With changes in the general economy have come changes in the self-storage finance world. Self-storage lenders, like those for all commercial real estate, apply more stringent underwriting standards when evaluating the potential of a construction, permanent or other self-storage loans. Even the refinancing process has become more challenging for self-storage owners, who must weigh their options and exit strategies. Some negotiate with lenders in an attempt to salvage underperforming self-storage properties. Tax issues are also a significant concern for self-storage owners. Cost segregation and 1031 exchange are possibilities to be explored. Financial and operating performance is reported quarterly by the self-storage real estate investment trusts (REITs): Public Storage Inc., U-Store-It Trust, Sovran Self Storage and Extra Space Storage.
Interest-Rate Uncertainty: Self-Storage Borrowers Need to Act Now!
The economic recovery appears to be in full swing, and the Federal Reserve is already taking a hard look at interest rates. Now’s the time for self-storage borrows to lock in a long-term interest rate before they rise. ...More
U.K. Self-Storage Operator Big Yellow Releases Financial Results for the First Half of Fiscal 2014
U.K. self-storage operator Big Yellow Group PLC released its operating-performance results for the first six months of its fiscal year, following the quarter ending Sept. 30. The company reported revenue of £35.9 million, down 1 percent from the same six-month period a year ...More
Self-Storage REIT Extra Space Storage Announces Fourth-Quarter 2013 Stock Dividend
The board of directors for Extra Space Storage Inc., a self-storage real estate investment trust, has declared a quarterly dividend of $0.40 per share on the company's common stock for the fourth quarter of 2013. ...More
Self-Storage REIT Strategic Storage Trust Releases Third-Quarter 2013 Financial Results
Strategic Storage Trust Inc., a publicly registered, non-traded real estate investment trust (REIT), released its financial results for the quarter ending Sept. 30. The company reported year-over-year same-store revenue and net operating income (NOI) increases of 9.4 ...More
Are You Flushing Your Self-Storage Income Down the Drain?
Any financial enterprise runs on two vital mechanisms: the money that goes in and the money that goes out. When it comes to gauging the success of their business, a lot of self-storage operators fixate on the cash-in side of the equation and accept all the outlays as simply ...More
U-Haul Parent Company AMERCO Reports Self-Storage Revenue Increases in 2Q 2014 Financial Results
AMERCO, the parent company of U-Haul International Inc., reported financial results for the quarter ended Sept. 30, the second quarter of its 2014 fiscal year. Self-storage revenue increased $7.6 million, nearly 20 percent, year over year to $45.6 million. Average monthly ...More
Self-Storage REITs Release Financial Results for Third-Quarter 2013
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.—have released financial statements for the quarter that ended Sept. 30, 2013. In general, all four ...More
Tips To Help Self-Storage Operators Keep Their 2014 Operating Expenses in Check
Managing a self-storage facility’s expenses is hard work but a necessary evil if you want to run a successful business. Examine these key line items to effectively minimize your self-storage expenses and mitigate any increase in costs. ...More
Don't Be a Ship Without a Sail: Exit Strategies for Self-Storage Owners
If you’re planning to sell your self-storage business in the next few years, operating it in a passive manner will ensure an unhappy exit when the time comes. Instead, put your exit strategy into play now by following these simple steps. ...More
Self-Storage Operator Tuxis Corp. Reports 3Q 2013 Financial Results
Tuxis Corp., which operates self-storage facilities in Connecticut and New York, reported its financial results for the third quarter ended Sept. 30. The company recorded a net loss of $1,183 or $0.00 per share for the quarter, an improvement from a year ago when is had a ...More