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…
Geographically, self-storage REIT Life Storage is taking a turn in its buying-and-selling strategy. The company recently broke into two new markets — Seattle, WA, and Baltimore, MD — while scaling back its position in Texas. During the REIT’s second-quarter earnings call Aug. 2, CEO Joe Saffire said Life Storage plans to bulk up its presence…
As it absorbs the second-quarter purchase of 24 wholly owned facilities for $185.3 million, National Storage Affiliates Trust expects to pounce on more potential acquisitions once asking prices fall. Arlen Nordhagen, chairman and CEO of the Greenwood Village, CO-based REIT, said during the company’s second-quarter earnings call that he and his colleagues are keeping an…
In the first half of 2019, self-storage REIT Public Storage scooped up 22 facilities for $198 million. After the calendar flipped from June to July, the company purchased or put under contract another 10 facilities for $86.5 million. So far this year, the company’s transaction volume exceeds all of its transaction volume in 2018. But…
