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GreenbergFarrow is providing full development services, architecture and civil engineering services for the entire Public Storage real estate portfolio. Also last year, the Glendale, CA-based operator invested heavily in new locations, spending $1.16 billion to buy 121 locations. Reyes said street rates are up 5 percent to 10 percent over last year, depending on the market. Last year, Public Storage raised rents on existing tenants between 9 percent and 10 percent, according to Reyes. In 2013, most of the REIT’s acquisitions happened in the fourth quarter, when the company bought 89 facilities in eight states for $765 million. CEO Ronald Havner said that much of the activity was concentrated in large off-market portfolio deals that arose late in the year.
An artist’s rendering of a facility that Public Storage plans to open in Glendale, CA.
The lack of attractive facilities on the market has spurred the company to ramp up development, with an existing pipeline that will triple the total square footage it built last year. Public Storage spent $85 million last year on new development and expansion, adding 614,000 rentable square feet. During the first quarter, the company expects to complete three projects with a total price tag of $40 million. Public Storage is concentrating new development in markets where it already doesn’t have a major presence, including Denver, Houston and Phoenix. Same-store revenue grew 5.4 percent and same-store net operating income grew 8 percent during the fourth quarter.
The company finished the fourth quarter with a same-store average occupancy rate of 93 percent. 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. Police in Raytown, MO, are looking into dozens of possible break-ins at this Public Storage facility. Police in a suburb of Kansas City, MO, are investigating suspected break-ins at dozens of units at a Public Storage facility.
Investigators in Raytown, MO, determined that 52 units were damaged over a two-day period, with possible break-ins at 47 of the units.
Renters of the units are being contacted to determine what, if anything, was stolen, according to the Raytown Police Department. Public Storage has storage locations across Canada including quite a few in the Toronto area. Freshdaily is Canada's source for hyper-local arts, music, film, fashion, food and news coverage. Disclaimer: Comments and entries represent the viewpoints of the individual and no one else.
Public Storage’s growth has been through redevelopment or “repackaging” of their existing and newly acquired locations.
The company sent out rent-hike notices from February through August, with most going out during the summer. Havner said it’s hard to tell what’s in store for acquisitions this year, but he expects the REIT to be an active acquirer again in 2014.
Havner said the availability of top-quality facilities has declined, despite more sellers looking to make deals. This year, the company has 21 redevelopment and construction projects on tap, adding 1.8 million rentable square feet at a cost of $196 million.
Havner said the REIT will add more projects as the year goes on, possibly to the tune of $100 million. This white paper identifies major trends and best practices in rate management, occupancy analysis, rental contracts and profit management. He first moved to Austin in 1999, when downtown Austin wasn't nearly as lively as it is today.
Prices, storage unit sizes and amenities vary by location but the Junction and Liberty Village locations are decent options.
Thus, the key challenge for GreenbergFarrow is tracking, re-branding, updating and redeveloping their 2100+ location real estate portfolio.
Executives with the self-storage REIT attribute the gain to boosts in rental and occupancy rates. However, some markets hit hardest by snow—including New York, Chicago, Boston and Washington, DC—did see a decline in move-ins.
Of those that reported break-ins or thefts in 2012, the average number of incidents per facility was 2.2. A 5x10 in Liberty Village costs $135.45 tax included but the first month is only $1 (plus an $18 administration fee).
The locations range from 20-year-old, first generation, low-rise facilities to last year’s acquisition of Shurgard’s 530-plus locations. Utiliing proprietary, project management software, ProjecTrac, the entire team is kept up-to-date with real-time, web-based information.
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