Your quarterly look at self-storage industry performance and customer behavior
ACQUISITIONS IN 2013
Spurred by attractive interest rates and low cap rates, self-storage investors have gone on an acquisition tear in 2013. Public Storage Inc., the biggest publicly traded self-storage REIT, is on track to rack up $1 billion in acquisitions this year. Several of Public Storage’s competitors also have been scooping up facilities. “The acquisitions market has come to a rolling boil, with a plethora of deals hitting the market,” David Rogers, CEO of self-storage REIT Sovran Self Storage Inc. (Uncle Bob’s), said in November. 2014 promises to be an active year for self-storage acquisitions as well. Here are some of this year’s biggest self-storage deals:![](http://blog.sparefoot.com/wp-content/uploads/2013/12/pubs0.jpg)
Buyer: Public Storage Inc.
Seller: Stor-All Systems Inc.
Purchase price: $430 million
Number of facilities: 44
Number of units: 26,000
Total square footage: 2.7 million
Locations: FL, GA, VA, CO, NC
![](http://blog.sparefoot.com/wp-content/uploads/2013/12/cubes.jpg)
Buyers: CubeSmart L.P. and Heitman LLC
Seller: Private Mini Storage Inc.
Purchase price: $326.2 million
Number of facilities: 36
Number of units: N/A
Total square footage: 2.1 million
Locations: TX, NC
![](http://blog.sparefoot.com/wp-content/uploads/2013/12/pubs1.jpg)
Buyer: Public Storage Inc.
Sellers: Harrison Street Real Estate Capital LLC and Morningstar Properties
Purchase price: $315 million
Number of facilities: 43
Number of units: 22,500
Total square footage: 2.9 million
Locations: GA, NC, SC, TX, VA
![](http://blog.sparefoot.com/wp-content/uploads/2013/12/pubs3.jpg)
Buyer: Public Storage Inc.
Seller: Southern Self Storage
Purchase price: Est. $240 million
Number of facilities: 21
Number of units: N/A
Total square footage: N/A
Location: FL
![](http://blog.sparefoot.com/wp-content/uploads/2013/12/xtra1.jpg)
Buyer: Extra Space Storage Inc.
Seller: All Aboard Mini Storage
Purchase price: $206.1 million
Number of facilities: 20
Number of units: 14,800
Total square footage: N/A
Location: CA
![](http://blog.sparefoot.com/wp-content/uploads/2013/12/xtra2.jpg)
Buyer: Extra Space Storage Inc.
Sellers: Harbert U.S. Real Estate Fund IV, L.P. and W.P. Carey Inc.
Purchase price: Est. $200 million
Number of facilities: 20
Number of units: 12,500
Total square footage: 1.4 million
Locations: AR, CA, CT, FL, GA, etc.
WHERE ARE THE WIDEST DISPARITIES IN STORAGE RENTAL PRICES?
Los Angeles County, CA
10x20 Regular
min
$112.50
max
$599
5x5 Regular
min
$24.13
max
$132.22
5x10 Regular
min
$36
max
$192
Philadelphia County, PA
5x5 Climate-Controlled
min
$28.24
max
$89
5x5 Regular
min
$25.43
max
$124.55
5x10 Climate-Controlled
min
$48.73
max
$124.55
Orange County, FL
10x30 Climate-Controlled
min
$170
max
$599
10x20 Regular
min
$87
max
$399
10x30 Regular
min
$131
max
$429
Montgomery County, TX
10x10 Regular
min
$55
max
$160
5x5 Climate-Controlled
min
$35
max
$85
10x10 Climate-Controlled
min
$24.50
max
$230
Harris County, TX
5x5 Regular
min
$14.50
max
$64
5x5 Climate-Controlled
min
$24.50
max
$92
10x20 Climate-Controlled
min
$119
max
$419
Pinellas County, FL
5x10 Regular
min
$29
max
$104.20
5x5 Regular
min
$16
max
$63.50
5x10 Climate-Controlled
min
$40
max
$140
Lake County, IL
10x20 Climate-Controlled
min
$169
max
$459
10x20 Regular
min
$50
max
$229
5x10 Regular
min
$39
max
$99
Palm Beach County, FL
5x5 Regular
min
$14
max
$72
5x5 Climate-Controlled
min
$20
max
$104
10x10 Climate-Controlled
min
$74.74
max
$255
WHY ARE YOU MOVING?
We surveyed hundreds of storage customers to find out the reason for their move.![](http://blog.sparefoot.com/wp-content/uploads/2013/12/legend2.png)
JULY
![](http://blog.sparefoot.com/wp-content/uploads/2013/12/whymovejuly.jpg)
AUGUST
![](http://blog.sparefoot.com/wp-content/uploads/2013/12/whymoveaugust.jpg)
SEPTEMBER
![](http://blog.sparefoot.com/wp-content/uploads/2013/12/whmovesept.jpg)
OCTOBER
![](http://blog.sparefoot.com/wp-content/uploads/2013/12/whymoveoct.jpg)
HOW DO OUR FACILITY CLIENTS DETERMINE PRICING?
![](http://blog.sparefoot.com/wp-content/uploads/2013/12/determinepricing.jpg)
WHERE SHOULD YOU BUILD NEXT?
Counties with the fewest storage facilities per capita.1. New York County, NY
County population:
1,585,873
Facilities in county:
24
Facilities per 100k:
1.5
People per facility:
66,078
2. Queens County, NY
County population:
2,230,725
Facilities in county:
65
Facilities per 100k:
2.9
People per facility:
34,319
![](http://blog.sparefoot.com/wp-content/uploads/2013/12/queensmap.jpg)
3. Essex County, NJ
County population:
783,969
Facilities in county:
25
Facilities per 100k:
3.2
People per facility:
31,359
![](http://blog.sparefoot.com/wp-content/uploads/2013/12/queensmap.jpg)
4. District of Columbia
County population:
601,723
Facilities in county:
20
Facilities per 100k:
3.3
People per facility:
30,086
![](http://blog.sparefoot.com/wp-content/uploads/2013/12/dcmap.jpg)
5. Kings County, NY
County population:
2,504,700
Facilities in county:
84
Facilities per 100k:
3.4
People per facility:
29,818
![](http://blog.sparefoot.com/wp-content/uploads/2013/12/kingsmap.jpg)
6. Baltimore City, MD
County population:
805,029
Facilities in county:
27
Facilities per 100k:
3.4
People per facility:
29,816
7. Richmond County, NY
County population:
468,730
Facilities in county:
16
Facilities per 100k:
3.4
People per facility:
29,296
8. Bronx County, NY
County population:
1,385,108
Facilities in county:
51
Facilities per 100k:
3.7
People per facility:
27,159
9. Suffolk County, MA
County population:
722,023
Facilities in county:
31
Facilities per 100k:
4.3
People per facility:
23,291
10. Honolulu County, HI
County population:
953,207
Facilities in county:
41
Facilities per 100k:
4.3
People per facility:
23,249
11. Mercer County, NJ
County population:
366,511
Facilities in county:
16
Facilities per 100k:
4.4
People per facility:
22,907
12. Cumberland County, NJ
County population:
156,898
Facilities in county:
7
Facilities per 100k:
4.5
People per facility:
22,414
13. St. Lawrence County, NY
County population:
111,944
Facilities in county:
5
Facilities per 100k:
4.5
People per facility:
22,389
14. Hudson County, NJ
County population:
634,266
Facilities in county:
29
Facilities per 100k:
4.6
People per facility:
21,871
15. Arlington County, VA
County population:
207,635
Facilities in county:
10
Facilities per 100k:
4.8
People per facility:
20,764
16. Union County, NJ
County population:
536,499
Facilities in county:
24
Facilities per 100k:
5.4
People per facility:
18,500
17. Ramsey County, MN
County population:
508,640
Facilities in county:
28
Facilities per 100k:
5.5
People per facility:
18,166
18. San Francisco County, CA
County population:
805,235
Facilities in county:
45
Facilities per 100k:
5.6
People per facility:
17,894
19. Philadelphia County, PA
County population:
1,526,006
Facilities in county:
87
Facilities per 100k:
5.7
People per facility:
17,540
20. Nassau County, NY
County population:
1,339,532
Facilities in county:
78
Facilities per 100k:
5.8
People per facility:
17,173