A shift toward remote work helped push up last year’s same-store occupancy rate for self-storage REIT Public Storage. During the company’s Feb. 25 earnings call, President and CEO Joe Russell said demand for self-storage “has been very resilient” during the coronavirus pandemic. Russell pointed to people freeing up space for work-from-home setups as one key…
The coronavirus pandemic may have crushed businesses like restaurants and hotels in 2020, but self-storage REIT Extra Space Storage emerged from the tumultuous year relatively unscathed. Salt Lake City, UT-based Extra Space reported Feb. 22 that same-store rental revenue declined just 0.1% in 2020 compared with the previous year, while same-store NOI dipped 0.7% and…
Citing the resilience of the self-storage sector demonstrated during the coronavirus pandemic, self-storage REIT National Storage Affiliates has taken a step that its publicly held rivals have not. Earlier in the pandemic, National Storage Affiliates pulled its financial forecast for 2020, just as three of its main competitors had done. But on Nov. 5, the…
The coronavirus pandemic may have prompted a nationwide shutdown of businesses and schools. Yet the pandemic has hardly shut down Public Storage’s quest to build its portfolio. The Glendale, CA-based self-storage REIT has purchased or agreed to purchase 54 facilities in 18 states since the end of September. In all, Public Storage is paying $686.9…
Life Storage is dipping its toe into an emerging segment of e-commerce — micro-fulfillment. The self-storage REIT’s Warehouse Anywhere e-commerce platform has teamed up with San Francisco, CA-based Deliverr, a tech-enabled fulfillment service, to open one micro-fulfillment center at a Life Storage facility in Las Vegas and another at a Life Storage facility in Chicago….
After a pandemic-induced lull in acquisitions, self-storage REIT CubeSmart plans to close nearly $644 million worth of deals in the fourth quarter of this year. Through early November, the Malvern, PA-based REIT had wrapped up the purchase of only three facilities for a total of $74.7 million. But over the next several weeks, CubeSmart is…
For Extra Space Storage, anticipated headwinds from the coronavirus pandemic have shifted to tailwinds. Joe Margolis, CEO of the Salt Lake City, UT-based self-storage REIT, said during the company’s Nov. 5 third-quarter earnings call that “tailwinds have proved stronger than we expected, while the headwinds have not been as significant or have not materialized.” Margolis…
If there’s a silver lining in the coronavirus pandemic for Life Storage, it’s the boom in popularity of its Rent Now contactless rental platform. The Williamsville, NY-based self-storage REIT unveiled the Rent New program in July 2018. During the company’s second-quarter earnings call on Aug. 7, CEO Joe Saffire said the share of rentals completed…
On the acquisition front, the second quarter was pretty quiet for National Storage Affiliates Trust. But the self-storage REIT soon might be making some more noise in that regard. In the quarter ended June 30, the Greenwood Village, CO-based company purchased four facilities for $36.2 million. In July, National Storage Affiliates acquired another facility in…
Back in late April, during the early weeks of the coronavirus pandemic in the U.S., CubeSmart launched a contactless option for self-storage rentals and move-ins. Now, the SmartRental platform represents more than 25% of CubeSmart’s rentals. The entirely digital SmartRental process eliminates the need for face-to-face interaction when it comes to leasing and occupying a…
