Strategic Storage Trust Inc., a publicly registered, non-traded real estate investment trust (REIT), released its financial results for the quarter ended March. 31 as well as the quarterly dividend paid to its investors. The company reported year-over-year same-store revenue and net operating income (NOI) increases of 7.6 percent and 8.1 percent, respectively, for the first quarter, compared to the same quarter in 2013.

"As we begin the 2014 year, we are pleased with the Q1 results and solid top-line growth in same-store revenue and NOI,” said CEO H. Michael Schwartz, who noted the company will enter the busy season with its highest historical first-quarter occupancy. “We believe this has put us in a strong position for potential positive rental-rate growth and increased occupancy."

Strategic Storage Trust’s same-store average occupancy increased by approximately 2.9 percent to 83.5 percent compared to the same quarter in 2013. The company also decreased its property operating expenses as a percentage of revenue to 33.7 percent during the quarter from 34.6 percent compared to the same quarter in 2013.

During the quarter, the REIT acquired two properties for about $12 million, including a facility in Hampton, Va., and another in Chandler, Ariz. It also purchased an additional 86 percent in beneficial interests in an entity that owns a self-storage facility in San Francisco for $5.7 million in cash and the issuance of approximately 245,000 limited partnership units. The acquisition brought the company’s ownership of the property to 98 percent.

Internationally, Strategic Storage Trust purchased 2.5 acres of land in Toronto for $3.8 million (CAD) to develop a self-storage facility that will encompass 78,000 square feet of storage space and 870 units.

In addition, the company’s board of directors declared a distribution of $0.001917808 per day per share on the outstanding shares of common stock. It’s equivalent to an annual distribution rate of 7 percent assuming the share was purchased for $10, and approximately 6.5 percent assuming the share was purchased for $10.79.

Launched in 2008, Strategic Storage Trust operates a portfolio of 126 self-storage facilities in 17 states and Canada. Branded as SmartStop Self Storage, the properties comprise approximately 80,000 units and 10.5 million rentable square feet of storage space.

Coventry Self Storage in Coventry, Conn., is installing 242 rooftop solar panels that will produce 100 percent of the facility’s electricity, owners Marc Goodin and Marsh Dubaldo said in a press release. The installation is part of a community effort called Solarize Coventry, a discount buying program connected to a statewide effort to increase solar-energy use and renewable resources.

“While it will take several years to recoup the investment, we believe it is important for all businesses to be environmentally friendly as possible,” Goodin and Dubaldo said. “Coventry Self Storage is also helping its neighbors and friends go green and reduce their carbon footprint by providing recycling for computers and other electronic products.”

The 58-kilowatt, photovoltaic system is being installed by Encon Solar of Stratford, Conn. Coventry Self Storage expects the system to be operational in July. The storage operator received financing through Farmington Bank.

Opened in 2004, the self-storage facility comprises more than 400 units in six buildings. The site’s electricity is used mainly to heat and cool two climate-controlled buildings and power lighting, Goodin said. The utility company will track the net energy generated by the storage property and credit Coventry Self Storage for the electricity it produces.

The town of Coventry currently has more than 50 solar installations on residential and municipal buildings. Coventry Self Storage is the community’s first commercial property to install a solar-panel system, Goodin said.

Officials from the Hunt County, Texas, Office of Homeland Security have opened a criminal investigation after harmful chemicals were discovered at dangerous levels in water and soil samples taken last week near a self-storage facility southwest of Greenville, Texas. Chemicals include arsenic, cadmium, chromium, cobalt, copper, selenium, silver and zinc, according to the source.

“The amount of certain elements exceed maximum levels for commercial soil limits by up to 1,356 percent,” county officials said in a press release.

Officials have not released the name of the self-storage facility, but it is reportedly near Interstate 30 and sits on a drainage ditch that empties into East Caddo Creek. The creek eventually drains into Lake Tawakoni.

Four test samples were taken, with three showing chemical levels high enough to warrant immediate cleanup. One positive sample came from standing water near a dumpster in close proximity to a storage unit. Another came from a pond southeast of the facility. The third was taken from East Caddo Creek, downstream from the facility, the source reported.

East Cherokee Storage in Woodstock, Ga., in cooperation with its facility-management company, Absolute Storage Management (ASM), is raising money through charity auctions for several local charities. Organizations that have benefited include Operation Smile, the Cherokee County Fire and Emergency Services Explorers Post, the Cherokee County Sheriff’s K9 Department, Woodstock Public Safety Foundation’s Shop With a Hero program, the Georgia Firefighters Burn Foundation and greyhound-rescue group Leaving Tracks. All events take place at the self-storage location, 125 Highland Village Drive.

The self-storage company’s goodwill has led to increased business for the facility, according to facility manager Melissa Emert, who spearheads the fundraising efforts with assistant manager David Moore.

“People actually store with us because they’ve heard about our auctions for charity and how much it means to the people of our community,” Emert said.

East Cherokee Storage promotes and executes the charity auctions in conjunction with regular lien sales at the property. Items are donated by tenants and community members. Contributions have included pianos, desks, chairs and even a 100-year-old butcher’s block, Emert said. “We usually raise a couple of hundred dollars for a charity at each auction,” she said.

Items that aren’t sold are donated to local charities that have retail stores including the American Thrift Shop, which supports families in distress, and the National Kidney Foundation.

“We couldn’t be more proud of the effort Melissa and East Cherokee put into these auctions,” said ASM President Michael Haugh. “Not only are they making a big difference in their community, but thanks to their generosity they also stand out from other self-storage facilities in their area.”

Founded in 2002, ASM is a provider of third-party management services in the Southeast. Headquartered in Memphis, Tenn., the company operates more than 75 properties in Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, Ohio, South Carolina, Tennessee and Virginia.

A real estate developer in Midland, Mich., hopes to build a three-building self-storage facility next to his other business, the Twilight Motel. Marookeh Nahikian, owner of Niche Properties LLC, approached the Midland City Council in 2013 with a request to expand the motel, but was denied.

The new plan for the property at 4671 S. Saginaw Road includes a 9,000-square-foot self-storage facility with 45 units. It will also feature a 6-foot fence and landscaping.

Nakikian told the source he looked for something that would be “less intrusive” to the neighborhood, and the storage model fit. Residents including Norbert Clark said they also approve of the proposed development.

Members of the Midland Planning Commission unanimously approved the project at a recent meeting. The council will vote on the site plan during its Monday meeting.

Self-Storage developer Banner Storage Group LLC has purchased a 22,224-square-foot development site at 1807 W. Devon Ave. in the Edgewater neighborhood of Chicago. The company plans to build a six-story, 118,000-square-foot self-storage facility on the property.

The facility will comprise more than 1,200 climate-controlled units ranging from stacked 4-by-4-foot lockers to 10-by-30-foot spaces. The company also plans to include an interior loading area for customers, video monitoring, motion sensors, free WiFi, a customer center and retail office.

The facility will be designed by architecture firm Loebl, Schlossman & Hackl. It is scheduled to break ground in July and expected to open next spring, company officials said in a press release.

The Edgewater property is the second storage property purchased by Banner since the company was created last year. In April, the company purchased the 106,000-square-foot, seven-story Bain Moving & Storage building in Lynn, Mass. Built in 1906 and expanded in 1912, the building was advertised in a 1924 newspaper article as the first “fireproof warehouse for the storage of household goods and general merchandise” in the United States. A portion of the original terra-cotta-walled, individual storage units with steel, fireproof doors will be retained and renovated to maintain the structure’s historical significance, Banner officials said.

The remainder of the Bain building will be fully renovated with the addition of climate-controlled, steel-partitioned storage units, roll-up doors, sprinklers, an interior loading area, and security features. Construction is expected to be completed this fall, with a grand opening scheduled for November.

“Both of these developments represent Banner’s commitment to locate and develop a premium self-storage product in dense, urban in-fill areas of growing major metropolitan markets for today’s sophisticated self-storage customer,” said Gary Delaney, president. “These are the first two of 10 planned developments this year, and we look forward to successfully completing these developments, experiencing strong lease-up given the compelling supply/demand fundamentals of each project, producing strong investment returns and continuing to expand our self-storage platform.”

Formed in July 2013, Banner Storage Group is a subsidiary of Banner Apartments LLC, a real estate investment management business. The self-storage group is led by Delaney and John Nikolich, executive vice president. Both are industry veterans with more than 35 years of combined experience in the development, acquisition, disposition and financing of self-storage properties and real estate operating companies.

New York City-based self-storage operator Andover Properties LLC has acquired a three-property portfolio from AAA All American Self Storage in Fayetteville, N.C., for $9.3 million. The properties comprise 223,520 square feet in more than 1,650 units and will be rebranded as Storage King USA.

The facilities are the first in North Carolina for Andover Properties. The company also owns storage locations in Florida, New Jersey, Pennsylvania and Tennessee. “We’re excited about this acquisition and think we can bring great value to the properties and surrounding area,” said Brian Cohen, president. “We intend to expand one of the facilities by adding an additional building.”

All three properties offer traditional and climate-controlled units, more than 100 uncovered boat/RV-parking spaces, and flexible office space. The facilities are located at:

• 3216 Midpine Road, Fayetteville, NC
• 5799 Pepperbush Drive, Fayetteville, NC
• 4928 U.S. Highway 301 S., Hope Mills, NC

Financing for the transaction was a non-recourse, fixed-rate loan and included an institutional joint-venture equity partner, according to a press release issued by Talonvest Capital Inc., a boutique real estate adviser that assisted Andover with the deal.

Andover Properties is a private real estate investment firm focusing on self-storage. Owned by Brian and William Cohen, the company operates storage facilities totaling 1.096 million rentable square feet and 9,509 units.

Tuxis Corp., which operates self-storage facilities in Connecticut and New York, reported its financial results for the first quarter ended March 31. The company recorded a net loss of $68,324, or $0.06 per share for the quarter, compared to a net loss of $62,263, or $0.06 per share, during the same period in 2013. Revenue from rental income was $117,027 for the quarter, which is slightly lower than the $121,051 the company reported during the same period in 2013.

Tuxis had an adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) loss of $26,467 for the first quarter, compared to $33,052 during the same period in 2013. Its book value per share at March 31 was $5.32 (shareholders' equity of $6,035,320 divided by 1,133,477 shares issued and outstanding).

The company's unaudited balance sheet, statements of income and statements of cash flows for the quarter included a reconciliation of net loss to adjusted EBITDA, which is available on its website.

Tuxis’ primary source of revenue comes from unit rentals at its two Tuxis Self Storage facilities. Its facility at Heritage Park in Clinton, Conn., is comprised of 184 units. The location at Millbrook Commons in Millbrook, N.Y., is a mixed-use facility comprised of 141 climate-controlled units, wine storage and office/retail space.

San Diego Self Storage (SDSS) is offering 30 days of free storage at 12 of its California locations to individuals and businesses who’ve been displaced by the San Diego wildfires. Storage units are available on a first-come, first-served basis upon availability. The company is also offering evacuees a 10 percent discount on packing boxes, tape and locks.

“Our goal is to minimize the stress associated with storing items under duress,” said Managing Partner J. Terry Aston. “We’ll make every effort to accommodate as many evacuees as we can.”

The offer of free storage is available at the following SDSS locations: Butterfield Ranch Self Storage, Carlsbad Self Storage, Encinitas Self Storage, Golden Triangle Self Storage, Mira Mesa Self Storage, North County Self Storage, Olivenhain Self Storage, Poway Road Mini Storage, San Marcos Mini Storage, Smart Self Storage of Solana Beach, Sorrento Mesa Self Storage and Sorrento Valley Self Storage.

Several wildfires began earlier this month in San Diego County and other parts of the state. The California Department of Forestry and Fire Protection said it has responded to more than 1,500 fires this year, compared to about 800 during an average year. Hot weather and high winds have made the fires spread quickly, according to authorities.

Founded in 1972, SSDS has a network of 18 self-storage facilities in San Diego County and additional facilities in Los Angeles and Orange counties. The company is locally owned and operated.