After seven years on the job, David Rogers will step down as CEO of Williamsville, NY-based storage REIT Life Storage effective March 2019. The company will promote current Chief Investment Officer Joseph Saffire to the top spot. Rogers will retain a seat on the company’s board of directors. “His efforts to advance our real estate…
In September, self-storage REIT National Storage Affiliates Trust expects to complete its $1.325 billion purchase (with joint venture partner Heitman LLC) of 112 Simply Self Storage facilities. Yet closing that deal won’t mean the end of near-term acquisition activity for National Storage Affiliates — not by a long shot. In a Aug. 7 call with…
Life Storage Inc. is in the midst of two initiatives that could bolster the self-storage REIT’s bottom line — it’s seeking a buyer or joint venture partner for 30 to 60 of its non-core facilities, and it’s rolling out a self-service offering called Rent Now. During the REIT’s second-quarter earnings call, CEO David Rogers revealed…
As labor costs, interest rates and construction expenses keep climbing, Extra Space Storage Inc. CEO Joe Margolis said he sees a slowing down of new self-storage development, with some projects even being canceled amid that environment. In an Aug. 1 earnings call with Wall Street analysts, Margolis credited that moderation to the discipline of some…
2018 is shaping up to be a record-breaking year for the third-party management program at self-storage REIT CubeSmart, President and CEO Chris Marr told Wall Street analysts July 27. During the second quarter, CubeSmart added 41 facilities to the third-party management platform, Marr said during the Malvern, PA-based REIT’s quarterly earnings call. Thirty of those…
Life Storage and Union Realtime, a self-storage research firm, are teaming up to collect as much real-time data as possible on newly developed self-storage facilities across the nation, a move they say will help investors and others make better decisions when buying, selling or building new facilities. Earlier this month, the New York-based Union Realtime…
While other self-storage REITs have been relatively quiet this year on the acquisition front, National Storage Affiliates Trust has been making plenty of noise. This year, the REIT expects to spend as much as $600 million on acquisitions. “At this time, we believe current market conditions have created opportunities on the acquisition side as seller…
The third-party management program run by self-storage REIT Life Storage Inc. is ratcheting up its rivalry with CubeSmart and Extra Space Storage Inc. During a May 3 earnings call with Wall Street analysts, CEO David Rogers said Life Storage’s third-party management program is on track to add as many as 75 facilities this year. By…
In what its CEO called a “very safe transaction,” self-storage REIT Extra Space Storage Inc. bought out a joint venture partner’s interest in a 14-facility portfolio for $204 million. Joe Margolis, chief executive of the Salt Lake City, UT-based REIT, revealed the deal during the company’s May 2 earnings call with Wall Street analysts. The…
The competition is stiffer, but CubeSmart’s outlook just got a little rosier. The publicly traded storage company has sketched out a slightly more optimistic outlook for its financial performance in 2018. In an April 27 earnings call with Wall Street analysts, executives at the Malvern, PA-based self-storage REIT bumped up their forecast for two key…
