Global Income Fund, an investment-management company with interests in self-storage, has changed its name to Self Storage Group Inc. (SSG), effective immediately. As part of the change, the firms stock ticker symbol has changed from GIFD to SELF, and its new company website is www.selfstoragegroupinc.com.

SSG manages the Global Self Storage brand of facilities, which operates six locations in Illinois, Indiana, Pennsylvania and South Carolina. The company owns, manages, acquires, develops and redevelops professionally managed self-storage facilities through its wholly owned subsidiaries.

SSG is a non-diversified, closed-end, investment-management firm whose common stock is traded over the counter. The primary investment objective of the company has been to provide a high level of income, with capital appreciation as a secondary objective. As of Sept. 30, the firms net asset value per share was $4.72.

Wilmington Capital Management Inc., a Canadian investment and asset-management company whose real estate investments include self-storage facilities, reported a net income for the quarter ended Sept. 30 of $358,000 compared to a net loss of $123,000 for the same period in 2012. The earnings equated to $0.04 per share during the quarter compared to a loss of $0.01 per share last year.

For the nine months ended Sept. 30, the companys net income attributable to shareholders was $260,000 ($0.03 per share) compared to a net loss of $586,000 ($0.07 per share) for the same period last year.

The company attributed its improvement to solidifying strategies within its three operating platformsself-storage, private-equity funds and natural-gas assets. Wilmington owns 44.78 percent of Real Storage Private Trust, a portfolio of 20 self-storage facilities in western Canada comprising 787,000 square feet of rentable space.

During the third quarter, the portfolios same-store occupancy averaged 85 percent compared to 81 percent for the same period in 2012. Same-store operating margins for the quarter were 60 percent compared to 56 percent last year. The trust issued a quarterly distribution of $168,000, equal to 3 percent per annum on invested capital.

As of Sept. 30, Wilmington had assets under management in its operating platforms of approximately $138 million, with $55 million representing the company's share, company officials said.

Update 11/14/13 The New Kent County, Va., Board of Supervisors unanimously approved a conditional-use permit this week that clears the way for applicant Monte Brown of JackAss Flats LLC to build a self-storage facility in Lanexa Va. The facility will offer 40 units and offer dry storage for boats and RVs.

Brown told the board that a building inspector will examine the two structures that currently stand on the 4-acre site next month to determine if the buildings can be used for the project or need to be demolished.

"Whatever you put there is going to be better than what's already there," said W.R. "Ray" Davis Jr., board chairman.

---

10/24/13 On Monday the New Kent County Planning Commission in Virginia voted 9-0 to forward a conditional use permit (CUP) application for a self-storage facility to the Board of Supervisors with a favorable recommendation, despite concerns about the site plans and property cleanup. Applicant Monte Brown of JackAss Flats LLC wishes to build 40 self-storage units and dry storage for boats and RVs at the intersection of Route 60 and Rockahock Road in Lanexa, Va.

Brown intends to build on a four-acre parcel that is zoned commercial. It contains two existing buildings that were once used for short-term residential rental and store frontage. He also intends to clear an undeveloped 2.75-acre parcel, according to the source.

Brown indicated the project would be done in three phases. The first would include cleanup and modification of the existing buildings. In phase two, the undeveloped acres of land would be developed for additional storage units. Although the parcel could accommodate up to 300 units, Brown said he has no intention of building that many. In the final phase, additional units would be constructed as needed.

District 4 Commissioner and Chairman Jack Chalmers and other commissioners voiced concerns about the buildings' current appearance and expressed a desire to see detailed drawings on the proposed project. During a previous meeting, Brown had agreed to deliver engineered drawings to the commission and clean up the property, according to the source. His failure to accomplish either task before the Oct. 21 meeting left commissioners wondering if Brown can fulfill his obligations and maintain the property.

Brown said that after speaking with the planning department, he decided to wait on the engineered drawings until he reaches the planning and development stage. Regarding the site cleanup, he apologized for the delay, citing lack of staff and the presence of large debris on the site as partial causes.

Commissioners continued to express concern. District 2 Commissioner Michael B. Lane Sr. said he didn't have a "warm and fuzzy feeling that this is really going to turn into a nice facility."

County Attorney Michele Gowdy reminded the commissioners that a site plan will be submitted during the upcoming planning phase, and their current task is to simply approve the use of the land for self-storage. The actual development of the building will be discussed at a later phase.

The board of supervisors may review the CUP application at its next meeting on Nov. 13.

LoveSpace, a U.K.-based startup business specializing in valet self-storage services, launched this month in partnership with property-management company Mainstay Group, which manages more than 35,000 buildings across the United Kingdom. The business plans to target consumers who do not have enough items to fill a small storage unit but want to temporarily store some belongings.

Similar to a portable-storage model, LoveSpace incorporates a concierge aspect to its services. The company will pick up boxes for free and return them (or any individual box) upon request the following day anywhere in the U.K. Customers are charged £4.95 monthly per box or large item to store their goods and a fee of £7.95 for each box or large item that is delivered to them.

All items are currently stored in a climate-controlled, secure warehouse in London, but LoveSpaces partnership with Mainstay will likely enable the operation to scale storage of items to local markets.

Based in Wimbledon, England, LoveSpace conducted a soft launch last year by targeting students. It will now expand its focus to include renters, people changing residences and small businesses. The company raised £500,000 in seed funding from investors last month behind the name of owner Brett Akker, who previously co-founded a car-for-hire club called Streetcar. That business sold to a rival company in 2010 for £32 million, according to the source.

'The rationale behind the LoveSpace service is very similar to that of Streetcarwith city living becoming more and more dense, space is at a premium, Akker said. The Mainstay partnership is the first of its kind across the U.K. It allows LoveSpace to expand its marketing presence nationwide.

The company will accept pre-packed boxes and larger items as long as they meet the services 23-kilogram weight limit. Customers can also purchase boxes (64,000 cubic centimeters) and packing materials from LoveSpace. Individual larger items cannot be longer than 1.5 meters. Each box or individual item is insured for £100.

Cities are becoming more dense while properties are becoming smaller, Akker said. There are storage companies such as Big Yellow and Safestore, but customers have to take a big unit that they might have only half full. They also have to rent a van and take their goods over. There was nothing really serving what Streetcar served to car rental, nothing in the storage arena.

As the holidays quickly approach, self-storage operators and state associations across the country are contributing to charity drives and getting in the spirit of giving.

Westy Self Storage in Stamford, Conn., is a designated drop-off location for winter coats and toys for Operation Santa Donation Drive to benefit underprivileged children at Benjamin Franklin School/P.S. 55 in Bronx, N.Y. The self-storage facility will also provide free storage for the donations and final delivery via its moving truck.

Westy kicked off the annual drive, founded by Kaisa Newhams, in its grand lobby at 80 Brownhouse Road on Nov. 12 at 7 p.m. The children's "Dear Santa" letters were showcased, and guests could select as many letters as they liked to fulfill the child's wishes along with providing a warm coat, mittens and a hat.

Donations can be made at Westy Self Storage Monday through Friday from 8 a.m. to 6 p.m., Saturdays from 9 a.m. to 6 p.m., and Sundays from 11 a.m. to 4 p.m. The drive runs through Dec. 13.

“The generosity provided by those answering the ‘Dear Santa’ letters will be the only Christmas these children have,” Newhams told the source. “Additionally, without the continued help of Westy, we would not be able to continue to expand our effort to include more and more children each year. Westy’s assistance in providing a drop-off location, secure storage and delivery of the donations greatly reduces the logistical challenges of the program, thereby allowing us to focus more attention on the children and their needs.”

Founded in 1990, Westy Self Storage operates 13 facilities in Connecticut, New Jersey and New York.

The Arizona Self-Storage Association (AZSSA) recently launched its statewide campaign to benefit the  U.S. Marine Corps Reserve Toys for Tots Annual Holiday Toy Drive. The association is encouraging all member facilities to participate in the drive by serving as drop-off locations for Toys for Tots.

"Participating in the Toys for Tots drive is the ideal way for members to give back to their local communities," said Don Favreau, association president. "In view of the current economic difficulties impacting the state of Arizona, participating in the toy drive gives member facilities the opportunity to make a difference and bring happiness to many disadvantaged children this Christmas."

Participating facilities will need to supply their own boxes to collect toys, but logos and posters for display are available from the AZSSA. Campaign coordinators will pick up all collected items on Dec. 17 and 18. Operators who are interested in taking part in the drive should contact AZSSA Public Relations Chair Jennifer Curtis at 623.341.0069 or [email protected] and provide their facility name, address, phone number and contact person.

Founded in 1996, AZSSA has more than 500 facility and vendor members in Arizona.

The Toys for Tots program has distributed more than 400 million toys to more than 188 million needy children since it was founded 18 years ago.

For the third year in a row, Price Self Storage in San Diego is providing free gift-wrapping stations, using the moniker "Elf Storage" to present itself as one of Santa's elves. The facility offers a free work area with spools of holiday wrapping paper, tags, tape and bows. Wrapping stations are open to the public through Dec. 24 at two Price Self Storage locations,  3951 Murphy Canyon Road in San Diego and 1110 W. Foothill Blvd. in Azusa, Calif.

"People seem to really appreciate the extra wrapping space and ability to secretly wrap their gifts away from the prying eyes of kids and loved ones," said Kelly McClenahan, Price Self Storage’s marketing and creative manager. "We feel wrapping gifts away from the home makes for true holiday surprises!"

Price Self Storage operates 13 facilities throughout California, serving communities in San Diego, Inland Empire, Los Angeles, San Juan Capistrano and Walnut Creek.

San Diego Self Storage donated 200 toys to the Community Resource Center’s Holiday Baskets project to benefit underprivileged children. The project serves about 1,700 households in San Diego's North County through the donation of food, blankets, gifts and bicycles during the holiday season.

The Community Resource Center's mission is to provide families in need and victims of domestic violence with safety, stability and a path to self-sufficiency.

San Diego Self Storage was founded in 1972 and has 18 facilities in San Diego, with additional locations in Los Angeles, Riverside and Orange County, Calif. The company is locally owned and operated.

From left: Keith Lofton, Community Resource Center (CRC); Chris Wood, San Diego Self Storage (SDSS); Janice Hammack, CRC; Deanne St. Marseille, SDSS; Sandra Flores, SDSS; and Kelvin Ekekeugbor, CRC

Tucson RV Storage, a self-storage facility specializing in recreational and other large vehicles, has opened for business on a 17-acre parcel in an unincorporated area of Pima County, Ariz., near Tucson. Owner Nick Sheldon believes the facility is the second largest RV storage location in the state, he said.

Sheldon purchased the property this fall and held a soft opening for the business on Oct. 21. A ribbon-cutting ceremony with the Marana, Ariz., Chamber of Commerce is scheduled for Nov. 21.

In addition to vehicle storage, the property at 5450 N. Camino de la Tierra has a 2,000-square-foot warehouse and three office buildings ranging from 500 to 1,200 square feet. The largest office building is near the facilitys entry gate and serves as Tucson RVs headquarters. The warehouse and smallest office building are leased, and the third office space (800 square feet) is available for lease, Sheldon said.

Theres a solid-block perimeter wall around the entire acreage, Sheldon said. Its topped with razor wire. We also are installing security cameras and a digital-access gated mechanism to make the facility as secure as possible.

Sheldon said he grew up in the self-storage business, with his parents running a facility for more than 20 years. He was a facility manager at several locations in Arizona before embarking on his own RV-storage facility.

As the business grows, Sheldon said he plans on offering additional amenities including mobile-detailing services, mechanic services and propane sales.

Morningstar Properties LLC has purchased two self-storage properties in Tallahassee, Fla., and another in Bentonville, Ark., adding 240,000 square feet of space and more than 1,900 storage units to its portfolio. The company now owns and operates 26 self-storage facilities in nine states, with a high concentration in the South.

With the acquisitions, Morningstar added to the three properties it already operates in the Orlando, Fla., area. The Arkansas site is its first purchase in that state. With an extensive rebranding and repositioning program underway, the company will operate the new stores under its Morningstar Mini-Storage brand.

This gives us great presence in two more strong university markets, which is key to our marketing and business strategy, said Dave Benson, president and CEO.

The new facilities are:

• 5086 Tennessee Capital Blvd., Tallahassee, Fla.The facility encompasses 92,985 square feet with 895 storage units on a 6-acre parcel. Built in 1988, the facility was renovated in 2006.
• 5600 Roanoke Trail, Tallahassee, Fla.Encompassing  66,630 square feet on a 2.2-acre parcel, the facility has 571 storage units. It was built in 2005.
• 2110 S.E. J St., Benton, Ark.Built in 2004 on a 6.4-acre parcel, the facility includes 81,680 square feet and 447 storage units.

Morningstar acquired the new properties through its self-managed institutional investment vehicle, Blue Doors Storage Fund I, under Blue Doors Capital Management, an affiliated private equity fund designated for the acquisition and development of self-storage centers. The company executed six acquisitions in 2013 with the fund and has seven more properties under contract, Benson said.

In September, Morningstar purchased its second storage property in Atlanta for $6.1 million. The company also sold 43 storage centers for $315 million in October to Public Storage Inc., a self-storage real estate investment trust.

Founded in North Carolina in 1981, Morningstar Properties is a vertically integrated real estate developer, owner and operator of real estate products focused primarily on self-storage and marinas in the Southeast. The company has developed, acquired and operated more than 125 self-storage projects across the country, totaling more than 8.5 million square feet. In addition to storage centers, Morningstar owns and operates 12 marinas across the Southeast and the Great Lakes region. 

U.K. self-storage operator Safestore has sold its 3.5-acre site in Whitechapel, East London, England, for £41.1 million. The buyer was London & Quadrant (L&Q), a housing association that strives to provide quality, affordable homes. L&Q plans to develop the site for primarily residential purposes, according to the source.

The site is currently home to a 270,000-square-foot self-storage facility. Under the terms of the sale, Safestore will continue to operate its storage business until November 2015 under a leaseback from L&Q.

The self-storage sale came in £14.6 million over the April 2013 book value of £26.5 million, the source said. Developers are seeking sites in Whitechapel in anticipation of the Crossrail, the new high-frequency, high-capacity railway for London and the Southeast.

Bids were also reportedly made by U.K. house-building company Barratt and Redrow.

L&Q manages more than 66,000 homes throughout Greater London and Southeast England. The organization builds new homes and refurbishes old ones, creates affordable homes for sale, provides accommodation for key workers like nurses and hospital staff, helps people on lower incomes buy homes through shared ownership, and assists with community projects.

Owned by owned Safestore Holdings PLC, Safestore operates 135 self-storage facilities, including 98 U.K. locations and 25 facilities in France. The company also has 12 locations under management in the United Kingdom. It serves approximately 43,700 total customers and employs about 550 people.