CubeSmart announced Nov. 15 that it struck a deal to acquire 59 self-storage properties from LAACO Ltd., which operates facilities under the Storage West brand. The total purchase price is $1.69 billion. The Malvern, PA-based REIT also announced that it has commenced a public offering of 13.5 million common shares that will be used to…
Joe Margolis, CEO of Extra Space Storage, believes self-storage supply pressures will continue to moderate in 2022. But he says that trend could reverse in 2023. During an Oct. 28 call to discuss third-quarter financial results, Margolis said the “great performance” of the self-storage sector, the high level of investor interest in the sector and…
Chris Marr, president and CEO of CubeSmart, expects the “fairly muted” environment for self-storage development to continue for a while. However, he says, a rise in self-storage supply could come in 2023 or 2024. Yet Marr believes any near-term uptick in supply will be “manageable” for the self-storage industry, he told Wall Street analysts Nov….
Seizing on what its CEO calls an “unprecedented” volume of self-storage acquisitions, National Storage Affiliates Trust could end the year with $2 billion in deals. The self-storage REIT just raised its acquisition forecast for 2021 to a range of $1.5 billion to $2 billion, up from the previous outlook of $1.1 billion to $1.3 billion….
Third-party management is turning out to be an acquisition goldmine for Life Storage. Joe Saffire, CEO of the Williamsville, NY-based self-storage REIT, said roughly one-third of the 75 facilities purchased so far this year were part of Life Storage’s third-party management platform. Saffire called the company’s third-party platform a “robust acquisition pipeline.” “The hard work…
The country’s largest self-storage operator has closed its second ten-figure self-storage deal this year. Public Storage announced Monday that it acquired a portfolio of 56 self-storage facilities for $1.5 billion. The portfolio, sold by developer All Storage, is primarily concentrated in the Dallas-Fort Worth market. “The acquisition is a direct reflection of how the team…
Extra Space Storage, the king of third-party management in the U.S. self-storage sector, continues its impressive reign. In mid-September, the Salt Lake City, UT-based REIT announced it had surpassed the 800-facility mark for properties operated by its third-party management platform, called ManagementPlus. That’s up from 724 facilities at the end of 2020. In the first…
Self-storage REIT National Storage Affiliates Trust is zooming toward acquisition volume this year approaching $1.3 billion. To date, the company has closed on or put under contract more than 100 facilities valued at nearly $900 million. For all of 2021, National Storage Affiliates expects to reach acquisition volume of $1 billion to $1.3 billion. The…
Self-storage REIT Life Storage is the midst of an acquisition spree. As of Aug. 3, the Williamsville, NY-based company had made a record-breaking $555.8 million worth of wholly owned acquisitions this year. But Life Storage is hardly done with acquisitions in 2021. The REIT now forecasts $800 million to $1 billion worth of wholly owned…
Bolstered in part by its new online rental platform and new mobile app, Public Storage is seeing a surge in brand-new customers. During the self-storage REIT’s second-quarter earnings call Aug. 4, President and CEO Joe Russell said his company is experiencing “a meaningful wave” of first-time renters. “In 2021, we have welcomed nearly 700,000 new…
