The following table shows the Company’s acquisitions of operating stores for the nine months ended September 30, 2016. The table excludes purchases of raw land or improvements made to existing assets.



			Consideration Paid												Fair Value
Property Location	Number of Stores	Date of Acquisition	Total		Cash Paid		Loan Assumed		Net Liabilities/(Assets) Assumed			Value of OP Units Issued		Number of OP Units Issued	Real estate assets
California	1	9/21/2016	$	13,800	$	13,782	$	—	$	18		$	—	—	$	13,800
Various states⁽¹⁾	23	9/16/2016	237,542		237,800		—		(258		)	—		—	248,530
California	1	8/31/2016	3,990		3,998		—		(8		)	—		—	3,990
Texas	1	8/12/2016	9,993		9,915		—		78			—		—	9,993
Hawaii	1	7/14/2016	30,955		30,850		—		105			—		—	30,955
Massachusetts	1	6/30/2016	13,807		13,751		—		56			—		—	13,807
Georgia	1	6/30/2016	7,900		6,696		—		4			1,200		13,764	7,900
Illinois	4	6/10/2016	55,851		—		—		814			55,037		2,201,467	55,851
Texas	4	6/2/2016	37,478		37,246		—		232			—		—	37,478
South Carolina	1	5/10/2016	8,249		8,230		—		19			—		—	8,249
Washington, DC	1	5/5/2016	32,968		23,163		9,723		82			—		—	32,968
Indiana	5	4/22/2016	26,983		26,849		—		134			—		—	26,983
Colorado	1	4/19/2016	7,904		7,869		—		35			—		—	7,904
Arizona	1	4/18/2016	8,154		8,029		—		125			—		—	8,154
Texas	1	4/15/2016	10,978		10,922		—		56			—		—	10,978
Arizona	1	4/5/2016	5,000		4,999		—		1			—		—	5,000
Hawaii	1	4/5/2016	28,992		28,935		—		57			—		—	28,992
New Mexico	1	3/29/2016	10,958		10,928		—		30			—		—	10,958
New Mexico	1	3/29/2016	17,940		17,905		—		35			—		—	17,940
Georgia	3	3/29/2016	25,087		25,069		—		18			—		—	25,087
Texas	1	3/21/2016	9,994		9,969		—		25			—		—	9,994
Illinois	1	2/25/2016	16,721		16,738		—		(17		)	—		—	16,721
Massachusetts	1	2/16/2016	16,169		16,174		—		(5		)	—		—	16,169
Various states⁽²⁾	6	2/2/2016	53,898		53,940		—		(42		)	—		—	98,082
Texas	3	1/14/2016	22,625		22,523		—		102			—		—	22,625
Florida	1	1/12/2016	9,001		8,980		—		21			—		—	9,001
Texas	3	1/7/2016	27,537		27,435		—		102			—		—	27,537
New Mexico	2	1/7/2016	15,607		15,495		—		112			—		—	15,607
2016 Totals	72		$	766,081	$	698,190	$	9,723	$	1,931		$	56,237	2,215,231	$	821,253

(1)

On September 16, 2016, the Company acquired 23 stores from its ESS PRISA II LLC joint venture ("PRISA II") in a step acquisition. These stores are located in Arizona, California, Connecticut, Florida, Indiana, Kentucky, Massachusetts, Maryland, Michigan, New Jersey, New Mexico, Ohio, Tennessee and Virginia. The Company owned 4.42% of PRISA II, with the other 95.58% owned by affiliates of Prudential Global Investment Management ("Prudential"). PRISA II created a new subsidiary, Extra Space Properties 131 LLC ("ESP 131"), and transferred 23 stores into ESP 131. PRISA II then distributed ESP 131 to the Company and Prudential on a pro rata basis. This distribution was accounted for as a spinoff, and was therefore recorded at the net carrying amount of the properties of $4,326. Immediately after the distribution, the Company acquired Prudential's 95.58% interest in ESP 131 for $238,679, resulting in 100% ownership of ESP 131 and the related 23 stores. Based on the purchase price of Prudential's share of ESP 131, the Company determined that the fair value of its investment in ESP 131 immediately prior to the acquisition of Prudential's share was $10,988, and the Company recorded a gain of $6,662 as a result of re-measuring to fair value its existing equity interest in ESP 131. This gain is included in equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and purchase of joint venture partners' interests on the Company's condensed consolidated statements of operations. The Company recorded fixed assets related to this acquisition of $248,530, which includes total cash paid, the investment in ESP 131, and the step acquisition gain, less net assets acquired. Subsequent to these transactions, PRISA II owned 42 stores. The Company sold its 4.42% interest in PRISA II to Prudential immediately following these transactions as disclosed in Note 6.

(2)

On February 2, 2016, the Company acquired six stores from its VRS Self Storage LLC joint venture (“VRS”) in a step acquisition. These stores are located in Florida, Maryland, Nevada, New York, and Tennessee. The Company owns 45.04% of VRS, with the other 54.96% owned by affiliates of Prudential. VRS created a new subsidiary, Extra Space Properties 122 LLC (“ESP 122”) and transferred six stores into ESP 122. VRS then distributed ESP 122 to the Company and Prudential on a pro rata basis. This distribution was accounted for as a spinoff, and was therefore recorded at the net carrying amount of the properties of $17,261. Immediately after the distribution, the Company acquired Prudential’s 54.96% interest in ESP 122 for $53,940, resulting in 100% ownership of ESP 122 and the related six stores. Based on the purchase price of Prudential’s share of ESP 122, the Company determined that the fair value of its investment in ESP 122 immediately prior to the acquisition of Prudential’s share was $44,184, and the Company recorded a gain of $26,923 as a result of re-measuring to fair value its existing equity interest in ESP 122. This gain is included in equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and purchase of joint venture partners’ interests on the Company’s condensed consolidated statements of operations. The Company recorded fixed assets related to this acquisition of $98,082, which includes total cash paid, the investment in ESP 122, and the step acquisition gain, less net assets acquired.