Self-storage broker Cameron Vale is helping a multibillion-dollar conglomerate gain ground in the storage industry. Vale recently joined the newly formed Berkshire Hathaway Storage Group as senior vice president. The Greenville, SC-based group is affiliated with Berkshire Hathaway Inc., the investment juggernaut led by billionaire Warren Buffett. The group represents Berkshire Hathaway’s entry into self-storage…

Self-storage professionals are objecting to a new ordinance that prohibits storage facilities in Los Angeles, CA, from collecting rent and late fees from tenants who’ve been financially squeezed by the coronavirus pandemic. Industry professionals complain that the ordinance wasn’t needed because self-storage operators in L.A. and elsewhere already were voluntarily helping tenants who’ve been unable…

Responding to social-distancing practices prompted by the coronavirus pandemic, self-storage operators big and small are favoring “no touch” over the human touch. In recent weeks, a number of self-storage operators have rolled out, beefed up or promoted “contactless” options for renting units. But Robert Chiti, chairman and CEO of Phoenix, AZ-based self-storage technology provider OpenTech…

As an industry, self-storage is taking two approaches to the coronavirus pandemic — compassion and caution. Offering help during a crisis From the compassion perspective, several self-storage operators are temporarily offering free or discounted units to college students who’ve been displaced by coronavirus-driven school shutdowns. As part of its coronavirus response, Salt Lake City, UT-based…

National Storage Affiliates National Storage Affiliates

Self-storage REIT National Storage Affiliates Trust plans to fold its biggest participating regional operator, SecurCare Self Storage Inc., into its corporate structure in a merger valued at more than $200 million. On Feb. 24, Greenwood Village, CO-based National Storage Affiliates Trust said most of SecurCare’s employees will be offered jobs with the REIT, which will…

Unlike some of its industry peers, self-storage REIT Life Storage has delivered a fairly rosy outlook for 2020. Both CubeSmart and Extra Space Storage are forecasting anemic financial performance in 2020. On the other hand, Life Storage actually has boosted this year’s forecast. Increased optimism On Oct. 30, Williamsville, NY-based Life Storage projected same-store revenue…

As fellow self-storage REIT Extra Space Storage already has done, Malvern, PA-based CubeSmart is predicting lackluster financial performance in 2020. On Feb. 20, CubeSmart projected same-store revenue growth of 0 percent to 1 percent this year compared with last year, same-store NOI growth of -1.5 percent to 0 percent and same-store operating expense growth of…

Self-storage REIT Extra Space Storage on Feb. 18 issued a relatively weak forecast for 2020, highlighting what a research note from Citi called “continued deceleration” across the self-storage market. Along with reporting financial results for 2019, Salt Lake City, UT-based Extra Space projected key indicators for 2020. The REIT expects same-store revenue growth of 0.75…

Public Storage, the largest self-storage REIT in the U.S., has made a nearly $2 billion buyout bid for Australia’s National Storage REIT. National Storage revealed the unsolicited offer from Public Storage in a Feb. 14 news release. The potential deal is valued at $1.9 billion in Australian currency and nearly $1.3 billion in U.S. currency….