You don’t have to be a new facility to be the No. 1 choice in your community. Regular maintenance and upkeep will keep your current tenants happy and attract new ones. This ultimate maintenance guide covers everything from your rooftop to the asphalt, unit doors to golf carts. Whether these tasks are performed weekly, daily or as needed, staying on top of them will ensure your facility is in top shape year-round. 

OUTDOORS

How the outside of your facility looks—from the curb to drive aisles—is a critical component of your facility’s success. Potholes, overgrown or dead landscaping, peeling paint, dented doors and burned-out signage gives current and prospective customers a negative vibe about your facility. Here are some guidelines to keeping your outdoor environment looking sharp. 
 
Pavement

Everyone hates potholes. Get rid of these pesky craters as soon as they happen. You’ll need to rely on a professional to do the job, but it’ll be well worth it. If your parking lot is riddled with problems, consider an asphalt overlay. The overlay thickness should be 1.5 to 2.5 inches. Add a sealant to your facility’s pavement every three to five years to minimize cracks and extend its life. Portland cement, which is a fine powder, can also help remove concrete stains. Just sprinkle it over the stain and sweep it up a day later.  
 
Building Exteriors

The exterior of your buildings, particularly at the front of your property, represent your facility’s condition as a whole. If the buildings look rundown with cracks or faded, peeling paint, expect customers to make a beeline to your competitors.

“A simple power-wash could be a low-cost resolution to remove mildew and stains,” says Ryan Dorrell of CertaPro Painters. A fresh coat of paint can also do wonders. Or consider using a coating that restores paint to its previous luster and adds a protective element. For metal siding, use a mild degreaser to keep it clean. Additional tips:

• Regularly check for building damage made by nature or people.
• Cracks should be filled to prevent water leakage into units and keep out pests.
• Rust should be removed and the area repainted to prevent further deterioration.
• Protect your buildings with bollards. To cut down on maintenance, consider using bollard sleeves, which slide over existing fixtures and can withstand weather and traffic.
• Hire an exterminator to eradicate unwanted insects and rodents.
• Keep the grounds free of trash and litter.
• Facility signage should be bright and easy to read. Replace faded signs or burned-out bulbs in signs that have lighting.

Green Tip: Buy paints and siding with no volatile organic compounds.

Roof

The upkeep of your facility’s roofs is critical. Roofs can collapse, leak and deteriorate. For the best prevention, walk your roofs regularly to remove debris and check for problems. When walking on standing-seam roofs, be careful to tread along the purlins and do not step on the ridge caps. Your roofs will likely have some residue from wind, rain and storm, but you may also find scrap metal, cans and bottles. Dissimilar contact between metals causes corrosion. Birds can also wreak havoc on roofs.

Dale Nelson of Roof Hugger reminds operators to regularly check their roof fasteners. If they begin to show rust or drip, replace them. Use an oversize stainless screw to give the roof the maximum possible life. Look for missing or loose screws, deteriorating rubber washes, separation of lap joints, and exposed sealants that have cracks or bubbles.

Remember to clean out all gutters and downspouts every spring and fall. Make sure the water drainage leads away from the building.

Green Tip: Use a “cool” Polyvinylidene Fluoride paint system, which combats the heat-island effect via solar reflectance. 
 
Landscaping

Whether you have rolling hills of grass punctuated with bright flowers or pebbled paths with a scattering of trees and bushes, well-maintained facility landscaping is a must to attract tenants.

• Aerate your lawn every year, which allows water to better reach the root system and dramatically improves the look of grassy areas.
• Prune trees, shrubs and flowers regularly to improve the look and spur growth.
• Flowers, whether in pots or in beds, should be free of weeds and insects and fertilized regularly.
• Trim tree branches that threaten power lines or ones that could damage your buildings during severe weather.
• Remove dead plants, trees and shrubs immediately.

Green Tip: Conserve water by using rock landscaping wherever possible, and add plants that flourish with minimal watering.

Kiosk

Yes, even your facility’s kiosk requires some upkeep. Robert Chiti, president and CEO of OpenTech Alliance Inc., offers these tips:

• Ensure the kiosk and customers who use it are protected from the rain. The kiosk is built to withstand rain―the consumer, not so much.
• Keep the kiosk in good working order and replace defective components immediately. Manufacturers warranty their systems so operators should not hesitate to reach out and request replacement components.  
• Kiosks offer service to customers day and night. Replace any burned-out lighting near the kiosk to ensure customers feel safe when using it. 

MOVABLE FIXTURES: VEHICLES AND CONTAINERS

Whether it’s your golf cart, mobile-storage transport or moving truck, you need to maintain these “wheels” just like any other part of your property.
 
Golf Cart

A golf cart can be a self-storage manager’s best friend. It’s the quickest way to get around the facility property, show units to tenants, and haul trash or cleaning supplies. Gina Six Kudo, manager of Cochrane Road Self Storage, keeps a grabber, a small trash container and a disposable glove on her cart at all times for easy clean-up.

Treat your golf cart as you would any vehicle, checking the oil, tire pressure, etc., and keeping it clean inside and out. Tom Litton of Litton Property Management offers this tip: “Buy a large bar magnet and hang it below the golf cart. It picks up pins, nails and slivers of metal, but mostly brake shavings, which wreak havoc on your asphalt.”

Green Tip: Consider purchasing an electric golf cart. These quiet vehicles often cost less than their gas counterparts. 
 
Mobile Storage

While most mobile-storage containers are designed to be as maintenance-free as possible, there are things you can do to make your fleet look great longer. Steve Hajewski of Trachte Building Systems recommends:

• Wash them! In the absence of a specific recommendation from your manufacturer, use a mild detergent intended for washing cars or RVs.
• Signs on the portable units are one of your most powerful marketing tools. If yours don't look great, consider having them touched up or replaced.
• Stop rust before it can start by touching up any scratches in the paint.                 
• If containers have roll-up doors, the springs may require periodic lubrication to prevent rust and eventual spring breakage, unless they feature a coating which eliminates this need. Make sure the doors raise and lower smoothly, without slamming up or down. Adjust the spring tension as needed for proper door operation.
• Containers using solid-steel rollers may have grease fittings in the axles. If so, use a grease gun to lubricate them. For containers using air-filled tires (often a temporary hardware attachment), check the air pressure and condition of the tires.

Moving Trucks

“It is crucial you follow the guidelines in your owner’s manual for preventive maintenance and warranty conditions,” says CJ Olsen of truck provider On the Move Inc.. Treat your facility truck like you would any vehicle. Routinely check its fluid levels including brake, oil, transmission, power steering, windshield-washer and coolant.

Verify the tires are in good condition, and turn signals, headlights, brake lights and interior lights are operable. Your truck should be detailed and cleaned out regularly. Repair all damage to your truck as soon as possible.

Keep your truck graphics up to date to reflect a positive impression of the cleanliness of your facility. Peeling graphics or those with graffiti are deterrents to renters. A clean, well-cared-for truck will show customers you have a quality business.

BUILDING COMPONENTS

This where a bulk of your day-to-day maintenance comes in. Your doors, units and office require regular upkeep. Preventive maintenance can usually keep small problems from becoming major hassles. 
 
Doors

Doors are a vital part of your business, and they require upkeep. You don’t want them to be faded, chalky, dented, squeaky, jammed or difficult to open. Here’s your “Door Maintenance 101 Guide.”

• Keep ‘em clean. Good old soap and water can be your door’s best friend. Wash in the shade to prevent water spots. Get rid of greasy fingerprints and smudges with a quality spray cleaner and a cloth. Be careful not to get water into the units. Replace faded, missing or broken door numbers.
• Restore doors with a quality protective coating, which can safeguard them from corrosion and oxidation. Teresa Sedmak of Everbrite Inc. advises using a coating that will expand and contract and has good adhesion to metal, because roll-up doors flex when rolled up and down.
• A fresh coat of paint will brighten and protect your doors. Look for paints recommended for self-storage metal doors.  
• Over time, the oils on the door axles, springs and tracks can dry out, and problems arise where rubber and plastic surfaces come in contact. Self-storage building manufacturer BETCO Inc. recommends lubricating springs and axles with spray or lithium grease. At the same time, door tracks should be sprayed with clear silicone. These items are readily available at any auto-supply or home-improvement store. Do not use grease or WD-40 on the guides, it will attract dirt and gum up the rollers.
• For interior hallway doors and panels, do not use hoses or buckets of water. Instead, use a quality waterless wash and wax to clean and shine.

 

Elevator and Lifts

Elevator and lifts maintenance is often ignored until something goes wrong. Be proactive and follow these tips:

1. Get the extended warranty. Make sure you’re covered for the long term.
2. If your elevator is not working, check for blown fuses or tripped circuit breakers before calling the manufacturer.
3. Replace obsolete equipment. When converting older buildings to self-storage or upgrading first-generation facilities, follow OSHA standards.
4. Consider installing a lift instead of an elevator. Lifts transport tenants’ goods but not people. They are typically more cost-effective and easier to maintain and will serve the same purpose: getting stuff to the units. Lifts should also be routinely inspected and serviced by a certified tech.
5. Install diamond-plate aluminum on the floor and sides of the lift. It looks good and lasts forever. Aluminum is also light and will not significantly increase weight.

Unit Interiors

Imagine opening a unit in front of prospective customer only to find it dirty or showing signs of pests. When a unit is vacated, sweep the floor, ceilings and corners. The floor may also need a good mopping. Kill odors with a deodorizer. Check for evidence of leaking, insects and rodents. Be sure to lock vacant units.

Office and Restrooms

Once you’ve lured customers with your outstanding curb appeal, maintain that good impression with your office and restrooms.

• Above all, your office should be neat and clean.
• Ban odors—like today’s lunch—with light air fresheners or deodorizers, or open the door whenever possible.
• The office counter should be free of clutter, food and trash. This isn’t the place for stacks of magazines, newspapers, knick knacks or other inappropriate items. Likewise, the desk behind the counter should be neat and orderly.
• Have your emergency procedures and contact list readily available. This should include phone numbers, your media statement and a map of the property. You can also add a list of non-emergency numbers such as your vendors, 24-hour repairman or plumber, electric and towing companies, and police and fire.
• Wash windows three times a week with a commercial cleaner. Once a month, remove screens and storm windows and wash them inside and out.
• Keep the carpet tidy. That means having it professionally cleaned regularly, and replacing it when worn or torn. Vacuum the carpet daily. If your carpet is shabby, considering replacing it with ceramic tile, which is easier to clean and more durable.
• If you cringe when using your office bathroom, imagine what your customer thinks. Check the restroom several times a day to tidy up. Keep it stocked with paper products and hand soap. Inviting restrooms leave a good impression.
• Keep office equipment free of dust and replace items when needed. Wipe telephones several times a day with a quality disinfectant to reduce the spreading of germs.
• Back up all software. Put all your data on a removable storage device and don't keep it in the office. Create a back-up process and do it regularly. If there’s a computer failure, this information becomes priceless.
• Keep your retail area stocked. You can’t sell what you don’t have. Add some clever, professional signs, such as, “How many boxes do you need?” or “Don’t forget packing tape.”

 

Green Tip: Use environment-friendly cleaning products and supplies. Sell recycled boxes and packing materials. In the restroom, add a timer to the light switch, and install low-flow toilets and faucets.

SECURITY EQUIPMENT

Security and safety should always be a high priority. Cameras, door alarms, lighting, fencing and gates act as deterrents and keep employees, tenants and their belongings safe. Schedule regular inspections of your property’s security systems. Look for damage and deterioration, dead batteries, cracked or missing seals, proper mounting and loose wires. 
 
Gates and Gate Operators

The cornerstone of your security system, gates and gate operators need regular upkeep to run smoothly. Note: When performing maintenance on gates, always turn off the power to the gate operator.

• Slide-gate chains should be well-lubricated and properly tensioned. 
• Keep the gate’s path free of debris.
• Make sure all gate safety loops, miller edges and beams are working correctly.
• Look for wear and tear on sprockets or gears, and have replaced as needed.
• Replace old gate operators.
• Have a spare keypad on hand.  That way if one goes down, the gate doesn’t have to be left open.
• Any repairs and adjustments should be deferred to a professional.
• If you have a solar gate, Joe Osborn of Sun Power Security Gates Inc. reminds you to maintain the battery, inspect the wiring often for rodent chew marks, and use an air compressor to keep the operator free of dust.

Green Tip: Consider adding a solar gate.   
 
Cameras

Keep out dust and dirt by regularly vacuuming the camera, equipment area, monitor and digital video recorder (DVR). If you’re still using a VHS player and video tapes, replace them with a DVR. To ensure your DVR records all the action, check it regularly. It should be set to retain video records for a set period of time.

Some cameras may also lose focus or be moved either accidentally or on purpose. Tony Gardner of QuikStor Security & Software suggests operators purchase a service plan for video systems that includes a technician visiting your property every three to six months to clean the camera lenses and housings, adjust focus, and confirm cameras are angled correctly. 
 
Other Security Components

• Check batteries periodically. Your smoke detector battery should be replaced every six months.
• “Lighting in hallways and the exterior are an important part of the overall security package,” says John Fogg of Sentinel Systems Corp. “It helps at camera locations, and is a deterrent.  Any burned-out lights or malfunctioning fixtures should be addressed immediately.” 
• Test intercoms regularly to ensure there’s a clear signal and they’re not broken, sticky or dirty. If you pipe in music around your facility, keep it neutral and non-intrusive.
• Keep your keypads clean, particularly the LDC screen. If the keypad has an intercom in it, check for two-way communication with the office.
• Inspect door alarms every time a unit is vacated. Look for damage to the door switch or magnet, check wires for fraying and damage, and examine brackets for breakage or tampering. Batteries for wireless alarm transmitters last three to five years. 

For contact information on these and other companies that provide products and services to the self-storage industry, view the Inside Self-Storage Buyer’s Guide at www.insideselfstorage.com/bg.  

Sources: AJAY  Equipment Corp., BETCO Inc., Chamberlain Access Solutions, CertaPro Painters, Everbrite Inc., Litton Property Management Inc. On the Move Inc., OpenTech Alliance Inc., QuikStor Security and Software, Roof Hugger Inc., Schindler Elevator Corp., Sentinel Systems Corp., Sun Power Security Gates Inc., ThyssenKrupp Elevator, Trachte Building Systems, US Door and Building Components. 

Images provided by: AJAY Equipment Corp., Cochrane Road Self Storage, Everbrite Inc., Lock Box Self Storage, On the Move Inc., OpenTech Alliance Inc., QuikStor Security and Software, Storage Solutions, Trachte Building Systems. 

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Thinking about attending the next Inside Self-Storage World Expo but haven’t yet taken the plunge? If you haven’t registered for the ISS Expo in New Orleans, Sept. 29-Oct. 1, you’re at risk of missing out on one of the best self-storage investments you’ll make all year. Need a compelling reason to invest in your own success? Read on ...We’ll give you 10!

1. Inside Self-Storage has been a trusted source of industry information for more than 19 years.

ISS magazine and expo have been around for nearly two decades, providing insight, education and guidance to industry professionals of all types: green and seasoned owners, large and small  operators, managers, investors, developers and others. They turn to us not only for our print publication and tradeshows, but for the online Self-Storage Training Institute and Self-Storage Talk, the industry’s largest online community.

2. The ISS Expo is the perfect venue for gathering the tools and information necessary to compete in a challenging market.

You won’t find a better place to get the most up-to-date, critical information you need to make important decisions about your self-storage business. Whether you own or manage a facility or are looking to build or invest, the resources assembled at the show will help you understand your options and take action when it counts. You’ll walk away with strategies you can immediately implement for the improvement of your existing or planned project.

3. Attendees get access to three comprehensive education tracks and five add-on workshops covering every aspect of the business.

The ISS Expo in New Orleans offers 30 seminars organized into three convenient, all-inclusive tracks: 1) Facility Marketing & Sales, 2) Day-to-Day Management & Operation, and 3) Construction, Development, Real Estate & Finance. Whatever you’re looking to learn, you’ll find it as part of our complete education program. (See the sidebar for a sampling of session topics.) The show also offers five highly specialized workshops with intense focus in the areas of sales, customer service, marketing, site development, collections, lien sales and others.

4. You’ll learn new ways to generate revenue and reduce operational costs.

We’ve asked our presenters to emphasize and share techniques for minimizing business expenses and maximizing potential income. Whether the budget you manage relates to facility development, construction, operation or marketing, our seminars, speakers and exhibitors will help you identify areas for conservation as well as opportunities for revenue growth. At the ISS Expo, you’ll learn ways to cut costs, improve sales, attract tenants, resolve delinquencies, negotiate services and more.

5. ISS recruits only the best minds in the business, giving you face time with the industry’s most sought after presenters.

More than 30 of the industry’s top experts have been recruited to speak at the New Orleans expo, each with proficiency in a self-storage field. Take this opportunity to tap into their specialized knowledge and get your business questions answered. There’s no better teacher than personal experience, and our presenters have it in spades. Speak with these professionals before and after seminars, during Roundtable Discussions and on the show floor. Many are happy to schedule one-on-one meetings as well.

6. Expo networking opportunities provide one-on-one time with seasoned experts.

The ISS Expo provides assorted opportunities for show participants to mingle and share information. Events such as the Self Storage Q&A, Roundtable Discussions, the Technology Marketplace and Buyers & Sellers Meeting are open, interactive forums in which to ask questions and exchange insight. Don’t forget the evening cocktail reception, which opens in the expo hall on Wednesday!

7. The industry’s top companies are at the ready to answer questions, demonstrate products and offer insight to the overall field.

Approximately 70 exhibitors will be present in New Orleans to demonstrate their wares, distribute samples and answer attendee questions. You can see in action self-storage software, gates and gate operators, video surveillance, mobile-storage containers, doors and more. Check out retail product, marketing services, insurance programs, builders ... anything you might need to create or run a successful storage operation.

8. The industry’s latest technology will be available in a hands-on environment for perusal and demos.

It can be tough to choose management software or access equipment for your facility. Maybe you’re considering a self-storage kiosk but have never seen one up close. Perhaps you’ve heard about automatic door overlocks and want to know more. Or you’re interested in learning about solar-energy systems. The expo is the place to examine the industry’s technological tools up close and personal. Try them out and understand how tenants might perceive them. In addition to expo-hall opportunities, you can do more exploring in our Technology Marketplace.

9. You can mingle and talk with colleagues who truly understand―and have experience in―your particular business challenges.

Sometimes it helps to know you’re not alone. Candid conversation with peers who are in the same trenches provides a sense of community and support. It may be that your next great idea comes, not from an expert, but from another manager, operator or builder just like you who encountered an obstacle and learned how to overcome it. Never underestimate the insight of your fellow attendees―it might just be the thing that brings the expo experience home for you!

10. Attendees will enjoy one of the nation’s most entertaining, diverse and culturally rich cities.

The ISS Expo will take place at the freshly renovated New Orleans Marriott at 555 Canal St., positioned at the French Quarter’s western border. The hotel is within walking distance of hundreds of restaurants, lounges and shops, the convention center, the business district, and popular Big Easy attractions such as Bourbon Street and Jackson Square.

Take a trolley into the Garden District. Go on a swamp, plantation or ghost tour. Savor a quiet afternoon at the Audubon Nature Institute. Whether your penchant is for cuisine, music, art, history, sight-seeing or nightlife, you’ll find what you’re looking for in New Orleans.

Join us at the ISS Expo to get your questions answered, learn solutions for your self-storage business challenges, and enjoy one of the nation’s most enthralling cities. For more information about the complete expo program, visit www.insideselfstorageworldexpo.com.

*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~
Seminar Topics: A Sampling

• Rental-Rate Management: How Owners and Managers Can Create More Revenue From Existing Inventory
• The Three Greatest Risks to Your Facility Value and How to Overcome Them
• Designing and Renovating a Self-Storage Facility for Solar Sustainability
• Assembling a Self-Storage Loan Package: Instructions  Step-by-Step
• Secrets of Search-Engine Optimization (SEO)
• Doing the Due Diligence: Realizing the Full Potential of Your Self-Storage Investment
• Effective Collection Techniques: Controlling Self-Storage Delinquencies
• The Top Legal Threats Your Self-Storage Business Will Face in 2011
• Champagne Marketing at Grape-Juice Expense: Low- to No-Cost Ideas You Can Implement Today
• Overcoming Competition in a Cutthroat Environment

*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~

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Police detectives in Oklahoma City, Okla., are looking for a man who broke into a storage unit early in the morning on May 6. Police said the man used a maintenance worker’s passcode to get inside the gate at the self-storage facility in the 5100 block of Northwest 10th Street. Thanks to surveillance cameras on the property, police have a clear picture of the man and his vehicle. The culprit had a thick mustache and was wearing a baseball cap and camouflage jacket. The truck is an older, single-cab pickup with a white stripe.
 
Source: KOCO 5 Oklahoma City, Police Searching For Burglary Suspect

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Broker affiliates of the Argus Self Storage Sales Network facilitated the sales of All Store Self Storage in Nixa, Mo., and Store-All Storage in Sandwich, Ill.
 
All Store was sold on April 30 for $850,000 at a 4 percent cap rate on trailing income. A group of local investors purchased the property with funding from Liberty Bank. Larry Goldman of RE/MAX Best Associates, along with Gregg Stancer and Kyle Estes of Gregg Stancer Realty, represented the seller in the sale.  The facility was built in 2006 and expanded in 2009. It continues to enjoy a rapid lease-up, thus accounting for the low cap rate.
 
The Store-All facility sold in May at an 8.5 percent cap rate. The buyer was an experienced, local self-storage operator who felt the property had significant upside potential with new management practices, according to an Argus press release. Bruce Bahrmasel of Land Star Realty Group Inc. represented the seller.

 
All Store Self Storage in Nixa, Mo., (left) and Store-All Storage in Sandwich, Ill.

Based in Denver, Argus was formed in 1994 to assist self-storage owners and investors with their facility sales and purchases. The network has 40 broker affiliates covering nearly 45 markets nationwide.

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Extra Space Storage, the nation’s second largest operator of self-storage facilities, opened a new 700-unit facility in Lancaster, Calif., and is hosting a grand opening event on June 10, 5:30-8 p.m.
 
A ribbon-cutting ceremony will take place at 6 p.m., with the Lancaster Chamber of Commerce. Corvette cars will be on display at the event courtesy of Corvette Car Club of Antelope Valley, and the In-N-Out Burger cookout trailer will provide free dinner to the first 200 people to complete a facility tour between 6:30 and 8 p.m. In addition, Extra Space is offering first month of free rent and four tickets to Lancaster Jethawks baseball games to all new renters. The onsite resident manager Rebekah Bennett.
 
Headquartered in Salt Lake City, Extra Space is a real estate investment trust that owns or operates 786 self-storage properties in 33 states and Washington, D.C. The company’s facilities comprise approximately 510,000 units and more than 55 million square feet of rentable space.

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Westy Self Storage at 15 Kenosia Ave. in Danbury, Conn., is collecting donations for several charitable causes through June 9. Items for the following organizations can be dropped off at the facility during business hours:
 
New or gently used pet supplies for Danbury Animal Welfare Society, a non-profit, volunteer-run organization dedicated to improving the lives of animals. DAWS promotes responsible pet guardianship and the humane treatment of animals, and works toward ending animal overpopulation through education and a variety of programs.
 
Women's professional clothing that is in excellent condition and placed on hangers for Dress For Success of Mid-Fairfield County. The organization promotes the economic independence of disadvantaged women by providing professional attire, a network of support and career-development tools.
 
New or gently used children's books for Danbury Children First, whose mission is to involve, empower and support parents to improve the lives of children at home, in school and in the community.
 
Non-perishable food items for the Daily Bread mission at New Milford United Methodist Church.
 
Source: Danbury News Times, Firm collects for charities

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In celebration of Memorial Day, The Lock Up, a Chicago-based self-storage company with more than 30 climate-controlled facilities nationwide, is offering special discounts of 25 percent to 30 percent on select sizes of its storage units to Hawaii military personnel.     

“We realize there is a great deal of stress—financially and otherwise—for the men and women of our military as they prepare for deployment,” said Andrea Carnes, vice president of operations for The Lock Up Self Storage. “Offering Hawaii military personnel both a cost-savings and the peace of mind of knowing their belongings will be safe and secure while they are gone is our way of showing appreciation for their dedicated service to our country.”

The Hawaii self-storage units offered at a discount are the most popular sizes used by military personnel: 5-by-10, 10-by-10 and 10-by-15.

“We also have smaller sizes available starting at 5-by-5, some with standard 20 percent discounts or free months of rent included in the rental package,” Carnes said.

In addition, The Lock Up is guaranteeing these discounted rates for military personnel for one year from the date of rental agreement signing. This limited time offer is valid through June 30, and applies to the Waipio and Pearl City storage locations only.

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Sovran Self Storage, which operates approximately 380 Uncle Bob’s self-storage facilities in the Eastern United States, on Wednesday announced plans to upgrade some of its facilities and recommence the search for select acquisitions.
 
During the company’s annual shareholders meeting at its headquarters in Amherst, N.Y., chief financial officer David Rogers said Sovran got “knocked around pretty good” over the past couple of years and had to change its focus from growth to survival. Hits included a 30 percent cut in its dividend, the temporary loss of its investment-grade credit rating after violating one of its debt covenants, and the suspension of its $50 million plan to upgrade some of its facilities last year.
 
But on top of first-quarter 2010 profit being up 1 percent, the company sold extra shares of its stock last fall, raising $114 million to pay down debt and reduce expenses. Now Sovran has $220 million in cash and borrowing capacity.
 
Company executives say the asking prices on self-storage properties are still too rich for their blood, but they are ready to carefully restart their upgrade and expansion program. Only half of the original amount will be devoted to this year―$25 million has been allotted, mostly for expansions that will add more climate-controlled units at 21 locations.
 
Sovran expects to generate about $30 million in additional cash for the company through the sale of 15 to 17 sites, which can used toward acquisitions when the time is right.
 
Source: The Buffalo News, Sovran gets ready to grow

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