Two Springville, Va., men are being held without bond for allegedly breaking into Tazewell (Va.) Self Storage on July 11. Jason Wright, 24, and Alex Steele, 24, were arrested by Tazewell City Police after being caught breaking into storage units. They are charged with breaking and entering with the intent to commit larceny and grand larceny, as well as possession of burglary tools. They are being held in the Southwest Virginia Regional Jail pending a bond hearing.
 
Source: WVNS, Two Arrested for Self Storage Break-In

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The storage of boats, RVs, cars and other vehicles has become an exciting and often profitable service at many self-storage facilities, offering longer rental commitments with little additional maintenance expense. Unfortunately, with these benefits comes some burden for operators. Without careful planning, the profit center can quickly become a great risk for loss.

Vehicle storage is a different kind of business than traditional self-storage, particularly as vehicles are often stored anywhere but in a separate, enclosed unit. Whether you’re renting storage in an open lot, covered building or individual units, vehicle storage presents several unique issues. This article highlights key factors of offering this service. 

Creating a Bailment

With the exception of vehicles stored in individually enclosed units, the first consideration is whether vehicle storage creates some sort of bailment. In traditional self-storage, if you don’t keep a key to the unit and the tenant has the ability to store and lock his own personal property, you don’t have a risk. But when you store vehicles in a common area—even if you don’t keep the keys—a bailment could exist.

A bailment is the “transfer of possession, but not ownership, of personal property for a limited time and for a specified purpose such that the individual or business entity taking possession is liable to some extent for the loss or damage to the property” (from Webster’s Dictionary of Law). When vehicles are not stored behind four walls and a door, a bailment is arguably created and you have a greater duty of care. You have a responsibility to protect the vehicle from damage, perceive issues of damage and maintenance, and report these issues to the owner.

If the vehicle is visible while being stored with you, you have a different relationship with your renter. You’ll need to amend or create operating procedures recognizing that you now protect tenants’ property, and create new lease clauses, including default clauses to address the special considerations involved with vehicle storage.

Defining the Space

It’s difficult to define the specific space being leased to a customer if you don’t have a paved, striped or numbered area for vehicle storage. It’s important to have language in your rental agreement that describes the space rented, but doesn’t define it so closely that you’ll be in violation of the lease if another renter parks in all or part of it. You should have some type of exculpatory language in your lease disclaiming a default in this event, along with some punishment rules for those who interfere with other tenants’ ability to use their spaces.

Consider having one or more spaces labeled as “overflow parking.” You can then put a provision in your lease stating that in the event an occupant ever finds the premises unusable or filled, he’s required to park in the overflow spot, and this doesn’t represent a default by the operator under the rental agreement.

Moreover, there can be lawsuits about the actual size of a space being different than that represented to the tenant in the rental agreement. This type of claim is much more likely to occur with outdoor storage space. Make sure you include lease language that indicates sizes are approximate, and you’re renting by the space, not the square foot.

Extra Services

Some operators go even further in the bailment and provide additional services, such as parking tenants’ vehicles and retaining keys so they can move them in and out of the way as necessary. Some offer ancillaries such as vehicle-cleaning, dump-out, stocking, warm-up and pull-out. When you provide these types of services, you have gone beyond storage, and there’s no doubt you’re in a bailment situation, and adding extra risk.

The best thing way to address these services is in your written rental agreement. You may need additions to your lease or addendums for the various types of services offered. Some vehicle-storage leases contain 20 or more addendums to support different types of related services. These addendums cover items such as dump stations, wash stations or potable water supplies.

These matters must be addressed to ensure liability is properly allocated between the storage operator and customer. For example, let’s say you provide a dump station and a tenant uses it improperly. If this isn’t covered in your lease or addendum, it’s going to be difficult to charge the tenant for the damage. Further, if you charge for any of these services, make sure costs are clearly delineated, and always reserve the right to close or terminate a service from a single tenant and from the facility.

Have your lease and other documents reviewed often by an attorney familiar with this area of the law. Also review the entire business plan to see if it’s in your best interest to set up and separate entities to hold various “risky” parts of your operation. For example, if you’re going to actually move boats to the water from your facility, you may want to hire a separate entity to handle the transportation portion of the business, with a separate contract.

Accurate Information

Collecting accurate tenant information on your rental agreement gives you a better chance of locating the vehicle owner in the event of an emergency or default. This has never been more important, as more vehicles are now abandoned at self-storage facilities when the owners can’t make the payments.

If you have good lien and title information, the bank may take the vehicle back from you in the form of repossession and may even pay some storage charges. Otherwise, you become the “lien hunter.” It also gives you a better defense if a claim is brought against you for wrongful disposal or termination of contract. Consider requiring the following information with your lease: 

• The year, color, make and model of the vehicle
• The license-plate number and state
• The VIN or other identification number
• A copy of the vehicle registration

Just as with self-storage, don’t allow more than one person to sign the lease. In addition, require your lessee to be the actual owner of the vehicle. If the name on the registration is not the same as the person executing the rental agreement, your customer must have a statement notarized by the owner that clearly states it’s acceptable to store the vehicle at the facility. Make sure you have all of the owner’s relevant information. By doing this, you will avoid the possibility of storing a stolen vehicle. You can also steer clear of issues if ownership is ever disputed. 

All Potential Vehicles

As you gather information for the lease, get details on every vehicle that could potentially be stored in the space. For example, someone might store a trailer and two jet skis in a single space, which counts as three titled vehicles. Don’t forget to get information on each of them. 

Many tenants will pick up one vehicle at the storage facility, such as their RV, and leave the one they drove in at the space. This creates a problem if you haven’t previously approved and collected data on this other vehicle. All of a sudden, the RV is gone and an SUV is in its place. Does it belong to your tenant? Is it insured? Is it subject to the terms and conditions of the rental agreement, which sets things like value limitation, release of liability for damage, etc.?

If there’s a chance another vehicle is going to be left in the space for any length of time, it needs to be listed as an additional vehicle on your rental agreement. If it’s not, all the trouble you’ve gone through to protect yourself on the main vehicle could be for naught, especially if something happens when the different vehicle is stored by the same tenant in the same space.

Check your state’s self-storage statute. Some states have provisions to address simple things such as the superiority of your lien to a filed or recorded vehicle lien, and complex issues such as procedures that specify exactly how to obtain a title to a vehicle in default so you can sell it.

Don’t assume you can simply go down to your local title agency and obtain a lienholder’s title any time a vehicle is in default, and then sell the vehicle at your next lien sale. This is often not the case. Even if you can get a new title, if there is a lien on the vehicle, that lien almost always is superior to your storage lien. Thus, you may do all the title work and sell the vehicle and not be entitled to any of the sale proceeds.

Hazardous Materials

Vehicle storage presents a special problem because vehicles contain hazardous materials just waiting to spill, leak or explode on the property in the form of gasoline, lubricants, battery acid, tires, toilet chemicals, etc. This problem is exacerbated by the fact that vehicles are parked on soil, gravel or asphalt, which allows the chemical or spill to quickly enter the soil.

Given the volume of liquids and lubricants stored in a RV, for example, a leak or spill could create a serious environmental hazard on your property. Further, some tenants try to store extra gas, chemicals, tires, etc., in or around their property. Fortunately, there’s reasonably priced hazardous-cleanup insurance coverage, but you have to buy it separately.

Include limiting language in your rental agreement specifically targeted to the outdoor storage of vehicles, outlining how much liquid (i.e., gas) may be stored and preventing additional liquid storage. Make sure your insurance company is aware of this type of storage at your property. Also, check with your mortgage holder to ensure the vehicle doesn’t violate a term or condition of your loan.

Require a drip pan or absorbent pad designed to retain petroleum products under the parts of a vehicle that might leak. If properly placed, it can catch dripping or leaking fluids, protecting you from environmental contamination. Since very few people carry their own drip pans or absorbent pads, you can sell them as a source of ancillary revenue.

There’s also a customer-service aspect. If you ever see a drip pan or pad containing some sort of unknown fluid, you have the opportunity to call the tenant and let him know his vehicle is leaking. You’ve just saved the customer from breaking down on the road, and you’ve stopped the vehicle from causing hazard or damage to your property.

Vehicles in Default

What happens when a vehicle-storage tenant defaults on his rent? Make sure you have remedies to this situation built into your rental agreement. If your state permits removal of the vehicle by a lien right, eviction statute or towing to an impound lot, give yourself these rights in your lease. Additionally, post whatever signage is necessary or required in your state.

Assuming you have a default clause in your lease, make sure one of the remedies listed permits you to terminate the gate access of the stored vehicle. If the occupant removes his vehicle from the facility and has not paid his rent, you can then prohibit him from returning the vehicle until rent is paid. In some states, you can consider a tenant to whom you have denied access to be a trespasser if he tries to re-enter the facility.

Being able to tow a vehicle off the property helps you minimize your damages, even if you’re not able to sell it once it is towed. (In most states, selling a vehicle is complicated, expensive, and often does not result in any money for the self-storage owner because of prior liens. See above.) If you’re allowed to tow and you do it early in the default, you’ll be glad.

Rules and Regulations

Not only do you need a lease or addendums covering the aspects of vehicle storage mentioned above, you’ll need rules and regulations. For example, a vehicle in the storage area may be subject to an aesthetic requirement. You may not want to allow vehicles with rust, defaulted tires, broken windows, etc. Or perhaps you want to require vehicles be operational, currently and accurately registered, or subject to annual state inspection. Your rules and regulations may also include items such as back-in or front-in parking, and charges for occupying too many spaces or the wrong space.

If you wish to prevent your vehicle-storage area from looking like a junkyard, you must incorporate your rules into your lease. This will give you grounds to terminate an agreement if a tenant fails to comply.
It’s important to work with your attorney to incorporate vehicle-storage provisions into your lease. The best time to address these issues with customers is when they sign the lease, before you give them access to the facility.

It’s important to ask about vehicles because many people rent a traditional storage unit intending to put a motorcycle in it. If you don’t ask you won’t find out, and then you’re potentially stuck with a problem. Remember, while vehicle storage may be profitable, an unexpected problem not covered in your lease can quickly make it a losing venture.

Jeffrey J. Greenberger is a partner with the law firm of Katz Greenberger & Norton LLP in Cincinnati and is licensed to practice in Kentucky and Ohio. Mr. Greenberger primarily represents the owners and operators of commercial real estate, including self-storage owners and operators. To reach him, call 513.721.5151; visit www.selfstoragelegal.com.

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In today’s economic climate, many self-storage owners and developers are looking to invest in or modernize existing facilities rather than construct new ones. This is in no small part due to the vacancy rates and depressed values the industry is experiencing, and the challenge in gaining or retaining tenants. Thankfully, it can be beneficial to renovate and upgrade aging facilities.

Older facilities were designed to suit the needs of years past, sometimes several decades ago. Those needs are not necessarily the requirements of today and beyond, and the value and marketability of many self-storage sites can be increased through renovation and upgrades.

Of course, every facility is different, and not all approaches work at every property. A separate analysis for the possibility of restoration should be done for each site. There are many ways to upgrade a property. The following are some of the more effective and practical methods.
 
Add Climate Control
Many older facilities were built without climate-controlled units. In the past, self-storage was simply viewed as a space to store stuff; but as the industry and consumer needs evolved, climate control became a service many customers expect. One of the great benefits is climate-controlled units are typically rented at higher rates, which can add great value to a facility.

Depending on the particular facility design, adding climate control can be an easy modification or quite complex. Many things need to be reviewed, such as power requirements of the HVAC units. Does your current electrical system have enough capacity to add the HVAC units, or will additional power be needed? Another consideration is insulation for the walls and ceilings, and the kind of work this would require, particularly if a new roof would be needed to accommodate insulation or roof-mounted units.
 
Fix Failing Structures

Occasionally, older facilities were built with materials that would not last, or the design was simplified to the point that weather-proofing of certain structures was basic at best. Oftentimes maintenance was not performed on caulked joints, roof sealants, etc. This may have caused damage to roof systems, roof supports, and even walls and foundations. In these situations, cost-effective solutions are many and diverse.

If there has been roof damage, the roof may need to be replaced entirely or only certain portions of it. If metal components have started to rust, you may be able to salvage the material, or it may be necessary to change it. In all situations where structural members are subjected to damage, it’s a good idea to have a structural engineer review the destruction and determine the proper course of action.
 
Expand Into Available Space

At some sites, a portion of land was left open with the intention of adding to the facility later, which may never have occurred. There are now several ways to use that available space.

If funds are low, you can create RV and boat parking by simply adding a dust-resistant surface such as gravel, crushed asphalt, etc. If you already have this kind of parking, you can upgrade to covered parking by paving over the area and adding canopies to protect vehicles from the sun and weather. This would allow you to charge additional rent above that of uncovered parking, thereby increasing the value of the property.

Another option, if funding is available and there’s demand in your market, is to construct a new building. There are a couple ways to approach this expansion. You can match the existing building’s style and type, keeping it homogeneous. The alternative is to build toward a sector of the storage market that’s not yet accommodated by your facility or its competitors. If the facility has primarily interior storage space, consider adding large, exterior enclosed storage for vehicles. This would attract a different sector of the market to the facility.
 
Give It a Facelift

A facility facelift can dramatically increase traffic and public opinion. Some entrances and façades look rundown, driving the public perception that the structures are unsafe and undesirable. Revamping the façade, entrance, security gate, parking, landscaping, signage and office can rejuvenate a facility, and potentially lead to increased occupancy, rental rates and value. Some ideas include:

• Add storefront windows with faux doors along the frontage road (be sure to consult a structural engineer)
• Refurbish the office with new flooring, millwork and displays
• Refinish the façade with new stucco or metal panels
• Replace existing storage doors that are broken, faded or weathered 

Change the Use

Some older facilities were built as mixed-use projects, with office-warehouse suites or retail as the primary use and storage in the back of the lot as an afterthought. It may be worth a review of the rents garnered from the non-storage uses vs. the benefit of expanded self-storage use. It may be better to change the primary use of the property to self-storage.

At this stage, it likely would be worthwhile to convert to storage units. Many buildings are already built for climate control, eliminating one step along the way. The demolition can be a bit messy, depending on the age of the building, but to get a building back to profitability it can be well worth the cost. A structural engineer should be consulted concerning the structure of the building.
 
Add Security

As the self-storage industry has evolved, so has the security systems that keep tenants’ goods safe. Security was almost never included on older facilities and is still lacking in many of them. The perception of a facility with no security is that it is an unsafe one, one where tenants’ belongings may be stolen or damaged. Personal safety is also a significant concern.

Adding security can go a long way toward bringing a facility up to date and attracting more tenants to store in the facility at higher rents. There are many options to increase security including video cameras, digital video recorders, unit alarms, keypad-controlled access, lighting and perimeter fencing. A good combination can be cost-effective and efficient while providing the desired marketing results.
 
Think Eco-Friendly

Green building concepts have been gaining popularity, and though slower to be applied in storage facilities, they have become more prevalent. Placing solar panels on storage facilities makes a lot of sense for several reasons, including the massive areas of unused roof space and new tax incentives for solar-power systems. Plus, in some cities and states, if a surplus of energy is created, the power company will buy the excess power created by the panels or credit against hours of usage.

Other ways to make a facility “green” include water-harvesting systems for landscape water use, replacing plumbing fixtures with those that are low-water-use, installing low-energy-use light fixtures, etc. Along with the future cost savings of installing efficient equipment is the marketing influence eco-friendly efforts can have on potential customers.

There are many ways an aging facility can be enhanced to increase its profitability and value. Through use of market studies, analysis of individual facilities, and cost/benefit comparisons, the most beneficial renovations and upgrades can be chosen to bring your facility current and help it perform optimally.
 
Devan Williams has been with TLW Construction Inc. since 2006, working in all aspects of the business. Based in Gilbert, Ariz., TLW is a self-storage general contractor providing construction services throughout the southwestern United States. The company has 27 years of experience ranging through all storage types. For more information, call 480.332.8339; e-mail [email protected]; visit www.tlwconstruction.com.

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Wilmington Capital Management Inc. will acquire a 45 percent indirect interest in a portfolio of 12 self-storage facilities in southwestern Ontario, Canada, for an estimated $20.7 million. The proceeds will from equity of approximately $8 million, and an additional $3 million of equity will be raised for working capital to fund short-term requirements and other investment opportunities.

Wilmington's share of the cash consideration to complete this initiative is $5 million. An additional 45 indirect interest will be acquired by another investor for $5 million. Wilmington will also sell shares at a price of $1.28 per Class-A Share on a best-efforts basis, subject to regulatory approval.

The self-storage portfolio will be managed by Real Storage Management Inc., a newly-formed entity whose purpose is to provide management services to Wilmington Capital Management. The company is also looking for additional investment opportunities.

Source:  The Wall Street Journal,Wilmington Announces Proposed Acquisition of Interest in Self-Storage Facilities in Southwestern Ontario and Concurrent Offering of Class A Shares

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Storage owners often ask me, “What do you think my property is worth?” My first response is usually, “What do you think it’s worth?” Taking their subjective viewpoint into consideration, I then ask the owner to provide me with a copy of the last 12 months of their profit-and-loss (P&L) statements. After underwriting the property, I can give them a pretty good idea of its value.

The underwriting method is not subjective and is typically the preferred method a potential buyer or lender would use when valuing any property. Numbers are black and white and can only be manipulated so much. In this article, we’ll examine how you can easily determine your property’s worth by figuring out your net operating income (NOI) and then applying a capitalization rate (cap rate) to that number. 

Verifying P&L Expenses

In line with broader commercial real estate conditions, fewer storage properties have been sold on the open market in the past few years. The sales that have occurred act as evaluative “comps” for appraisers completing an appraisal. A typical comp would be another self-storage facility that has sold in the past six to nine months within the same geographic location. But during the last two years, some states have only seen the sale of one or two storage properties per year.

When no real comps exist, the facility’s operating numbers are the best source for determining property value. Since all lenders examine the last 12 months of numbers from an income property, let’s begin there.

In its simplest form, income, which is stated at the top of most P&L statements, is comprised of rent, fees and goods sold. Other income from truck rental, cell towers and billboards may or may not be considered income. Some owners love the foot traffic a truck-rental business brings in, while others think it’s more trouble than it’s worth. Telecommunications providers usually have a 30-day cancellation clause in their cell-tower contracts, so many lending institutions and potential buyers may not count their income. Only the true income from rent, fees and goods sold should be used in your NOI evaluation.

Sometimes more than 30 to 40 different expense items can be listed on P&L statements. These can be categorized into nine subsets: real estate taxes, insurance, third-party management, office, salaries, repairs and maintenance, advertising, utilities, and miscellaneous. If some expenses on your P&L statement do not fit in these nine categories, then they may need to be omitted from the NOI calculation.

Personal expenses, such as autos, cell phones and sometimes even alimony/child support are frequently run through a storage facility. While these items are perfectly acceptable for tax purposes, they would not figure into the property’s NOI calculation. A good rule of thumb is if an expense isn’t something every storage owner would typically have in his P&L statement, it’s probably a personal expense that can be omitted.

As you categorize the items on your P&L statement into the nine expense subsets, it should be noted that if you don’t pay to have a third party manage your property, you’ll be required to add in five percent of your gross income to account for this expense. Every lender or potential property buyer requires this to be included in the NOI calculation.

There are also industry standards for each expense category that require a minimum amount of that expense to be charged annually. An example would be a property at 80 percent occupancy that only shows $2,000 per year in advertising. This expense would need to be adjusted upward since not enough advertising money is being spent to get the property to 90 percent or 95 percent occupancy.

Another example would be a facility that has a one-year spike in the repairs and maintenance line item. Let’s say the property typically runs about $15,000 annually in repairs and maintenance, and then we see a jump to $28,000 in the last year. After discussing it with the owner, we learn the facility’s asphalt drive was repaved for $14,000.  Since this is a one-time expense, we could decrease the repairs and maintenance line item.

Further, debt service, mortgage payments, depreciation and interest don’t count as expenses and should not be included in the NOI calculation.

Capping Off the Valuation

Once you verify the expenses, a simple subtraction from the income at the top of the P&L will determine your facility’s NOI. Lenders and potential buyers will look at this NOI figure because there’s no subjectivity involved; it’s based on actual income and expenses for the last 12 months. While a few years ago properties received additional value for future income that wasn’t yet in place, those days are gone!

To complete the property’s valuation calculation, you divide the NOI number by a cap rate. The cap rate is a percentage figure that can be somewhat subjective since an owner always thinks the cap rate is lower than it really is. Their logic is simple: A lower cap rate equates a higher value.

Let’s take two examples: A property with a $250,000 NOI in a 10-percent-cap market would be worth $2.5 million ($250,000 divided by .10 = $2,000,000). The same property with a $250,000 NOI in a 9 percent-cap-market would be worth $2.77 million ($250,000 divided by .09 = $2,770,000).

So who determines the cap rate? The best source for a market’s cap rate would be local real estate or mortgage brokers who specialize in self-storage. They have information on recent sales, listings and appraisals that would verify a market’s applicable cap rate. Every market has seen cap rates climb in the last few years, so don’t be shocked if your property’s value is not as high as expected. While there may be some factors that allow a facility to have a lower cap rate than competitors in the same market, the difference may only be one-quarter to one-half of a point.

Even if you aren’t planning to sell your property, this valuation exercise is a valuable process for any self-storage owner. Valuations are a critical calculation for loans coming due since property values have decreased as have the proceeds lenders are providing on loan to value.

This exercise provides a good indication whether you have enough value to refinance the loan without having to come up with more money to buy down the loan amount. Since the numbers don’t lie, you can realistically determine your property’s real value. 

David Zorich is a senior vice president at The BSC Group, where he provides mortgage brokerage and financial consulting solutions to commercial real estate owners nationwide. He can be reached at 949.232.4997; e-mail [email protected]; visit www.thebscgroup.com.

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Access Self Storage, a Lancaster, Texas-based self-storage operator with six locations, donated free use of its moving trucks and storage space to the First Baptist Church youth choir in Dallas.

The choir organizes a garage sale every year to raise funds for choir member tours. This year’s garage sale, held in Fair Park’s Grand Place exhibition hall, brought in nearly $60,000 to offset the cost of sending 200 vocalists, instrumentalists and leaders to the East Coast for a ten-day tour.

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On June 29, the California Senate Judiciary Committee voted to modify the state's self-storage lien law as it relates to mail-notification procedures and the "Declaration in Opposition" provision. If passed into law, the amendments to AB 655 should result in significant savings to California self-storage operators.
 
The revised law relaxes the notification requirements for self-storage operators, allowing delivery via Certificate of Mailing as opposed to the more expensive Certified Mail method.
 
Most of the changes, however, focus on the Declaration. Self-storage lien laws in California and Nevada are unique because of this provision. If the Declaration in Opposition is signed by the tenant, a facility operator must file a suit to follow through with a lien. However, the new language provides that operators would have the option to file suit in small-claims court, a less costly procedure than going through the superior court system. Operators can still file in superior court when small-claims is not the best option, such as with an out-of-state tenant.
 
The law also provides guidance regarding when a Declaration can be considered invalid, for example, when a delinquent tenant provides an incorrect address or fails to provide an address in the Declaration.
 
Another new provision of the law requires the tenant to explicitly declare why he feels the lien on his property is invalid.
 
Championed by the California Self Storage Association (CSSA) with financial support from the national Self Storage Association (SSA), the bill awaits a vote by the full Senate and Assembly before going to Gov. Arnold Schwarzenegger's desk. As the legislature is in recess, the vote is not expected for several weeks.
 
To view more details about AB 655, visit http://www.leginfo.ca.gov/cgi-bin/postquery?bill_number=ab_655&sess=CUR&house=B&author=emmerson.
 
Source: SSA Monday Morning Globe, July 6, 2010

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U.K. self-storage operator Big Yellow Group Plc released financial results for the quarter ended June 30, 2010, revealing a 10 percent increase in revenue from its 51 wholly owned self-storage facilities.

Total revenue for the 51 stores was £14.4 million compared to £13.1 million for the same period last year. Annualized store revenue, including storage rent as well as the sale of packing materials and tenant insurance, was £59.8 million, up 9 percent from the same period a year ago and up 7 percent from last quarter. Total occupancy growth was 143,000 square feet, up from 69,000 square feet last year.
 
During the period, Big Yellow opened a 60,000-square-foot facility in High Wycombe, Buckinghamshire, England. The company plans to open two more facilities during this fiscal year: one in Camberley, Surrey, England, in January and the other in Eltham, South London, England, in March.
 
"The Group has enjoyed a robust quarter with a particularly strong June. We expect reasonable trading over the next few weeks before the usual seasonal slowdown from September,” said CEO James Gibson. “External influences remain uncertain, and we have limited visibility around the trading, but we continue to be cautiously encouraged by the recent performance."
 
To read the full financial report, visit www.bigyellow.co.ukand click on the “Investor Relations” link at the top of the Web page.

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