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Package Deal: The Advantages of a Business Owner Insurance Policy for Self-Storage Operations

Article-Package Deal: The Advantages of a Business Owner Insurance Policy for Self-Storage Operations

All business owners should have appropriate insurance to provide coverage for the unexpected. However, not all businesses are alike. Self-storage operations have unique insurance needs and face different risks than discount stores, restaurants and many other ventures.

A business owner policy (BOP) is a package of commonly needed insurance. It’s convenient and typically easy to customize compared to larger plans. A basic BOP consists of three primary coverages:

  • Property: This provides protection for property owned, leased or rented by a business, including buildings, equipment, inventory, furniture and fixtures, as well as loss of accounts-receivable and valuable papers and records. Most BOPs also cover business-owned items and those owned by a third party but kept temporarily in the care, custody or control of the business or its owner.
  • General liability (GL): This covers a company’s legal responsibility for the harm it may cause to others (bodily injury or property damage) because of negligence. This includes costs related to litigation and court judgments if a customer or other third party files suit against a business or its employees.
  • Business interruption: This helps replace lost net income that normally would have been earned when an event causes a temporary shutdown. It can be a critical factor in the ability to recover from a catastrophe and continue operation.

Most business owners understand the importance of having the right GL insurance but may not understand that a GL policy isn’t all-inclusive and doesn't provide protection for losses associated with business personal property and other critical coverages. A BOP is an affordable option for businesses that need liability and property insurance. Compared with standalone coverages or larger commercial-package policies, it offers advantages for smaller operations:

  • Convenience: By bundling property and liability coverages, the insurance process is simplified, resulting in a single policy and premium. It can also streamline the process of filing and resolving a claim.
  • Affordability: In many cases, purchasing various standalone lines of insurance or going with a larger commercial package policy is less affordable than a BOP.
  • Customization: Just like businesses, BOPs come in all shapes and sizes. They can be customized for particular industries including self-storage. The coverages included can be modified to meet your specific insurance needs. This flexibility means a BOP can grow and change with your business.

As a self-storage operator, it’s important for you to work with your insurance agent to identify a BOP that will address relevant exposures while offering flexibility and customization. It’s also important to identify a policy that offers specialty coverages designed specifically for the storage industry, such as customer goods legal liability and sale-and-disposal liability.

Mike Schofield is CEO and president of Phoenix-based MiniCo Insurance Agency LLC, a provider of specialty insurance programs for self-storage businesses in Canada and the United States. For more information, call 800.528.1056; visit www.minico.com.

Sparkplug Capital/Red Dot Storage Recognized for Workplace Culture

Article-Sparkplug Capital/Red Dot Storage Recognized for Workplace Culture

Update 5/10/19 – Sparkplug Capital has been named to the 2019 list of “Top Workplaces,” published by “The Denver Post” and compiled by Energage. The company placed at number eight in the “Small Companies” category, according to a press release.

“This recognition is an absolute honor as it is a direct reflection of our employees, who allow us to build a successful company where we all enjoy coming to work every day. As Red Dot continues to grow, we are committed to expanding our employee-focused culture,” said Chuck James, CEO and president. “Congratulations to the Red Dot team on this impressive achievement.”

Sparkplug offers employees paid family leave, team-building activities, pet-bereavement pay, a pet-friendly office environment and volunteer opportunities, the release stated.


9/25/18 – Sparkplug Capital LLC, which operates 116 self-storage properties under the Red Dot Storage brand, recently received two accolades for its work environment. The company appeared on the list of 2018 “Top Workplaces,” published by “The Denver Post,” as well as “Entrepreneur” magazine’s “Top Company Cultures of 2018.” Both lists were compiled by Energage LLC, an employee-engagement platform that provides surveys and guidance on company cultures.

The “top workplace” winners are divided into three categories based on number of employees: large (more than 500), mid-size (150 to 499) and small (fewer than 150). The anonymous survey, which measures several aspects of workplace culture including alignment, execution and connection, reflects responses from more than 48,000 Colorado employees. Sparkplug placed 14 in the “Small Companies” category, according to a press release.

Now in its third year, the “Top Company Cultures” list is a comprehensive ranking of U.S.-based businesses exhibiting high performance. It focuses on 24 factors across seven areas: alignment, effectiveness, connection, management, engagement, leadership and basics, including pay, benefits and training. The 150 companies were again divided by size: large (300 or more), medium (75 to 299) and small (35 to 74). Sparkplug ranked No. 16 in the medium category.

“Red Dot Storage is extremely pleased and proud to be recognized on these lists,” said CEO Seth Bent. “We are fortunate to have such wonderful employees, and look forward to the continued growth of our company culture.”

Based in Boulder, Colo., Sparkplug launched Red Dot in 2013. Its portfolio comprises 4.4 million net rentable square feet.

 

Self-Storage Technology Firm CallPotential Hires Business-Development Manager

Article-Self-Storage Technology Firm CallPotential Hires Business-Development Manager

CallPotential, a provider of lead-management and communications software for the self-storage industry, has hired Scott Worden as business-development manager. In this role, Worden will help expand the company’s client base, according to a press release.

“Scott is highly regarded for his client-first approach,” said Phil Murphy, founder and president. “He brings great energy and experience in the self-storage technology sector. We are enthusiastic he will be representing CallPotential and feel fortunate to welcome him to the CallPotential team.”

Worden’s industry experience includes positions with other self-storage technology providers. He earned a bachelor’s degree from the University of Oregon.

“CallPotential is a high-impact platform,” Worden said. “I am excited to have the opportunity to be part of the CallPotential team and contribute to the company’s next phase of growth.”

CallPotential’s customer-relationship management platform integrates with facility-management software to allow systemization and automation of the lead- and collection-management processes using omnichannel communication tools such as text messaging, e-mail, live and recorded calls, and live chat.

 

When Self-Storage Feels Sour: Advice for Resolving Workplace Conflict

Article-When Self-Storage Feels Sour: Advice for Resolving Workplace Conflict

Some time ago in a business meeting, I got into an argument with a co-worker. We were both offended at an imagined slight. The meeting went off course, and a loud, heated conversation ensued. It wasn’t the finest hour for anyone involved. Neither party accepted responsibility for his actions, and many in the room let it become a wedge that would forever change the dynamic of the company.

Some conflict will occur in every relationship. How you deal with that conflict, particularly in the workplace, is what can set you apart from others. It can certainly impact your ability to meet your career goals.

How do you handle disagreements with your boss or co-workers at your self-storage company? Do you fight fire with fire? Eye for an eye? Plan intricate strategies to get your shots in first? No, of course not. Nor can you bury your head in the sand, or you could miss out on job opportunities. Rather, you need to face conflicts head on. Communicate about the problem and find a resolution.

Don’t Make It Personal

People naturally avoid conflict, and yet they’ll stew on an issue for months or even years. Fundamentally, we all feel the need to be “part of the pack.” Through years of relationships we’ve developed coping mechanisms to use when there’s a risk of upsetting that pack. However, most of those learned behaviors aren’t healthy or productive, and our inability to recognize them often leads to bigger problems.

Looking back at my behavior during that out-of-control meeting, I’ve realized I took much of what was said personally, as though someone were insulting my family honor. And I wasn’t alone. As if part of some ancient knightly duel, we mounted our horses and brandished our lances! Henceforth, no man shalt insult our honor!

Pretty ridiculous, right? In reality, nothing that was said was a personal attack, but at the time it seemed so. Have you ever felt this way? When you do, there can be no productive communication or work accomplished. It’s essential to work through the conflict to accomplish your personal and company goals.

So, the first step in preventing workplace conflict is: Don’t make it personal. It’s a concept much easier said than done; however, if you think about situations you’ve experienced, you’ll begin to realize most conflict is self-imposed.

Learn to Communicate

Silence isn’t communication. When a conflict occurs, don’t sit back and hope time will heal all wounds. That’s a copout, and you can do better.

After a cooldown period, be the bigger person and reach out to anyone involved in the disagreement. Send an e-mail or text to schedule a time to talk. This gives you a chance to collect your thoughts, and then you’ll have an uninterrupted opportunity to discuss the problem. Here are a few tips to ensure all goes well:

  • Prepare your thoughts; maybe even write them down so you can communicate better. The responsibility to start the meeting right rests on your shoulders. What you choose to do will determine the course of discussion.
  • Check your ego at the door. This isn’t a high-stakes negotiation regarding the safety of mankind. You can have tremendous personal power when you lose the burden of your ego. Just think … You might actually be wrong. Gasp!
  • Exercise empathy and see the situation from the other person's point of view. I have difficulty with this; however, I can attest to the value of the principle and the power it brings in stressful conversations.
  • Don’t talk at the other person; talk with him. Even though you’re leading the conversation, make sure it flows both ways. Each person’s thoughts and opinions need to be heard.
  • How you say something is as important as what you say. Avoid phrases such as “you always,” “you never” or “every single time.” These terms are over general, exaggerated and absolute. They’re also inaccurate, and if you examine the situation more closely, you’ll realize how untrue they are. They do nothing but make things worse.
  • Use clear and responsible terms. Consider saying, “I feel ______when you _____.” Words are all we have, so it’s important to make them count. When using statements like this, you identify how you feel and focus on the other person's actions, not his character. The ability to put a name on a feeling and action helps each party establish a clear, identifiable issue.

Recognize the Power of Silence

During your discussion, the conversation can go any number of ways. Now, it’s good to recognize the power of silence. This is the time when it’s OK to be quiet. Instead, listen. Resist the need to fill all the “dead space.” Most of us don’t truly listen when we’re waiting for our turn to speak. Instead, we’re thinking about what we’re going to say next. Your silence will create a space for the other person to talk, whether he wants to or not. Spend that time hearing what he has to say.

There will always be conflict in the workplace. The sad truth is some people will be jerks and may make your life miserable. But most people are good and have the same desires and goals you. If you’re going to spend a third of your life on the job, don’t you want it to be as free from struggle as possible? Taking five minutes to talk seems a small price to pay considering the dividends you’ll yield for years to come.

Rick Beal is vice president of development and management for Easy Storage Solutions, where he spearheads the consulting and third-party management division. His goal is to help a historically slow-changing industry embrace new, more profitable ideas. His motto is, “Storage is a business of inches not miles.” To contact him, e-mail [email protected] or stay up-to-date with all his publications and speaking engagements at www.linkedin.com/in/storagerick.

Self-Storage Co-Op Storelocal Launches Campaign of Solidarity Among Independent Facility Operators

Article-Self-Storage Co-Op Storelocal Launches Campaign of Solidarity Among Independent Facility Operators

Storelocal, a cooperative created by independent self-storage operators to offer member benefits with economies of scale, has launched a campaign to resist “the inevitable practices of consolidation” while seeking “fairness, uninhibited operations, commerce and balance for the industry.” In a 155-word “Declaration of Independence,” the company encourages “a free and open marketplace” for self-storage operators, according to a press release.

The initiative positions the co-op as a way for small operators to collectively combat rising vendor prices, obtain data and gain access to advanced technology.

“By simply banding together, self-storage operators can gain a voice and have a say in the future of the industry,” said Travis Morrow, chairman. “Storelocal identifies with the challenges facing independent self-storage operators and offers the opportunity to turn their critical mass into something tangible—a collective of smaller operators that together forms a democratic system.”

Storelocal leverages the combined strength of its membership for services such as customer acquisition, financing, marketing and technology. The coop also owns online self-storage directories StorageFront.com and SelfStorageHounds.com. Its total membership includes more than 1,200 self-storage facilities through its owner-member companies.

Source:
EIN News Desk, Storelocal Co-op Helps Self Storage Operators Remain Independent and Profitable Amid Industry Consolidation

Simply Self Storage Employees Make Mother’s Day Tribute

Video-Simply Self Storage Employees Make Mother’s Day Tribute

The best marketing videos are the ones that inspire, or make you laugh or tear up a bit! Get ready for goosebumps when you watch this heartfelt tribute from the employees of Simply Self Storage, which operates approximately 100 facilities nationwide. Watch as they share lessons they’ve learned from their mothers and why a mom’s love is the best kind. Happy Mother’s Day from the Inside Self-Storage team!

Prepping Your Self-Storage Business for Hurricane Season

Article-Prepping Your Self-Storage Business for Hurricane Season

The Atlantic hurricane season is June 1 through Nov. 30. This time can bring some of the most destructive weather to the United States and surrounding areas. It can also create great anxiety for self-storage operators and their customers. Hurricanes bring the threat of high winds, storm surge, flooding, power outages and damage that can range from minimal to catastrophic.

Preparation for a severe weather event should take place well before a watch or warning is issued. Don’t wait until the last minute! You and your tenants will be stressed, and you don’t want to miss a key step. Some items can be done days, weeks or even months in advance.

Prep List

Buy supplies. Well in advance, purchase plastic sheeting, tarps, animal traps, mops, buckets, cleaning supplies, chainsaws, work gloves, safety equipment, barricades, flashlights and batteries. Store these items in the most secure location on the property. Don’t wait, as they’ll be in high demand and could be hard to find or sold out.

Create a list of helpful vendors. This should include your insurance agent, a water-extraction service, a tree service, electricians, plumbers, contractors, gate companies, etc. Consolidate all their contact information in a single sheet or book you can take with you if you must evacuate.

Offer tenant insurance. Promote your tenant-insurance or tenant-protection program well before hurricane season begins. Most companies won’t issue policies once a watch or warning has been issued for your area. Encourage customers to add insurance to supplement their homeowner’s or renter’s policies.

Secure loose items. Signs, trash cans, benches, flags, banners, flower pots or other items that could take flight in high winds should be moved to a safe location well before the storm.

Prep the office. Elevate computers off the floor to protect against flooding. Secure all files and cash. Cover everything in plastic sheeting. Board windows or install hurricane shutters where possible.

Plan property access. Know how to lock down your gate and other facility access. Notify customers multiple times daily if you plan to close the facility, and consider your plan to allow access when you return. Commercial customers such as landscapers, contractors, tree companies, electricians, etc., may need access during the evacuation or immediately afterward, so communicate with them regularly. Make sure they know they may not have unit access until the property has been deemed safe by management. Encourage them to store necessary items at their home during the storm.

Plan for utilities. Know where your water and power shut-offs are and make sure they’re functional. Contact your utility providers and find out if they’ll cut power or if you need to shut off utilities prior to evacuation.

Stock up. Create a stockpile of bottled water, shelf-stable food, a manual can-opener, a change of clothes, cleaning supplies, etc. Since you don’t know if your home or workplace could be damaged, keep storm supplies at both locations. If you don’t need them, donate them to local charities to help others.

Edwards-Past-Storms.JPG

The Importance of Communication

Communication with customers is key. You want everyone to understand the steps you’re taking before the storm and the procedures for reopening. Load a tablet or laptop with the company management software so you can access e-mail addresses and other contact information while evacuated; or you can designate a person at your corporate office to handle communication.

It’s important you obtain storm information only from official sources. We learned during Hurricane Matthew that while some residents were reporting little or no damage in their areas, other parts of our community were severely damaged.

You can share information with customers through e-mail, your website, Facebook and other social media so they can get property updates, condition reports, your reopening schedule and other vital facts. If there was no damage at your facility, take and share photos. This will put your customers at ease. You can also post on local media sources to communicate with the community at large.

Give people ways to reach you via social media, e-mail, text, etc. Set up a live chat if possible. These channels of communication must be clearly shared with customers before an event threatens the area. During the stress of an evacuation, tenants won’t want to look up your contact information. Encourage them to put a link on their phone or save your e-mail or emergency phone number in their phones.

Once the storm has passed and the facility is deemed safe, send a general e-mail to all customers about its condition, the reopening date and other pertinent information. If some units were damaged, call or send specific instructions to those customers. Schedule a time for them to examine their unit, but limit access so you can control when and how long each person is on site. Again, this can only occur after the facility has been cleared by authorities.

If some but not all buildings are damaged, block off those areas. Those customers should get priority to move their items to other units once they deal with their insurance claims. Set aside new units in advance, preferably close to the tenants’ existing spaces. Match their current rate so they don’t incur a rent increase on top of having a damaged unit.

Edwards-Power-Outage.JPG

One Step Further

It’s likely that many of your customers and neighbors stocked up on supplies before the storm. If they didn’t need them, offer your facility as a donation drop-off for those in need. Coordinate with media to promote the effort.

Include a company donation to help increase efficacy. Some great items to contribute include bottled water, shelf-stable food, diapers, baby formula, towels, cleaning supplies, new shoes and clean clothes. Take photos and post them on your social media pages to encourage others to help. Once donations are collected, use your moving truck or other transportation to deliver items where they’re needed.

When it comes to hurricanes, prepare for the worst and pray for the best. Expect long days, sleepless nights, exhaustion, a lot of stress and unexpected problems. If you can handle this situation well, your tenants will appreciate your efforts. As word gets around, it’ll help build your facility’s reputation and improve your site performance.

Donna L. and Kevin J. Edwards are the property managers of Plantation Storage and Plantation Wine Cellars in Bluffton, S.C., which is operated by Southeast Management Co. Donna joined the company in 2016, while her husband was hired three years later. For more information, call 843.815.8000; e-mail [email protected]; visit www.southeastmanagementcompany.com.

ISS Store Featured Product: ‘Crush Your Competition’ Book of Self-Storage Marketing Tactics

Article-ISS Store Featured Product: ‘Crush Your Competition’ Book of Self-Storage Marketing Tactics

As new self-storage developments come online, many are designed to fill a void in the markets they serve. For those facilities already in operation, staying ahead of the competition is of paramount concern. In his book “Crush Your Competition: 101 Self Storage Marketing Tips for the Fastest Way to Huge Profits,” civil engineer and storage owner Marc Goodin outlines high-return marketing tactics to help both startups and established operations remain profitable.

Available in softcover and digital formats, Goodin’s 248-page book offers step-by-step guidance on implementing a marketing plan, including hundreds of ideas that are inexpensive or free to execute. Topics include strategies to bolster customer retention, referrals, market penetration, customer conversions and much more.

Additional products from Goodin go in-depth on his philosophies for successful self-storage development and design. Visit the ISS Store for full product details and titles. Learn how to crush your self-storage competition today!

Self-Storage REITs Release Financial Results for First-Quarter 2019

Article-Self-Storage REITs Release Financial Results for First-Quarter 2019

The five largest publicly traded, U.S.-based self-storage real estate investment trusts (REITs)—CubeSmart, Extra Space Storage Inc., Life Storage Inc., National Storage Affiliates Trust and Public Storage Inc.—have released financial statements for the quarter that ended March 31. In general, the companies showed gains in key areas, particularly funds from operations (FFO) and net operating income (NOI). Occupancy figures tended to stay about equal.

“First quarter results represent a solid start to the year,” said Christopher P. Marr, president and CEO of CubeSmart. “We continue to experience broad-based customer demand across our portfolio. With a solid U.S. economy, high employment and low interest rates, consumer confidence remains elevated and creates a positive environment for our product as we enter the prime rental season.”

“We are pleased to report solid results in the first quarter. Despite the absorption of new supply, we continue to drive revenue growth while controlling operating costs,” added Joseph Saffire, who assumed the Life Storage CEO role from David Rogers on March 1. “Our international expansion is gaining traction, and our asset rotation strategy is repositioning our company for future growth. While the program comes with minor short-term dilution, we believe the long-term strategy of selective asset recycling will ultimately benefit our shareholders.”

CubeSmart

CubeSmart reported FFO per share of $0.40 during the quarter, a 2.6 percent year-over-year increase. Same-store NOI at its 468 facilities grew 2.8 percent year over year. The company attributed this to a 2.6 percent growth in revenue and a 2.2 percent increase in operating expenses. Same-store locations contributed 95.3 percent of the REIT’s property NOI during the quarter.

Same-store physical occupancy was 92.1 percent as of March 31, which was equal to last year. The company’s total-owned portfolio, representing 494 facilities and comprising 34.7 million square feet of rentable space, had a physical occupancy of 90.2 percent at the end of the first quarter.

CubeSmart acquired one storage property in Maryland during the quarter for $22 million. Through joint ventures, the company has seven development properties under construction in which it’ll invest about $183 million.

On Feb. 19, the company declared a dividend of 32 cents per common share, which was equal to the previous quarter. The dividend was paid on April 15 to common shareholders of record on April 1.

CubeSmart owns or manages 1,086 self-storage facilities across the United States. Its operating portfolio comprises 75 million square feet.

Extra Space Storage Inc.

Same-store revenue increased 4.2 percent and NOI rose 4.8 percent compared to the same period in 2018. Core FFO, excluding adjustments for non-cash interest, was $1.16 per diluted share, resulting in 6.4 percent growth compared to the first quarter the previous year.

Same-store occupancy was 91.6 percent as of March 31, which was essentially equal year over year.

During the quarter, the company acquired two facilities at Certificate of Occupancy (C of O) and bought out a joint-venture partner’s interest in 12 properties for $222.3 million. In conjunction with joint-venture partners, the REIT also acquired one operating facility and made six C of O purchases for a total cost of approximately $210.6 million, of which the company contributed $47.7 million.

The company paid a quarterly dividend of 86 cents per common share, which was equal to the previous quarter. It was paid on March 29 to common shareholders of record on March 15.

Headquartered in Salt Lake City, Extra Space owns or operates 1,696 self-storage properties in 40 states; Washington, D.C.; and Puerto Rico. The company’s properties comprise approximately 1.2 million units and 130 million square feet of rentable space.

Life Storage Inc.

Total revenue increased 2.6 percent over the previous year, while operating costs increased 3 percent, resulting in an NOI increase of 2.3 percent. Same-store revenue grew 2.4 percent, while same-store NOI increased 2.5 percent, year over year. FFO for the quarter was $1.32 per fully diluted common share, compared to $1.27 for the same period in 2018. Adjusted FFO was $1.31, a .8 percent increase.

Net income attributable to common shareholders for the fourth quarter was $34.5 million, or $0.74 per fully diluted share. For the same period in 2018, net income attributable to common shareholders was $33.9 million, or $0.73 per fully diluted common share.

Revenue for the company’s 538 wholly owned stabilized facilities increased 2.4 percent year over year, helped by a 3.5 percent growth in rental rates and partially offset by a decrease in average occupancy of 110 basis points. Same-store financial results for the first quarter don’t include tenant-insurance revenue, due to the REIT’s decision to transition from a third-party product to an inhouse offering, officials said.

Average overall occupancy for the quarter was 89.4 percent, with units renting for an average of $14.01 per square foot.

During the quarter, the REIT acquired a facility in Tampa, Fla., and one in Queens, N.Y., for $66.5 million. In the New York deal, Life Storage purchased the remaining 60 percent interest owned by a joint-venture partner. The company also entered into separate joint-venture agreements on two properties in Ontario, Canada. It will manage both facilities.

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

Based in Buffalo, N.Y., Life Storage operates more than 750 self-storage facilities in 28 states and Ontario, Canada. Its portfolio of owned and managed facilities comprises more than 55.8 million square feet.

National Storage Affiliates Trust (NSAT)

Core FFO per share was 0.37 during the third quarter, a 15.6 percent year-over-year increase. Its net income was $12.9 million during the quarter, an 8.1 percent increase compared to the same period in 2018. The increase was primarily attributed to $10.1 million in NOI generated from 64 wholly owned properties acquired during the previous 12 months. Same-store NOI was $50 million, up 6.7 percent.

Same-store revenue was $72.3 million during the quarter, a 4.8 percent increase from a year ago. This was driven primarily by a 4 percent increase in average annualized rental revenue per occupied square foot and growth in average occupancy of 40 basis points. Same-store average occupancy was 87.7 percent, up from 87.3 percent during the same period in 2018.

During the quarter, the company acquired 32 wholly owned facilities across 10 states for $194.6 million. facilities in four states for $51.4 million. The properties comprise about 1.7 million net rentable square feet in approximately 15,000 units. The REIT also added Moove In Self Storage and Southern Self Storage as its ninth and 10th participating regional operators.

On Feb. 21, the company declared a quarterly dividend of $0.30 per common share, which was up 3.4 percent from the previous quarter. It was paid on March 29 to holders of record on March 15.

Headquartered in Greenwood, Colo., NSAT is a self-administered and -managed REIT focused on the acquisition, operation and ownership of self-storage properties within the top 100 U.S. Metropolitan Statistical Areas throughout the United States. The company has ownership interest in 709 storage facilities in 35 states and Puerto Rico. Its portfolio comprises approximately 44.9 million net rentable square feet. It's owned by its affiliate operators, who are contributing their interests in their self-storage assets over the next few years as their current mortgage debt matures.

Public Storage Inc.

Revenue for same-store facilities increased 1.5 percent, or $8.7 million, in the quarter, as compared to the same period in 2018, primarily because of higher realized annual rent per occupied square foot. Operations costs for same-store facilities increased 3.9 percent, or $6.3 million, during the period compared to the previous year.

FFO was $2.52 per diluted common share, compared to $2.37 for the same period the previous year, marking a 6.3 percent increase. NOI increased $7.4 million compared to the same period in 2018, including $5.1 million for same-store facilities.

The company acquired 12 self-storage facilities comprising 800,000 rentable square feet during the quarter for $81.3 million. Nine of the properties are in Virginia, with one each in Florida, Georgia and Kentucky. It also completed four new development and various expansion projects that added 1.6 million net rentable square feet to its portfolio for $133.5 million.

The company reported a regular common quarterly dividend of $2 per common share, which was equal to the previous quarter. It also declared dividends with respect to various series of preferred shares. All the dividends are payable on June 27 to shareholders of record as of June 12.

Based in Glendale, Calif., Public Storage has interests in 2,444 self-storage facilities in 38 states, with approximately 164 million net rentable square feet. Operating under the Shurgard brand name, the company also has 231 facilities in seven European countries, with approximately 13 million net rentable square feet.

Sources:
CubeSmart, CubeSmart Reports First Quarter 2019 Results
Extra Space, Extra Space Storage Inc. Reports 2019 First Quarter Results
Life Storage, Life Storage Inc. Reports First Quarter 2019 Results
National Storage Affiliates, National Storage Affiliates Trust Reports First Quarter 2019 Results
Public Storage, Public Storage Reports Results for the First Quarter Ended March 31, 2019

When to Create a New Self-Storage Website (or Refresh an Existing One)

Article-When to Create a New Self-Storage Website (or Refresh an Existing One)

Whether you’re opening a new self-storage facility or you’ve been in business for years, creating or redesigning a website can be intimidating. How should it look? What kind of information should it contain? One of the first questions to answer, however, is when to do it. There are a few times that are optimal for building or refreshing your virtual space. Let’s see when they are.

Before You Open

If you’re just getting ready to open your self-storage facility, I have good news for you. This is one of the absolute best times to build a website! With all the outreach and marketing you’re already doing for your new place (or should be doing), it deserves to be represented with a great Web presence. You should view your website as an extension of your business, and it's important to leave as much of good of an impression online as you do in person.

Your virtual visitors can be pretty impatient. If you don’t communicate who you are and what you can do for them in 10 seconds or less, they’ll likely move on, according to a blog from marketing firm Tyton Media. There are just a few things prospects want to know: where you are, how to reach you and other significant property details such as unit sizes and rates. It’s also wise to showcase your special features and amenities, especially if you offer conveniences such as an online rental portal or payment platform.

Before the Slow Season

If your facility has been open for a while, you know when your slow season is. For most operators, it’s the winter when there’s very little daylight and it’s often cold and rainy. Turns out your potential customers don’t like going out in dreary weather. Instead of driving around to visit facilities, they’re bundling up on their couch and searching online instead.

If you’re going to launch a new website or give your existing one a refurbishment, do it before the cold sets in. This is a great thing to put on your fall checklist because by the time the flow of customers slows, your website will be ready to do some of the heavy lifting.

Before the Busy Season

On the flip side, during your busy season, you likely have quite a few prospects visiting your facility. You may think, “Well, why would I need a website then?” Because the way people find self-storage is changing. According to a blog from marketing firm Bright Local, consumers are increasingly turning to Google to find what they need. If you’re not on the top list of results, you might as well not exist. So, how do you get there?

Of course, you need to claim your Google business listing and set it up on Google Maps, but your search ranking also directly correlates with the relevance and quality of information on your website. The better (more search engine optimized) your website is, the more Google will reward you with higher search results, which means more searchers will find you. If someone is searching for “self-storage” on Google, the search engine lists the top three local facilities at the top of the page. As you can imagine, showing up on that list is crucial, because many people don’t ever look on the rest of the page.

It all starts with your website, but it isn’t instantaneous. As with most search engine optimization (SEO), you should be looking at the long term. Having a site that engages visitors, gives them what they need, encourages extended visits, and increases conversions will be one of your best assets. Before the busy season starts, ask yourself: Are you capturing as many potential customers as you could?

Before You Lose More Customers

If you’ve been keeping an eye on your marketing data (and you always should be), perhaps you’ve noticed a dip in your website visitors or conversions. If you’re seeing a noticeable downturn in your numbers, it’s probably time to give your website a facelift. Web-design trends evolve quickly, and it’ll be clear to customers if your site is outdated.

Of course, it isn’t just the style or design. It’s also the features you offer. As business processes increasingly move online, are you following suit? Are you offering customers ways to rent, pay and manage their accounts online, or are you still requiring in-person visits? It’s food for thought.

Adapting to the New Age

Your self-storage facility, like any other business, is subject to the changing times. The Internet may have shortened our attention spans to less than that of a goldfish, but it has also provided a lot of benefits, namely that the things we want and need are more accessible and easier to find. Instead of thinking of your website as a burden, see it as one of your best assets. The easier it is for customers to find and do business with you, the better your business will be.

Zac Sharp is a product specialist for StoragePug, a software company helping self-storage facilities rent units through their website. Powered by modern marketing, StoragePug has built an e-commerce platform that connects customers to self-storage through online rentals, billpay and lease eSign. For more information, call 833.786.7784; visit https://storagepug.com.