This time next year, self-storage giant Public Storage will have a new leader at the helm. The company announced that Ron Havner will step down as CEO at the end of 2018 after more than 15 years in the role. Joe Russell, who currently serves as president, will replace Havner effective January 1, 2019. Havner…
Three storage properties in various stages of development by Wheat Capital Management will likely be seized by the federal government as the company founder Daniel Touizer awaits trial. The office of the U.S. Attorney for the Southern District of Florida filed liens to seize the properties, along with two residential properties owned by Touizer. In…
What did you miss in self-storage news this week? Here is a quick recap of all the stories that might have slipped through the cracks. MakeSpace founder launches new startup MakeSpace founder and former CEO Sam Rosen is cooking up a new startup that seeks to eliminate usage of plastic water bottles. Rosen left the…
Below is a quick recap of some of the self-storage related stories you might have missed this week. Storage tenants indicted for breaking into other units and stealing identities Four individuals in Columbus, OH were indicted by a grand jury on charges of theft, identity fraud, and breaking and entering. The accused allegedly rented units at…
Welcome to our new column where we try and catch up on a few news stories in the world of self-storage we didn’t get a chance to cover in the week that was. Public Storage looks to develop historic property in California Self-storage operator Public Storage has a deal to buy a 4.4 acre lot…
The self-storage industry built more than twice as many storage facilities in 2017 than it did the year before. That is according a new findings released by Union Realtime, a data firm that tracks the industry. The company identified a total of 791 self-storage facilities that were completed last year, compared to 359 properties in 2016….
Goodbye Macy’s, hello self-storage. Long considered anchors of the shopping mall, many department stores are undergoing a long, painful death. That has left mall owners scrambling to find suitable tenants to fill the large empty footprints left behind. Enter self-storage. While retail property overall has been hitting the skids, the self-storage industry as been ascendant and…
The self-storage industry can expect a soft landing from the current surge of development activity, according to Dean Jernigan, CEO of the publicly-traded investment REIT Jernigan Capital. Following the company’s third quarter earnings call, Jernigan took to Twitter to share additional views on the current state of self-storage development and supply, stating that “no oversupply…
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…
Storage unit rental rates appear to have plateaued, staying flat for the fourth year in a row according to new data released by SpareFoot. The average price of a storage unit in Texas has hovered around $84 per month since 2014. Read more about Texas’ self-storage statistics here. In 2010, the average price of a…
