More than 300 self-storage facilities that operate out of industrial buildings in Hong Kong could be in violation of land-use restrictions. The Lands Department, a government agency, has reportedly warned several self-storage operators about possible violations and placed an encumbrance against two facilities, according to a report by “Ming Pao Daily.”

Lands Department officials issued warning letters last October to Store Friendly Self Storage and My Storage, which conduct business at the Sing Mei Industrial Building on Kwai Wing Road in Kwai Chung, a town in the New Territories area of Hong Kong, according to the source. When neither business took action before a November deadline, the agency placed an encumbrance on both facilities, the source reported.

In all, officials have issued warnings to the owners of four self-storage facilities in Kwai Chung in the last three years, according to the report. However, the department also said a warning letter by itself does not necessarily mean a self-storage business is in violation of its land deed, the source reported.

For self-storage not to qualify as a legal business in the industrial category is a perplexing stance for the Lands Department to take considering Store Friendly facilities were classified by the town planning board as a non-polluting industry, a company official told the source.

There are more than 500 self-storage businesses in Hong Kong serving more than 100,000 customers, according to Luigi La Tona, executive director of Self Storage Association Asia. Industry professionals believe any government decision to subsequently determine storage facilities as illegal would affect customers and employees, and possibly jeopardize the validity of property-insurance coverages, the source reported.

Among the industry representatives who have said they would likely seek a judicial review to challenge any government moves to stop storage facilities from conducting business is Kevin She, CEO of SC Storage, which operates 60 facilities in Hong Kong. “Just because we are mini in size does not mean we are not a warehouse,” She told the source. SC Storage has not received any warning letters, he said.

“The self-storage industry is one of the brightest spots in the real estate and consumer service sector. Compared to other modern markets, Hong Kong is woefully underserved, but venture capital and investment-bank money is getting behind new entrants and global players [are] currently expanding in Hong Kong,” wrote Andrew Work in a recent editorial published by the “Harbour Times.” “The town planning board seems fine with self-storage. The Lands Department seems to have issues. It seems there is a case of disconnect here creating confusion.”

Work argues that self-storage facilities found in violation of land-use restrictions but otherwise operating legally should be given amnesty by the government. “An amnesty would be just the thing here for many otherwise lawful and productive uses of industrial buildings,” he wrote. “The government has been taking commendable small steps to rezone industrial buildings. The pace could be faster, however. Until then, an amnesty ‘legalizing’ people using industrial buildings for non-industrial purposes, would serve multiple purposes.”

Frisco Trail Mini Storage and Bike Depot in Springfield, Mo., is one of two business to receive certification for the Bicycle Friendly Business Program, created by Ozark Greenways, a citizen's group working to develop a comprehensive greenway-trail system in the region. The program recognizes businesses that support riding for patrons and employees.

"I'm on it every day. I need to do it just to keep in shape," Bart Williams, owner of Frisco Trail Mini Storage, told the source.

Bambino's Cafe also earned the certification. In addition to promoting exercise, the program has been an economic driver for the two businesses, the source reported.

Frisco Trail Mini Storage and the café offer bike racks and bathrooms to riders as well as other amenities. The self-storage facility also provides direct access to the Frisco Highline Bike Trail, a 34-mile track that runs alongside the property. Additional amenities include showers, parking, free air, vending machines, and a work station where tenants can maintain and prep bikes for use.

"It's just something that's been really fun and added to a business that's not real exciting," Williams said.

Ozark Greenways is now accepting applications from other businesses. In addition to the certification, companies will receive program decals and be included in the Greenways online community list.

Frisco Trail Mini Storage offers indoor and outdoor storage. The property at 4175 North Willard Road is open seven days a week.

 

Winters on the East Coast and in the Midwest have been brutal over the last few years. This poses a problem for self-storage operators who’re trying to entice new customers through their doors. After all, no one wants to stand in the wind, rain or snow to move their belongings into a self-storage unit.

Chris Capozzoli, president of BSS Properties Inc., a self-storage operator with facilities in Florida, Massachusetts and New Hampshire, has found a way around this problem. He’s introduced a climate-controlled, drive-in feature at a number of his sites, including a self-storage conversion in Derry, N.H. Below, Capozzoli talks about the challenges he faced during the development of this project, why he chose to build the drive-in, and his plans for expanding the business.

Tell us about your company.

Burlington Self Storage was founded in 1988. My father, Ron Capozzoli, and I developed our first facility, a 110,000-square-foot building in Burlington, Mass. At the time, no one knew what self-storage was all about. It took a lot of convincing the town boards to help them understand. We opened the facility in June of 1990. Once we got our name out, the facility rented up like crazy. My manager and I were taking out 10 to 12 people at a time, showing and renting units. It was exciting.

Building upon the success of our first facility, we started branching out. Our next facility was in Falmouth, Mass., in Cape Cod. Knowing the area well, we seized the opportunity. We developed a 100,000-square-foot facility. From there we expanded to the Middleboro, Mass., and Salem, N.H., markets along with developments in Oakland Park and Weston, Fla., and purchased an existing facility in West Palm Beach, Fla.

Our recent addition is a repurpose of an old manufacturing building in Derry, N.H., an existing 53,000-square-foot warehouse, which was renovated inside to accommodate one of our latest designs—drive-in self-storage. We added a 30,000-square-foot mezzanine with two lifts. The building is 100 percent climate-controlled. You drive in the building and out of the weather. The response has been tremendous.

We also added a 30,000-square-foot drive-in self-storage building in 2013 to our existing facility in Salem, N.H. We’re currently building a 109,000-square-foot, three-story facility in Wilmington, Mass. This ground-up facility is going to feature our latest drive-in self-storage. It’ll open in October.

What aspects of this property seemed right for a self-storage conversion?

For a property conversion, I’m looking for ways to maximize the building and outside land. Are there ceiling heights of at least 18 to 20 feet, and the building is clearspan? I’m going to take a hard look at that. We can put in a mezzanine and essentially double our storage space. With the Derry facility, we also added an interior driveway, which really sets the facility above everyone else in this market.

Take us through the construction process. What were some of your biggest challenges and successes?

Some of the biggest challenges were with the local boards. Self-storage, even though it’s more popular now, still faces high scrutiny. We have to make the local authorities feel comfortable with how we manage our facilities and maintain them. Other challenges can also include misinformation. Even though you do your due diligence and hire the right team, things can still go terribly wrong.

Take for example my facility in Weston. All along, the contractor thought we had water and sewer adjacent to the property. The city even confirmed it. When it came time to connect, no water and sewer! This cost a lot of money to rectify. We had to install fire-protection wells complete with a diesel motor, water-supply wells and a septic system. Sometimes when you think you have everything covered, your get a big, bad surprise.

The Derry facility is 100 percent drive-in. What made you go this route?

The Derry facility is 100 percent climate-controlled, where you drive in the building and out of the weather. This was the only way to fully utilize the building. Being a manufacturing building, we had to come up with a creative way to access the units inside without making it a customer nightmare. We figured, let them drive into the building. We can support more customers at a time instead of using a single loading and unloading area; it’s a great feature getting out of the cold, snow, rain, wind and hot sun; and it’s unique. No one in this area has it.

How will you maintain the integrity of the interior? That’s a lot of white!

I have full-time cleaning and maintenance crews that handle that. I figure, the whiter the better. It reflects more light, it’s brighter and gives off a safer feeling. We always add windows to our facilities, more than our competitors. By having windows, it gives you a sense of where you are in the building. You don’t feel like you’re in a big warehouse or maze, and it makes the customers feel better.

Where are you in your lease-up, and what kind of marketing are you doing?

Our lease-up is going as planned. We’re leasing up at about 2 percent per month, which is right on with our projections. As for marketing, we’re creating alliances with local apartment communities, real estate and moving companies. We’re well-placed on the Internet, and we also do direct marketing. Referrals are really starting to pick up.

Any plans for more conversions or new builds in your future? Will you attempt another drive-in facility?

We opened Burlington Self Storage of Wilmington, Mass., in December 2014. The 109,000-square-foot, three-story facility also features drive-in. The majority of the facility is accessed from the inside and is 100 percent climate-controlled. We also have non-climate, direct-access units. This building is fully computerized and offers full lighting, temperature control, security and CCTV-camera control right from your cell phone, tablet or computer.

We’re renting units mainly due to the successful drive-by location. We’re also well-established with our Web presence and listing in the search results. We’re working out typical punch-list items such as building corrections, signage, etc. We also installed a 24/7 rental kiosk, which should help our rentals and customer service.

What advice do you have for owners or investors looking for a great storage conversion project?

Do your due diligence on the building, market and conversion costs. If it makes sense, go for it. But always try to find that special edge that will separate you from your competition.

For more information on Burlington Self-Storage, visit http://bssproperties.com.

By Robert Chiti and Mark Yandow

Self-service technology is advancing rapidly, and there’s nothing we can do to stop customers from craving it. Today nearly every product is being made available for purchase without the need for human assistance. The Internet—via mobile device, laptop and desktop—has become the world’s largest self-service system. Self-serve provides an effortless experience and is extremely suitable in a world that wants convenience.

Self-storage, like many other industries, has benefitted from this trend. Facility developer and owner Mark Yandow grimaces when remembering a time before automated business processes. “When I dig deep, I recall the pain of trying to drive revenue levels higher. I remember the late nights, weekends and manual tasks that were required to run the best storage facility on the block,” he says. Yandow is the owner of real estate and property-management firm Yandow Realty Group as well as two storage facilities: South Congress Storage in Austin, Texas, and You Stuff It Storage in Tehachapi, Calif.

Right now there’s technology available to help managers exponentially increase their efficiency, and at less cost than employing a part-time manager. Yandow knows this because he and his business partners have used it. So why is it, when we have the tools to increase property performance, a majority of facility managers are still afraid of what this means for their job security? Shouldn't they embrace technology with open arms?

Despite having personal goals to increase performance, some managers see technology as a threat rather than an opportunity. What Yandow found is most of them seem unimpressed at first, and truly believe there’s only one way to “do storage”—even when purchasing trends show that consumers want to access the product in different ways. New customers and existing tenants love automation, but not all managers see the advantages.

Some managers claim they’ve shied away from automation tools because they have a need to profile customers before renting, or have concerns about security and don’t want new people on the property after hours. As with anything else, there are pros and cons to using technology. But when it comes to renting storage units, the advantages outweigh the potential negatives.

A Lesson to the Storage Business

Ten years ago the demand for storage was more than the supply. It was easier to run a storage business, and customers needed the space. “Even a poorly managed facility could be successful. Then developers overbuilt, and the market shifted to a surplus,” Yandow says.

Now there are markets where supply is greater than demand. A facility must out-service the competition to realize its full potential, Yandow says. “It doesn’t matter how much business a property has today, the minute you stop embracing change is when your competitors will surpass you.”

Does this mean storage operators must adapt or die? Let’s look at a situation where a company failed to evolve and was left by the wayside. Seven short years ago, Blockbuster was the giant in the movie-rental business. It was eventually slayed by Redbox. How? With self-service kiosks.

Blockbuster had plenty of time to adapt as kiosks began popping up slowly in irregular places. Instead, the company brass held tight to the philosophy that the “human experience” at your friendly neighborhood movie store was the only way to do movie rentals. In just three years, there were more than 22,000 kiosks distributing videos. Consumers preferred them because of their convenience. Redbox was able to corner the market by making it easy for people to rent movies quickly and carry on with their day.

This tale holds a smart message for every self-storage professional. A company that once dominated its industry was crushed by an upstart. Redbox identified new customer-purchasing trends and adopted the use of a kiosk to earn a spot at the top of the mountain.

Industry Application

At the same time Redbox began to automate the movie business, Yandow was applying the same plan to automate his self-storage properties. He started by developing the SSBC Scorecard, an analytical practice that assesses a facility’s integrated operation. The grading system allows an operator to measure his start and establish an achievable income potential by defining repeatable business processes.

Yandow has conducted case studies on numerous properties since 2007. The studies demonstrate how automation is instrumental to a property’s bottom-line cash flow and overall value, providing data on performance before and after the use of automation and self-service tools. Yandow’s approach has turned out documented successes in optimized facility performance, with managers producing at higher levels than ever before. As an example, let’s take a look at what happened at South Congress Storage after Yandow purchased it in 2007.

Success at South Congress

South Congress Storage includes 40,000 square feet of storage space in 380 units. At the time of acquisition, the property was 84 percent occupied, similar to its competitors. Here are some other details about the previous state of operation:

• The office was open six days a week, 8 a.m. to 5 p.m.
• The property-management software was low-cost and outdated.
• The facility employed two full-time resident managers who often worked overtime on manual paperwork.
• All customer interactions required the presence of a manager. If an employee wasn’t available, no business was conducted.
• Calls were missed when managers were busy or the office was closed.

Yandow evaluated the business using the SSBC Scorecard. To incorporate automated tools, he had to invest in business processes, infrastructure and technology. Here’s what changed:

• The company redistributed its expenses, eliminating $1,000 in monthly Yellow Pages fees.
• It installed a self-service kiosk to allow rentals and payments around the clock.
• It activated a call-center rollover service.
• It assigned part-time status to one of the resident managers.
• It implemented an improvement plan that included manager training and engagement with automation. It also established key performance standards, such as following up on every sales lead generated by the call center within less than 30 minutes.

Following the above changes, South Congress reported the following improvements:

• Net operating income increased by more than $6,000 per month after year one. The property is currently yielding more than $12,000 per month.
• The property value increased. The facility was appraised at 35 percent higher than the purchase price just eight months after the acquisition.
• Occupancy increased from 84 percent to more than 95 percent.
• The manager saved more than 20 work hours each month on the rentals and payments made through the onsite kiosk and rollover call service. The time savings was redirected toward meeting key performance measures.

Raising and Exceeding the Bar

“Technology allows us to respond faster to clients. This keeps our customer-service levels and conversion rates at extraordinary levels,” Yandow says. The new system has given him the ability to improve the performance of his entire portfolio.

Turning a typical self-storage operation into a business that outperforms the competition is what property management is all about. Does your manager view automation as being useless, a threat or as something that can make the business more successful? A transformation of this nature takes time, energy, money and flexibility; but in the case of embracing technology, the return can far outweigh the investment. 

Robert A. Chiti is president and CEO of Phoenix-based OpenTech Alliance Inc., a provider of several models of INSOMNIAC self-serve kiosks as well as a range of self-storage rental solutions including the INSOMNIAC Live! Call Center, INSOMNIAC Online Web and mobile applications, LiveAgent! software products, and the INSOMNIAC ILock Security System, all available through the company's Self-Storage Cloud. For more information, call 602.749.9370; e-mail [email protected]; visit www.opentechalliance.com.

Mark Yandow is a self-storage owner and real estate broker with more than 35 years of experience specializing in self-storage. He’s also a partner in Self Storage Brokers of California and chief operations officer for Self Storage Management of California. He manages more than 1 million square feet of storage on the West Coast. To reach him, call 805.550.7388; visit www.yandowrealty.com.

Self-storage developer Elite Stor Capital Partners LLC recently converted a former Serta Mattress Co. warehouse in West Palm Beach, Fla., into a self-storage facility. Opening this month, the property is the company’s fourth in the state. It’s in downtown West Palm Beach within proximity to CityPlace, a popular dining, entertainment and shopping destination.

The two-story facility at 1016 Clare Ave., No. 3, is comprised of 20,000 square feet of storage space in 250 climate-controlled units. The building features electronic access, freight elevators and a sprinkler system. It also offers Elite Stor’s Vineyard Vault wine storage.

Elite will host a grand opening and ribbon-cutting ceremony at noon on May 7. Open to the public, it will include refreshments and prizes. The event will also be attended by representatives of the Chamber of Commerce of the Palm Beaches.

Elite Stor also operates facilities in Hobe Sound, Lehigh Acres and Riverview, Fla. Select properties have Vineyard Vault wine-storage lockers, truck rental and vehicle parking.

Store Here LLC, a joint venture between certain affiliates of Westport Capital Partners LLC and Store Here Management LLC, has purchased Academy Storage in Colorado Springs, Colo., and American Mini Storage in Shreveport, La. The properties will be managed by Store Here Management. Store Here now operates in six states.

“The acquisitions of properties in Colorado and Louisiana broaden our presence into markets that we believe have strong fundamentals in terms of community and commerce. We are thrilled to be in these markets and will bring professional management practices to these properties,” said James J. Hanrahan, acquisitions director of Store Here Management.

Store Here’s portfolio now includes 22 facilities and nearly 1.6 million net rentable square feet of storage space, Hanrahan said. The company was recently identified as one of eight independent self-storage operators expected to grow significantly in 2015 by SpareFoot, an online marketplace for self-storage consumers.

Store Here Management is a property-management and investment company with an acquisition and analysis division focusing on the self-storage industry. Its operating partner, RHW Capital Management Group, was founded in 2012 by industry veterans with more than 70 years of combined experience to provide a stable source of funding and management, according to a company press release.

Westport Capital Partners is a real estate investment firm that provides domestic and international investment opportunities to institutional and private clients. Through its various funds, the firm invests in a wide variety of distressed and opportunistic real estate assets. It has offices in Wilton, Conn., London and Los Angeles.

Update: 4/10/2015 – Storage Asset Management (SAM), a property-management and consulting firm, reported fourth-quarter results for the 45 properties it manages along the East Coast. The company increased same-store revenue by 7 percent and net operating income by 9.4 percent, according to a company press release. Occupancy at SAM’s same-store locations grew 2.1 percent from Dec. 31, 2013 to Dec. 31, 2014, and the company was able to hold expense growth at 1.4 percent.

SAM attributes its results to its staff, a company-wide focus on training, customized marketing and operating plans for each location, and an ability to build business-to-business relationships in the markets it serves, the release stated.

Founded in 2010 and based in York, Pa., SAM is a property-management and consulting company that oversees storage facilities and three UPS Stores.

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2/5/2015 – Three self-storage management companies have released operating results for the fourth quarter that ended Dec. 31. All showed improvements in same-store revenue over the previous year.

Southeast Management Co., a third-party management and consulting company and owner of self-storage facilities in the Southeast, reported that same-store revenue increased 1.8 percent over the same period in 2013. The increase was 6.2 percent higher, along with occupancy gains of 2.6 percent, year to date, according to a press release. Net operating income also showed a year-over-year increase of 11.9 percent.

Self-storage property-management firm Absolute Storage Management (ASM), whose same-store property pool comprised 36 properties as of December, also reported increases in performance. To avoid inflating the results with lease-up properties, the analyzed list is comprised of stabilized self-storage facilities with complete prior-year data.

At the 36 properties, total income increased 9.5 percent in the fourth quarter and 9.3 percent year over year. The company said this was largely due to an overall increase across all income categories including rent, late charges, administrative fees and retail sales. Square-foot occupancy increased 4 percent from 2013 to 2014, a result of increased leasing activity and decreased turnover, according to the company. In addition, street rates increased 5 percent over last year’s results.

“We are very proud of our operations team for a very strong year,” said Michael Haugh, president. “Now, street-rate growth is accelerating in most markets as a result of stabilized occupancies. We are forecasting this to continue in 2015 as larger operators with high occupancy seek revenue growth from a source other than occupancy.”

Storage Investment Management Inc. (SIMI), a privately held self-storage management company, reported an average increase in same-storage sales of 7.22 percent at its 28 northeastern properties as compared to the same quarter 2013. Net operating income for the fourth quarter jumped 17.73 percent, according to company officials. SIMI attributes the surge to rent increases and steady occupancy.

Based in Virginia, Southeast Management has a regional office in North Carolina. The company manages and owns self-storage facilities in Florida, North and South Carolina, and Virginia.

Founded in 2002, ASM owns and manages self-storage facilities throughout the Southeast, operating more than 80 properties in 13 states. The company is actively seeking to add additional properties to its portfolio through traditional third-party management relationships and joint-venture/acquisition opportunities. Headquartered in Memphis, Tenn., it has regional offices in Atlanta; Charlotte, N.C.; and Jackson, Miss.

Headquartered in New York, SIMI is led by principals Charlie Fritts, president, and David Inman, chief operating officer, who have a combined 75 years of self-storage industry experience. The company manages facilities in Connecticut, Maine, Massachusetts, New Jersey, New York, Pennsylvania and Rhode Island.

Alan Mruvka, founder of E! Entertainment Television, has launched a new self-storage business called StorageBlue, with four New Jersey locations serving residents and businesses in the Jersey City and New York City metro areas. Mruvka intends to “disrupt the business by concentrating on the customer experience,” according to a press release.

“We will convert the single-worst customer experience into a painless and convenient one,” said Mruvka, co-founder and CEO. “We are approaching the business from a whole new point of view, which is why we call ourselves, ‘America’s easiest self-storage.’”

The StorageBlue business model is predicated on customer convenience, with the size of storage spaces ranging from “closets and small storage lockers to oversized garages and storage units,” according to the release. Facilities will be open every day of the year, with office hours from 8 a.m. to 8 p.m. Monday through Saturday and 10 a.m. to 6 p.m. on Sunday. Locations will have onsite managers and offer moving-truck rentals and moving supplies.

“I’ve been in the self-storage business for over 30 years, and now that I’m back to living in New York City, there’s always a need for additional space,” Mruvka said. “So I decided to create a new type of self-storage to help residents with their storage needs. We actually help people pick up their stuff and get it over to our storage facilities—something that seems to always be taken for granted. I like to say, ‘From you to unit seamlessly.’”

Mruvka previously helped build the American Self Storage brand to 15 locations comprising more than 3 million square feet in the New York City metro area, according to the release. American Self Storage currently operates four facilities in New Jersey and six in New York, according to the company website.

The entrepreneur intends to scale StorageBlue quickly behind an aggressive plan to expand the brand nationwide within 18 months. The company is looking to acquire existing self-storage buildings as well as develop new facilities, according to the release.

Mruvka has more than 30 years of experience in the real estate and entertainment industries. Now in its 31st year, E! is owned by Comcast and valued at more than $12 billion, the release said.

The four publicly traded, U.S.-based self-storage real estate investment trusts (REITs)—CubeSmart, Extra Space Storage Inc., Public Storage Inc. and Sovran Self Storage Inc.—have announced when and how they will reveal their earnings statements for the fiscal quarter that ended March 31.

CubeSmart

CubeSmart will release its financial results for the quarter that ended March 31 after the market closes on April 30. An accompanying conference call will be held at 11 a.m. ET on May 1. A live webcast of the conference call will be available from the investor-relations page of CubeSmart.com. The dial-in numbers are 877.506.3281 for U.S. callers, 412.902.6677 for international callers and 855.669.9657 for Canadian callers. To avoid delays in joining the call, participants can pre-register at http://dpregister.com/10063723.

After the live webcast, the call will remain available on CubeSmart's website for 30 days. In addition, a telephonic replay of the call will be available through May 30. The replay dial-in number is 877.344.7529 for domestic callers, 412.317.0088 for international callers and 855.669.9658 for Canadian callers. The conference number is 10063723.

CubeSmart owns or manages 611 self-storage facilities across the United States and operates the CubeSmart Network, which consists of more than 800 additional self-storage facilities.

Extra Space Storage Inc.

Extra Space will release its financial results for the quarter that ended March 31 after the market closes on April 29. The company will host a conference call at 1 p.m. ET on April 30 to discuss the results. Hosting the call will be CEO Spencer Kirk and Scott Stubbs, executive vice president and chief financial officer.

During the call, company officers will review performance, discuss recent events, and conduct a question-and-answer period for registered financial analysts. All other participants will have listen-only capability.

The phone number for the call is 855.791.2026 for U.S. callers and 631.485.4899 for international callers. The participant passcode is 17005626. The conference-call playback, which will be available through May 5, will be accessible at 855.859.2056 in the United States or 404.537.3406 internationally. The participant passcode is 17005626.

The conference call will also be available on the investor-relations page of ExtraSpace.com. Those who wish to listen online should visit the website at least 15 minutes before the event start time to register and install any necessary audio software. A replay of the call will be available online for 30 days.

The full text of the earnings report and supplemental data will also be available on the company website immediately following the earnings release to the wire services on April 29.

Headquartered in Salt Lake City, Extra Space owns or operates 1,088 self-storage properties in 35 states; Washington, D.C.; and Puerto Rico. The company’s properties comprise approximately 725,000 units and 80.4 million square feet of rentable space.

Public Storage Inc.

Public Storage will release information about its first-quarter 2015 earnings on April 30. A conference call is scheduled for May 1 at noon ET to discuss the results.

The dial-in numbers for the live conference call are 866.406.5408 for U.S. callers and 973.582.2770 for international callers. The conference ID is 21615100. The live webcast will be available through the investor-relations page of PublicStorage.com and will be accessible on demand until May 15. For the conference-call replay, the domestic dial-in number is 800.585.8367, the international number is 404.537.3406, and the conference ID number is 21615100.

Based in Glendale, Calif., Public Storage has interests in 2,250 self-storage facilities in 38 states, with approximately 146 million net rentable square feet. Operating under the Shurgard brand name, the company also has 193 facilities in seven European countries, with approximately 10 million net rentable square feet.

Sovran Self Storage Inc.

Sovran will issue its quarterly results after the market closes on April 29. The company will conduct a conference call to review the financial results on April 30 at 9 a.m. ET.

The call can be accessed at 877.407.8033 within the United States or 201.689.8033 internationally. Management will accept questions from registered financial analysts after prepared remarks. All others are encouraged to listen to the call via webcast from the investor-relations page at UncleBobs.com. The webcast will be archived for 90 days. A telephone replay will be available for 72 hours after the meeting by calling 877.660.6853 and entering conference ID 13605895.

Sovran operates more than 500 facilities in 25 states under the Uncle Bob's Self Storage brand name.