The recent earnings reports released by the publicly traded self-storage REITs provide an up close look at how the self-storage industry has been affected by the COVID-19 pandemic and response. For the most part, self-storage operations remain resilient with same-store earnings and revenues up year-over-year during the first quarter of 2020 at Extra Space Storage,…

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Self-storage REIT National Storage Affiliates Trust plans to fold its biggest participating regional operator, SecurCare Self Storage Inc., into its corporate structure in a merger valued at more than $200 million. On Feb. 24, Greenwood Village, CO-based National Storage Affiliates Trust said most of SecurCare’s employees will be offered jobs with the REIT, which will…

Unlike some of its industry peers, self-storage REIT Life Storage has delivered a fairly rosy outlook for 2020. Both CubeSmart and Extra Space Storage are forecasting anemic financial performance in 2020. On the other hand, Life Storage actually has boosted this year’s forecast. Increased optimism On Oct. 30, Williamsville, NY-based Life Storage projected same-store revenue…

As fellow self-storage REIT Extra Space Storage already has done, Malvern, PA-based CubeSmart is predicting lackluster financial performance in 2020. On Feb. 20, CubeSmart projected same-store revenue growth of 0 percent to 1 percent this year compared with last year, same-store NOI growth of -1.5 percent to 0 percent and same-store operating expense growth of…

Self-storage REIT Extra Space Storage on Feb. 18 issued a relatively weak forecast for 2020, highlighting what a research note from Citi called “continued deceleration” across the self-storage market. Along with reporting financial results for 2019, Salt Lake City, UT-based Extra Space projected key indicators for 2020. The REIT expects same-store revenue growth of 0.75…

Public Storage, the largest self-storage REIT in the U.S., has made a nearly $2 billion buyout bid for Australia’s National Storage REIT. National Storage revealed the unsolicited offer from Public Storage in a Feb. 14 news release. The potential deal is valued at $1.9 billion in Australian currency and nearly $1.3 billion in U.S. currency….

Google’s grip on the marketing budgets of publicly traded self-storage REITs is tightening. During their third-quarter earnings calls, executives at the REITs collectively bemoaned the rise — in some cases a sharp rise — in their marketing expenses. Glendale, CA-based Public Storage reported the steepest climb about the REITs: Same-store marketing costs skyrocketed 69.5 percent…