CHICAGO—The nation's largest self-storage REITs continue to rackup impressive gains in revenue and implied cap rates for theseproperties have sunk to historic lows, according to the latestoverview of the industry just published by MJPartners, a Chicago-based firm.
Public Storage, for example, by far the largestowner in the US with about 2,234 properties, now has an implied caprate of 4.0%. And Extra Space Storage, which has1,083 sites, has an implied cap rate of 4.5%. The other two bigplayers, CubeSmart and Sovran,have implied cap rates of 5.2% and 5.7%, respectively.
“We see no headwinds until development starts to pick up,”Marc A. Boorstein, a principal of MJ Partners,tells GlobeSt.com.
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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.
