U.K. company Lok'nStore Group PLC, which operates self-storage and records-storage facilities, has acquired a 3-acre property in Bournemouth, England, on which it intends to build a freehold storage asset. The £8 million project on Castle Lane, next to a grocery store and Bournemouth Hospital, will comprise about 80,000 square feet of rentable space. It’s expected to be complete in 2019, according to a press release.

The site is one of seven Lok’nStore has under development. Facilities in Hemel Hempstead, Gillingham and Wellingborough, England, are expected to open either later this year or by next spring, the release stated.

"This excellent new location adds to the recent rapid growth in our pipeline of stores,” said CEO Andrew Jacobs. “Our objective is to grow by both acquiring sites to build new landmark stores from Lok’nStore’s own balance sheet and to increase the number of stores we manage under the Lok’nStore brand for third parties.”

The Bournemouth project will be funded from cash flow and existing banking facilities, according to the release.

Founded in 1995, Lok’nStore builds, buys or leases large warehouses or industrial buildings and rents storage units to customers on a weekly basis. It operates 25 self-storage facilities and two records-storage locations in Southern England. The self-storage portfolio is comprised of 12 freehold or long-leasehold properties, seven leasehold sites and six locations under management.

Andover Properties LLC, which operates the Storage King USA brand, has purchased a 3-acre parcel in Homestead, Fla., on which it plans to build a 110,000-square-foot self-storage facility. The property will feature one multi-story, climate-controlled building as well as several single-story structures with drive-up units. It’s expected to be complete late next year, according to a press release.

“The site is in a great location. It is right next to a Walmart on the busy intersection of three streets, including U.S. Route 1/Dixie Highway, and will be visible from and have signage on that road, which gets 30,000 vehicles per day,” said Brian Cohen, company president.

Andover plans to develop more facilities in Florida. The company currently operates 10 locations in the state, the release stated.

Founded in 2003 and based in New York City, Andover owns and operates 28 self-storage facilities in nine states, totaling nearly 1.8 million rentable square feet of storage space in 15,000 units. The firm focuses on the acquisition, development and management of industrial, retail and self-storage facilities, primarily in the North and Southeast.

Real estate development and investment firms HB Capital Group LLC and Liberty Base Investments are building a three-story self-storage facility on Vineland Road in Kissimmee, Fla. The land on which the project will be built is part of an 82-acre time-share development called Calypso Cay Vacation Villas. The 900-unit storage building will be managed by Extra Space Storage Inc., a real estate investment trust and third-party management firm, according to the source.

The partnership acquired the site this year for $1.35 million. The storage facility will feature Caribbean-inspired architecture to complement the style of the time-share resort, the source reported. Self-storage architect Patrick Pilot is the designer.

The property is near dining and retail establishments, and is seven miles from Disney World.

Based in Miami, HB Capital is a privately held real estate developer, investor and owner that focuses on acquisitions, asset management and development, primarily in the Midwest and Southeast. Its portfolio of more than 50 assets includes hospitality, industrial, office, residential and retail properties in eight states. Together they comprise about 3 million square feet.

Liberty is a South Florida-based real estate investment and development firm focusing on acquisitions, asset management and development, primarily in the Southeast.

Once you’ve decided to build a self-storage facility, one of the more vexing tasks is creating and managing the construction timeline. Following are some of the steps involved in the process and an overview of the various stages. For the purposes of this article, we’ll assume you’re building a basic drive-up facility, which is fairly simple to construct, and you’re going to serve as your own general contractor (GC), as these types of projects still comprise a significant percentage of new builds in the industry.

General Timeframe

How long will it take to build a typical self-storage project? Expect the process to take six to 16 months from the time you have your approvals to the day you open your doors for business. If you’re on the fence about whether to serve as your own GC, timelines are a significant factor to consider. An experienced, local GC will have better resources to complete your project faster.

When serving as your own GC, expect that timelines are going to be fluid. Most tasks will be dependent on the completion of prior steps. Weather as well as your subcontractors’ general workloads will affect your timeline. Also, it’s worth noting that there’s a serious labor shortage in most areas right now. This means some projects may take even longer than expected.

Planning Phase and Budgeting

During the planning phase, the amount of risk you’re willing to take will impact your project speed. Generally, developers try to avoid investing in civil engineering until after they have an offer accepted on a property. However, a detailed survey is the foundation of everything else to come, so the sooner you get an engineer involved, the further ahead you’ll be. The risk is that if the land sale falls apart, the money spent on planning that parcel is wasted.

One common hiccup at this point will be budgeting and financing. Your lender will most likely require a detailed construction budget. But when construction is a long way off, contractors may set aside your requests for quotes to tend to more urgent projects (in their minds) that they already have underway.

When requesting quotes, have your act together and provide details. Your electrical request, for example, should include cut sheets on the fixtures you want as well as where each will be located on your buildings. It should specify what amperage service you’ll have and where it will be located. Give your subs all the details they need to get you a price.

In most cases, it’s not essential for your contractors to look at your building site. Work through e-mail and have your civil engineer add layers of detail to your plan to help the trades. Plan every detail upfront, so you don’t need to add items later. Many new developers don’t think about details such as gates and cameras, for example. However, these items will affect other trades. Your underground conduit needs to be laid for data and power connections. Concrete pads are required for gates.

Also, plan the infrastructure for future phases now. In the long run, you’ll save time and money by designing the facility to accommodate your next phase with buried conduits ready to serve future expansions.

Permits

Your building supplier or architect will most likely provide a permit set that will be used to obtain permits from your local or state building departments. For complex projects, these detailed plans can take some time to prepare, so order them as far in advance as possible.

In some areas, it may be possible to get a “foundation-only” permit. This may allow you to begin sitework while waiting for the final structural building permit set and approvals. The risk here is that changes to building plans may affect foundation or grading.

In some communities, a conditional-use permit may be required, and there may be additional guidelines for landscaping and architectural standards. Parking requirements per building code are often excessive for storage. If you plan to seek a variance, apply for this early. Due to meeting-notice requirements and various committee approvals, it can easily be a 90-day or longer process for a city to grant any type of approvals.

Many communities require permits for signage. Don’t overlook these while going through the permit process. Signs are typically illuminated, so it’s important to plan these out in advance.

Ordering Product

As soon as your building permits are approved and before sitework begins, place the order for your structures and schedule your building erectors. All self-storage buildings are made to order, and your manufacturer will likely require 10 or more weeks of lead time prior to shipping. When selecting a ship date, consider the schedule of your sitework and foundation contractors.

Sitework and Foundation

Once your permits are secured, it’s time to begin moving dirt. This step can be a catch-22. You can’t begin until you have permits, but if you don’t schedule your project in advance, you won’t be slotted in the sitework and foundation contractors’ schedule. Once you’ve applied for permits, you should be in communication with your crews to secure a tentative slot. They should give you an estimate of when they can begin work, and the time required for their trades. Communicate with them regularly to identify any delays.

Plan for bollards and underground utilities or data conduits during this phase. Driveways can be installed before or after buildings are erected on the slabs, although it’s preferred to have them in before the buildings arrive—especially if using asphalt—to avoid having the asphalt crew damage or stain the buildings.

Building Delivery

Before buildings are delivered, the foundations should be installed and the driveways paved or covered with gravel. Bringing buildings to a muddy site will be a mess. Materials that are delivered too early may suffer damage if not handled and stored correctly, and the risk of theft increases if materials are stored outdoors.

The actual delivery date you select will depend on the speed of sitework, the availability of erectors and the factory capacity of your building supplier. Since weather can cause unavoidable delays, it’s a good idea to add a week or two to whatever dates your sitework contractor suggests, unless he specifically tells you the date is already padded. If you find you’ll need to delay shipments, contact your building supplier sooner rather than later to have the best chance of getting the rescheduled date you want. Many projects include architectural enhancements, so also consider lead times for these specialized materials to avoid delays.

Office Construction

The office can be the most complex part of a facility, as it will often involve trades that might not be used elsewhere on the site, such as drywall, plumbing, carpet and others. Plan the office in great detail so it’s clear where all connections and mechanicals will be placed. Begin work on foundations and framing first so the additional trades working in this area can make progress as soon as possible. Standard self-storage buildings go up very quickly once the slabs are in, but your office will take much more time to complete.

Mechanicals

As construction wraps up, your electrical, HVAC (if applicable) and camera installers will be among the last trades involved. Rough electrical work can often begin as soon as building framing is up. If your project requires you or your contractor to special order any fixtures, do so far enough in advance to avoid delays. Features such as cameras, kiosks, gates and keypads all require power and data connections, so you must plan ahead.

Paperwork and Punchlists

As construction progresses, it’s important to stay on top of paperwork to keep things moving quickly. Inspect buildings as they progress, and create punchlists while contractors are still on site. Callbacks cost time and money.

Keep on top of contractor payments and draws to ensure everyone is paid for work and only appropriate levels of payment are withheld if work isn’t completed to your satisfaction and plans. If possible, have your inspector grant occupancy to specific buildings as they’re finished so you can begin renting units as quickly as possible.

If there’s one thing I would pass on to a new developer about creating a construction timeline, it’s this: Be flexible and prepared to invest in engineering costs and permit fees before you get to the point of financing your project. As with any investment, some risks are involved. But for projects that proceed to completion, there can be a great deal of satisfaction and reward in starting and owning your own self-storage business.

Steve Hajewski is the marketing manager at Trachte Building Systems, which designs, manufactures and erects a full line of pre-engineered and customized steel self-storage systems, including single- and multi-story, portable storage, interior partition and corridor, and canopy boat/RV. He also owns a self-storage facility in Wisconsin and is a frequent contributor on Self-Storage Talk, the industry's largest online community. For more information, call 800.356.5824; visit www.trachte.com.

National Storage Affiliates Trust (NSAT), a Maryland real estate investment trust (REIT) specializing in self-storage, has acquired a 27-property portfolio spanning six states from Store Here LLC, a joint venture between self-storage operator Store Here Management LLC and real estate investment firm Westport Capital Partners LLC. The portfolio, with facilities in Colorado, Georgia, Indiana, Kansas, Louisiana and Texas, comprises 1.7 million square feet in 12,171 units, according to SpareFoot Storage Beat, an industry blog. All sites were branded under the Store Here name, according to a press release from HFF (Holliday Fenoglio Fowler LP), the commercial real estate and capital-markets services firm that helped broker the deal.

The portfolio was 80.6 percent occupied at the time of purchase. Properties include climate-controlled and traditional units, gated access, security cameras, and RV parking, the release stated.

“The quality of the assets, embedded upside and, most of all, the economy of scale is what attracted numerous investors to the portfolio,” said Barbara Guffey, senior director at HFF. “The ability to acquire 1.7 million square feet in one transaction aligns with the buyer’s strategic growth plan, and provides an opportunity to implement and capitalize upon their operational platform.”

NSAT hasn’t publicly announced the acquisition, though it referenced the purchase of 28 self-storage properties after Sept. 30 in its third-quarter financial release. The assets were purchased for $174.5 million and comprise 1.8 million square feet. The REIT has been very active in pursuing acquisitions. During the quarter, it purchased 19 storage facilities in nine states for $123.8 million. Those properties comprise 1.3 million rentable square feet.

Westport, which entered the self-storage industry through its joint venture with Store Here, announced the sale on Oct. 19 but didn’t name the buyer. The partnership amassed all 27 properties between March 2014 and March 2017, including the November 2014 purchase of 13 facilities in Georgia, Kansas and Texas for $48 million.

“In less than three years, we were able to execute a bold plan. We believed we could assemble a well-positioned portfolio of properties with high value upside,” said James J. Hanrahan, acquisitions director for RHW Capital Management Group LLC, the parent company to Store Here Management. “Working alongside Westport Capital Partners, we applied our seasoned storage experience and have proven to be a viable force in the industry.”

“The sale is the culmination of hard work and belief in a vision that the market would have a strong appetite for our portfolio,” said Russel Bernard, managing principal at Westport.

The joint venture intends to build another portfolio, with a plan to acquire two to five storage properties annually during the next five years, Hanrahan told the blog.

Guffey and fellow senior director Tom Doyle represented the joint venture in the sale. They were assisted by senior managing directors John Merrill and Jason Nettles, and managing directors Sean Fogerty and Jules Sherwood.

HFF and its affiliate, HFF Securities LP, are owned by HFF Inc. The firm operates out of 22 offices nationwide and specializes in advisory services, commercial-loan servicing, debt and equity placement, and investment and loan sales.

Westport provides domestic and international investment opportunities to institutional and private clients. The firm invests in a wide variety of real estate assets through its various funds. It has offices in Bozeman, Mont., Los Angeles, London and Wilton, Conn.

Store Here Management, a division of RHW, includes an acquisition and analysis division that focuses on the self-storage industry. It owns and manages 19 storage facilities in seven states. RHW plans to expand the Store Here brand through property acquisitions and management contracts, company officials said in a press release.

Headquartered in Greenwood, Colo., NSAT is a self-administered and -managed REIT focused on the acquisition, operation and ownership of self-storage properties within the top 100 U.S. Metropolitan Statistical Areas throughout the United States. The company has ownership interest in 512 storage facilities in 29 states. Its portfolio comprises approximately 32 million net rentable square feet. It's owned by its affiliate operators, who are contributing their interests in their self-storage assets over the next few years as their current mortgage debt matures.

Storage Vault Ltd., which operates three self-storage facilities in Scotland, intends to develop seven new locations across the region. The projects will incorporate the company’s model of flexible workspace, offering a mix of storage, office and studio space. The first is slated for Scotland Street in Glasgow, which is already underway and expected to be complete in January, according to a press release.

Other Scottish cities tagged for sites are Bishopbriggs, East Kilbride, Edinburgh, Hamilton, Maryhill and Polmadie. The projects will more than double Storage Vault’s footprint.

The company announced its expansion plan after securing £5 million in funding from HSBC Bank plc. The financing was allocated from a £10 billion fund setup to support small and mid-sized enterprises (SMEs) in the United Kingdom. Of that total, £500 million was designated to support Scottish firms, the release stated.

“We’ve seen the market for self-storage grow by 10 to 15 percent annually in the last five years, presenting real opportunities for ambitious businesses,” said Scott Wilson, relationship director for HSBC in Scotland. “Securing the right commercial property is becoming more competitive, particularly in the central belt, and Storage Vault helps address the gap with an innovative solution, which we are more than happy to support.”

Storage Vault launched behind a £50 million investment from Scottish Capital Partners Ltd., a private investment firm led by entrepreneur John McGlynn, Storage Vault’s founder and chairman. Scottish Capital’s initial plan was to develop 10 workspace sites. Its first facility, a 180,000-square-foot property in Paisley, opened in 2015. Its second site, developed in the Glasgow suburb of Cambuslang, is built on 7.5 acres.

Storage Vault properties offer purpose-built, drive-up storage units in varying sizes up to 200 square feet. Locations include 24-hour access, board and meeting rooms, furnished offices, kitchens, phone, Internet, reception services, postal facilities, security measures, and parking.

“The funding deal provided by HSBC adds more firepower to our investment pot and supports our ambition to grow beyond the original plan of 10 sites from our equity investment,” said Anthony McAteer, managing director of Storage Vault. “Scotland has a rich landscape of startups and SMEs, and by providing new ultra-flexible storage and workspaces, we are doing a small part to make it easier for someone to make the leap to start a business or grow an existing one. We’re excited to be working with HSBC and looking forward to the opening of the many sites we have in the planning and development stages.”

HSBC offers a range of banking services to about 17 million customers in the U.K. A subsidiary of HSBC Holdings plc, it employs about 43,000 people. Headquartered in London, HSBC Holdings has 3,900 offices in 67 countries and territories. It has assets of more than $2.5 trillion.

McGlynn has launched more than 50 business ventures in the past 20 years. In addition to Scottish Capital and Storage Vault, he’s the founder of Storage Investments, a commercial landlord that owns a drive-up self-storage chain in the U.K. In 2014, he sold several car-park sites to focus on commercial investment properties. In all, Storage Vault principals have more than 15 years of experience in commercial-property ventures, including self-storage.

Real estate developers Daniel and Nickolaus Reavis received approval from the Paris, Maine, Planning Board last month to convert a former grain mill to self-storage. The pair entered a five-year lease on Oct. 1 on the building at 8 Skillings Ave., where they plan to turn the first floor into 9,000 square feet of storage space. While the interior work is expected to be complete by the end of the year, the exterior won’t be painted until next summer, according to the source.

The property is owned by the Paris Farmers Union, an East Coast retailer that sells animal feed, garden supplies and hardware. The agreement with the developers includes an option to buy the property for $150,000, which expires on Sept. 30, 2022. The conversion is estimated to cost about $12,500, to be paid by the Reavises, the source reported.

Prior to the Oct. 24 planning-board vote, four residents who were “emotionally involved” asked questions about the facility. “They were worried about the place catching on fire again like it did years ago,” said Rick Little, vice chairman for the planning board. They also expressed concerns about construction on the property prior to the board’s approval as well as the developers’ plans for the second floor.

Little noted the Reavises are now securing the building and fixing broken windows, and the second floor won’t be developed at this time. “It will be a typical storage unit where there’s two doors to get in, a hallway and a bunch of storage units,” he added.

Update 11/7/17 – Casey Development has broken ground on its third The Keep Storage facility in San Antonio, which is slated to open next fall, according to the source.

Located near the intersection of Jackson Keller and Vance Jackson Roads, the property will comprise more than 87,000 square feet of net rentable storage space in 645 units, 95 percent of which will be climate-controlled.

Archcon designed the project. Baxter Contracting Co. of Fort Madison, Iowa, is the general contractor.

---

8/21/17 – Casey Development has broken ground on its second The Keep Storage facility in San Antonio. It’s expected to open in May, according to the source.

Located south of Henderson Pass and Thousand Oaks Drive, the property will comprise 55,000 square feet of net rentable storage space in 500 climate-controlled units.

Archcon Architecture designed the project. Capco Steel Inc. is the general contractor.

---

10/24/16 – Casey Development Ltd., a diversified real estate development and investment firm, has opened its first self-storage facility and has several others under development in Texas, marking the launch of The Keep Storage brand. The Keep Storage of Westover Hills, located at 9106 Ingram Road in San Antonio, is on the northeast corner of the intersection with Texas State Highway 151. It comprises 106,000 square feet of storage space in 671 units, the majority of which are climate-controlled. It also includes 10 mini-offices. The facility serves the Far West submarket, one of the city’s fastest-growing areas, according to a press release.  

The company is also building facilities in the Texas communities of Stone Oak, Thousand Oaks/Henderson Pass and Vance Jackson. Consistent with other Casey Development projects, the properties will feature unique architectural elements and be located in visible and easily accessible locations, the release stated. Amenities will include access-controlled entry, individual door alarms, onsite management and video cameras.

“We are excited to unveil The Keep Storage at Westover Hills. This is our first selfstorage project, and we believe it will provide muchneeded storage space to the booming population and businesses of San Antonio’s west side,” said Darren Casey, president. “We are very bullish on the selfstorage market and look forward to aggressively expanding this segment of our business.”

Based in San Antonio, Casey Development was founded by Darren Casey in 1992. The company has acquired or developed almost 3 million square feet of industrial, multi-family residential, office and retail properties in Texas, particularly in Austin, San Antonio and along Interstate 35.

Champion Self Storage, which operates four facilities in Florida and Georgia, is growing its Grayson, Ga., facility. Expected to be complete in May 2018, the expansion at 2415 Loganville Highway S. W. will add 38,363 square feet of storage space in 417 units. The renovated property will comprise 95,858 square feet in 891 units.

The addition is being constructed by Collins and Arnold, an Atlanta-based commercial general contractor serving the South.

In addition to its Grayson location, Champion operates three facilities in Mulberry, Palatka and Ruskin, Fla. The properties are managed by Sentry Self Storage LLC, a Coral Springs, Fla.-based consulting and management firm that oversees more than 30 properties in several states, and works with 14 ownership groups.

The five largest publicly traded, U.S.-based self-storage real estate investment trusts (REITs)—CubeSmart, Extra Space Storage Inc., Life Storage Inc., National Storage Affiliates Trust and Public Storage Inc.—have released financial statements for the quarter that ended Sept. 30, 2017. In general, the companies showed gains in key areas, particularly funds from operations (FFO) and net operating income (NOI), while also achieving increases in occupancy.

Each of the REITs was impacted by Hurricanes Harvey, Irma and Maria during the quarter, sustaining several millions of dollars in losses. Resulting closures and property damage forced some of the companies to remove certain facilities from same-store calculations.

"I am proud of the efforts and sacrifices our team made to take care of our customers, fellow employees and our stores during three hurricanes in the quarter,” said Joseph D. Margolis, CEO of Extra Space. “In the midst of these tragic events, we had strong execution this quarter and posted another solid result.”

Christopher P. Marr, president and CEO of CubeSmart, expressed similar sentiments. “Third-quarter performance beat our expectations primarily due to strong storage demand trends across most of our markets resulting in higher occupancies and revenue growth for our same-store and lease-up properties,” he said. “We continue to experience steady, broad-based demand and remain focused on creating long-term shareholder value by continuing to deepen the competitive advantages of our operating platform.”

CubeSmart

CubeSmart reported FFO per share of $0.42 during the quarter, a 10.5 percent year-over-year increase. Same-store NOI at its 432 facilities grew 4.1 percent year over year. The company attributed this to a 4.1 percent growth in revenue and a 4.2 percent increase in property operating expenses. Same-store locations contributed 91.7 percent of the REIT’s property NOI during the quarter.

The operation gained 60 basis points in physical occupancy compared with the same quarter the previous year. The same-store physical occupancy was 93.7 percent as of Sept. 30. The company’s total-owned portfolio, representing 480 facilities and comprising 33.4 million square feet of rentable space, had a physical occupancy of 91.9 percent at the end of the third quarter.

CubeSmart didn’t acquire any storage properties during the quarter but opened a wholly owned facility in Washington, D.C., for $27.8 million and completed a joint-venture development in New York City for $81.2 million. The REIT owns 90 percent of the New York asset. At the close of the quarter, the REIT had two properties in Florida and one in Illinois under contract to purchase at Certificate of Occupancy for $49.9 million, and seven joint-venture projects under development.

Impact from Hurricanes Harvey and Irma forced the temporary closure of 91 owned and 30 joint-venture facilities in Florida and Texas. Issues included inaccessibility, power outages and property damage. All but three properties were open within five days of each storm’s conclusion, company officials said. Net insurance proceeds for repairs was $1.4 million.

On July 25, the company declared a dividend of 27 cents per common share, which was equal to the dividend issued the previous quarter. The dividend was paid on Oct. 16 to common shareholders of record on Oct. 2.

CubeSmart owns or manages 908 self-storage facilities across the United States. Its operating portfolio comprises 61.4 million square feet.

Extra Space Storage Inc.

Same-store revenue increased 4.8 percent and NOI rose 5.5 percent compared to the same period in 2016. FFO was $1.13 per diluted share, resulting in 10.8 percent growth compared to the third quarter the previous year.

Same-store occupancy was 93.9 percent as of Sept. 30, which was a 1.5 percent increase compared to the same period in 2016.

During the quarter, the company acquired three wholly owned facilities and one at Certificate of Occupancy for approximately $31.8 million. It also made a Certificate-of-Occupancy purchase through a joint venture for about $8.8 million.

Impact from Hurricanes Harvey, Irma and Maria forced the temporary closure of 253 facilities in Florida, Georgia, Puerto Rico, South Carolina and Texas. Net insurance proceeds for repairs was estimated at $2.1 million. The REIT also recorded $2.3 million in “additional tenant re-insurance claims cost.”

The company paid a quarterly dividend of 78 cents per common share, which was equal to the previous quarter. It was paid on Sept. 29 to common shareholders of record on Sept. 15.

Headquartered in Salt Lake City, Extra Space owns or operates 1,513 self-storage properties in 38 states; Washington, D.C.; and Puerto Rico. The company’s properties comprise approximately 1.03 million units and 114 million square feet of rentable space.

Life Storage Inc. (Formerly Sovran Self Storage Inc.)

Total revenue increased 6.1 percent over the previous year, while operating costs increased 13.7 percent, resulting in an NOI increase of 2.4 percent. Same-store NOI decreased 0.5 percent year over year, which was attributed primarily to a 51.7 percent increase in Internet advertising expenses and a 7.6 percent bump in property taxes. FFO for the quarter was $1.34 per fully diluted common share, compared to $0.79 for the same period in 2016. Adjusted FFO was $1.39, a 3.7 percent increase.

Net income attributable to common shareholders for the third quarter was $35.5 million, or $0.76 per fully diluted share. For the same period in 2016, net income attributable to common shareholders was $4.7 million, or $0.10 per fully diluted common share.

Revenue for the company’s 431 wholly owned stabilized facilities increased 0.9 percent year over year, helped by an increase in average occupancy of 40 basis points and growth in tenant-insurance administrative fees. Average overall occupancy for the quarter was 91.5 percent, with units renting for an average of $13.62 per square foot.

The REIT acquired three properties in Atlanta during the quarter through a joint venture for $39.1 million, of which the company contributed $3.6 million.

Hurricanes Harvey and Irma caused an estimated $6 million in damage across 150 Life Storage facilities, including $2.8 million in uninsured costs. All affected properties have reopened except for one joint-venture facility. Four wholly owned assets sustained heavy flooding and have been removed from same-store calculations until those properties are stabilized.

Subsequent to the end of the quarter, the company approved a quarterly dividend of $1 per common share, which is equal to the previous quarter.

Based in Buffalo, N.Y., Life Storage operates more than 700 self-storage facilities in 29 states under the Life Storage and Uncle Bob’s brands. Its portfolio of owned and managed facilities comprises more than 49 million square feet.

National Storage Affiliates Trust (NSAT)

Core FFO per share was $23.8 million during the second quarter, a 13.8 percent year-over-year increase. Its net income was $11.2 million during the quarter, a 41.8 percent gain compared to the $7.9 million it reported for the same period in 2016. Same-store NOI was $30.5 million, up 6.7 percent.

Same-store revenue was $44.1 million during the quarter, a 5.4 percent increase from a year ago. This was driven by a 5.7 percent increase in average annualized rental revenue per occupied square foot. Average occupancy was 90.4 percent as of Sept. 30, down from 91 percent last year. Same-store average occupancy was 90.9 percent, down from 91.4 during the same period last year.

The company acquired 19 self-storage properties during the quarter for $123.8 million. The facilities are in nine states and comprise more than 1.3 million rentable square feet in about 10,200 units.

On Aug. 24, the company declared a quarterly dividend of $0.26 per common share, which was equal to the previous quarter. It was paid on Sept. 29 to holders of record on Sept. 15.

Headquartered in Greenwood, Colo., NSAT is a self-administered and -managed REIT focused on the acquisition, operation and ownership of self-storage properties within the top 100 U.S. Metropolitan Statistical Areas throughout the United States. The company has ownership interest in 512 storage facilities in 29 states. Its portfolio comprises approximately 32 million net rentable square feet. It's owned by its affiliate operators, who are contributing their interests in their self-storage assets over the next few years as their current mortgage debt matures.

Public Storage Inc.

Revenue for same-store facilities increased 2.4 percent, or $13 million, in the quarter, as compared to the same period in 2016, primarily because of higher realized annual rent per occupied square foot. Cost of operations for the same-store facilities increased 1.6 percent, or $2.4 million, during the period compared to the previous year.

FFO was $2.35 per diluted common share, compared to $2.51 for the same period the previous year, marking a 6.4 percent decrease. NOI increased $15.7 million compared to the same period in 2016, including $10.6 million for same-store facilities.

The company acquired seven self-storage facilities during the quarter for $47.3 million. They include two properties in Florida, two in South Carolina and one each in Kentucky, North Carolina and Ohio. Together they comprise 400,000 net rentable square feet. It also completed nine new development and various expansion projects that added 1.4 million net rentable square feet to its portfolio for $144.5 million.

Hurricanes Harvey and Irma forced temporary closure of 240 facilities in Florida and Texas. The company reported a $7.8 million casualty loss due to property damage and associated repair costs. The REIT estimates it’ll incur $10 million in expenses to complete repairs. It doesn’t expect to receive any insurance proceeds since the loss estimates are less than its insurance deductibles. Public Storage incurred $5.2 million in incremental ancillary cost of operations due to the storms. Due to damage and service disruptions, it has removed 13 facilities from its same-store pool.

The company reported a regular common quarterly dividend of $2 per common share, which was equal to the previous quarter. It also declared dividends with respect to various series of preferred shares. All the dividends are payable on Dec. 28 to shareholders of record as of Dec. 13.

Based in Glendale, Calif., Public Storage has interests in 2,374 self-storage facilities in 38 states, with approximately 157 million net rentable square feet. Operating under the Shurgard brand name, the company also has 220 facilities in seven European countries, with approximately 12 million net rentable square feet.