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Self-Storage REITs Continue Growth; Occupancy Plateaus

CHICAGO—The big five have also continued to make acquisitions, and new development remains far below the level of demand in the sector.

chi-Sovran An Uncle Bob’s Self Storage facility in Chicago, operated by the former Sovran. The company has rebranded these properties as LifeStorage.

CHICAGO—The nation’s largest self-storage REITs saw impressive revenue growth in the third quarter, although the rate of that growth has slowed down from levels seen over the past year, according to a new report from MJ Partners, a Chicago-based self-storage firm.

The five companies generated same-store revenue growth ranging from 4.5% to 7.2%. This is down from last quarter’s growth of 5.7% to 8.5% year-over-year. Net operating Income also increased at a good clip, and ranged from 4.7% to 9.5%. But last quarter, NOI growth ranged from 6.6% to 11%.

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Brian J. Rogal

Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.

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