Third-party management is turning out to be an acquisition goldmine for Life Storage. Joe Saffire, CEO of the Williamsville, NY-based self-storage REIT, said roughly one-third of the 75 facilities purchased so far this year were part of Life Storage’s third-party management platform. Saffire called the company’s third-party platform a “robust acquisition pipeline.” “The hard work…

The country’s largest self-storage operator has closed its second ten-figure self-storage deal this year. Public Storage announced Monday that it acquired a portfolio of 56 self-storage facilities for $1.5 billion. The portfolio, sold by developer All Storage, is primarily concentrated in the Dallas-Fort Worth market. “The acquisition is a direct reflection of how the team…

Extra Space Storage, the king of third-party management in the U.S. self-storage sector, continues its impressive reign. In mid-September, the Salt Lake City, UT-based REIT announced it had surpassed the 800-facility mark for properties operated by its third-party management platform, called ManagementPlus. That’s up from 724 facilities at the end of 2020. In the first…

Self-storage REIT National Storage Affiliates Trust is zooming toward acquisition volume this year approaching $1.3 billion. To date, the company has closed on or put under contract more than 100 facilities valued at nearly $900 million. For all of 2021, National Storage Affiliates expects to reach acquisition volume of $1 billion to $1.3 billion. The…

CubeSmart CEO Chris Marr is brimming with optimism about the direction of the self-storage industry. Pandemic-driven demand and a robust housing market have “absolutely created the best environment I’ve seen” in the self-storage sector, Marr told Wall Street analysts during CubeSmart’s July 30 second-quarter earnings call. And while that type of environment is new, “I…