Public Storage continues to grapple with decelerating same-store revenue growth as it faces slower rental growth and declining occupancy rates brought on by record-levels of new self-storage development. The company saw same-store revenue grow 2.4 percent during the third quarter of 2017, a slowdown from 5.1 percent same-store revenue growth the same quarter last year. The quarter marks…

money money

Hit by a rising tide of new construction and economic trouble spots across the country, publicly traded self-storage REITs have pulled back significantly from their acquisitions of existing facilities. Acquisitions by the top five self-storage real estate investment trusts (REITs)—Public Storage, Extra Space Storage, CubeSmart, Life Storage and National Storage Affiliates—are off by an annualized…

Public Storage purchased a portfolio of 11 facilities in the Oklahoma City market last week, doubling the number of facilities it operates in the state. The portfolio was sold by Switzer’s Locker Rooms. Former University of Oklahoma football coach Barry Switzer (pictured at top) was a partner in the business. Purchase price was not disclosed….

It appears that competition from new self-storage development is having an impact on Public Storage’s bottom-line—at least in a few select markets. During the company’s second quarter conference call, CEO Ron Havner singled out two markets in particular: Denver and Houston, which saw revenues decline 8.3 percent and 6.6 percent, respectively, during the second quarter….