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…
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…
On Jan. 1, Tamara Fischer will make history: She’ll become the first woman to head one of the self-storage industry’s publicly traded REITs. One prominent female executive in self-storage says the rise of a woman to the top post at a major self-storage REIT is long overdue. And another prominent female executive envisions more Tamara…
Life Storage has completed the roll out of its digital rental platform Rent Now, and so far a growing number of customers are opting to “skip the counter” and complete the rental process completely online. “With on average of 8 percent of our new move-ins using this platform, already we believe that the operating expense…
Public Storage expects 2019 to be on par with 2018 when it comes to new self-storage deliveries in the marketplace. One side effect of surging supply? More acquisition opportunities for Public Storage. “There are a number of conversations that are becoming more pronounced, based around the theme of ‘I want out,’” said Public Storage CEO…
Extra Space Storage had a strong first quarter despite heightened competition in markets surging with new supply. But CEO Joe Margolis cautioned that the most severe impacts of excess supply may still be ahead. “We still believe 2018 was likely the high water mark for total deliveries, and we expect 2019 deliveries to be only…
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…
