The recent earnings reports released by the publicly traded self-storage REITs provide an up close look at how the self-storage industry has been affected by the COVID-19 pandemic and response. For the most part, self-storage operations remain resilient with same-store earnings and revenues up year-over-year during the first quarter of 2020 at Extra Space Storage,…
Faced with the economic ripple effects of the COVID-19 pandemic, Public Storage is anticipating reductions in same-store net operating income for the rest of 2020. “As Public Storage approaches its 50th year, we have clearly weathered significant economic cycles, and this one will likely rank as one of the most extreme,” said CEO Joe Russell…
Public Storage spent nearly $430 million last year to buy 44 self-storage facilities, and the REIT currently has a backlog of facility acquisitions. But the REIT also might be scooping up a fair amount of undeveloped land in 2020. Speaking Feb. 26 to Wall Street analysts during the REIT’s fourth-quarter earnings call, CEO Joe Russell…
Self-storage REIT National Storage Affiliates Trust plans to fold its biggest participating regional operator, SecurCare Self Storage Inc., into its corporate structure in a merger valued at more than $200 million. On Feb. 24, Greenwood Village, CO-based National Storage Affiliates Trust said most of SecurCare’s employees will be offered jobs with the REIT, which will…
Unlike some of its industry peers, self-storage REIT Life Storage has delivered a fairly rosy outlook for 2020. Both CubeSmart and Extra Space Storage are forecasting anemic financial performance in 2020. On the other hand, Life Storage actually has boosted this year’s forecast. Increased optimism On Oct. 30, Williamsville, NY-based Life Storage projected same-store revenue…
As fellow self-storage REIT Extra Space Storage already has done, Malvern, PA-based CubeSmart is predicting lackluster financial performance in 2020. On Feb. 20, CubeSmart projected same-store revenue growth of 0 percent to 1 percent this year compared with last year, same-store NOI growth of -1.5 percent to 0 percent and same-store operating expense growth of…
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…
