MJ Partners Real Estate Services has released a 29-page report highlighting key performance metrics from the third-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 U.S. storage industry as well as a look at storage REIT performance as a whole.
All four REITs reported healthy numbers, with each reporting occupancy levels during the third quarter of at least 91.3 percent. Public Storage achieved the highest occupancy, 94.7 percent, during the quarter, while CubeSmart showed the largest year-over-year occupancy gain, improving from 90.5 percent to 92.3 percent.
CubeSmart also tallied the largest year-over-year revenue gain for the third quarter, with an increase of 7.7 percent. Same-store net operating income was also up for all four REITs during the quarter, with CubeSmart having the largest gain at 10.8 percent, followed by Extra Space (9.3 percent) and Sovran (9.2 percent), which operates the Uncle Bob’s Self Storage brand.
Public Storage garnered the largest rent per square foot from same-store locations at $15.25, followed by Extra Space ($14.92), CubeSmart ($14.05) and Sovran ($11.71).
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.