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:
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
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
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
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
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
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.
JULY
AUGUST
SEPTEMBER
OCTOBER
HOW DO OUR FACILITY CLIENTS DETERMINE PRICING?
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
3. Essex County, NJ
County population:
783,969
Facilities in county:
25
Facilities per 100k:
3.2
People per facility:
31,359
4. District of Columbia
County population:
601,723
Facilities in county:
20
Facilities per 100k:
3.3
People per facility:
30,086
5. Kings County, NY
County population:
2,504,700
Facilities in county:
84
Facilities per 100k:
3.4
People per facility:
29,818
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
Facebook
Twitter
Instagram