Supnick Real Estate Co., a self-storage real estate brokerage based in Mt. Laurel, N.J., has launched a new quarterly newsletter focused on the operating performance data of the four self-storage real estate investment trusts: Public Storage Inc., Extra Space Storage, U-Store It Trust and Sovran Self Storage. The spring 2010 edition of “The Self Storage Advisor” has been published and can be viewed online at www.supnickre.com.
The newsletter reports performance highlights from industry REITs, including:
- Average occupancy increased nominally in 2009 to 81.7 percent compared to 81.5 percent in 2008.
- The average rent per available square foot for 2009 was $11.44, down only 3 percent when compared to 2008. Net operating income has been improving, driven by decreasing rental concessions, fewer tenant move-outs and expense control.
- In the first quarter of 2010, the REITs experienced stabilization in rent per square foot and occupancy.
- The average REIT stock price for the one-year period ending April 1, 2010, increased more than 125 percent, with the highest appreciation at companies doing the most to enhance balance sheets with new capital.
Supnick Real Estate is owned by Jeff Supnick, a 25-year self-storage veteran and commercial real estate broker. In addition to being a former real estate officer for Public Storage Inc. and Storage USA, he has been a self-storage developer and owner/operator. The company specializes in selling self-storage properties.