As it continues to achieve cost savings from its Rent Now self-service rental platform and other measures, self-storage REIT Life Storage predicts a 1.25 percent and 2.25 percent upswing in same-store revenue next year. During its third-quarter earnings call Oct. 31,...
The top executives of the country’s two largest self-storage owners and operators — Public Storage and Extra Space Storage — might not see eye to eye on everything. But they definitely agree on one thing: Delivery of new supply should start tapering off in 2020....
Publicly held self-storage REIT Extra Space Storage just made a $150 million bet on one of its non-traded industry peers. On Oct. 29, Salt Lake City, UT-based Extra Space purchased $150 million worth of shares of newly issued convertible preferred stock in Ladera...
Executives at self-storage REIT CubeSmart are starting to breathe a sigh of relief about the ongoing new-supply crunch. During the company’s third-quarter earnings call Oct. 25, President and CEO Chris Marr said new-supply deliveries in CubeSmart’s top 12 markets are...
The logo isn’t the only thing that’s green. Salt Lake City-based Extra Space Storage is emerging as the most sustainable company operating in the self-storage industry. “Sustainability isn’t a new thing for us,” CEO Joe Margolis told the SpareFoot Storage Beat, “We’ve...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
Sometimes it doesn't pay to follow the leader. From the viewpoint of Public Storage CEO Joe Russell, bigger isn’t always better when it comes to the size of new facilities being run by rival self-storage operators. During the self-storage REIT’s Feb. 27 earnings call,...
For some of the assets owned by self-storage operator Life Storage, it’s out with the old and in with the new. In 2019, the REIT says it will keep up its recycling of assets — shedding older, lower-revenue facilities in markets with less desirable demographics in...
On the heels of nearly $1.7 billion worth of self-storage deals in 2018, self-storage REIT National Storage Affiliates Trust has earmarked as much as $600 million for acquisitions this year. But it’s being picky about facilities that it adds to its portfolio. “We...
Self-storage REIT CubeSmart expects about half of its same-store pool to be hit in 2019 by the continuing wave of new supply. During the REIT’s Feb. 22 earnings call, Tim Martin, chief financial officer of CubeSmart, said the estimated 50 percent of the same-store...
A California judge has tentatively sided with Public Storage in a $100 million class-action lawsuit that alleged the self-storage REIT tricked California tenants into believing they had to buy company-sold insurance when they rented storage units. In a Feb. 21 order,...
Self-storage REIT Extra Space Storage is dipping its toe into the bridge lending pool as a complement its third-party management platform. During the company’s Feb. 21 earnings call, CEO Joe Margolis said Salt Lake City, UT-based Extra Space recently launched the...
Did self-storage giant Public Storage mislead tenants into buying their in-house insurance product? That’s the central question at the heart of a class action trial that started in California on Monday. The suit seeks $100 million in restitution for the plaintiffs who...
Self-storage REIT Life Storage Inc. has beefed up its third-party management platform with the addition of a 42-facility portfolio owned by Brookwood Properties LLC. The portfolio encompasses 4 million square feet of storage in Louisiana, Mississippi and Texas. At...
Dean Jernigan, a 34-year veteran of the self-storage industry, has stepped down from day-to-day management of self-storage financing and investment REIT Jernigan Capital Inc., with John Good replacing Jernigan as CEO and Jonathan Perry assuming the role of president....
Unwilling to stomach lofty valuations for existing storage properties, executives at Public Storage continue to pour the self-storage REIT’s energy — and money — into development, redevelopment and expansion activities. “We, at the end of the day, really can’t make...
Extra Space Storage is on track to complete more than $1 billion in acquisitions this year, fueled primarily by joint venture partnerships and its third-party management pipeline. In an Oct. 31 call with Wall Street analysts, Extra Space CEO Joe Margolis said those...
With an overall decline in delivery of new supply projected for its top 12 metro markets in 2019 compared with this year and last year, self-storage REIT CubeSmart is bullish about the outlook for same-store revenue growth. In fact, the REIT’s CEO said he thinks the...
After seven years on the job, David Rogers will step down as CEO of Williamsville, NY-based storage REIT Life Storage effective March 2019. The company will promote current Chief Investment Officer Joseph Saffire to the top spot. Rogers will retain a seat on the...
In September, self-storage REIT National Storage Affiliates Trust expects to complete its $1.325 billion purchase (with joint venture partner Heitman LLC) of 112 Simply Self Storage facilities. Yet closing that deal won’t mean the end of near-term acquisition activity...
Life Storage Inc. is in the midst of two initiatives that could bolster the self-storage REIT’s bottom line — it’s seeking a buyer or joint venture partner for 30 to 60 of its non-core facilities, and it’s rolling out a self-service offering called Rent Now. During...
As labor costs, interest rates and construction expenses keep climbing, Extra Space Storage Inc. CEO Joe Margolis said he sees a slowing down of new self-storage development, with some projects even being canceled amid that environment. In an Aug. 1 earnings call with...
2018 is shaping up to be a record-breaking year for the third-party management program at self-storage REIT CubeSmart, President and CEO Chris Marr told Wall Street analysts July 27. During the second quarter, CubeSmart added 41 facilities to the third-party...
Life Storage and Union Realtime, a self-storage research firm, are teaming up to collect as much real-time data as possible on newly developed self-storage facilities across the nation, a move they say will help investors and others make better decisions when buying,...
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...
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...
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...
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,...
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...
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...
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...
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...
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...
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...
Self-storage REIT CubeSmart expects its same-store portfolio to feel increasing pressure from new supply in 2018. In a Feb. 15 call to discuss 2017 financial results with Wall Street analysts, Tim Martin, chief financial officer of Malvern, PA-based CubeSmart, said 40...
For self-storage REITs, 2018 could offer a sense of déjà vu. At this point, we don’t have a complete picture of the REITs’ financial performance in 2017, as full-year results won’t be reported until late February. But we do know that 2017 market returns for the REITs...
For decades, U-Haul International Inc. has been in the mobility business. Now, it’s kicking its commitment to mobility into high gear. The Phoenix, AZ-based moving and self-storage company plans to build its first “smart mobility center” in Tallahassee, FL. It’ll be...
Public Storage continues to grapple with decelerating same-store revenue growth as it faces slower rental growth and declining occupancy rates brought on by record-levels of new self-storage development. The company saw same-store revenue grow 2.4 percent during the...
U-Haul is all about reusing old, neglected buildings through its adaptive reuse program. However, sometimes cities have a different vision as they redevelop their urban neighborhoods. U-Haul purchased a 1.74-acre site at 42nd Street and Hiawatha Avenue in south...
Hit by a rising tide of new construction and economic trouble spots across the country, publicly traded self-storage REITs have pulled back significantly from their acquisitions of existing facilities. Acquisitions by the top five self-storage real estate investment...
After a phenomenal run over the last few years, it appears the self-storage industry may be running out of steam for now. Public Storage, the industry's largest player and a bellwether for the sector at large, saw revenue growth decelerate more than 40 percent during...
