While other self-storage REITs have been relatively quiet this year on the acquisition front, National Storage Affiliates Trust has been making plenty of noise. This year, the REIT expects to spend as much as $600 million on acquisitions. “At this time, we believe current market conditions have created opportunities on the acquisition side as seller…
The third-party management program run by self-storage REIT Life Storage Inc. is ratcheting up its rivalry with CubeSmart and Extra Space Storage Inc. During a May 3 earnings call with Wall Street analysts, CEO David Rogers said Life Storage’s third-party management program is on track to add as many as 75 facilities this year. By…
In what its CEO called a “very safe transaction,” self-storage REIT Extra Space Storage Inc. bought out a joint venture partner’s interest in a 14-facility portfolio for $204 million. Joe Margolis, chief executive of the Salt Lake City, UT-based REIT, revealed the deal during the company’s May 2 earnings call with Wall Street analysts. The…
The competition is stiffer, but CubeSmart’s outlook just got a little rosier. The publicly traded storage company has sketched out a slightly more optimistic outlook for its financial performance in 2018. In an April 27 earnings call with Wall Street analysts, executives at the Malvern, PA-based self-storage REIT bumped up their forecast for two key…
With about $3.5 billion spent on self-storage development in 2016, and up to $4 billion expected this year, the outlook for next year is still up in the air. Even the country’s largest self-storage operator is still discerning which way the development winds will blow. “2019 I would say is still a bit cloudy,” said…
It isn’t just new supply dragging down growth in the self-storage sector. Rising property taxes continue to eat up a considerable piece of the budget pie at publicly traded self-storage REITs. In fact, just three of the REITs collectively paid about $290 million in property taxes last year. And there doesn’t appear to be any…
Jernigan Capital CEO Dean Jernigan kicked off the company’s recent earnings conference call with his own spin on a classic Mark Twain quote: “The reports on the demise of the storage sector are greatly exaggerated.” The publicly-traded self-storage sector took a hit in 2017 as revenue growth decelerated at an alarming clip for many investors….
Extra Space Storage is revving up its third-party management engine, undeterred by rival Public Storage’s plan to make a hard run at the business. In 2017, Salt Lake City, UT-based Extra Space brought 156 facilities into its program for managing properties on behalf of third-party owners; about half of those locations were newly built facilities….
They say everything’s bigger in Texas. For self-storage REIT Life Storage Inc., that translates into bigger competitive challenges in 2018 and 2019 in its four big Texas markets — Austin, Dallas, Houston and San Antonio. During a Feb. 22 call with Wall Street analysts, CEO David Rogers said new supply coming online will hit Life…
This time next year, self-storage giant Public Storage will have a new leader at the helm. The company announced that Ron Havner will step down as CEO at the end of 2018 after more than 15 years in the role. Joe Russell, who currently serves as president, will replace Havner effective January 1, 2019. Havner…
