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…
Extra Space Storage is on track to complete more than $1 billion in acquisitions this year, fueled primarily by joint venture partnerships and its third-party management pipeline. In an Oct. 31 call with Wall Street analysts, Extra Space CEO Joe Margolis said those business ties will account for a little over 80 percent of the…
With an overall decline in delivery of new supply projected for its top 12 metro markets in 2019 compared with this year and last year, self-storage REIT CubeSmart is bullish about the outlook for same-store revenue growth. In fact, the REIT’s CEO said he thinks the new-supply situation is nearing an “inflection point” in those…
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…
