The COVID-19 pandemic may be waning, but the pandemic-fueled lift in business for the five publicly traded self-storage REITs is not. During their first-quarter earnings calls, executives at the five REITs reported continued strength in occupancy rates, rental rates and revenue growth. Despite the sunny results, however, financial analysts mostly downgraded the sector. Shares of…
On the heels of its $1.7 billion acquisition of the Storage West portfolio, CubeSmart may be more likely to nail down infill opportunities near the newly added facilities. During CubeSmart’s fourth-quarter earnings call Feb. 25, Tim Martin, the self-storage REIT’s chief financial officer, said the 59-facility Storage West portfolio “was a great strategic fit for…
Growth of new supply in the self-storage industry has tapered off in recent years. However, Joe Margolis, CEO of Extra Space Storage, anticipates supply growth will pick up again in 2023. During the self-storage REIT’s fourth-quarter earnings call Feb. 24, Margolis said he “would not at all be surprised” if the recent year-to-year decline of…
In 2021, the self-storage REIT racked up a record-high $2.3 billion in wholly owned and joint venture acquisitions, adding 144 facilities to its portfolio. Of that, $1.7 billion went toward the acquisition of 112 wholly owned facilities. This year, Williamsville, NY-based Life Storage anticipates making between $550 million and $650 million worth of wholly owned…
In 2021, National Storage Affiliates Trust spent the most in one year — $2.2 billion — on acquisitions than it ever had. But don’t look for the self-storage REIT to eclipse that total in 2022. In a Feb. 22 call with Wall Street analysts, President and CEO Tamara Fischer said National Storage Affiliates is pausing…
Joe Russell, president and CEO of Public Storage, thinks the U.S. self-storage sector remains in a “holding pattern” when it comes to development of new facilities. In a Feb. 23 call with Wall Street analysts, Russell explained that the holding pattern started in 2021 and should end in 2023. Amid this holding pattern, the U.S….
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….
