Did self-storage giant Public Storage mislead tenants into buying their in-house insurance product? That’s the central question at the heart of a class action trial that started in California on Monday. The suit seeks $100 million in restitution for the plaintiffs who claim that employees of the storage REIT told customers that they must buy…

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 sense of a lot of the valuations,” Tom Boyle, chief financial officer of Glendale, CA-based…

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…