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Furthermore, Extra Space said it had closed on the purchase of 35 of the 40 facilities mentioned in its third-quarter earnings release for a total price of $190.4 million.
Extra Space’s 17-facility deal follows recent announcements of major acquisitions by two of its REIT rivals: CubeSmart LP and Public Storage Inc. For Extra Space, securing millions of dollars in acquisitions this year hasn’t been easy in what continues to be a highly competitive market for top-quality assets. Extra Space is predominantly buying properties at cap rates between 6 percent and 7 percent. Kirk acknowledged that Extra Space that amid competitive bidding, the REIT has not been “overly successful” in landing facilities that have been actively marketed. As for development activity, Extra Space does not do ground-up construction on its own, but it does enter joint ventures that hold the opportunity for acquisitions down the road. By most measures, the REIT’s third-quarter results either met or exceeded what had been already high expectations from Wall Street analysts. Kirk credits the “great operating environment” for part of the REIT’s recent success—namely stable customer demand and limited new construction. Extra Space marked a major milestone in the third quarter when it surpassed 1,000 branded properties in its portfolio. Welcome.The Storage Facilitator is the modern self-storage professional's destination for useful education, intriguing news, diverse expert perspectives, technology updates, and beyond. Get our free white paperThe Four Pillars of Profitable Self-Storage Management is an in-depth resource that empowers facility owners and managers to get more out of your business and stay ahead. The information contained herein has been obtained from third parties and we cannot guarantee the accuracy or completeness of the information. To all those mom-and-pop operators in self-storage who think the Internet can level the playing field, Extra Space Self Storage Inc. According to Kirk, two macroeconomic issues ensure the big self-storage operators (Extra Space, Public Storage Inc., Sovran Self Storage Inc. From 2003 through 2007, more than 13,000 self-storage facilities were constructed, putting the total supply at around 50,000. Generally speaking, online customers are much more sensitive to price than walk-up customers are. At the NAREIT Investor Forum, moderator Christy McElroy of UBS asked: “What’s your view of some of the aggregators that have surfaced to help some of the smaller operators compete?
Kirk passed off that question to Chief Financial Officer Scott Stubbs, who replied: “We don’t necessarily see aggregators as a threat.
As Sovran CEO David Rogers has said, self-storage operators don’t necessarily make money through third-party management. All things being equal, ExtraSpace prefers deals that involve an entire portfolio of properties, although Stubbs said the REIT considers smaller deals as well. This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.
Marc Boorstein, co-founder and principal of MJ Partners Self Storage Group, a real estate firm that helped broker the sale, said the previous ownership group also included lenders Bank of America, BMO Harris, Emigrant Realty and PNC Bank, though Babcock & Brown was the most recent owner. Headquartered in Salt Lake City, Extra Space owns operates more than 882 self-storage facilities in 34 U.S.
Kenneth Woolley, founder of Extra Space Storage Inc., now has one less corporate title at the self-storage REIT.
On Monday (July 8), Woolley stepped down as the REIT’s chief investment officer, according to a filing with the U.S. The company tapped Charles Allen, its chief legal officer, to succeed Woolley as chief investment officer.
As Allen settles into his new position as chief investment officer, he’ll surely be relying on advice from colleagues like Woolley and Extra Space CEO Spencer Kirk. In 2008, Woolley shared with the New York Times one of the biggest lessons he’s learned about investing in real estate: “You make money when you buy, not when you sell. Along those lines, Kirk said recently that his company would be a “competitive bidder” for any self-storage portfolios going up for sale this year.
In discussing the company’s first-quarter earnings for 2013, Kirk said Extra Space wants to take a “disciplined” and “selective” approach toward acquisitions. Although Woolley no longer is chief investment officer, he’s still be an important voice in discussions about Extra Space’s investment strategy. Woolley rejoined Extra Space as executive chairman and chief investment officer in July 2012. Extra Space owns or operates 965 self-storage facilities in 35 states, the District of Columbia and Puerto Rico. Extra Space inked a deal to acquire 17 facilities in Virginia from Mini Price Storage for about $200 million. Salt Lake City-based Extra Space gobbled up another portfolio consisting of 20 facilities and 1.4 million square feet.
In another sign that the self-storage acquisition market is on fire, Strategic Storage Trust Inc. Strategic Storage Trust, a publicly registered, non-traded REIT specializing in self-storage, bought five facilities in the Dallas-Fort Worth and Midland areas in Texas, and four facilities in Alabama and Tennessee.
Austin, TX-based Virtus Real Estate Capital LLC, in a joint venture with McKinney, TX-based Advantage Storage, bought a 59,400-square-foot self-storage facility in Oklahoma City for $3.8 million.


Morningstar Properties LLC bought three properties in two states for a combined $17.7 million. In October, Morningstar sold a 43-property portfolio it owned jointly with Harrison Street Real Estate Capital LLC. Walnut Creek, CA-based Pegasus Group bought Pearl Self Storage, a 68,646-square-foot self-storage facility in Portland, OR, for $18 million from Walt Bowen. Monrovia Stor-All LLC purchased a 63,398-square-foot self-storage facility in Covina, CA, for $6.9 million.
CubeSmart LP sold a 119,085-square-foot self-storage facility in Memphis, TN, for $7.9 million.
Wave Crest Investments LLC bought an 85,684-square-foot self-storage facility in Melbourne, FL, for $3.7 million. Value Self Storage, an 82,295-square-foot self-storage facility in Holiday, FL, was sold for $3.5 million. Cross Creek Storage, a 69,984-square-foot self-storage facility in Tampa, FL, was sold for $4.8 million. New York City-based Andover Properties LLC, doing business as Storage King USA, bought a 64,323-square-foot self-storage facility in Chattanooga, TN, for $3.3 million. Self-storage services rent storage rental space on storage rental Downingtown PA a short-term basis (often month-to-month, though methods Downingtown PA of longer-term leases are available) to people (usually storing family goods; nearly all jurisdictions prohibit the room from being Downingtown PA used to be a residence) or in order to businesses (usually holding excess inventory or even archived records). At year-end 2009, a total of some 58, 000 self-storage storage rental establishments, owned by 25, 235 companies, have been developed in the us on industrial along with commercial land parcels.
At year-end the year just gone, a total regarding some 58, 000 self-storage amenities, owned by 30, 235 companies, have been developed in the us on industrial storage rental West Chester PA and also commercial land parcels. Self-storage establishments rent storage rental West Chester PA space on the short-term basis storage rental (often month-to-month, though methods of longer-term leases West Chester PA tend to be available) to persons (usually storing residence goods; nearly all jurisdictions prohibit the place from being used as a residence) or for you to businesses (usually holding excess inventory or perhaps archived records). If you’ve never been a tenant at a self storage facility, it can be tempting to believe some of the myths that circulate about self storage. Storage myth #1: It’s lazy to store things, so you should just go through those boxes and get rid of stuff instead. The reality: I can’t promise that there’s not some junk mixed in there somewhere, but furniture is one of the most commonly stored items in storage units. The reality: The price of storage units varies depending on several factors, including property location, storage unit location within the property, type of storage unit, or use of climate control, but many affordable options are available. The reality: While things often go smoothly, insurance is necessary for the times when uncommon events, such as flooding, occur.
4, the self-storage REIT announced it had signed a deal to buy 17 storage facilities in Virginia for $200 million in cash. These 35 facilities are in 12 states, and contain about 23,600 units with 2.6 million square feet of rentable space.
4 announcement, Extra Space this year has purchased or is purchasing a total of 87 facilities for more than $730 million.
Chris Sonne, executive managing director of the Self Storage Industry Group at commercial real estate firm Cushman & Wakefield, said the four self-storage REITs are “flush with cash” and prefer to buy existing facilities rather than build facilities from the ground up. The company has a track record of strong growth that it has maintained over several quarters, and is “firing on all cylinders” with its third-quarter results, according to an Oct. Street rates rose, while discounts to new customers declined, resulting in same-store revenue growth of 7.8 percent for the quarter.
However, the company is leveraging favorable market conditions along with its own strong operating platform to produce double-digit growth in funds from operations (FFO), an important financial yardstick for REITs.
So far this year, the REIT has added 72 branded facilities to its third-party management program for a total of 253. He first moved to Austin in 1999, when downtown Austin wasn't nearly as lively as it is today. This white paper identifies major trends and best practices in rate management, occupancy analysis, rental contracts and profit management. CEO Spencer Kirk has this message: The biggest teams on the field also are the strongest ones. In fact, self-storage operators usually can charge higher rents to walk-up customers. More than 40 percent of the time, Extra Space facilities gain higher rental rates from walk-ups.
The six self-storage facilities, which consist of 517,000 total rentable square feet and 5,500 units, were formerly branded and managed by fellow REIT Extra Space Storage Inc., and have been developed within the past three years. Boorstein and Jeff Jacobsen, also with MJ Partners, represented the sellers in the all-cash transaction. McNeal was vice president of legal operations and now is senior vice president and chief legal officer. In 2012, Extra Space bought 91 self-storage properties for a little more than $700 million. In 2012, his corporate compensation, including salary and stock, added up to slightly more than $1 million. He had resigned as chairman and CEO effective April 1, 2009, to serve a three-year volunteer mission with the Church of Jesus Christ of Latter-day Saints (Mormon).
The properties comprise about 640,000 units and more than 70 million square feet of rentable storage space, making it the country’s second-largest self-storage operator behind Public Storage. Carey joined forces in 2009 to acquire unstable properties, turn them around and sell them.


Ladera Ranch, CA-based Strategic Storage Trust said it paid about $27 million for the Texas portfolio and about $37 million for the Alabama and Tennessee portfolio. The company also acquired an 81,860-square-foot facility in Bentonville, AR, for $4.27 million. The facility was purchased by a private investor in New York and sold by a local private investor.
Unlike in a warehouse, Exton PA self-storage facility employees will not Exton PA have casual access on the contents of the space (and, thus, the facility is usually not liable intended for theft). A few facilities offer bins, locks, and packaging supplies storage rental available for storage rental Downingtown PA purchase to assist tenants inside packing Downingtown PA and safekeeping the goods, and might also offer truck rental fees (or may storage rental allow free use of a truck to get a new tenant). Several facilities offer boxes, locks, and storage rental packaging supplies storage rental available for West Chester PA purchase to assist tenants with packing and safekeeping their goods, and might also offer truck storage rental West Chester PA leases (or may allow free West Chester PA usage of a truck for any new tenant). Unlike within Exton PA a warehouse, self-storage facility employees storage space will storage space Exton PA not have casual access on the contents of the space (and, thus, the facility is generally not liable with regard to theft). Hardworking landscapers, artisans, eBay merchants and collectors are just a few groups of people who rely on storage units for their businesses. Storing furniture during a move can be an ideal way to avoid the extra expense of having to purchase it again later.
When storing valuable items like artwork, antiques, heirlooms and more, self storage can be less expensive than replacing items later.
Using a self storage unit can even be a safer option than other storage methods like outdoor sheds or street parking.
Storage facilities take precautions to maintain a secure environment for stored belongings, but it’s the renter’s responsibility to maintain insurance. In general, Extra Space has been outbid by as much as 10 percent on marketed properties, Kirk said.
Excluding one-time acquisition charges, the company’s year-over-year FFO growth was 21 percent in the third quarter. According to the most recent McGraw Hill Construction Dodge report, 196 facilities were under construction at the end of 2012.
Third-party management provides insight into facilities’ books and often leads to acquisitions. Operating under the Shurgard brand name, the company also has 189 facilities in seven European countries with approximately 10 million net rentable square feet. The company's properties comprise approximately 585,000 units and approximately 64 million square feet of rentable storage space. Woolley retains his other role at Extra Space—executive chairman—and remains involved in the REIT’s day-to-day business. Woolley had held the chairman and CEO positions since Extra Space Storage was founded in 1977. In 2003, the facility was converted from a big-box retail store to a 495-unit storage facility.
35 storage rental West Chester PA billion rectangular feet of self-storage from storage rental the U. Other people who depend on self storage include college students, deployed military personnel, adults going through life transitions, or simply those who need a little extra space. Plus, storage units are a popular choice for storing valuables such as antiques, wine and classic cars. Security measures at Extra Space Storage include electronic gates, fencing, lighting, cameras, and, in some cases, an onsite manager.
Storage units are always clean when new tenants move in, and indoor storage units can remain just as dust-free as your home closet. The portfolio comprises about 14,000 units with about 1.5 million square feet of rentable space. Basically, it’s another shot at a customer–what we’ve found is people that shop using aggregators are typically a different kind of customer. Because a city planner wants to stick you at the end of the cul-de-sac next to the industrial warehouses. S., or possibly a land area Exton PA equal to three times Manhattan Island under storage rental Exton PA roof structure. The five big storage rental publicly traded storage space operators own or even operate storage rental Exton PA approximately 9% involving self-storage facilities. The five large publicly traded storage devices operators own as well as operate approximately 9% connected with self-storage facilities. Exton PA More recently, in many city cities where opposition among storage corporations is fierce, better parcels of land near storage rental residential and commercial areas are increasingly being converted into self-storage the moment approved Exton PA by zoning sections.
West Chester PA Recently, in many city cities where competitors among storage organizations is fierce, better parcels storage rental associated with land near non commercial and commercial areas are storage rental increasingly being converted into self-storage the moment approved by zoning cells.



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