For Extra Space Storage, our third-party management program, 3Plus, is delivering smart growth. In 2009 we significantly ramped up 3Plus, which gives individual self-storage property owners all the benefits of our national scale and proven expertise.

The program leverages our strengths in three areas: technology, revenue management and marketing. These competitive advantages let us get the very best out of our properties, whether we own them or manage them for someone else. We have signed up more than 70 properties since September 2008 and had 124 under management at the end of 2009.

3Plus gives property owners the power of our national brand along with our call center, aggressive Internet marketing and best-in-class revenue management. In return, Extra Space Storage earns a 6% management fee and retains all tenant reinsurance income. The program expands our national footprint, enhancing our operational scale and marketing efficiencies. It also gives us a pipeline of potential acquisitions over time.

Given our performance during the economic downturn, we continue to see interest from private and institutional equity investors in the self-storage product type. Though opportunities are currently sparse, we expect to evaluate potential acquisitions when the time and opportunity are right.

Meanwhile, we continue to bring development properties online. We opened 12 new properties in 2009 and have another ten on tap for the next five to six quarters. While we discontinued our development program last year due to a lack of financing, the projects have long lead times and we are opening new properties as we finish them. Our shareholders will benefit from earnings upside as we lease up these properties in the coming years.