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…
Following a dramatic swing in occupancy rates last year, self-storage REIT Life Storage expects a return to normal in 2021. At the beginning of 2020, the same-store occupancy rate for Williamsville, NY-based Life Storage lagged 30 basis points behind the same period a year earlier. By the end of 2020, however, the occupancy moved dramatically…
A shift toward remote work helped push up last year’s same-store occupancy rate for self-storage REIT Public Storage. During the company’s Feb. 25 earnings call, President and CEO Joe Russell said demand for self-storage “has been very resilient” during the coronavirus pandemic. Russell pointed to people freeing up space for work-from-home setups as one key…
The coronavirus pandemic may have crushed businesses like restaurants and hotels in 2020, but self-storage REIT Extra Space Storage emerged from the tumultuous year relatively unscathed. Salt Lake City, UT-based Extra Space reported Feb. 22 that same-store rental revenue declined just 0.1% in 2020 compared with the previous year, while same-store NOI dipped 0.7% and…
Citing the resilience of the self-storage sector demonstrated during the coronavirus pandemic, self-storage REIT National Storage Affiliates has taken a step that its publicly held rivals have not. Earlier in the pandemic, National Storage Affiliates pulled its financial forecast for 2020, just as three of its main competitors had done. But on Nov. 5, the…
