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…

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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 recently wrapped-up second quarter, Extra Space Storage and joint venture partners bought an 11-facility, off-market portfolio for about $228.5 million. The self-storage REIT also purchased a certificate-of-occupancy project, and it’s got another eight facilities under contract for $41 million. However, during the rest of 2019 and heading into 2020, Salt Lake City, UT-based…

A joint venture between CubeSmart and Heitman LLC was the recent seller of a 50-facility self-storage portfolio that fetched nearly $294 million, CubeSmart revealed July 26. When the deal was announced July 11, the seller was identified only as a joint venture between an institutional investment adviser and a publicly traded self-storage REIT. The sale…

Self-storage operators are in the thick of navigating new supply amidst record levels of new storage development. But in 2020 operators in certain markets should start to see new supply pressure ease off, according to CubeSmart CEO Christopher Marr. “A fairly universal thesis is that 2020 supply in the top MSAs will decline from current…