SOURCE: Extra Space Storage Inc.

Extra Space Storage Inc.

July 06, 2011 08:00 ET

Extra Space Storage® Announces Management Agreement for 19 Properties With W. P. Carey

SALT LAKE CITY, UT--(Marketwire - Jul 6, 2011) - Extra Space Storage Inc. (NYSE: EXR) today announced it has entered into an agreement with an affiliate of W. P. Carey & Co. LLC to assume management of 19 self-storage assets recently purchased by CPA®:17 - Global, one of W. P. Carey's publicly held non-traded REIT affiliates. Effective June 27, 2011, the 19 properties, located in Southern California and Hawaii, will be managed by Extra Space Storage. All of these assets will be reflagged and rebranded as Extra Space Storage properties.

"We are excited to strengthen our existing relationship with W. P. Carey while at the same time continue to grow the Extra Space Storage brand," said Karl Haas, Executive Vice President and Chief Operating Officer for Extra Space Storage. "An expanded footprint in these markets solidifies our ability to provide best-in-class efficiencies in online marketing, revenue management and property operations."

"We have been actively investing in storage since 2004 and have been very pleased with the way our self storage properties performed throughout the recent downturn," said Liz Raun Schlesinger, Director for W. P. Carey & Co. LLC. "This acquisition was particularly attractive because the properties are well located in markets with good demographics and strong barriers to entry. We selected Extra Space Storage to manage these properties because they have widely recognized 'best in class' online marketing and revenue management systems and managed to increase tenant rent throughout the recession without significant loss in occupancy."

Extra Space Storage® has been a leader in the storage industry for over 30 years. Since expanding to third party management, Extra Space Storage has become the largest self-storage management company in the country. With the addition of the W. P. Carey assets, Extra Space Storage will have 180 properties under management.

About Extra Space Storage Inc.
Extra Space Storage Inc., headquartered in Salt Lake City, is a fully integrated, self-administered and self-managed real estate investment trust that owns and/or operates 859 self-storage properties in 34 states and Washington, D.C. The company's properties comprise approximately 550,000 units and more than 60 million square feet of rentable storage space offering customers conveniently located and secure storage solutions, including boat storage, RV storage and business storage. Extra Space Storage is the second-largest owner and/or operator of self-storage properties and is the largest self-storage management company in the United States. For more information, visit www.extraspace.com. For more information on the Extra Space Storage's third-party management program, Extra Space ManagementPlus, visit www.extraspace.com/ManagementPlus.