Growing our scale – selectively
Extra Space Storage is the second-largest operator of self storage in the country, with 694 high-quality, well located operating properties in 33 states and Washington, D.C. Last year we grew our lead in the marketplace with a clear focus on quality over quantity. We added 20 wholly-owned properties to our portfolio last year through careful acquisitions and selective developments and expansions.
In total, we made 11 wholly-owned acquisitions in 2008 for $79.9 million – our smallest number in five years, in keeping with the state of the capital markets. We also acquired an additional 40% interest in a Prudential joint venture for approximately $44.1 million. Our newly acquired properties are located in our core markets of California, Colorado, Florida, Indiana, Maryland and New York.
During the year, our development department completed nine projects for a total cost of $77.1 million. We opened state-of-the-art, community-friendly storage facilities in high barrier-to-entry markets, including metropolitan areas surrounding Baltimore-Washington D.C., Chicago, Los Angeles, Miami, New York and San Francisco. Our strategy is designed to add value to our portfolio over time.
