After a phenomenal run over the last few years, it appears the self-storage industry may be running out of steam for now. Public Storage, the industry’s largest player and a bellwether for the sector at large, saw revenue growth decelerate more than 40 percent during the first half of the year, compared to 2016. During…
A net income jump of nearly 50 percent, a rise of 70 percent in core funds from operations and the purchase of five self-storage properties helped National Storage Affiliates Trust to deliver a positive Q1 2017 earnings report on May 4. The Greenwood Village, Colorado-based company spent $31.9 million to buy those self-storage properties, with…
Some industry observers warn of potential overbuilding within the self-storage industry, but Dean Jernigan is confident that the development cycle is still in the middle-innings. “We’re just past the midpoint of this development cycle, in the fifth or sixth inning,” said Jernigan, CEO of Memphis, TN-based Jernigan Capital, during the company’s quarterly conference call with…
Like its public peers, self-storage operator CubeSmart experienced another quarter of revenue decleration, which CEO Chris Marr said is likely to continue through the rest of the year. “The magnitude quarter-by-quarter is going to be highly influenced by what happens as we move into the busy season,” Marr said during the company’s conference call with…
Public Storage experienced slower growth in all of its top 20 markets during the first quarter compared to the previous year. CEO Ron Havner repeated two common refrains as to why during the company’s earnings conference call with analysts: a return to historical norms and competition from new supply. But Havner pointed the finger at…
More and more operators are jumping on the Extra Space bandwagon. The company’s pipeline of potential management contracts has doubled since last year, CEO Joe Margolis said during the company’s first quarter earnings call with analysts. “A year ago we had 150 properties in the pipeline, we have about 300 properties now,” Margolis said. While…
National Storage Affiliates Trust had plenty to boast about at its year-end report–revenue jumped about 66 percent and the company expanded its portfolio by more than a third during 2016. The real estate investment trust also announced another milestone, just before releasing its year-end earnings report on Feb. 28. The company signed up its eighth…
As the development cycle kicks into the next gear, Jernigan Capital is rapidly accelerating its self-storage construction loan activity. The company has already closed on $105.6 million in new development investments during the first 60 days of 2017, and has a pipeline of in place of $800 million of additional investments, according to its recently…
Public Storage has been on a development spree as of late, and it doesn’t look like the company is ready to take a break any time soon. As Public Storage enters 2017, the self-storage REIT had 4.2 million square feet of new facility space currently under development, at an estimated price tag of $520 million. That…
Extra Space Storage started 2017 with a new CEO, Joe Margolis. Margolis, a longtime board member and until recently the company’s chief investment officer, takes the reigns amid a period of murky waters for the industry as a whole. “As we expected, revenue growth moderated throughout 2016, as the benefit from growing occupancy went away…
