Extra Space Storage Inc. is a self-administered and self-managed real estate investment trust (REIT). The Company owns, operates, manages, acquires, develops and redevelops professionally managed self-storage facilities. As of December 31, 2010, Extra Space Storage Inc. held ownership interests in 660 operating properties. Of these operating properties, 295 are wholly owned, and 365 are owned in joint venture partnerships. Its REIT subsidiary, Extra Space Management, Inc., operated an additional 160 properties that are owned by franchisees or third-parties in exchange for a management fee, bringing the total number of operating properties, which it owns and/or manages to 820. The Company operates in three segments: property management, acquisition and development; rental operations, and tenant reinsurance. On January 21, 2010 the Company closed a joint venture transaction with an affiliate of Harrison Street Real Estate Capital LLC (Harrison Street).