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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. If you remember my post about the origins of Extra Space Storage I think you’ll agree we’ve come a long way since 1977! Everybody likes a good product and a good deal, we do too! That’s why we’ve partnered with Budget Truck Rental.
American Assets Capital Advisers had the largest stake with ownership of 86,569 shares as of Q2 2015 for 4.24% of the US long stock exposure.
After Extra Space, CubeSmart ranked second on Zakaria’s scorecard, followed by Public Storage, U-Haul and Uncle Bob’s. Zakaria stressed that Extra Space performed well in four categories that were weighted heavily in his scoring system: No. For his analysis, Zakaria scored the five self-storage operators on overall supply and demand. CubeSmart came out on top in the supply category, followed by Uncle Bob’s, Extra Space, U-Haul and Public Storage.
On the demand side, Public Storage led the pack, followed by Extra Space, CubeSmart, U-Haul and Uncle Bob’s. Call us at 1-877-284-9785 or complete the simple form below and one of our sales managers will contact you within 48 hours to discuss how we can help you build great customer experiences.
Mystery shopping or secret shopping is a tool used by market research companies to measure quality of retail service or gather specific information about products and services. In essence, on-site mystery shops look at sales and service efforts from two perspectives - the customer as well as the company's.
Whether you seek mystery shopping for one company or being a mystery shopper or secret shopper or secret shopping for many secret shopping and mystery shopping companies, Ritter can find you a mystery shopper to help your company or we can place the right person as a mystery shopper. On-site customer service evaluations or mystery shopping also has the advantage of being able to assess the physical aspects of the location including: the cleanliness and upkeep of the facility, the proper use of merchandising and marketing materials, the appearance of the staff and their attire product presentation and demonstration. 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. This site delivers all the same information about our sites as our English mobile site, allowing customers who speak Spanish to find information and reserve storage easily. Me gusta mucho! Cornerstone Real Estate Advisers Llc is another bullish active investment manager who is possessing 144,771 shares of Extra Space Storage Inc. The analysis included facilities owned and operated by the companies, as well as those managed under third-party deals.
Percentage of vacant housing units in a five-mile radius: Extra Space and Public Storage (tie), 9 percent.
Supply gauges the competition that a company’s facility faces from other facilities in a certain trade area, while demand measures the strength of demand from customers in that area. I wonder what more Uncle Bob’s could do in the short term to rank higher, since it is #2 for supply.
Secret shoppers are people who visit businesses posing as customers, evaluate the service they receive, and complete an evaluation form. It doesn't matter if the evaluation is for a retail store, restaurant, car dealership, apartment development, or amusement park.
Our quality approach to mystery shopping is built on a strong foundation and long tradition of delivering excellence at every level.
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. The Company owns, operates, manages, acquires, develops and redevelops professionally managed self-storage properties (stores).
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1 spot, thanks largely to its big presence in the land-constrained New York City metro area. Business owners and managers use these reports to insure their employees are practicing good selling techniques and providing quality service to their customers. The portfolio comprises about 14,000 units with about 1.5 million square feet of rentable space. Furthermore, Harrison Street Securities Llc have 2.94% of their US long stock exposure invested in the company for 95,218 shares. What to Buy and Where He Sees Investment OpportunitiesKyle Bass Bearish on Emerging Markets for at least 2 More Years.
The Texas-based fund Keypoint Capital Management Llc is also positive about the stock, possessing 856,201 shares or 2.63% of their US long stock exposure.
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