REITs on Self-Storage Buying Spree

CHICAGO—REITs in the self-storage business continued in 2013 a buying spree that has lasted for several years, snapping up more than $1 billion worth of properties in the sector, still largely dominated by smaller operators, according to a new Self Storage Market Overview by Chicago-based MJ Partners Real Estate Services.

The sector also continued to show strong revenue growth and occupancy levels in the fourth quarter, MJ Partners found. The top four self-storage companies all saw revenue increases between 5.3% and 7.7% for the entire year. Furthermore, the NOIs of each company grew as well, ranging from 8.2% to 10.0%.