Self-storage real estate investment trust CubeSmart has completed approximately $800 million in unsecured bank financing through amendments to its existing credit facility and term loan agreements, company officials announced.

"With our amended credit facilities, we benefit from substantially improved pricing as well as extended terms that reinforce our well-staggered debt-maturity profile," said Tim Martin, chief financial officer. "We are delighted to have strong and continued support from our long-standing banking relationships. This recommitment from our banks further solidifies our financial position and enhances our ability to execute on our business plan."

An amended $200 million senior unsecured term loan consists of two $100 million loans, each maturing in June 2018. One was originally a five-year loan set to mature in 2016. The second was originally a seven-year loan whose maturity date is unchanged. The first loan is priced at 1.5 percent over Libor, while the second loan is priced at 2 percent over Libor.

CubeSmart's amended $600 million senior unsecured credit facility consists of a $100 million term loan with a December 2014 maturity, a $200 million loan with a January 2019 maturity, and a $300 million revolving line of credit with a June 2017 maturity. The company has the option to extend the term of the revolver for an additional year. The borrowing rate on the revolver is priced at 1.6 percent over Libor, including fees, and both of the term loans are priced at 1.5 percent over Libor.

The company did not enter into any new hedging arrangements in conjunction with the amended facilities.

CubeSmart owns or manages 519 self-storage facilities across the United States and operates the CubeSmart Network, which consists of more than 800 additional self-storage facilities. According to the Inside Self-Storage Top-Operators List, the company is the fourth largest operator of self-storage facilities in the United States.

Initial plans for a proposed Town Center Self Storage facility in Highlands Ranch, Colo., have been rejected by the citys developmental review committee. Residents and committee members voiced their displeasure for the projects design during a meeting earlier this month, with one resident comparing the facility to a prison.

Could I suggest we put some barbed wire and some Sing Sing on this structure, too, because it looks like a penitentiary, resident Brock Norris said. Sing Sing Correctional Facility is a maximum-security prison in New York.

Philip Cullen, a former board member of the Highlands Ranch Metro District, called the facilitys design disturbing and unfavorable to the community, and said similar businesses were hurting property values in the area.

The proposed 441-unit, three-building location would be built on a 2.8-acre lot in a commercial area called Town Center East.

As far as the architecture is concerned, we feel like weve done our best to essentially make it look like everything else around, said Jon King, owner of the proposed facility.

By Pamela Alton

My staff and I see a lot of resumes each week from managers looking for job placement all over the country. One thing weve noticed is its not uncommon to see managers who have had several different jobs over a five-year period. When we contact them for interviews, we ask why theyve switched jobs so often and why theyre seeking another position. Here are the five reasons they give for seeking new employment, and insight to how you, the self-storage employer, can keep the good ones from moving on.

Micromanaging Bosses

The No. 1 reason a manager looks for a new job is the owner doesn't allow him to actually do the job he was hired to domanage the facility! The owner is always micromanaging, second-guessing the managers decisions and actions on a daily or weekly basis. Some managers have to contact their owner or management company to ask if they can waive a late fee or offer a special on units sizes when they have too many vacancies. Or they must ask permission to broker a deal on a lien sale for less than whats owed to get the tenant to amicably move out.

Why hire the person if you dont trust him to do the job, let alone trust him to handle your money on a day-to-day basis? If you wont allow your managers to do their jobs, why hire them? Just do the job yourself and youll know its done your way!

If a manager is making irresponsible decisions in the management of your facility, then fire him and hire someone who knows what hes doing. Then allow him to do the job!

Family

The second reason self-storage managers look for new employment is family or lifestyle. A majority of them are more than 50 years old and have children, grandchildren or aging parents who may need more attention as they grow older, so many desire to live closer to relatives or have more flexible hours.

Some self-storage facilities include onsite residences for managers, allowing them to move from state to state or across country without the need to find new housing. They can find a position closer to family and friends and have a new job. This often leads to a happier and more enthusiastic employee.

Better Pay or Perks

The next reason managers seek another employment opportunity is to make more money. You might think that would be the first reason managers make a change, but its usually farther down the list.

Theres no right, wrong or set standard when it comes to manager wages. Your employee may be salaried or paid by the hour, receive bonuses or not, and might be offered other benefits such as paid time off and health insurance. Obviously, people like to make money. We need it to survive in this world. However, money isnt always the motivating factor for a manager to switch jobs.

A manager might be looking for another opportunity because he doesnt feel appreciated for the job hes doing or isnt being allowed to do the work for which he was hired; hence, hes willing to take a lower wage just to get out of what he feels is a bad situation! If a manager is looking to make more money in a new position, its because he feels hes underpaid or underappreciated. Perhaps he feels hes worked hard to hone his skills as a site manager and nows the time to move on to a better-paying position.

Job Burnout

Another reason managers look for a change is burnout. Perhaps the current owner didnt realize that slavery was abolished more than 100 years ago and the manager works six days or more a week. If youre one of those owners who have your managers working six or even seven days a week and your facility is not performing to its potential, perhaps its because your manager is exhausted! People need time to recharge their batteries.

If youve hired a couple as a management team and ask them to split their days off because you cant or wont hire a relief manager, then they can never spend their time off together. They cant leave the facility, visit family and friends, or spend any quality time with one another. More than likely, they wont stay with you very long.

New Challenges

Lastly, some managers seek new opportunities that present a new challenge. Perhaps they like opening new facilities or turning around distressed properties. Maybe they get bored out of their minds once the facility is running smoothly and their current owner doesnt have other facilities on which to focus.

Another reason is some larger owners or management companies seem to have constant turnover in their higher-up management. One week the site manager will have Bob as his supervisor, the next month Susan will be the new boss. Three months later, Susan is replaced by Mary, and each supervisor wants things done differently. Yes, the paperwork remains the same, but how the manager does certain tasks (for example, makes bank deposits) could change from one supervisor to the next. This just makes the manager ask whos really in charge here. It becomes frustrating when theres no consistency every time a new supervisor comes on board.

The self-storage industry has changed so much over the past 20 years, and there are so many more facilities today than in the past. This means site managers have more employment opportunities, and they seem to be looking for them!

The moral of the story is this: Owners, if you have a good site manager, pay him well, treat him with respect and allow him to do the job for which he was hired. Managers, if youre working for a good owner who does these things, then open communication is the key for you! If youre unhappy, discuss why with your owner before you look for another position. Remember, sometimes the grass is not always greener on the other side of the fence.

Pamela Alton is the owner of Mini-Management Services, a nationwide manager-placement service specializing in placing self-storage management staff since 1991. For more information call 321.890.2245; visit www.mini-management.com .

Though automated gates, security cameras and individual unit alarms are now standard in self-storage security, technology allows the development of new tools. Among the advancements gaining attention from self-storage operators is the automated door lock.

Chris Aiken, owner of Safe Place Self Storage in West Lebanon, N.H., chose to try the INSOMNIAC ILock security and access system at his facility. Manufactured by PTI Security Systems and distributed by OpenTech Alliance LLC, this wireless system is battery-powered and provides individual unit security and access control. The system can secure a vacant unit from the manager's office, automating the overlock process. It also has another feature operators like: If an existing tenant becomes past due, there is no way for him to access his goods, even if he manages to get onto the property.

The ILock integrates with a facility's access-control system, allowing locks to automatically engage and disengage when a tenant gains access at the gate keypad. The decision to install a security and access system inside the gate has been a game-changer due to our business model, Aiken says. Simply put, our old-school manual tasks related to security, access and facility management on the premises have been replaced with modern automation."

Bill Schubert, owner of My Stuff Storage in Clinton, Tenn., built his indoor facility to run exclusively with the ILock system. My Stuff Storage operates using self-service automation and minimal staff, Schubert says. The INSOMNIAC kiosk and ILock limits our payroll expense to two to four man hours per week, and offers our customers a secure experience when renting and making payments. The technology allows us to operate 365 days a year without being in the office all the time.

Storage Express operates a completely automated, drive-thru facility in Bloomington, Ind. Instead of a traditional office and onsite staff, it uses the ILock system and an INSOMNIAC self-service kiosk. PTIs StorLogix system controls access to the facility, allowing current tenants to enter and unlock units through an external keypad. This is our third property with ILocks," says Jefferson Shreve, company president. "We feel the technology offers us a cost-savings, an added level of security and increased customer convenience.

Automated locks add another level of security and greater convenience for tenants and staff, facilitating overlocks and general unit security. "The INSOMNIAC ILock system is ideal for traditional facilities and will become a true lifesaver to people with remote sites," Aiken says.

Based in Scottsdale, Ariz., PTI offers integrated hardware security solutions for self-storage customers worldwide. Phoenix-based OpenTech develops self-service solutions for the self-storage industry, including kiosks.

Elephant Self Storage recently opened in Dublin, offering more than 800 units to residential and business customers. Billing itself as the hotel for your goods, the Irish facility offers more than 20 different unit sizes and caters to commercial clients by offering them the ability to run their businesses from rented space.

Companies can obtain a business address and a postage box, receive shipments, and have access to a meeting room, training room, workstations and office furniture. There is also visitors parking.

The facility uses individual access codes and offers a full line of moving supplies in addition to removal and moving services.

In addition to businesses and residential tenants, Elephant Self Storage is targeting college students and immigrants who have recently arrived in Dublin.

A self-storage facility manager has been charged with embezzling $16,199 from American Self Storage in Moore, Okla. Tina Sue OKelly, 46, allegedly negotiated rental agreements that required tenants to pay in cash.

The defendant would tell the customer they would get an extra month of free rent if they paid in cash or the lease rates would not go up if they paid in cash, according to an affidavit.

OKelly is believed to have taken cash from the facility at 1701 Tower Drive between September 2012 and January 2013, the affidavit said.

Self-storage facilities that accept a lot of cash payments can sometimes be the target of unscrupulous employees. In January, a former facility manager and two ex-employees in Pennsylvania were accused of stealing more than $44,000 in cash rental payments and other fees.

In another case last year, a former property manager in Virginia was charged with embezzling $34,000 from her self-storage facility by pocketing cash payments over a three-year period. In that case, the investigation was prompted by an internal audit, where auditors discovered the facility had several tenants without written leases.

Clovis Self Storage & Executive Office Suites in Clovis, Calif., is catering to small-business entrepreneursand competing with local business-center operatorsvia 50 executive offices on the front of its property, according to a story in OfficingToday. Without long-term lease requirements, the facilitys office suites are 91 percent occupied, the source said.

Targeting mobile entrepreneurs, telecommuters and startups, the executive-office-suite model offers businesses access to amenities like contemporary furniture, high-speed Internet and phone communications, DirecTV, conference rooms, text-notification services and back-up storage software. Phone and Internet service, utility bills and the use of conference rooms are included in the monthly rent.

The executive office suites corridor is right off our front office and the self-storage units are at the back of the property, said Jerry Clark, owner. This office space is designed for the entrepreneur who wants to go into business tomorrow. He can rent a small, furnished office with everything included. We ship and receive freight from our freight dock and put it into a secure cage he can access 24 hours a day. He even gets a street address and mailbox.

The office suites also provide tenants access to a business center with a copier and fax. A shipping-and-receiving center offers packing, shipping and delivery services from DHL, FedEx, UPS and the U.S. Postal Service. A lounge includes a kitchen with complimentary coffee.

Clovis Self Storage also offers the use of business cubicles with a dedicated phone line and personal storage space. Businesses can also rent virtual office space, called a HotBay, which provides 24-hour access, local and long distance phone service, a business address and phone number, voicemail, a self-storage unit and a secure locker. The company currently has about 100 virtual-office clients, according to "OfficingToday."

Bloomington, Ind.-based Storage Express recently acquired D-V Storage in Anderson, Ind. The 32,000 square-foot facility is along I-69, 30 miles northeast of Indianapolis. The company is upgrading the property with improved lighting, security and access-control features, an automated 24-hour rental center, and other amenities common to its portfolio.

In addition to the acquisition, Storage Express completed construction in May of a new facility in South Indiana. The company now owns and operates 81 properties in Illinois, Indiana, Kentucky, Ohio and Tennessee. Earlier this year, it purchased Palm Storage in Richmond, Ind., and a three-property portfolio of properties in Sidney, Ohio, from Lock-It-Up Storage. President Jefferson Shreve said Storage Express is actively pursuing more acquisition and ground-up development opportunities.