MJ Partners Real Estate Services has released a 24-page report highlighting key performance metrics from the first-quarter 2014 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 and investment activity for all four REITs, as well as chart data and side-by-side comparisons on self-storage facility performance. It also contains information from analysts on macroeconomic trends impacting the storage industry.
All four REITs reported healthy numbers, with each reporting occupancy levels during the first quarter of at least 88.9 percent. Public Storage achieved the highest occupancy, 92.6 percent, during the quarter, while CubeSmart showed the largest year-over-year occupancy gain, improving from 85.6 percent to 89.5 percent.
Sovran, which operates the Uncle Bob’s Self Storage brand, tallied the largest year-over-year revenue gain for the first quarter, with an increase of 8.3 percent. Same-store net operating income was also up for all four REITs during the quarter, with Extra Space having the largest gain at 9.4 percent, just ahead of Sovran, which tallied a 9.3 percent improvement from the same period last year.
Public Storage garnered the largest rent per square foot from same-store locations at $14.41, followed by Extra Space ($14.09), CubeSmart ($13.54) and Sovran ($11.16).
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.