15,222

Interest expense

(4,282

)

EXCHANGEABLE_SENIOR_NOTES_Tabl

EXCHANGEABLE SENIOR NOTES (Tables)	6 Months Ended
EXCHANGEABLE SENIOR NOTES (Tables)	Jun. 30, 2014
EXCHANGEABLE SENIOR NOTES	'
Schedule of Information about the carrying amount of the equity component, the principal amount of the liability component, unamortized discount and net carrying amount for the Notes	'

		June 30, 2014			December 31, 2013
	Carrying amount of equity component	$	(14,496	)	$	(14,496	)

	Principal amount of liability component	$	250,000		$	250,000
	Unamortized discount - equity component	(11,806		)	(13,131		)
	Unamortized cash discount	(2,981		)	(3,356		)
	Net carrying amount of liability component	$	235,213		$	233,513
Schedule of amount of interest cost recognized relating to the contractual interest rate and the amortization of the discount on the liability component	'

		For the Three Months Ended June 30,						For the Six Months Ended June 30,
		2014			2013			2014		2013
	Contractual interest	$	1,484		$	146		$	2,968	$	146
	Amortization of discount	663			113			1,325		113
	Total interest expense recognized	$	2,147		$	259		$	4,293	$	259

SEGMENT_INFORMATION_Tables

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2014
SEGMENT INFORMATION	'
Schedule of financial information of business segments	'

			June 30, 2014			December 31, 2013
	Balance Sheet
	Investment in unconsolidated real estate ventures
	Rental operations		$	86,794		$	88,125

	Total assets
	Rental operations		$	3,954,126		$	3,641,746
	Tenant reinsurance		29,359			34,393
	Property management, acquisition and development		225,405			301,001
			$	4,208,890		$	3,977,140

			For the Three Months Ended June 30,						For the Six Months Ended June 30,
			2014			2013			2014			2013
	Statement of Operations
	Total revenues
	Rental operations		$	138,778		$	107,340		$	270,779		$	210,263
	Tenant reinsurance		14,508			12,110			27,971			22,331
	Property management, acquisition and development		6,954			6,796			13,670			12,974
			160,240			126,246			312,420			245,568

	Operating expenses, including depreciation and amortization
	Rental operations		68,620			54,904			138,562			110,872
	Tenant reinsurance		2,636			2,202			5,203			4,112
	Property management, acquisition and development		18,323			15,765			37,596			30,480
			89,579			72,871			181,361			145,464

	Income (loss) from operations
	Rental operations		70,158			52,436			132,217			99,391
	Tenant reinsurance		11,872			9,908			22,768			18,219
	Property management, acquisition and development		(11,369		)	(8,969		)	(23,926		)	(17,506		)
			70,661			53,375			131,059			100,104

	Gain (loss) on sale of real estate and earnout from prior acquisition
	Property management, acquisition and development		(7,785		)	800			(7,785		)	800

	Interest expense
	Rental operations		(20,348		)	(18,069		)	(39,658		)	(35,049		)
	Property management, acquisition and development		(310		)	(293		)	(598		)	(679		)
			(20,658		)	(18,362		)	(40,256		)	(35,728		)

	Non-cash interest expense related to the amortization of discount on equity component of exchangeable senior notes
	Rental operations		(663		)	(113		)	(1,325		)	(113		)

	Interest income
	Tenant reinsurance		4			4			8			8
	Property management, acquisition and development		708			129			973			309
			712			133			981			317

	Interest income on note receivable from Preferred Operating Partnership unit holder
	Property management, acquisition and development		1,212			1,212			2,425			2,425

	Equity in earnings of unconsolidated real estate ventures
	Rental operations		2,604			2,914			5,023			5,537

	Equity in earnings of unconsolidated real estate ventures - gain on purchase of joint venture partners’ interests
	Rental operations		3,438			—			3,438			2,556

	Income tax expense
	Rental operations		601			3,838			2,020			4,847
	Tenant reinsurance		(3,856		)	(6,379		)	(7,671		)	(9,245		)
	Property management, acquisition and development		(258		)	(317		)	(692		)	(468		)
			(3,513		)	(2,858		)	(6,343		)	(4,866		)

Net income (loss)
Rental operations		55,790			41,006			101,715			77,169
Tenant reinsurance		8,020			3,533			15,105			8,982
Property management, acquisition and development		(17,802		)	(7,438		)	(29,603		)	(15,119		)
		$	46,008		$	37,101		$	87,217		$	71,032

Depreciation and amortization expense
Rental operations		$	26,326		$	21,442		$	52,786		$	42,973
Property management, acquisition and development		1,945			1,343			3,860			2,837
		$	28,271		$	22,785		$	56,646		$	45,810

Statement of Cash Flows
Acquisition of real estate assets
Property management, acquisition and development		$	(40,161	)	$	(40,950	)	$	(296,920	)	$	(59,704	)
Development and redevelopment of real estate assets
Property management, acquisition and development		$	(3,138	)	$	(1,542	)	$	(5,958	)	$	(2,332	)

ORGANIZATION_Details

ORGANIZATION (Details)	6 Months Ended
	Jun. 30, 2014
	segment
	property
	state
ORGANIZATION	'
Number of operating storage facilities in which the entity has equity interests (in properties)	807
Number of properties owned by franchisees and third parties	264
Number of operating properties owned and/or managed	1,071
Number of states in which operating storage facilities are located	35
Number of reportable segments	3
Maximum percentage of rental income accounted for by any single tenant	5.00%

FAIR_VALUE_DISCLOSURES_Details

FAIR VALUE DISCLOSURES (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Assets and Liabilities Measured at Fair Value on a Recurring Basis	'	'
Other assets - Cash Flow Hedge Swap Agreements	$4,691	$13,630
Other liabilities - Cash Flow Hedge Swap Agreements	-3,194	-3,684
Transfers of assets and liabilities between Level 1 and Level 2	0	'
Recurring basis \| Estimated Fair Value	'	'
Assets and Liabilities Measured at Fair Value on a Recurring Basis	'	'
Other assets - Cash Flow Hedge Swap Agreements	4,691	'
Other liabilities - Cash Flow Hedge Swap Agreements	-3,194	'
Recurring basis \| Significant Other Observable Inputs (Level 2)	'	'
Assets and Liabilities Measured at Fair Value on a Recurring Basis	'	'
Other assets - Cash Flow Hedge Swap Agreements	4,691	'
Other liabilities - Cash Flow Hedge Swap Agreements	($3,194)	'

FAIR_VALUE_DISCLOSURES_Details1

FAIR VALUE DISCLOSURES (Details 2) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Fair Value of Financial Instruments	'	'
Note receivable from Preferred Operating Partnership unit holders	$100,000	$100,000
Fair Value	'	'
Fair Value of Financial Instruments	'	'
Note receivable from Preferred Operating Partnership unit holders	102,045	103,491
Fixed rate notes payable and notes payable to trusts	1,379,655	1,365,290
Exchangeable senior notes	269,525	251,103
Carrying Value	'	'
Fair Value of Financial Instruments	'	'
Note receivable from Preferred Operating Partnership unit holders	100,000	100,000
Fixed rate notes payable and notes payable to trusts	1,351,136	1,368,885
Exchangeable senior notes	$250,000	$250,000

EARNINGS_PER_COMMON_SHARE_Deta

EARNINGS PER COMMON SHARE (Details) (Stock options)	3 Months Ended		6 Months Ended
EARNINGS PER COMMON SHARE (Details) (Stock options)	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Stock options	'	'	'	'
Anti-dilutive securities excluded from computation of earnings per common share	'	'	'	'
Anti-dilutive securities excluded from computation of earnings per common share	33,059	52,471	25,068	39,171

EARNINGS_PER_COMMON_SHARE_Deta1

EARNINGS PER COMMON SHARE (Details 2) (USD $)	3 Months Ended	6 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 21, 2013
			Series A Units	Series B Units	Series C Units	Operating Partnership	Operating Partnership
						2.375% Exchangeable Senior Notes	2.375% Exchangeable Senior Notes
Earnings Per Common Share	'	'	'	'	'	'	'
Principal amount of notes	'	'	'	'	'	$250,000	$250,000
Interest rate (as a percent)	'	'	'	'	'	2.38%	2.38%
Exchange price (in dollars per share)	'	'	'	'	'	$55.62	'
Shares related to the Notes included in the computation for diluted earnings per share	0	0	'	'	'	'	'
Exchangeable preferred operating partnership units settled in cash, minimum	'	'	115,000	'	'	'	'
Units outstanding (in dollars)	'	'	'	$37,666	$21,255	'	'
Average closing price of common stock (in dollars per share)	$48.99	$48.99	'	'	'	'	'
Anti-dilutive securities excluded from computation of earnings per common share	989,980	989,980	'	768,853	433,854	'	'

EARNINGS_PER_COMMON_SHARE_Deta2

EARNINGS PER COMMON SHARE (Details 3) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Computation of earnings per share	'	'	'	'
Net income attributable to common stockholders	$41,665	$34,466	$79,005	$65,891
Earnings and dividends allocated to participating securities	-125	-146	-242	-246
Earnings for basic computations	41,540	34,320	78,763	65,645
Earnings and dividends allocated to participating securities	'	'	'	246
Add: Income allocated to noncontrolling interest - Preferred Operating Partnership (Series A Units) and Operating Partnership	3,315	2,624	6,443	5,118
Subtract: Fixed component of income allocated to noncontrolling interest - Preferred Operating Partnership (Series A Units)	-1,437	-1,438	-2,875	-2,875
Net income for diluted computations	$43,418	$35,506	$82,331	$68,134
Weighted average common shares outstanding:	'	'	'	'
Average number of common shares outstanding - basic	115,653,489	110,731,153	115,546,341	110,523,974
Series A Units (in shares)	989,980	'	989,980	'
Common OP Units (in shares)	4,334,118	2,898,510	4,334,118	2,898,510
Unvested restricted stock awards included for treasury stock method (in shares)	'	'	'	450,530
Dilutive stock options (in shares)	276,635	333,318	290,853	374,506
Average number of common shares outstanding - diluted	121,254,222	113,962,981	121,161,292	114,247,520
Earnings per common share	'	'	'	'
Basic (in dollars per share)	$0.36	$0.31	$0.68	$0.59
Diluted (in dollars per share)	$0.36	$0.31	$0.68	$0.59

PROPERTY_ACQUISITIONS_Details

PROPERTY ACQUISITIONS (Details) (USD $)

6 Months Ended

0 Months Ended

6 Months Ended

In Thousands, except Share data, unless otherwise specified

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

5-May-14

Jun. 30, 2014

property

Virginia 17 Properties Acquired 2014/01/07

Texas, 1 Property Acquired 2014/02/05

California, 1 Property Acquired 2014/03/04

Connecticut, 1 Property Acquired 2014/03/17

Alabama, 1 Property Acquired 2014/03/20

Georgia 1 Property Acquired 2014/04/03

Florida 1 Property Acquired 2014/04/15

California 3 Properties Acquired 2014/04/25

Washington 1 Property Acquired 2014/04/30

California 1 Property Acquired 2014/05/28

North Carolina 1 Property Acquired 2014/06/18

property

Series C Units

property

Property Acquisitions

Number of Properties

Total Consideration Paid

$349,152

$200,588

$14,191

$7,000

$15,138

$13,813

$23,649

$10,186

$35,275

$4,388

$17,614

$7,310

Cash Consideration Paid

290,522

200,525

14,152

6,974

15,169

13,752

15,158

10,077

2,726

4,388

294

7,307

Loans Assumed

33,190

7,122

19,111

14,079

Non-cash gain

3,438

2,556

3,438

Previous equity interest

129

Net Liabilities (Assets) Assumed

-245

-31

157

109

-580

-92

Value of OP units issued

22,118

6,130

8,334

10,451

3,333

Number of OP Units Issued (in shares)

629,380

333,360

226,285

69,735

Acquisition Date Fair Value, Land

80,786

53,878

1,767

2,150

1,072

2,381

2,961

1,640

6,853

437

4,707

2,940

Acquisition Date Fair Value, Building

261,714

142,840

12,368

4,734

14,028

11,224

19,819

8,358

27,666

3,808

12,604

4,265

Acquisition Date Fair Value, Intangible

4,754

2,973

113

200

242

149

579

102

265

Closing costs - expensed

1,898

897

627

177

Amount paid for land portion of property acquired

2,150

Number of properties in which interests were acquired

Additional interest acquired in the venture (as a percent)

60.00%

Equity ownership prior to the acquisition (as a percent)

40.00%

Previous equity interest, fair value

3,567

Preferred OP units issued as part of the acquisition (in shares)

226,285

Preferred OP units issued as part of the acquisition

$10,451

GAIN_LOSS_ON_SALE_OF_REAL_ESTA1

GAIN (LOSS) ON SALE OF REAL ESTATE AND EARNOUT FROM PRIOR ACQUISITION (Details) (USD $)	1 Months Ended	6 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2014	Dec. 31, 2012
	property	property	New York and New Jersey, 10 Properties Acquired in 2012	New York and New Jersey, 10 Properties Acquired in 2012
				property
Gain (loss) on sale of real estate and earnout from prior acquisition	'	'	'	'
Number of Properties	'	29	'	10
Term to make additional cash payment to sellers if the properties acquired exceeded a specified amount of net rental income	'	'	'	'2 years
Payment to sellers resulting from higher rental income of properties	'	'	$7,785	'
Gain on condemnation of a portion of land	$800	'	'	'
Number of self storage property which portion of land condemned	1	'	'	'

VARIABLE_INTERESTS_Details

VARIABLE INTERESTS (Details) (Variable Interest Entity, not primary beneficiary, USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014
	interest
Variable Interests in Unconsolidated Real Estate Joint Ventures:	'
Number of interests in unconsolidated VIE joint ventures	1
Equity Ownership (as a percent)	18.00%
Profit interest (as a percent)	50.00%
Voting rights in unconsolidated VIE joint ventures (as a percent)	50.00%
Management fees charged from unconsolidated VIE (as a percent)	6.00%
Extra Space of Sacramento One LLC	'
Variable Interests in Unconsolidated Real Estate Joint Ventures:	'
Investment balance	-1,203
Amounts Payable to the Company	10,819
Maximum exposure to loss	9,616
Difference	-9,616

VARIABLE_INTERESTS_Details_2

VARIABLE INTERESTS (Details 2) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	item	Dec. 31, 2013
VARIABLE INTERESTS	'	'
Number of wholly-owned unconsolidated subsidiaries	3	'
Comparison of the liability balance and the maximum exposure to loss related to trusts	'	'
Notes payable to trusts	$119,590	$119,590
Number of consolidated VIEs	0	'
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	'	'
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	'
Operating Partnership \| Variable Interest Entity, not primary beneficiary \| Trust II	'	'
Comparison of the liability balance and the maximum exposure to loss related to trusts	'	'
Notes payable to trusts	42,269	'
Investment Balance	1,269	'
Maximum exposure to loss	41,000	'
Operating Partnership \| Variable Interest Entity, not primary beneficiary \| Trust III	'	'
Comparison of the liability balance and the maximum exposure to loss related to trusts	'	'
Notes payable to trusts	41,238	'
Investment Balance	1,238	'
Maximum exposure to loss	$40,000	'

DERIVATIVES_Details

DERIVATIVES (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
	item	Jun. 30, 2013	item	Jun. 30, 2013	Dec. 31, 2013
Derivatives	'	'	'	'	'
Number of derivative financial instruments	22	'	22	'	'
Strike rate cash flow hedge swap agreements, low end of range (as a percent)	2.79%	'	2.79%	'	'
Strike rate cash flow hedge swap agreements, high end of range (as a percent)	6.32%	'	6.32%	'	'
Other assets - Fair Value of Swap Agreements	$4,691	'	$4,691	'	$13,630
Other liabilities - Fair Value of Swap Agreements	-3,194	'	-3,194	'	-3,684
Swap agreements increase (decrease) in interest expenses due to interest payments	-2,317	-2,129	-4,610	-4,282	'
Swap agreements gain (loss) recognized in OCI	'	'	-12,924	15,222	'
Swap agreements gain (loss) reclassified from OCI - Interest expense	'	'	-4,610	-4,282	'
Credit risk derivative, fair value of derivatives in a net liability position	3,194	'	3,194	'	'
Estimated termination value on settlement	3,533	'	3,533	'	'
Cash flow hedging \| Interest rate swap \| Low end of range	'	'	'	'	'
Derivatives	'	'	'	'	'
Notional Amounts	4,718	'	4,718	'	'
Cash flow hedging \| Interest rate swap \| High end of range	'	'	'	'	'
Derivatives	'	'	'	'	'
Notional Amounts	$95,372	'	$95,372	'	'

EXCHANGEABLE_SENIOR_NOTES_Deta

EXCHANGEABLE SENIOR NOTES (Details) (USD $)

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

0 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 21, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 21, 2013

2033 Notes and 2027 Notes

2.375% Exchangeable Senior Notes

Operating Partnership

Minimum

Maximum

Operating Partnership

Notes payable

Principal amount of notes issued

$250,000,000

Interest rate (as a percent)

2.38%

Discount rate (as a percent)

1.50%

Issuance cost

1,672,000

Amortization period

'5 years

Conversion ratio, number of shares per $1,000 principal amount, numerator

17.98

Principal amount used for debt instrument conversion ratio

1,000

Redemption price as percentage of principal amount of notes plus accrued and unpaid interest

100.00%

Number of days of written notice to holders of notes required for redemption

'30 days

'60 days

Redemption price as percentage of principal amount of notes at request of debt holders and upon occurrence of designated event

100.00%

Carrying amount of the equity component, the principal amount of the liability component, its unamortized discount and its net carrying amount

Carrying amount of equity component

-14,496,000

Principal amount of liability component

250,000,000

Unamortized discount - equity component

-11,806,000

-13,131,000

Unamortized cash discount

-14,787,000

-16,487,000

3,750,000

-2,981,000

-3,356,000

Net carrying amount of liability component

235,213,000

233,513,000

Effective interest rate on the liability component (as a percent)

4.00%

Amount of interest cost recognized relating to the contractual interest rate and the amortization of the discount on the liability component

Contractual interest

1,484,000

146,000

2,968,000

146,000

Amortization of discount

663,000

113,000

1,325,000

113,000

663,000

113,000

1,325,000

113,000

Total interest expense recognized

$2,147,000

$259,000

$4,293,000

$259,000

NONCONTROLLING_INTEREST_REPRES1

NONCONTROLLING INTEREST REPRESENTED BY PREFERRED OPERATING PARTNERSHIP UNITS (Details) (USD $)

6 Months Ended

0 Months Ended

6 Months Ended

0 Months Ended

6 Months Ended

1 Months Ended

0 Months Ended

1 Months Ended

6 Months Ended

0 Months Ended

1 Months Ended

In Thousands, except Share data, unless otherwise specified

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Nov. 19, 2013

Dec. 02, 2013

Jun. 30, 2014

Apr. 03, 2014

Jun. 30, 2014

Jun. 30, 2007

Sep. 26, 2013

Aug. 29, 2013

Apr. 03, 2014

28-May-14

Dec. 02, 2013

Jun. 30, 2007

Jun. 30, 2014

Sep. 26, 2013

28-May-14

Jun. 30, 2007

Jun. 25, 2007

Georgia 1 property purchased on April 3, 2014

California properties acquired

Series B Units

Series C Units

Holders of A units

Operating Partnership

property

Georgia 1 property purchased on April 3, 2014

item

Series A Units

property

California, 20 Properties Acquired 2013-September

Georgia 1 property purchased on April 3, 2014

California properties acquired

Series A Units

Series B Units

Series C Units

Holders of A units

property

California, 20 Properties Acquired 2013-September

California properties acquired

Noncontrolling interest in operating partnership

Number of self-storage facilities (properties) acquired

Preferred Units Issued as Part of Acquisition (in shares)

333,360

989,980

1,342,727

704,016

Loan to holders of preferred OP units

$100,000

Note receivable interest rate (as a percent)

4.85%

Maximum number of preferred OP units converted prior to the maturity date of the loan (in shares)

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

Total Consideration Paid

349,152

23,649

8,334

15,158

Number of self-storage properties acquired as part of portfolio acquisition

Cash portion of payment for acquisition

100,876

45,722

Debt Assumed

33,190

7,122

98,960

37,532

Preferred OP units issued as part of the acquisition

33,568

30,960

OP units issued as part of the acquisition (in shares)

1,448,108

OP units issued as part of the acquisition

62,341

Liquidation value (in dollars per share)

$25

$42.10

Fixed liquidation value

$41,902

$29,639

Annual rate of return (as a percent)

6.00%

Number of separate Contribution Agreements

Ownership interest in five properties through joint ventures prior to the acquisition

35.00%

Ownership interest in one property through joint ventures prior to the acquisition

40.00%

Number of self-storage properties in which ownership interest was held prior to acquisition

Quarterly distribution per preferred OP unit payable above quarterly distribution for common OP Unit

$0.18

Number of quarters immediately preceding the fifth anniversary of issuance for which distribution is payable

Period from date of issuance after which preferred OP units will become redeemable at the option of the holder

'1 year

Period from date of issuance after which preferred OP units will become convertible into common OP units at the option of the holder

'1 year

Preferred OP units conversion ratio

0.9145

Number of self-storage properties in which ownership interest was held prior to acquisition of remaining properties

NONCONTROLLING_INTEREST_IN_OPE1

NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP (Details) (USD $)	6 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014
Noncontrolling interest in operating partnership	'
Period used as a denomination to determine the average closing price of common stock	'10 days
OP units conversion basis	'one-for-one basis
Ten day average closing stock price (in dollars per share)	$53.45
Consideration to be paid on redemption of common OP units	$231,659
Operating Partnership	'
Noncontrolling interest in operating partnership	'
Ownership interest held by entity (as a percent)	93.80%
Noncontrolling interest in operating partnership (as a percent)	6.20%
OP units outstanding (in shares)	4,334,118

OTHER_NONCONTROLLING_INTERESTS1

OTHER NONCONTROLLING INTERESTS (Details) (USD $)	1 Months Ended
In Thousands, unless otherwise specified	31-May-13	Feb. 28, 2013	Jun. 30, 2014	Feb. 27, 2013
	31-May-13	property	property	Feb. 27, 2013
Other Noncontrolling Interests	'	'	'	'
Number of properties under construction	'	'	1	'
Number of operating properties owned by consolidated joint venture	'	'	19	'
Number of joint venture partners in a consolidated property in which ownership interest was acquired	'	1	'	'
Purchase of capital interest by entity in a joint venture partner of a consolidated property (as a percent)	27.70%	1.70%	'	'
Purchase of profit interest by the entity in a joint venture partner of a consolidated property (as a percent)	35.00%	17.00%	'	'
Cash paid for acquiring interest in a joint venture partner of a consolidated property	$950	$200	'	'
Ownership interest held by entity in joint venture partner of a consolidated property prior to acquisition (as a percent)	'	'	'	95.00%
Ownership interest held by entity in joint venture partner of a consolidated property (as a percent)	'	'	'	96.70%
Other noncontrolling interests	'	'	'	'
Other Noncontrolling Interests	'	'	'	'
Number of consolidated joint ventures	'	'	2	'
Other noncontrolling interests \| Minimum	'	'	'	'
Other Noncontrolling Interests	'	'	'	'
Ownership interests of third party owners (as a percent)	'	'	1.00%	'
Other noncontrolling interests \| Maximum	'	'	'	'
Other Noncontrolling Interests	'	'	'	'
Ownership interests of third party owners (as a percent)	'	'	3.30%	'

EQUITY_IN_EARNINGS_OF_UNCONSOL1

EQUITY IN EARNINGS OF UNCONSOLIDATED REAL ESTATE VENTURES - PURCHASE OF JOINT VENTURE PARTNERS' INTERESTS (Details) (USD $)	6 Months Ended		0 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Apr. 25, 2014	Apr. 25, 2014	Feb. 13, 2013	Feb. 13, 2013
	property		Savi-Ranch SPC, LLC	Savi-Ranch SPC, LLC	Extra Space of Eastern Avenue LLC	Extra Space of Montrose Avenue LLC
			property	Series C Units	property	property
Real estate joint ventures of the entity	'	'	'	'	'	'
Ownership interest acquired in joint venture (as a percent)	'	'	60.00%	'	48.00%	61.00%
Number of properties owned by joint venture	19	'	1	'	1	1
Cash paid for acquiring equity interest in the joint venture	'	'	'	'	$5,979	$6,878
Fair value of previous equity interest prior to acquisition	'	'	3,567	'	'	'
Cash Consideration Paid	290,522	'	1,785	'	'	'
Preferred OP units issued as part of the acquisition (in shares)	'	'	'	101,929	'	'
Preferred OP units issued as part of the acquisition	'	'	'	4,291	'	'
Equity ownership prior to the acquisition (as a percent)	'	'	40.00%	'	52.00%	39.00%
Non-cash gain	$3,438	$2,556	$3,438	'	$2,215	$341

SEGMENT_INFORMATION_Details

SEGMENT INFORMATION (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
	Jun. 30, 2014	Jun. 30, 2013	segment	Jun. 30, 2013	Dec. 31, 2013
SEGMENT INFORMATION	'	'	'	'	'
Number of reportable segments	'	'	3	'	'
Balance Sheet	'	'	'	'	'
Investment in unconsolidated real estate ventures	$86,794	'	$86,794	'	$88,125
Total assets	4,208,890	'	4,208,890	'	3,977,140
Statement of Operations	'	'	'	'	'
Total revenues	160,240	126,246	312,420	245,568	'
Operating expenses, including depreciation and amortization	89,579	72,871	181,361	145,464	'
Income (loss) from operations	70,661	53,375	131,059	100,104	'
Gain (loss) on real estate transactions	-7,785	800	-7,785	800	'
Interest expense	-20,658	-18,362	-40,256	-35,728	'
Non-cash interest expense related to the amortization of discount on equity component of exchangeable senior notes	-663	-113	-1,325	-113	'
Interest income	712	133	981	317	'
Interest income on note receivable from Preferred Operating Partnership unit holder	1,212	1,212	2,425	2,425	'
Equity in earnings of unconsolidated real estate ventures	2,604	2,914	5,023	5,537	'
"Equity in earnings of unconsolidated real estate ventures - gain on purchase of joint venture partners' interests "	3,438	'	3,438	2,556	'
Income tax expense	-3,513	-2,858	-6,343	-4,866	'
Net income (loss)	46,008	37,101	87,217	71,032	'
Depreciation and amortization expense	'	'	'	'	'
Depreciation and amortization expense	28,271	22,785	56,646	45,810	'
Statement of Cash Flows	'	'	'	'	'
Acquisition of real estate assets	'	'	-296,920	-59,704	'
Development and redevelopment of real estate assets	'	'	-5,958	-2,332	'
Rental operations	'	'	'	'	'
Balance Sheet	'	'	'	'	'
Investment in unconsolidated real estate ventures	86,794	'	86,794	'	88,125
Total assets	3,954,126	'	3,954,126	'	3,641,746
Statement of Operations	'	'	'	'	'
Total revenues	138,778	107,340	270,779	210,263	'
Operating expenses, including depreciation and amortization	68,620	54,904	138,562	110,872	'
Income (loss) from operations	70,158	52,436	132,217	99,391	'
Interest expense	-20,348	-18,069	-39,658	-35,049	'
Non-cash interest expense related to the amortization of discount on equity component of exchangeable senior notes	-663	-113	-1,325	-113	'
Equity in earnings of unconsolidated real estate ventures	2,604	2,914	5,023	5,537	'
"Equity in earnings of unconsolidated real estate ventures - gain on purchase of joint venture partners' interests "	3,438	'	3,438	2,556	'
Income tax expense	601	3,838	2,020	4,847	'
Net income (loss)	55,790	41,006	101,715	77,169	'
Depreciation and amortization expense	'	'	'	'	'
Depreciation and amortization expense	26,326	21,442	52,786	42,973	'
Tenant reinsurance	'	'	'	'	'
Balance Sheet	'	'	'	'	'
Total assets	29,359	'	29,359	'	34,393
Statement of Operations	'	'	'	'	'
Total revenues	14,508	12,110	27,971	22,331	'
Operating expenses, including depreciation and amortization	2,636	2,202	5,203	4,112	'
Income (loss) from operations	11,872	9,908	22,768	18,219	'
Interest income	4	4	8	8	'
Income tax expense	-3,856	-6,379	-7,671	-9,245	'
Net income (loss)	8,020	3,533	15,105	8,982	'
Property management, acquisition and development	'	'	'	'	'
Balance Sheet	'	'	'	'	'
Total assets	225,405	'	225,405	'	301,001
Statement of Operations	'	'	'	'	'
Total revenues	6,954	6,796	13,670	12,974	'
Operating expenses, including depreciation and amortization	18,323	15,765	37,596	30,480	'
Income (loss) from operations	-11,369	-8,969	-23,926	-17,506	'
Gain (loss) on real estate transactions	-7,785	800	-7,785	800	'
Interest expense	-310	-293	-598	-679	'
Interest income	708	129	973	309	'
Interest income on note receivable from Preferred Operating Partnership unit holder	1,212	1,212	2,425	2,425	'
Income tax expense	-258	-317	-692	-468	'
Net income (loss)	-17,802	-7,438	-29,603	-15,119	'
Depreciation and amortization expense	'	'	'	'	'
Depreciation and amortization expense	1,945	1,343	3,860	2,837	'
Statement of Cash Flows	'	'	'	'	'
Acquisition of real estate assets	-40,161	-40,950	-296,920	-59,704	'
Development and redevelopment of real estate assets	($3,138)	($1,542)	($5,958)	($2,332)	'

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (USD $)	6 Months Ended	0 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Aug. 06, 2014
		Subsequent event
		Georgia 1 property purchased on August 6, 2014
SUBSEQUENT EVENTS	'	'
Total Consideration Paid	$349,152	$11,150