Inside Self-Storage

JAN 2019

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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INSIDE SELF-STORAGE I January 2019 I VOLUME 28 I NUMBER 1 ISS INSIDE SELF-STORAGE (ISSN 1087-4054) is published monthly, by Informa Exhibitions LLC 2020 N. Central Ave. #400, Phoenix, AZ 85004; (480) 990-1101, Fax # (480) 990-0819. Periodicals postage paid at Phoenix, AZ, and additional offi ces. POSTMASTER: Please send address changes to: ISS INSIDE SELF-STORAGE, P.O. Box 3439, Northbrook, IL 60065-3439. Volume 28, Number 1. ISS INSIDE SELF-STORAGE subscription rates: one-year Domestic $99; one-year Canada USD $115; one-year Foreign USD $150. All subscriptions are nonrefundable. Copyright ©2017 Informa Exhibitions LLC. All rights reserved. The publisher reserves the right to accept or reject any advertising or editorial material. Advertisers, and/or their agents, assume the responsibility for all content of published advertisements and assume responsibility for any claims against the publisher based on the advertisement. Editorial contributors assume responsibility for their published works and assume responsibility for any claims against the publisher based on the published work. No part of this publication October be reproduced in any form or by any electronic or mechanical means, including information storage and retrieval systems, without permission in writing from the publisher. All items submitted to ISS INSIDE SELF-STORAGE become the sole property of Informa Exhibitions LLC. Editorial content October not necessarily refl ect the views of the publisher. All correspondence and inquiries should be addressed to: ISS INSIDE SELF-STORAGE, 3300 N. Central Ave., Ste. 300, Phoenix, AZ 85012. Vice President, Inside Self-Storage Teri L. Lanza Editor Amy Campbell Contributing Editor Tony Jones Business-Development Manager Debbie Pirkey Project Coordinator Kortney Hannes Founder Troy Bix Art Director Robert Rys Production Manager Bonnie Streit Subscription Customer Sales 800.581.1811 Events Department Senior Director, Events Aleigha Frazier Marketing & Education Manager Melissa Black Informa Exhibitions U.S., Construction & Real Estate Inc. President Rick McConnell Director Jayne Dalton Human Resources Manager Erin Dudley Colvin Published by Informa Exhibitions LLC 2020 N. Central Ave. #400, Phoenix, AZ 85004 Phone 480.990.1101 Fax 480.990.0819 Website: www.insideselfstorage.com FEATURES 14 7 Investor Abilities to Master To get into the self-storage business today, it takes more skills than it used to; but they're not hard to learn. Every investor should master these seven abilities. By Mark Helm 16 Common Investment Myths The storage asset class offers investors many advantages, but belief in these six common misperceptions can inhibit success. By Ryan Clark 18 Is It Time to Partner Up? There are many ways to partner on a storage project, and each has its own benefits and challenges. Read about the options available. By Scott Meyers 22 Cautionary Shifts in Industry Financing Rising interest rates and increased supply are creating market pressure. Learn how these factors will impact your borrowing ability. By Neal Gussis 26 It's a Great Time to Refinance! With interest rates holding steady, it's a great time to consider refinancing. Here's an overview of lending options and their pros and cons. By Noel Cain 28 The 5 Cs of Creditworthiness A lender's decision to loan money is based on a few key principles. Learn what they are and how they're applied. By Terry Campbell 30 Buying Your First Facility Purchasing a storage property can be difficult in this over-heated market, especially for first-timers. This will guide new investors in their quest. By Bill Alter 32 The Mysterious Yet Fundamental Cap Rate While buying and selling can be complex, the discussion always leads to market capitalization rates. Get clarification on this key concept. By Ben Vestal 34 Dodging the Ugly Duckling When purchasing a facility, the term "buyer beware" applies. Here's guidance on the due-diligence process. By Andrew Kelly Jr. 38 Building It Isn't Enough! A feasibility study is more than just a collection of maps, data and information. Learn why an impartial report is necessary for a successful project and what it should include. By Marc Goodin DEPARTMENTS 4 The Inside View 6 News 10 Self-Storage Talk SPECIAL SECTIONS 12 ISS World Expo Preview 42 Operator Insights 2 ISS I January 2019 www.insideselfstorage.com

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