Sometimes it doesn’t pay to follow the leader. From the viewpoint of Public Storage CEO Joe Russell, bigger isn’t always better when it comes to the size of new facilities being run by rival self-storage operators. During the self-storage REIT’s Feb. 27 earnings call, Russell said that among new facilities that came online in 2017…
For some of the assets owned by self-storage operator Life Storage, it’s out with the old and in with the new. In 2019, the REIT says it will keep up its recycling of assets — shedding older, lower-revenue facilities in markets with less desirable demographics in favor of newer, higher-revenue facilities in markets with more…
On the heels of nearly $1.7 billion worth of self-storage deals in 2018, self-storage REIT National Storage Affiliates Trust has earmarked as much as $600 million for acquisitions this year. But it’s being picky about facilities that it adds to its portfolio. “We definitely see a lot of properties on the market that are not…
Self-storage REIT CubeSmart expects about half of its same-store pool to be hit in 2019 by the continuing wave of new supply. During the REIT’s Feb. 22 earnings call, Tim Martin, chief financial officer of CubeSmart, said the estimated 50 percent of the same-store portfolio that will compete with new supply this year compares with…
A California judge has tentatively sided with Public Storage in a $100 million class-action lawsuit that alleged the self-storage REIT tricked California tenants into believing they had to buy company-sold insurance when they rented storage units. In a Feb. 21 order, Judge Carolyn Kuhl of Los Angeles County Superior Court wrote that the plaintiffs had…
Self-storage REIT Extra Space Storage is dipping its toe into the bridge lending pool as a complement its third-party management platform. During the company’s Feb. 21 earnings call, CEO Joe Margolis said Salt Lake City, UT-based Extra Space recently launched the bridge lending program “to fill what we perceive as a capital void in the…
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…
Self-storage REIT Life Storage Inc. has beefed up its third-party management platform with the addition of a 42-facility portfolio owned by Brookwood Properties LLC. The portfolio encompasses 4 million square feet of storage in Louisiana, Mississippi and Texas. At least some of those facilities had been managed by Malvern, PA-based self-storage REIT CubeSmart. Now, Williamsville,…
Dean Jernigan, a 34-year veteran of the self-storage industry, has stepped down from day-to-day management of self-storage financing and investment REIT Jernigan Capital Inc., with John Good replacing Jernigan as CEO and Jonathan Perry assuming the role of president. Jernigan hasn’t left the company he founded, though. He remains executive chairman of the Memphis, TN-based…
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…
