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….
A newly formed commercial real estate finance company whose offerings include self-storage loans filed Dec. 23 for a $110 million IPO. Dallas, TX-based NexPoint Real Estate Finance Inc., founded in 2019, plans to list its shares on the New York Stock Exchange under the symbol NREF, according to its IPO filing with the U.S. Securities…
Google’s grip on the marketing budgets of publicly traded self-storage REITs is tightening. During their third-quarter earnings calls, executives at the REITs collectively bemoaned the rise — in some cases a sharp rise — in their marketing expenses. Glendale, CA-based Public Storage reported the steepest climb about the REITs: Same-store marketing costs skyrocketed 69.5 percent…
With a flood of private equity producing a “tough acquisition environment,” Chairman and CEO Arlen Nordhagen says self-storage REIT National Storage Affiliates Trust is bypassing deals that it considers too pricey. The influx of private investments into the self-storage sector has spurred historically low cap rates, Nordhagen explained on the REIT’s Oct. 31 earnings call….
As it continues to achieve cost savings from its Rent Now self-service rental platform and other measures, self-storage REIT Life Storage predicts a 1.25 percent and 2.25 percent upswing in same-store revenue next year. During its third-quarter earnings call Oct. 31, Life Storage leapfrogged its rivals by being the first publicly traded storage REIT to…
The top executives of the country’s two largest self-storage owners and operators — Public Storage and Extra Space Storage — might not see eye to eye on everything. But they definitely agree on one thing: Delivery of new supply should start tapering off in 2020. Public Storage CEO Joe Russell said on the REIT’s Oct….
Publicly held self-storage REIT Extra Space Storage just made a $150 million bet on one of its non-traded industry peers. On Oct. 29, Salt Lake City, UT-based Extra Space purchased $150 million worth of shares of newly issued convertible preferred stock in Ladera Ranch, CA-based SmartStop Self Storage REIT Inc. Extra Space committed to buying…
Executives at self-storage REIT CubeSmart are starting to breathe a sigh of relief about the ongoing new-supply crunch. During the company’s third-quarter earnings call Oct. 25, President and CEO Chris Marr said new-supply deliveries in CubeSmart’s top 12 markets are projected to drop from a range of 300 to 360 facilities this year to a…
The logo isn’t the only thing that’s green. Salt Lake City-based Extra Space Storage is emerging as the most sustainable company operating in the self-storage industry. “Sustainability isn’t a new thing for us,” CEO Joe Margolis told the SpareFoot Storage Beat, “We’ve been undertaking smart sustainability ideas for a number of years.” For example, Margolis…
