MJ Partners Real Estate Services has released a 20-page report highlighting key performance metrics from the second-quarter 2013 quarterly financial results issued by the four publicly traded U.S.-based self-storage real estate investment trusts (REITs)—CubeSmart, Extra Space Storage Inc., Public Storage Inc. and Sovran Self Storage Inc.
The report offers a market overview, including implied cap rates for all four REITs, as well as chart data and side-by-side comparisons on self-storage facility performance. All four REITs reported healthy numbers, with each reporting occupancy levels of at least 90 percent. Public Storage achieved the highest occupancy, 94 percent, during the quarter, while CubeSmart showed the largest year-over-year occupancy gain, improving from 84.1 percent to 90 percent.
CubeSmart tallied the largest year-over-year revenue growth of 9 percent. Same-store net operating income was also up year over year for all four companies, with CubeSmart’s 13.1 percent finishing ahead of Sovran’s 12.2 percent.
Public Storage garnered the largest rent per square foot at $13.85, followed by Extra Space ($13.77), CubeSmart ($12.14) and Sovran ($10.75).
The PDF report can be downloaded for free from the MJ Partners website. Inside Self-Storage yesterday published a summary of second-quarter financial results for all four REITs and U-Haul International.
Headquartered in Chicago, MJ Partners is a full-service real estate brokerage and investment banking company specializing in commercial real estate, mortgage banking and consulting services. The company's clients include major financial institutions, private equity funds, REITs, opportunity funds, insurance companies, pension-fund advisors, corporations, private developers and entrepreneurial businesses.