CubeSmart CEO Chris Marr is brimming with optimism about the direction of the self-storage industry. Pandemic-driven demand and a robust housing market have “absolutely created the best environment I’ve seen” in the self-storage sector, Marr told Wall Street analysts during CubeSmart’s July 30 second-quarter earnings call. And while that type of environment is new, “I…
Bolstered by high occupancy and rental rates, Extra Space Storage is bumping up its financial expectations for 2021. The Salt Lake City, UT-based self-storage REIT anticipates same-store revenue will rise 10% to 11% this year compared with last year, and same-store NOI will jump by 13.5% to 15.5%. Meanwhile, Extra Space expects same-store operating expenses…
Following the recent onboarding of a new batch of managed facilities, Salt Lake City, UT-based Extra Space now has more than 2,000 stores in its portfolio. The company was founded in 1977, went public in 2004, and has doubled in store count since 2013. It now becomes the second self-storage operator to amass an owned…
Janus International Group, a manufacturer of doors and other products for self-storage and industrial facilities, has joined the small cadre of publicly traded companies in the self-storage industry. Janus’ stock started trading June 8 on the New York Stock Exchange. The stock opened the day at $14 per share and closed at $13.89 per share….
Self-storage REIT Life Storage is bullish on this year’s acquisition market. The Williamsville, NY-based company had expected to spend $350 million to $450 million this year on wholly owned acquisitions. But Life Storage just lifted that range to between $550 million and $600 million. In other words, the REIT may wind up spending another $250…
Propelled by robust growth in revenue and occupancy, publicly traded self-storage REITs scored significant gains in same-store NOI during the first quarter of 2021. But one REIT, National Storage Affiliates Trust, topped them all for this measure of profitability. Same-store NOI at the Greenwood Village, CO-based REIT soared 11.5% in the first quarter compared with…
One word applies to CubeSmart’s acquisition strategy for 2021: disciplined. During the self-storage REIT’s first-quarter earnings call on April 30, two executives — Chris Marr, president and CEO, and Tim Martin, chief financial officer — repeatedly referred to CubeSmart’s disciplined approach to purchasing facilities in 2021. CubeSmart’s projected dollar amount for wholly owned acquisitions this…
Extra Space Storage kicked off 2021 by racking up the highest first-quarter occupancy rate in the history of the self-storage REIT. Now, the company anticipates its elevated occupancy should extend through the busy summer season and may stretch into the slower fall season. As of March 31, same-store occupancy stood at 95.7%, compared with 90.9%…
Public Storage is gobbling up the ezStorage portfolio for $1.8 billion, but the self-storage REIT still has a healthy appetite for acquisitions. But will any more large portfolios be on the menu? During the first quarter of 2021, the Glendale, California-based REIT spent a little over $203 million to buy 15 facilities. After the end…
In 2020, the coronavirus pandemic may have slowed or stopped property acquisitions in some sectors, but that was hardly the case at self-storage REIT National Storage Affiliates Trust. The fourth quarter of 2020 represented the REIT’s busiest quarter ever for wholly owned acquisitions, President and CEO Tamara Fischer said. During the quarter, National Storage Affiliates…
