Inside Self-Storage

OCT 2018

Inside Self-Storage (ISS) is an information source for industry owners, managers, developers and investors covering news, trends, facility operation, finance, real estate, construction, development, marketing, technology, insurance and legality.

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Extra Space leading the way at 36.5 million square feet. CubeSmart (35.5 million square feet) is a close second ahead of U-Haul (24.3 million square feet), followed by Life Storage and NSAT, which showed an 8.4 percent decline in its managed square feet year over year. With Public Storage announcing this year that it intends to leverage a third-party management platform, the numbers could look quite different going forward. Storage Asset Management Inc. (SAM) continues to grow at an accelerated pace. It now manages 8.4 million square feet, a 55.6 percent increase from last year. At No. 6, it's the top company whose portfolio is comprised entirely of managed property, followed by Argus Professional Storage Management (No. 8) and StoragePro Management Co. (No. 9). In all, six of the top 10 companies manage more square footage than they own, compared to four in 2017. West Coast Self-Storage jumped into the top 10 this year with a managed portfolio of 3.9 million square feet. Among the top 50 management companies, 25 also appear in the top-100 list of facility owners. Due to the separate lists, several operators that manage much more square footage than they own appear TOP 10 THIRD-PARTY MANAGEMENT COMPANIES IN SQUARE FEET Company Square Feet Managed % of Total Portfolio Square Feet Change YOY Extra Space Storage Inc. 36.5M 30.8% 8% CubeSmart 35.5M 51.1% 77.5% U-Haul International Inc. 24.3M 42.6% 1% Life Storage Inc. 10.7M 21.2% 13.8% National Storage Affiliates Trust 9.8M 22.4% -8.4% Storage Asset Management Inc. 8.4M 100% 55.6% Absolute Storage Management Inc. 6.3M 87% 28.6% Argus Professional Storage Management 5.4M 100% 28.6% StoragePro Management Co. 4.7M 100% 23.7% West Coast Self-Storage 3.9M 87.3% 46.6% low in the top 100 list, even though their total operating portfolios are impressive. Industry Overview The two 2018 Top-Operators Lists represent 850.4 million net rentable square feet, with 648.3 million being owned vs. managed. In all, 72 operators in the top 100 own more than 1 million square feet of storage space, up from 64 last year. The top 50 management firms operate 3,098 facilities comprising 202.1 million square feet, a 12.9 percent increase from 2017. While the lists typically include some international square footage, primarily from properties owned by Public Storage in Europe and SmartStop in Canada, the 2018 ownership list includes only Australia's National Storage REIT at No. 13. The operator reported a portfolio of 115 facilities comprising 6.2 million square feet.

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