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Sovran Self Storage Announces Stock Dividend: Second Quarter 2010

Article-Sovran Self Storage Announces Stock Dividend: Second Quarter 2010

Sovran Self Storage Inc., a self-storage real estate investment trust, announced a dividend of $.45 per share of common stock for the second quater of 2010. The annualized Sovran dividend is $1.80 per share, which, based on Wednesday’s closing share price, equates to an annual rate of approximately 5.2 percent. The dividend will be paid on July 26, 2010, to shareholders of record on July 12, 2010.

Sovran is a self-administered and self-managed equity REIT in the business of acquiring and managing self-storage facilities. The company operates 381 properties in 24 states under the name Uncle Bob's Self Storage.

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Extra Space Storage to Release Second-Quarter 2010 Financial Results

Article-Extra Space Storage to Release Second-Quarter 2010 Financial Results

Extra Space Storage Inc. will release financial results for the quarter ended June 30, 2010, on July 28 after the market closes. The company will also host a conference call at 1 p.m. ET on July 29 to discuss its financial results.

Hosting the call will be Extra Space CEO Spencer Kirk. Joining him will be Kent W. Christensen, executive vice president and CFO, and Karl Haas, executive vice president and COO. During the call, company officers will review second-quarter performance, discuss recent events, and conduct a question-and-answer period, which will be limited to registered financial analysts. All other participants will have listen-only capability.

Those interested in participating in the call can dial in by phone or log in through Extraspace.com. To participate by phone, call in five minutes early using the number 877.407.4018 (international callers use 201.689.8471). Enter conference ID 353410. A playback of the call will be available until Aug. 12. For the playback, use number 877.660.6853 (international callers use 201.612.7415). Enter account number 3055 and the same conference ID as above.

To participate in the call online, visit the website at least 15 minutes in advance to register as well as download and install the necessary audio software. A replay of the call will be available on the website for 90 days.

The full text of the earnings report and supplemental data will be available on the Extra Space website immediately following the release on July 28. Those without Internet access can request a copy by mail or fax.  

Headquartered in Salt Lake City, Extra Space is a real estate investment trust that owns or operates 768 self-storage facilities in 33 states and Washington, D.C. The company's properties comprise approximately 510,000 units and more than 55 million square feet of rentable space.

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Sovran's Uncle Bobs Chain Celebrates 25 Years in Self-Storage Industry

Article-Sovran's Uncle Bobs Chain Celebrates 25 Years in Self-Storage Industry

Uncle Bob’s Self Storage is celebrating the its 25th anniversary in the self-storage industry. The national chain is owned by Sovran Self Storage Inc., a real estate investment trust.

The company’s founders broke ground on its first self-storage facility in 1985. “At that time, self-storage was still in its infancy,” said CEO Robert J. Attea. “We saw it as a tremendous opportunity for us to not only enter but define a promising new industry.”

Today, Uncle Bob’s is the fourth largest self-storage operator in the United States, employing more than 1,000 people in 24 states.

David Paolini, who joined the company in 1983 and is now vice president of revenue management, recalled  the company’s humble start in technology. “We would do our acquisition analysis on the storage facilities with two IBM PCs that ran 5.25-inch floppy drives and a dot-matrix printer. I remember calculations took 11 minutes to complete for every change. We were excited about an upgrade that reduced that time to nine minutes!”

Today, Uncle Bob’s has hundreds of networked PCs, two data centers, and uses a revenue-management system to manage rates for all 200,000 storage units. Further, the company enjoys a centralized customer-care center that employs trained salespeople who handle reservations for the company’s 371 facilities. The properties offer amenities such as computerized access systems and surveillance cameras as well as the company’s Dri-guard dehumidified storage units.

“In the late 80s, a typical storage facility was characterized by a small rental office, a manual gate surrounding the facility, and caretaker-type management,” said Ed Killeen, executive vice president. “We now have greater expectations of ourselves and our teams, holding everyone to much higher standards.”

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ISS Blog

Selling Boxes ... the Right Way

Article-Selling Boxes ... the Right Way

Yesterday while out and about, a sign outside a self-storage facility caught my attention. It looked like a chunk of plywood that was painted white. Then someone spray painted, “Boxes $1.”

While I give the operator credit for advertising he sells boxes, the execution was poor. Yes, it caught my eye. The sign was large, but close to the ground. It did convey what passersby needed to know: the facility sells boxes for a buck. But it also looked like a sign you’d see announcing a yard sale in a shoddy neighborhood. And this is well-known, national self-storage chain.

If the self-storage operator couldn't be bothered to create a decent-looking sign, how well will these boxes hold up when I’m packing them and moving them around?

Let’s face it, facility operators are fighting for every dollar. They must attract new tenants—and retain their current ones EVERY DAY. Letting non-tenants know you carry boxes is one way to draw people into your facility. Once you have them, you can ask if they need storage. Maybe they need boxes because they’re moving and storage isn’t a necessity right now. But once you’ve got them in the door, you’ve made the first contact, which could lead to business down the road.

Offering a variety is another key component. If you only offer one size of box, no wrapping paper or bubble wrap, or even tape, why bother? People want convenience. They want to make one stop and buy everything they need.

Are your boxes of decent quality or do they look like the freebies you’d get at the grocery store? (We’ve all done that!) Will your tape stick? Will your permanent marker write after the first five boxes? Selling shoddy products isn’t in your best interest. True, you may never again see the person who walks into your facility one time to buy retail items. But a good experience purchasing products at your facility could lead to a new tenant down the road.

If you don’t know what to look for in a quality box, check out this article from the ISS archives. Need advice on selling retail products? Read this article to become a merchandise-selling, cash-extracting expert.

Or are you like the facility in my opening example and not sure how to advertise your retail products? This article offers sound advice for telling everyone in your community you offer more than just storage. It also offers tips on turning walk-in retail customers into self-storage renters.

Maybe you’re having trouble moving product or not sure what product you should even carry. If so, check out this thread on Self-Storage Talk. You’ll be surprised what sells in one store, but not in another. Or post a comment below, telling us how you promote your retail products. 

Barker Pacific Group Acquires A-American Self Storage in Santa Maria, Calif.

Article-Barker Pacific Group Acquires A-American Self Storage in Santa Maria, Calif.

Barker Pacific Group, a Cerritos, Calif., real estate developer, acquired A-American Self Storage in Santa Maria, Calif., from A-American/Santa Maria Storage Partners for $4.5 million. The transaction was made through Barker Pacific Group’s affiliate, Union Development Co. (UDC).

The self-storage and RV storage will be rebranded under UDC’s Storage Solutions portfolio, which includes 20 self-storage locations in Los Angeles, Orange County, Riverside, San Bernardino and Santa Barbara counties.

The five-acre site has 108,564 square feet of rentable space with 849 storage units and 99 RV-parking spaces.  

Source:  Santa Maria Times,  A-American Self Storage Sold

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U-Store-It Awarded Management Contracts for 25 Self-Storage Facilities in Eight States

Article-U-Store-It Awarded Management Contracts for 25 Self-Storage Facilities in Eight States

U-Store-It Trust, a self-administered and self-managed real estate investment trust, entered into a contract with a subsidiary of Wells Fargo Bank to manage 25 self-storage facilities in eight states.

The properties are in California, Florida, Georgia, Illinois, Massachusetts, Michigan, New Jersey and New York, and encompass about 1.9 million rentable square feet.

U-Store-It Trust launched a third-party self-storage management division in early 2010 and now manages 119 self-storage facilities.

"We clearly demonstrated to Wells Fargo the depth and years of experience of our management team and our ability to seamlessly and quickly integrate facilities into our property-management infrastructure," said Christopher Marr, president and chief investment officer.

The managed assets can participate in the various U-Store-It revenue-enhancement programs including the company's national reservations center and U-Store-It's alliance with Two Men and a Truck.

U-Store-It owns or manages 487 facilities across the United States, and operates the U-Store-It Network, which consists of approximately 709 additional self-storage facilities.
 
Source:   The Wall Street Journal,  U-Store-It Awarded Management Contract for 25 Self-Storage Facilities

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Self-Storage Data Services Reports Weakened Demand But Increased GPI for May 2010

Article-Self-Storage Data Services Reports Weakened Demand But Increased GPI for May 2010

Self Storage Data Services Inc., a Los Angeles-based provider of self-storage operating-performance statistics, released its rental-activity report for May 2010. Based on the rental activity of approximately 900,000 self-storage units in 1,500 facilities nationwide, SSDS reported that demand for self-storage showed some signs of weakening year over year. The industry suffered a 2.2 percent decline in the number of new tenants moving into storage, which was partially offset by a 2.7 percent increase in physical occupancy.
 
SSDS also analyzed the percent change in gross potential income (GPI) of the same 1,500 facilities. GPI reflects changes in asking rental rates on all units within each facility. In May, gross income was up 7.1 percent over the same month last year.
 
The complete Self Storage Performance Quarterly report, which reveals rental-activity patterns in various regions of the country, is available only to subscribers and can be downloaded at SSdata.net.

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San Diego Self Storage Donates Space to California State Games

Article-San Diego Self Storage Donates Space to California State Games

San Diego Self Storage (SDSS) is donating the free use of a storage unit for the second consecutive year to the California State Games (CSG), a statewide amateur sports festival and grassroots program of the United States Olympic Committee. The 10-by-15-foot unit houses a large quantity of equipment and supplies used by the games seasonally for the summer and winter competitions, particularly during the opening ceremonies.
 
The mission of the games is to promote and nurture the health, education and well-being of residents by managing a high-quality amateur sports event that encourages community participation and provides an Olympic experience. The summer games will take place at 23 competition venues in San Diego, July 8-11.
 
The opening ceremonies will be held on Friday evening at Qualcomm Stadium. During this event, approximately 10,000 athletes participate with more than 25,000 spectators. Stored equipment used during the event includes baseballs, softballs, storage buckets, logo merchandise, banners for each sporting event, stage materials for entertainment, and the torch and cauldron.
 
An athlete party will take place Saturday night at Tidelands Park in Coronado, Calif.
 
CSG is a non-profit organization headquartered in a very small office, according to representative Lauren Brosamer. The free-unit donation allows the organization to meet its storage needs. CSG uses the SSDS Sorrento Valley, Calif., location, managed by Sandi Neusch.

Founded in 1972, SDSS is one of the largest self-storage providers in San Diego County, with a network of 15 neighborhood self-storage facilities and additional facilities in Los Angles and Orange County. The company is locally owned and operated.

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Absolute Self Storage in Dallas Sells for $775k

Article-Absolute Self Storage in Dallas Sells for $775k

Absolute Self Storage in Dallas sold for $775,000. The 35,630-square-foot self-storage facility has eight buildings and 295 units. Marcus & Millichap Real Estate Investment Services, a nationwide real estate investment services firm, brokered the sale.

Nick Walker, an associate and a member of the firm’s National Self Storage Group in Ontario Calif., represented the buyer, an experienced self-storage operator based in California. Brandon Karr, an associate and a member of the firm’s National Self Storage Group in Fort Worth, Texas, represented the seller.

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