Subsequent Events	3 Months Ended
Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	16. SUBSEQUENT EVENTS On April 2, 2023, the Company entered into an agreement and plan of merger (the "Merger Agreement") by and among the Parent Company, the Operating Partnership, Extra Space Storage Inc. ("Extra Space"), Extra Space Storage LP ("Extra Space OP"), Eros Merger Sub, LLC ("Eros Merger Sub") and Eros OP Merger Sub, LLC ("Eros OP Merger Sub"), pursuant to which Eros Merger Sub will merge with and into the Parent Company (the "Company Merger"), with the Parent Company surviving the Company Merger and remaining a wholly owned subsidiary of Extra Space and following certain conversion and contribution transactions, Eros OP Merger Sub will merge with and into the Operating Partnership (the "Partnership Merger" and together with the Company Merger, the "Mergers"), with the Operating Partnership surviving the Partnership Merger and becoming a wholly-owned subsidiary of Extra Space OP. At the effective time of the Company Merger (the "Company Merger Effective Time"), each share of common stock of the Parent Company outstanding immediately prior to the Company Merger Effective Time will be automatically converted into the right to receive 0.895 shares of Extra Space common stock. Additionally, each share of restricted Parent Company common stock that is issued and outstanding immediately prior to the Company Merger Effective Time will, as of immediately prior to the Company Merger Effective Time, become fully vested. Each performance stock unit with respect to shares of Parent Company common stock that is outstanding as of immediately prior to the Company Merger Effective Time will, as of immediately prior to the Company Merger Effective Time, be accelerated and vest with respect to the Parent Company performance stock units that would vest based on the actual achievement of the applicable performance conditions over the truncated performance period ending on the closing date of the Company Merger, determined in accordance with the terms of the applicable award agreement. The respective boards of directors of the Parent Company and Extra Space have approved the Merger Agreement. The Mergers are expected to close during the second half of 2023 and are subject to certain conditions to closing, including (a) the approval of the Company Merger and other transactions contemplated by the Merger Agreement by the holders of at least two-thirds of the Parent Company's common stock, (b) the approval of the issuance of Extra Space common stock in the Company Merger by a majority of the votes cast by the holders of Extra Space common stock on such matter, (c) the shares of Extra Space common stock to be issued in the Company Merger will have been approved for listing on the New York Stock Exchange, (d) the Form S-4 to be filed by Extra Space to register the offer and sale of shares of Extra Space common stock to be issued in the Company Merger becoming effective, (e) the absence of any temporary restraining order, injunction or other legal order, and no law being enacted, which would have the effect of making illegal or otherwise prohibiting the consummation of the Mergers, (f) the receipt of certain legal opinions by each of the Parent Company and Extra Space and (g) other customary conditions specified in the Merger Agreement. On April 3, 2023, the Company declared a quarterly dividend of $1.20 per common share. The dividend was paid on April 26, 2023 to shareholders of record on April 14, 2023. The total dividend paid amounted to $102.1 million. During April 2023, holders of 1,190,407 preferred noncontrolling redeemable Operating Partnership Units elected to convert their preferred Units to common noncontrolling redeemable Operating Partnership Units. A total of 268,880 common noncontrolling redeemable Operating Partnership Units with an aggregate value of $29.8 million were issued as part of this conversion. Subsequent to March 31, 2023, an unconsolidated joint venture of the Company acquired four self-storage facilities for an aggregate contractual purchase price of $150.0 million, of which the Company's share was $15.1 million.

Subsequent Events

3 Months Ended

Mar. 31, 2023

16. SUBSEQUENT EVENTS

On April 2, 2023, the Company entered into an agreement and plan of merger (the "Merger Agreement") by and among the Parent Company, the Operating Partnership, Extra Space Storage Inc. ("Extra Space"), Extra Space Storage LP ("Extra Space OP"), Eros Merger Sub, LLC ("Eros Merger Sub") and Eros OP Merger Sub, LLC ("Eros OP Merger Sub"), pursuant to which Eros Merger Sub will merge with and into the Parent Company (the "Company Merger"), with the Parent Company surviving the Company Merger and remaining a wholly owned subsidiary of Extra Space and following certain conversion and contribution transactions, Eros OP Merger Sub will merge with and into the Operating Partnership (the "Partnership Merger" and together with the Company Merger, the "Mergers"), with the Operating Partnership surviving the Partnership Merger and becoming a wholly-owned subsidiary of Extra Space OP. At the effective time of the Company Merger (the "Company Merger Effective Time"), each share of common stock of the Parent Company outstanding immediately prior to the Company Merger Effective Time will be automatically converted into the right to receive 0.895 shares of Extra Space common stock. Additionally, each share of restricted Parent Company common stock that is issued and outstanding immediately prior to the Company Merger Effective Time will, as of immediately prior to the Company Merger Effective Time, become fully vested. Each performance stock unit with respect to shares of Parent Company common stock that is outstanding as of immediately prior to the Company Merger Effective Time will, as of immediately prior to the Company Merger Effective Time, be accelerated and vest with respect to the Parent Company performance stock units that would vest based on the actual achievement of the applicable performance conditions over the truncated performance period ending on the closing date of the Company Merger, determined in accordance with the terms of the applicable award agreement.

The respective boards of directors of the Parent Company and Extra Space have approved the Merger Agreement. The Mergers are expected to close during the second half of 2023 and are subject to certain conditions to closing, including (a) the approval of the Company Merger and other transactions contemplated by the Merger Agreement by the holders of at least two-thirds of the Parent Company's common stock, (b) the approval of the issuance of Extra Space common stock in the Company Merger by a majority of the votes cast by the holders of Extra Space common stock on such matter, (c) the shares of Extra Space common stock to be issued in the Company Merger will have been approved for listing on the New York Stock Exchange, (d) the Form S-4 to be filed by Extra Space

to register the offer and sale of shares of Extra Space common stock to be issued in the Company Merger becoming effective, (e) the absence of any temporary restraining order, injunction or other legal order, and no law being enacted, which would have the effect of making illegal or otherwise prohibiting the consummation of the Mergers, (f) the receipt of certain legal opinions by each of the Parent Company and Extra Space and (g) other customary conditions specified in the Merger Agreement.

On April 3, 2023, the Company declared a quarterly dividend of $1.20 per common share. The dividend was paid on April 26, 2023 to shareholders of record on April 14, 2023. The total dividend paid amounted to $102.1 million.

During April 2023, holders of 1,190,407 preferred noncontrolling redeemable Operating Partnership Units elected to convert their preferred Units to common noncontrolling redeemable Operating Partnership Units. A total of 268,880 common noncontrolling redeemable Operating Partnership Units with an aggregate value of $29.8 million were issued as part of this conversion.

Subsequent to March 31, 2023, an unconsolidated joint venture of the Company acquired four self-storage facilities for an aggregate contractual purchase price of $150.0 million, of which the Company's share was $15.1 million.