Equity Based Services (EBS), which operates 63 self-storage locations in 11 states, reports sales are up 13 percent from a year ago.
Businesses and homeowners downsizing have contributed to the increase in sales, said Troy Downing, a principal at EBS. “We’re a cash flow business. As businesses downsize into smaller facilities, all those desks, file cabinets and the rest of it have to go somewhere.”
Equity recently obtained an extension on a $3.5 million construction loan for a new facility in Arizona. The three-year loan from Imperial Capital Bank in San Diego was used to erect a climate-controlled storage building in Peoria, Ariz., and came due last month. The bank extended it for a year, basically on the same terms, Downing says.
Sales for EBS in August were up 13 percent from a year ago. Some markets are faring better, including Texas, where the firm has 20 storage facilities, and Las Vegas/Henderson, Nev., where it has nine.
Source: San Diego Business Journal, Equity Based Services Sees Sales Rise, Others Don't