By Dallas Dogger

While the self-storage industry is a mature asset class in North America, its only just emerging in China. One of the newest operators is Locker Locker, which launched this year in Shenzhen, Guangdong Province, a major city north of Hong Kong with a population of more than 7 million. The company is the brainchild of Shenzhen business duo Charlotte Sun and Lawrence Yam, whose ambition is to be part of the pioneering group of entrepreneurs spearheading the launch of self-storage in the worlds most populous nation.

Locker Lockers plan is to become a large operator with a chain of self-storage facilities in as many of Chinas major cities and industrial zones as is practical and create brand recognition through the delivery of high-standard services. The companys philosophy is quality and education. It believes that as it expands, consumer confidence will grow, as Chinese customers prefer larger companies with a good reputation. Locker Lockers clear ambition is to give customers peace of mind.

An Idea Takes Shape

China's population is 1.35 billion, with a burgeoning middle-class estimated at close to 500 million and growing fast. The country will benefit from self-storage perhaps more than any other, and Locker Locker is at the forefront, creating affordable and convenient solutions to the age-old problem of insufficient space.

Canadian and British team members were brought in to assist in the development of Locker Locker. The owners set forth on a major fact-finding mission, including field trips to facilities in Canada, Europe, Hong Kong and the United Kingdom. They met with existing operators and construction companies on three continents, joining self-storage associations and educating themselves wherever they could.

Locker Lockers first venture was not without challenges. As with all construction projects, team members had to research site options, undertake difficult negotiations with local officials, educate people about the concept, and overcome the perceived industry risks.

The company identified a suitable location within a densely populated urban area, and co-owner Yam managed the construction project and provided detailed designs. The builders had never heard of or seen a self-storage facility before, so it's a testament to the diligence of the owners that they constructed a first-class project on par with more established western operators.

The extra mile paid dividends for Locker Locker, as it has built a class-leading product that demonstrates the power of self-storage to the local community and developes a clear standard for the industry in southern China. Its important at this early stage of the industrys development that quality facilities are built to indoctrinate the market.

Building a Heartbeat

Locker Locker wanted to stand out immediately, create major impact and set a new level of design and management. The company installed the latest closed-circuit television solution, complete with remote-viewing capability via the Internet and a remote-monitoring station that is manned around the clock. To help manage the operation, it implemented SMD Software Inc.s SiteLink Web Edition, which has software operating in Mandarin and support from SiteLink International in Brisbane, Australia.

The owners deliberated for months about marketing strategy, knowing brand identity would play a major role in enticing a society not yet familiar with self-storage. The brand name was chosen to create instant appeal and provide an idea of the types of services offered.

Logos and signage were designed, and luminescent lights now hang from the side of the building, which was constructed in a densely populated neighborhood next to a main arterial road. The companys Chevy SUV, driven across Shenzhen each day, is emblazoned with humorous graphics to clearly illustrate the benefits of self-storage. The Locker Locker website is also published in multiple languages to appeal to the local community and the many Westerners who reside in the city.

The Road Ahead

Locker Locker is one of the first companies to attempt making self-storage a viable industry in China. It aims to attract individuals, corporate clients, small businesses, and white-collar workers and foreigners. Its developers will continue to build a diverse range of facilities and services, ranging from the almost unacceptable to top-end, institutional providers.

Locker Lockers ambition is to educate and create demand throughout the region, raising awareness about self-storage using a systematic business model and scaling facilities at a rapid rate. Each newly planned property will provide hundreds of units in all shapes and sizes to appeal to a wide range of customers.

Additional revenue streams are also planned. Facilities will be constructed in densely populated communities to increase ease of access, and company moving trucks will be available to customers who dont have access to a car or other transportation. This is a strategic move considering the number of motor vehicles per 1,000 people in China is estimated at approximately 85 compared to nearly 800 in the United States.

Seeing the Bigger Picture

Many Chinese entrepreneurs are investing in self-storage facilities all over the nation. The rise of the industry is providing new lifestyle flexibility and convenience to a growing middle class, making the concept popular with all types of people. As a result, Chinese operators are reporting healthy occupancy levels, raising the hope for a bright future.

Theres little doubt that China and Southeast Asia are poised for significant self-storage growth. The market's pattern is similar to that of the early Australian and U.S. markets, and Chinese operators have an insatiable need for knowledge. They have one major advantage over their U.S. counterparts: the benefit of 30 years of self-storage development history from which they can easily learn valuable lessons. In addition, the technology available today will make their jobs much easier.

Unlike the self-storage market in Australia and the United States, where small, mom-and-pop operators established the business, the Chinese market will be dominated by commercial and corporate operators. The industry will grow quickly, with most companies laying significant expansion plans.

China is a dynamic, fast-paced society, and Locker Locker is among the first self-storage businesses to successfully adopt the western self-storage model, with services and features designed to appeal to and serve the local market. This will likely ensure the company's ongoing success.

Dallas Dogger is CEO of Centreforce Technology Group, which has been trading in Australia for more than 10 years. The company specializes in self-storage software, websites and security, and offers a third-party application called RapidStor, which has been responsible for more than 500 online self-storage move-ins. Centreforce represents SMD Software Inc.'s SiteLink Web Edition in Australasia and is the developer of AccessEzy, a digital access-control system. To reach the author, e-mail [email protected] .

In the days leading up to Christmas, self-storage operators from around the world continued to push out their holiday charitable programs, while others began to report the results of their efforts.

Sherry Cole, owner of Storage Plus in Murfreesboro, Tenn., helped organize the collection of more than 1,500 bags and backpacks to be used by foster children. Cole partnered with Susan Woolsey of the Middle Tennessee Association of Realtors with the goal of collecting bags for the 600 children in the Rutherford County foster-care system.

Many of the children are accustomed to carrying their belongings in trash bags or plastic grocery bags. It is very degrading to walk into a new family, and youre carrying your belongings in a garbage bag, said Gina Jones, vice president of the Rutherford County Foster Parent Association, an organization dedicated to supporting and advocating for abused and neglected children and the foster families who care for them. To have their own bag of possessions is very important to these kids. It gives them a sense of security and ownership.

We estimate that the community has collected more than 1,500 bags for the foster children, Cole said. The goal was 600. The additional bags will be used as new kids come in throughout the year.

In the Hudson Valley area of New York, Guardian Self Storage collected 7,000 coats and jackets in Dutchess, Orange and Ulster counties during its annual clothing drive this fall. The Poughkeepsie, N.Y., facility also collected other winter garments including snow pants, hats, scarves, fleece items and boots.

Each year, the self-storage operator works with charitable organizations Dutchess Outreach in Poughkeepsie, Peoples Place in Kingston and the United Way of the Dutchess-Orange Region to distribute coats to those in need. About 2,000 coats were given away last month at the Family Partnership Center in Poughkeepsie. The organization runs more than 18 programs and services designed to meet the health, social, cultural, educational, training and recreational needs of the community. Coat giveaways were also held in several other communities.

In Phoenix, Uncle Bobs Self Storage locations teamed with local charity Positive Impact to deliver holiday gifts and food items to students at Dunbar Elementary School. Most of the students attending the school live in a subsidized housing area and are eligible to participate in a free breakfast and lunch program. This is the third year Uncle Bobs has worked with Positive Impact, an organization that has raised more than $1 million toward medical procedures, groceries and utility payments for struggling families.

Last year, the two companies donated 240 bags of toys and food to the school, and officials said they expected to exceed that number this year. To help fund the effort, Uncle Bobs employees donated their company Christmas party and employee gifts. Items were delivered to the children on Dec. 20.

The staff and students at Dunbar are great to work with and an important part of our community as well, said Don Favreau, area manager of Uncle Bobs Phoenix facilities. Plus, the great people at Positive Impact make the event fun for all involved. Our staff truly enjoys being a part of it during the holidays.

Uncle Bobs is owned by Sovran Self Storage Inc., a real estate investment trust that acquires and manages self-storage facilities. The company operates more than 450 locations in 25 states including 10 in the Phoenix area.

In Canada, Apple Self Storage raised $6,695 for the ABLE (Access to Better Living and Employment) Network, a nonprofit that offers support services to young adults with intellectual disabilities. The company kicked off its campaign in September and donated $5 from every move-in it received at its 15 facilities through Nov. 30. The donation amount exceeded its goal of $6,000.

Staff members presented a check to the ABLE Network during an awards dinner in Toronto. Apple Self Storage also hoped to collect at least 300 pounds of food by Dec. 23 to distribute to local residents in need.

Apples 15 self-storage facilities are located throughout New Brunswick, Nova Scotia and Ontario, Canada.

In the United Kingdom, Dainton Self Storage is trying to raise £5,000 before the end of the year to benefit Childrens Hospice South West, an organization that provides hospice care for children in southwestern England. The self-storage operator is providing free storage of Christmas gifts for a minimum £1 donation as well as selling moving boxes for £1 at each of its eight facilities. All proceeds will be given to the hospice group, company officials said.

The company has been raising funds for Childrens Hospice South West throughout the year, and we wanted to champion this fantastic cause at a time when many peoples thoughts naturally turn to their families and children, said Shaun Duncan, Daintons operations director.

At times during the year, some of our children and families need very special care and Christmas is one such occasion, added Naomi Dymond, the corporate partnerships fundraiser at Childrens Hospice South West. Many parents feel overwhelmed by the competing demands they are juggling at this timethe round-the-clock needs of their child, the anticipation of brothers and sisters, and the challenge of preparing all the festive fare.

Para Guardar, a self-storage operator in Manaus, Brazil, recently opened its first facility in a converted industrial building on one of the busiest thoroughfares leading from Manaus International Airport into downtown. The facility is the first of its kind in the city and is modeled after U.S. self-storage operations, according to David Blum, president of Better Management Systems LLC (BMS), a self-storage consulting firm that assisted on the project.

The facility began as two separate buildings with around 4,000 square meters of floor area. Mezzanines were added in both buildings, and the structures have the capacity to grow to more than 7,000 square meters of rentable space, Blum said. Plenty of available land on the property could also accommodate further expansion, he said.

The facility features a remodeled office area, keypad-controlled security gate, video cameras and the largest billboard in Manaus, Blum said.

Jose Benchimol, Para Guardars owner and developer, said he chose to enter the self-storage market because it offers the excitement of retail and the stability of a real estate business. Its very risky to be the first one in the market; however, building a self-storage [facility] has been a fun, yet expensive, experience."

Manaus has a population of more than 2 million and serves as a distribution hub to central Brazil. Several foreign corporations have assembly plants in the city, which also boasts an active port, Blum said. Brazil, in general, is an emerging self-storage market, with developments popping up in major city centers like Rio de Janeiro and São Paulo, as well as secondary markets like Belo Horizonte, Brasilia, Curitiba and Porto Alegre, he said.

Every week I get calls from interested parties inquiring about one or another market and what the business is like in Brazil, Blum said. The whole Latin American market seems to be on fire.

BMS has consulted first-time self-storage investors and developers for more than 10 years, working on projects throughout Europe, the Middle East, Central America and South America. Founded in 2003, the company assists with feasibility, development and management.

Strategic Storage Trust Inc., a publicly registered, non-traded real estate investment trust that operates self-storage properties under the SmartStop Self Storage brand name, will install solar panels on the rooftops of its three facilities in Canada. The company recently received contracts from the Ontario Power Authoritys (OPA) Feed-In Tariff (FIT) program and plans to have the photovoltaic panels in place by next fall, company officials said in a press release.

The three SmartStop facilities are in the Ontario cities of Brampton, Mississauga and Toronto. Launched in 2009 by OPA and enabled by the Green Energy and Green Economy Act of 2009, the FIT program encourages and promotes greater use of renewable energy sources including on-shore wind, waterpower, renewable biomass, biogas, landfill gas and solar photovoltaic for electricity-generating projects in the province. FIT awards contracts to buy energy at stable prices from companies that invest in renewable energy production.

We decided to implement our green strategy in Canada due to Ontarios amazing FIT program, said H. Michael Schwartz, chairman and CEO of Strategic Storage Trust. Our goal is to continue to look for every opportunity to reduce operating expenses and maximize revenues on all our Canadian facilities.

The company will install 250 AC units or 300 DC units on each of the three SmartStop properties. The units are expected to generate approximately 1 million kilowatt hours of renewable solar energy annually. The systems will power the self-storage facilities and generate extra energy, which will be sold to FIT at a rate of 54 cents per kilowatt, company officials said.

The SmartStop facility in Brampton consists of five buildings with 800 storage units on 4.36 acres. The solar system is expected to generate approximately 334,000 kilowatt hours per year, while the system at the Toronto facility should generate about 353,200 kilowatt hours annually, officials said. The companys 4-acre property in Mississauga is expected to open during the fourth quarter of 2014. The annual solar energy created at that facility is expected to be 337,000 kilowatt hours.

Strategic Storage Trusts entire portfolio includes more than 120 facilities in 17 states and Canada that are branded as SmartStop Self Storage. The portfolio includes approximately 77,000 self-storage units and 10.2 million square feet of rentable storage space.

2013 was a bounce-back year that brought strength and stability to the capital markets, and there's reason to be optimistic about 2014. Thanks to historically low interest rates, strong industry metrics, and a host of lenders who see opportunity instead of risk, its arguably easier to get self-storage financing now than any other time in the past five years. Lenders are aggressively pursuing deals, which benefits borrowers in the form of lower rates, more advantageous underwriting standards and higher leverage.

Heres a primer on the loans and rates available today for self-storage owners and investors.

Local and Regional Banks

As the largest originator of commercial real estate loans, representing roughly 35 percent of all outstanding mortgage debt, banks are the primary source of capital for the majority of self-storage owners. Generally speaking, banks are the strongest theyve been since the outset of the recession in 2008, which bodes well for borrowers.

The current fixed-rate lending parameters for banks are primarily three- to five-year-term loans.  Some banks even offer seven- and 10-year fixed-rate term loans, often through the use of a swap agreement. Bank amortization schedules are typically 20 or 25 years, with available leverage today up to 75 percent loan-to-value (LTV).

Bank underwriting is largely based on the historical operations at the property, typically on a trailing 12-month basis. The debt service coverage requirement (DSCR) is currently a minimum of 1.25 times.

Interest rates vary greatly depending on the term of the loan, borrower strength, leverage and loan size, among many other factors. Banks typically require personal recourse guarantees on almost all loans. Nevertheless, recourse may be reduced or eliminated for low-leverage loans under 65 percent LTV.

In todays market, a borrowers ability to obtain a bank loan may require developing a relationship with the prospective lender. As a result, borrowers should be prepared to place the operating accounts and/or other depository relationships with the lender. Expect an extensive credit review analyzing global cash flow, net worth and liquidity.

As banks grow stronger, theyll be more likely to lend on higher-risk storage assets, including properties with a construction component, or those that may be underperforming or below stabilized occupancy. Look for increased lending from banks and credit unions in 2014.

Commercial Mortgage-Backed Securities

Many self-storage owners find commercial mortgage-backed securities (CMBS) debt to be the most attractive financing vehicle available today. CMBS lenders offer non-recourse financing with the ability to lock in historically low interest rates for 10 years, thereby postponing interest-rate risk in whats likely a rising rate environment.

During the credit crisis, from late 2008 thru mid 2010, conduit origination was largely non-existent. Today the CMBS market is back on solid footing and aggressively seeking qualified lending opportunities. Loan spreads have generally remained steady on a slow decline over the past 12 months, while U.S. Treasuries has remained historically low; and this combination presents very attractive all-in rates for borrowers. In fact, at the time of this writing in the fourth quarter of 2013, rates for 10-year CMBS loans were hovering right around the 5 percent range.

CMBS lenders offer non-recourse loans with five-, seven- or 10-year fixed rates and amortizations up to 30 years. Leverage up to 75 percent LTV is available, and lenders have increasingly become more aggressive with their debt-yield targets, which is the net cash flow divided by loan proceeds. Throughout 2012, there was a firm 10 percent debt-yield minimum. In the market today, a 9 percent debt-yield minimum is increasingly common.

On CMBS loans, the available prepayment options are limited to yield maintenance or treasury defeasance, which is a factor borrowers should understand before proceeding with this debt structure. Theyre also assumable, which is a nice feature that can be very valuable in a climate of rising interest rates.

CMBS lenders are increasingly competing for deals at lower loan sizes and in secondary markets. Although lenders prefer deals over $3 million in primary markets, transactions as low as $1.5 million in secondary markets were processed via CMBS lenders in 2013.

CMBS loan origination volume was strong in 2013, and most market prognosticators foresee continued growth in 2014. By all accounts, theres reason to be optimistic about the future of the CMBS markets.

Insurance Companies, aka Life Companies

Insurance companies are by nature among the most conservative lenders in the market, representing roughly 13 percent of all outstanding mortgage debt. Insurance companies prefer stabilized assets and tend to be very picky in terms of location, size, age and physical attributes. In addition, these lenders prefer owners with high levels of experience and strong personal balance sheets. Most life companies have a minimum loan size of $5 million, but a handful will lend as low as $1 million.

Insurance companies prefer lower leverage transactions and typically do not advance more than 65 percent of their stressed underwritten value. The cornerstone attribute of life companies is their flexibility. For example, while five-, seven- and 10-year fixed-rate loan terms are most common, insurance companies can also offer fully amortizing loan structures between 10 and 25 years. As of the fourth quarter in 2013, interest rates for life company loans were extremely attractive, typically ranging from 3 percent to 6 percent, depending on the structure of the loan. Prepayment penalties can also vary greatly, and while yield maintenance is common, other structures can be negotiated.

Small Business Administration Loans

Since self-storage was approved as a property type for Small Business Administration (SBA) loans in 2010, the SBA programs have been especially beneficial to owners in secondary or tertiary markets where traditional financing options may be more difficult to find. There are two types of SBA loans available to the self-storage industry: SBA 7a and SBA 504.

The SBA 7a program is typically a variable-rate program thats most commonly structured with a prime-based rate that resets quarterly, and a fully amortizing 25-year loan, open to prepay after three years. 7a proceeds can be used for acquisition or refinance.

SBA 504 is a fixed-rate program with up to a 20-year term that carries a prepayment penalty for the first 10-year period. In mid-2012, the 504 program no longer accepted applications for refinance, only for acquisitions; however, this can be reinstated with Congressional approval, which some speculate may happen in 2014.

Rates for both programs vary depending on a multitude of factors. Borrowers must be aware that the course of underwriting, processing and closing an SBA loan can be time consuming due to the document-heavy nature that comes with any Federal program. Overall, access to SBA financing is a positive for the self-storage industry because it injects an additional source of capital and liquidity into the market.

Construction and Land Loans

Construction financing has been essentially non-existent over the past five years, but the tide appears to be turning. Generally speaking, construction financing is limited to those with very strong balance sheets and significant development experience. Expect full recourse and leverage no greater than 65 percent of cost, for even the very best projects. For a developer whos determined to build and has a viable project in a high-demand trade area, the most likely lending partner is a local or regional bank willing to build a relationship and partner with the sponsor.

Given the low interest-rate environment, limited new development, aggressive capitalization (cap) rates for stabilized facilities and upward pressure on rental rates, new construction is becoming a more attractive proposition. This factor, combined with the increased health of local and regional banks, is making construction loans once again become a viable lending option.

Going Forward

It appears the positive momentum created in 2013 paved the way for a very strong 2014, as self-storage fundamentals improve and the economy continues to grow. For self-storage owners, theres reason to be optimistic. The fear in the market that has been present for the past several years seems to be diminishing. Increased competition from lenders has created excellent borrowing opportunities, all while interest rates remain low by historical standards. This borrower-friendly environment presents unprecedented opportunities for self-storage owners looking to refinance or acquire additional properties.

Based in Chicago, Shawn Hill is a principal at The BSC Group, where he advises clients on debt and equity financing and loan-workout services for all commercial property types nationwide, with an emphasis on the self-storage asset class.  He can be reached at 312.207.8237; e-mail [email protected]; visit www.thebscgroup.com .

In general, the higher the assessed valued of a self-storage facility, the more youll pay in property tax. In addition, the higher the appraised value, the greater the borrowing capability. What most self-storage owners want is a low assessed value for tax purposes but a high appraised value for refinancing purposes. In my experience, you cant usually have it both ways. The answer to the value question really lies in the concept of fairness.

Property-Tax Background

Normally, property owners receive an annual property-tax bill. Most dont contest it, which is perfectly acceptable, although there are instances when they should. The property tax is based on an assessment value provided by the local taxing authority. Your local taxing authority, usually the county tax assessor, has a tax-identification card for each parcel of property in that particular county, including your self-storage store. The value placed on your site by the assessor multiplied by the tax rate yields the annual tax bill (though sometimes this calculation is a bit more complex).

Every three to eight years, the county tax assessor will revalue all the parcels in the county, normally to account for an increase in value. Most counties or municipalities derive anywhere from 50 percent to 75 percent of their annual operating budget from property taxes, so its a very important source of revenue. Although you can challenge an assessors value each year, you normally have a more forgiving set of procedural rules in a revaluation year.

If your self-storage store is in a large county with many tax parcels, your new value may be based on the application of a mathematical formula, not on an individual appraisal. Its simply impossible to individually revalue hundreds of thousands of parcels in a particular county in a short period of time (normally one year) with limited resources. This can lead to inherent inaccuracies in the valuation of individual parcels, even though statistical safeguards are applied to the formulas.

What all this means is you need to double check the tax value of your self-storage store, especially during a revaluation year. You should be checking for errors, inaccuracies and inequities. Remember, we all just want to be treated in a fair, accurate and equitable manner. Here are three items you need to evaluate as a self-storage owner to see if your self-storage property has an accurate and fair value for tax purposes.

The Property-Tax Card

First, is the property-tax card accurate? You can normally look at this on your countys website. Does the tax card reflect the correct net leasable square footage, proper acreage, type of construction, type of use and any improvements (or lack thereof)? Does your site have any inherent issues like power lines, right-of-way easements, wetlands or other site challenges that may significantly change the value? Is the self-storage store listed as a retail building, which potentially carries a much higher value?

Assuming youre in a revaluation year and you discover inaccuracies, youll want to file a written notice of protest as described by the county assessors office. You may consider hiring an independent third party, such as an attorney or commercial appraiser specializing in self-storage valuations, to represent you; however, this article assumes youll represent yourself.

Request an informal meeting with the assessor or the county appraiser assigned to your self-storage store. In the informal meeting, point out any inaccuracies in the property-tax card. Be professional and courteous during this meeting. Remember, the county employee wants to get the value right as well. This may correct the value issue, or it may require further action and discussion.

An Appropriate Capitalization Rate

If the tax card is correct, does the value still look wrong because of the application of inaccurate appraisal techniques? In other words, did the county appraiser use the wrong capitalization (cap) rate for your self-storage store? Assuming you gave the county assessor your actual income and expense statements, did he apply a fair cap rate based on the age, size and level of competition for your property?

Cap rates can be applied arbitrarily, and a small change can mean a huge difference in value. We could spend a great deal of time discussing cap rates, but in essence, make sure the appraiser for the local taxing authority used a cap rate for self-storage and not, say, for a single-tenant structure such as a drug store. The latter would tend to have a rate more like 6 percent as opposed to self-storage, which would be closer to 8 percent.

For example, a property with a net operating income of $300,000 would have a value of $3.75 million at an 8 percent cap rate. At a 6 percent cap rate, the value would be $5 million. Thus, the incorrect application of a cap rate in this case would result in a $1.25 million over-value of your self-storage store. You can see from this example how important it is to have the correct cap rate applied.

Equity and Other Matters

Finally, is your property taxed and valued equitably? In essence, is it taxed and valued like other self-storage properties in your market? In other words, if there are other stores that are similar in terms of size, age, type of construction and income, look at the property-tax cards for those stores to make sure theyre in line. If not, your store is not being treated equitably and a correction should be made to the value.

Check for the application of standard per-square-foot values and cost values. Look for reasonable comparisons for your property. You may consider having an appraisal performed by a member of the Appraisal Institute on your self-storage store prior to meeting with the county assessor or appraiser. You need facts and research here to make sure your property is being treated equitably in your market for tax and value purposes.

Fair and Equitable Taxes

Im of the opinion that, in the end, we all just want to be treated fairly and equitably. We want the Goldilocks valuenot too big, not too small, but one that is just right. This is true whether the valuation is for property-tax purposes or financing.

Self-storage is a unique animal in the world of commercial propertynot really industrial warehouse and not quite retail. We have to double check to ensure the tax assessor has listed our use correctly, has the correct cost and cap-rate values, and has treated all similar facilities the same.

Remember, be professional in your discussions with the local county appraiser. Ive seen firsthand that belittling, bullying and yelling do not work well and actually end up going the wrong way for the taxpayer. Rely on the facts, make sure you do your homework on the value issue, and youll come away with a fair and accurate value.

Jeffrey B. Turnbull is the president of Kodiak Mini Storage LLC. He has been involved in the self-storage business as a developer, owner and operator for more than 18 years, and currently owns three stores in the Charlotte, N.C. market. Hes a licensed attorney in North Carolina, a licensed real estate broker in North and South Carolina, and a past president of the North Carolina Self Storage Association. He's also a frequent contributor to Inside Self-Storage and a speaker on various industry issues. He can be reached at [email protected] .