by adowney | Nov 4, 2018 | News, Public Companies
Dean Jernigan, a 34-year veteran of the self-storage industry, has stepped down from day-to-day management of self-storage financing and investment REIT Jernigan Capital Inc., with John Good replacing Jernigan as CEO and Jonathan Perry assuming the role of president....
by adowney | Nov 1, 2018 | News, Public Companies
Unwilling to stomach lofty valuations for existing storage properties, executives at Public Storage continue to pour the self-storage REIT’s energy — and money — into development, redevelopment and expansion activities. “We, at the end of the day, really can’t make...
by adowney | Nov 1, 2018 | News, Public Companies
Extra Space Storage is on track to complete more than $1 billion in acquisitions this year, fueled primarily by joint venture partnerships and its third-party management pipeline. In an Oct. 31 call with Wall Street analysts, Extra Space CEO Joe Margolis said those...
by adowney | Oct 30, 2018 | News
NYC-based self-storage operator Manhattan Mini Storage has once again applied outside-the-unit thinking to its advertising. In conjunction with its 40th anniversary, Manhattan Mini Storage rolled out a new ad campaign with this tagline: “Mini storage. Maximum you.”...
by adowney | Oct 29, 2018 | News, Public Companies
With an overall decline in delivery of new supply projected for its top 12 metro markets in 2019 compared with this year and last year, self-storage REIT CubeSmart is bullish about the outlook for same-store revenue growth. In fact, the REIT’s CEO said he thinks the...
by adowney | Oct 15, 2018 | News
Does the overall decline in self-storage rental rates in the U.S. signal an industrywide slump? Well, not quite. On the heels of roughly six to eight years of double-digit rent growth, rental rates are beginning to normalize, said Adam Schlosser, senior director of...
by adowney | Oct 7, 2018 | Investment, News
Two related self-storage REITs, Strategic Storage Growth Trust Inc. and Strategic Storage Trust II Inc., are merging in a stock-and-debt deal valued at $340 million that would bring ownership of more than 100 self-storage facilities under one umbrella. The...
by adowney | Sep 24, 2018 | City Guides
So, you’ve decided to put down stakes in the Windy City and buy some property. Chicago will be happy to have you, but there are some unique quirks to the the city’s real estate market that you should keep in mind before you fork over a downpayment and sign on the...
by adowney | Sep 11, 2018 | News, Private Companies
For years, institutional investors and equity funds mostly shied away from the self-storage sector. In 2015, they represented just 5 percent of self-storage acquisitions of at least $2.5 million, data from Marcus & Millichap Research Services and Real Capital...
by adowney | Sep 10, 2018 | City Guides
Sure, plenty of cities sport storied pasts, but are there any quite as colorful as Chicago? She is a city that burned almost completely to the ground, and was rebuilt; a city long seen as at the center of commerce and industry and a city where one of the NBA’s finest...
by adowney | Sep 6, 2018 | News, Private Companies
Avid art collector Steven Guttman, who’s founder and chairman of self-storage developer and operator Storage Deluxe Management Co., is crafting a lucrative business out of the art and science of storing fine art, couture clothing and collectibles. The high-end storage...
by adowney | Aug 14, 2018 | News, Public Companies
In September, self-storage REIT National Storage Affiliates Trust expects to complete its $1.325 billion purchase (with joint venture partner Heitman LLC) of 112 Simply Self Storage facilities. Yet closing that deal won’t mean the end of near-term acquisition activity...
by adowney | Aug 6, 2018 | News, Public Companies
As labor costs, interest rates and construction expenses keep climbing, Extra Space Storage Inc. CEO Joe Margolis said he sees a slowing down of new self-storage development, with some projects even being canceled amid that environment. In an Aug. 1 earnings call with...
by adowney | Jul 30, 2018 | News, Public Companies
2018 is shaping up to be a record-breaking year for the third-party management program at self-storage REIT CubeSmart, President and CEO Chris Marr told Wall Street analysts July 27. During the second quarter, CubeSmart added 41 facilities to the third-party...
by adowney | Jun 29, 2018 | Investment, News
Bolstered by self-storage veteran Hugh Horne, a new joint venture aims to create a national portfolio of storage facilities over the next several years. HPI Horne Storage, a collaboration between Austin, TX-based Horne Partners LLC and Austin-based HPI Real Estate...
by adowney | Jun 27, 2018 | Development, News
If you look at where the self-storage development pipeline is gushing these days, you can see why some developers might be attracted to those markets while others might be repelled by them. It’s sort of a tale of two cities. A report released recently by Yardi Matrix...
