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Condo-Style 'Man Caves': Pockets of Personalized Happiness

Article-Condo-Style 'Man Caves': Pockets of Personalized Happiness

There's a room in my home into which I dare not go. It belongs to my husband. A skull and crossbones on the door warns unsuspecting guests of the potential peril that lies beyond. I feel compelled to offer up for signature a liability waiver to those who brave entry; inside they encounter everything from a double-headed mace to a "Dismember Me" zombie plush to a gold-painted trident (from last Halloween's Poseidon costume). Let's not forget the Spanish rapier and robotic skeleton that sings "Born to Be Wild." Add in a few empty Scotch bottles and a massive army of Warhammer miniatures, and you begin to get a sense for what we're dealing with here.

We jokingly refer to this room as my husband's "man cave," but we clearly don't own the market on that coined phrase. A simple Google search will show you the term has its own Wikipedia entry, and there are many online stores devoted to helping men outfit their "mantuary," such as The Man-Cave Store and Man Cave Gifts.

Now there are self-storage builders getting in on the act. Mako Steel is wrapping up phase one (126,000 square feet) for GaragePlus in Payullup, Wash., a provider of private and personalized garage-style "condos." The facility offers up more than just luxury, secure space; it provides a wide range of amenities including a fully furnished clubhouse, a washing station for those "big toys," an RV dump station, restroom and shower facilities, and a lot more. Beyond that, there's a community element involved, a venue where condo owners can share their interests or just hang out. And all the spaces are fully customizable with options such as cabinetry, epoxy flooring and car lifts. It's really quite something.

The concept of storage condos is not new, and yet it hasn't had much opportunity to blossom, either. The economy and real estate market took a dive just as people were beginning to grasp and entertain the idea of owning external storage space, and it stunted the growth of this niche opportunity. In the past, ISS has spurred discussion and debate about rented vs. owned storage through this blog and the magazine. It never appeared that self-storage owners saw condo storage as a threat; but nor were they eager to invest in the development of the product. Perhaps this will some day change.

For now, there's no doubt in my mind that there are "man caves" existing in rented self-storage space all over the country and possibly the world. I love to read the stories on Self-Storage Talk about the unusual uses to which tenants put their units. For example, one manager has a tenant who restores a vintage car in his unit (of which his wife knows nothing). A couple of managers have reported units being used for a romantic trysts (see "The Love Shack"... and Love affair). A man in Singapore uses his unit to store his collection of 300 superhero comics and toys.

What about you? Do you have any man-cave renters at your facility? Anybody out there getting creative with their marketing and appealing to male customers with this angle? Please share your mantuary tales!

Minh Tran Joins The Jenkins Organization

Article-Minh Tran Joins The Jenkins Organization

Minh Tran has joined The Jenkins Organization Inc., a Texas-based commercial real estate and development company, as director of storage acquisitions.

Tran, who was previously a financial consultant at AXA Advisors, will focus on the expansion of The Jenkins Organization’s footprint of self-storage properties in Texas as well as spearhead efforts to expand the company’s portfolio nationally.

“I’m excited about the opportunity to join one of the premier storage companies in the industry,” Tran said. “The Jenkins Organization has a great infrastructure, management team, and an owner who’s enthusiastic about growing the portfolio and the brand.”

“We’re very excited to have someone with Minh’s background and experiencecome on board,” said Ricky Jenkins, president of The Jenkins Organization. “Not many professionals in our industry have been involved in more than $1 billion in transactions. His experience, coupled with our company’s aggressive appetite for storage properties, makes it a logical fit.”

Prior to joining The Jenkins Organization and AXA Advisors, Tran worked primarily with storage operators on the acquisition, disposition and financing of self-storage facilities. He has worked for Holliday Fenoglio Fowler LP, Storage Investment Advisors and CB Richard Ellis, all with the same group of storage specialists.

The Jenkins Organization Inc. currently owns and manages 47 self-storage properties throughout the Texas and Louisiana region.

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TSRE III Buys Two Memphis, Tenn., Self-Storage Facilities for $2.9M

Article-TSRE III Buys Two Memphis, Tenn., Self-Storage Facilities for $2.9M

Northwest and Southern Self Storage Partnership sold two Memphis, Tenn., self-storage facilities for $2.9 million.

Gulfport, Miss.-based TSRE III Northwest LLC purchased the facility at 3891 Thomas St. for $1.5 million. The purchase was financed with a $1.1 million loan through Virtus Storage Investment III LP. The partnership also sold its facility at 4740 Getwell Road to TSRE III Southern LLC for $1.4 million. It was financed through Virtus for $1 million.

Built in 1995, the Thomas Street facility is on 3.5 acres in the Northside Commercial subdivision. The facility on Getwell Road was built in 1998 and sits on 4 acres.

Source:  The Daily News,  Mississippi Co. Buys Two Self-Storage Facilities

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Public Storage Releases 2Q 2010 Operating Results

Article-Public Storage Releases 2Q 2010 Operating Results

Public Storage, a self-storage real estate investment trust, reported operating results for the second quarter ending June 30, 2010. Highlights include:

  • Net income allocable to common shareholders was $60.8 million, or $0.36 per diluted common share, compared to $135.5 million, or $0.80 per diluted common share, for the same period in 2009, representing a decrease of $74.7 million, or $0.44 per common share.
  • Same-store revenue decreased 0.2 percent or $0.8 million in the quarter compared to the same period in 2009, primarily due to a 1.5 percent reduction in realized rent per occupied square foot, offset partially by a 1.1 percent increase in average occupancy.
  • Cost of operations for the same-store facilities increased 2.2 percent or $2.6 million compared to the same period in 2009.
  • Net operating income for same-store facilities decreased 1.5 percent or $3.4 million compared to the same period in 2009.
  • Funds from operations (FFO) were $0.92 per common share on a diluted basis as compared to $1.40 per common share for the same period in 2009, representing a decrease of $0.48 per common share or 34.3 percent.

Public Storage held its conference call to discuss the second-quarter reports Aug. 6. A replay of the call can be accessed through Aug. 20 on the company’s website or by calling 800.642.1687. International callers can call 706.645.9291. To view the information on the company’s website, look under "Company Info, Investor Relations Webcasts." All forms of replay use conference ID number 88441244.

Public Storage also owns a 49 percent equity interest in Shurgard Europe, with the remaining 51 percent equity interest owned by an institutional investor.

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Sierra Self Storage in CA Becomes E-Waste Drop-Off Site

Article-Sierra Self Storage in CA Becomes E-Waste Drop-Off Site

Sierra Self Storage, 169 W. Gibbons Ave. in Porterville, Calif., is now an e-waste drop-off location.

Community members can drop off a variety of e-waste items for free including computers, monitors, TVs and cell phones. Items can be dropped off Monday through Saturday from 7 a.m. to 6 p.m., and 9 a.m. to 5 p.m. on Sundays.

Proceeds from the e-waste recycling will be donated to different non-profit organizations. August’s proceeds, for example, will benefit the Porterville High School football team.
 
Source:  The Porterville Recorder,  E-waste Site Comes to Sierra Self Storage

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AMERCO Reports Financial Results for First Half of 2010

Article-AMERCO Reports Financial Results for First Half of 2010

AMERCO, parent company of U-Haul International Inc., reported financial results for the first the half of 2010. The company reported net earnings available to common shareholders of $63.3 million, or $3.26 per share, compared with net earnings of $19.5 million, or $1.01 per share, for the same period last year. Highlights include:

  • Moving equipment rental revenue increased $46.5 million, or 12.5 percent for the first
    quarter compared with the first quarter of 2009. In-town and one-way transactions increased during the quarter.
  • Self-storage revenue increased $1.2 million for the first quarter compared with the first quarter of 2009. The average occupancy increased nearly 5 percent compared with the same period last year.
  • The company added more than 590,000 net rentable square feet to the portfolio over the last twelve months, including 150,000 net rentable square feet during the quarter.

“Programs implemented over the past 18 months have provided the momentum for increased transaction levels during the first quarter,” said Joe Shoen, chairman of AMERCO. “Revenue
growth combined with our continuing cost-control measures are generating improved operating results.”

AMERCO held its investor call for the fiscal year on Aug. 5. A replay of the call can be accessed at Amerco.com.

U-Haul is North America's largest "do-it-yourself" moving and storage operator. AMERCO includes AMERCO Real Estate Co., Republic Western Insurance Co. and Oxford Life Insurance Co.

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Sovran Self Storage Releases 2Q 2010 Operating Results

Article-Sovran Self Storage Releases 2Q 2010 Operating Results

Sovran Self Storage Inc., a self-storage real estate investment trust, reported operating results for the quarter ending June 30, 2010. Highlights include: 

  • Net income available to common shareholders for the second quarter of 2010 was $15.8 million or $.57 per diluted share.
  • Exclusive of a $7.5 million gain on the sale of eight properties, net income available to common shareholders was $8.2 million or $.30 per diluted share. Net income available to common shareholders for the same period in 2009 was $6.3 million or $.28 per diluted share.
  • Funds from operations (FFO) for the quarter were $.61 per fully diluted common share compared to $.66 for the same period last year. The impact of the company’s $4 million share offering in October 2009 offset a significant decline in interest expense thereby contributing to the decline in per share FFO results.
  • Revenue for the company’s 345 stores owned for the quarter increased by 0.2 percent from those of the second quarter of 2009, the result of a 20- basis point drop in average occupancy offset by a 40-basis point increase in rates, and solid improvements in other, non-rental revenue.
  • Same-store operating expenses increased by a total of 3.8 percent, primarily the result of increased health care, workers’ compensation and property maintenance costs. Almost all other operating expense categories remained at 2009’s suppressed levels with the exception of property taxes, which grew at a pace of 2.4 percent. 

“We’re encouraged by the high level of rental activity and also our ability to obtain rate increases from in-place customers,” said Ken Myszka, president and COO. “Two-thirds of the 24 states we operate in showed same store revenue growth this quarter—a tremendous improvement over the past five or six quarters. It appears that while our peak leasing season may have gotten off to a bumpy start, we’re gaining steam as the summer goes on.”

To read the full financial report or access a recording of the results conference call that took place on Aug. 5, visit www.unclebobs.com/company/investment.

Sovran is in the business of acquiring and managing self-storage facilities. The company operates 371 facilities in 24 states under the name Uncle Bob’s Self Storage.

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    U-Store-It Trust Announces 3Q 2010 Dividends

    Article-U-Store-It Trust Announces 3Q 2010 Dividends

    U-Store-It Trust, a self-storage real estate investment trust, announced its Board of Trustees declared a quarterly dividend of $0.025 per common share for the period ending Sept. 30, 2010. The dividend is payable on Oct. 22, to common shareholders of record on Oct. 7, 2010.

    Based in Wayne, Pa., U-Store-It owns or manages 462 facilities nationwide and operates the U-Store-It Network, which consists of approximately 709 additional self-storage facilities.

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    Talking With MiniCo Founder Hardy Good: A Self-Storage Veteran Reflects on His Career and the Industry, and Looks Forward to Asia Endeavors

    Article-Talking With MiniCo Founder Hardy Good: A Self-Storage Veteran Reflects on His Career and the Industry, and Looks Forward to Asia Endeavors

    Born and reared on a farm near Columbus, Ohio, Hardy Good’s winding career path took him far from his humble roots. After graduating from Ohio State University in 1965 with a degree in business administration, Good briefly entered the world of retail, working in menswear, sales and purchasing, and merchandising and management.

    He then detoured briefly into the political realm, working in the Ohio State Treasurer’s Office before moving to Phoenix in 1965. It was there Good found his true calling and embarked on a long and successful career in the self-storage industry. He launched Mini Storage Insurance Corp. in 1974 and a publishing division five years after. The company later became MiniCo Inc.

    In May, Good sold MiniCo’s insurance and publishing divisions to Aran Insurance Services Group, a full-service general agency and underwriter. Good will assist in the transition and serve as a special advisor to the MiniCo Insurance Agency LLC’s board of directors.

    Inside Self-Storage recently caught up with Good to talk about MiniCo’s beginnings, the challenges the self-storage industry faces today, and his next great adventure.

    Tell us about MiniCo’s early years.

    There were three original incorporators: a self-storage developer, an insurance professional and me. I agreed to do all the work. The original focus and exclusive product was Customer Storage Insurance, an insurance policy that provided protection for self-storage tenants’ property.

    While driving around the United States inspecting hundreds of facilities, we learned a lot about self-storage operations and expanded our products to meet the needs of our customers. First was a property and liability insurance package we called MiniPak. Then we helped develop a special policy exclusively for self-storage risks. In 1979, we began publishing Mini-Storage Messenger magazine as “the voice of the self-storage industry.” Mini Storage Security Co. was created as a platform for distribution of products for safety, security and loss control. The core business was padlocks and other products, ultimately manufactured by us with joint-venture partnerships in mainland China. We sold the products-distribution business in 2004.

    There were also a couple of failed entrepreneurial endeavors, including “Touchcode 2000,” a semi-high-tech electronic access-control system.  There are still some storage facilities in America secured by that system.

    Overall, we’ve had far more victories than defeats. Numerous corporations merged to form MiniCo Inc. circa 1980, and I became the proud, happy, 100 percent shareholder in 1985. 

    In 1975, I was a founding charter member of the Self Storage Association (SSA). Over the years, the SSA endorsed, sponsored and recommended our insurance programs for association members, and Mini-Storage Messenger was the official publication of the SSA for many years before the association launched a competing magazine. In 2005, it was a distinct pleasure and honor to be one of the inaugural inductees in the SSA’s Self-Storage Hall of Fame!

    How has the self-storage industry evolved over the years?

    While spreading worldwide, self-storage has evolved in America dramatically. Recent Macroeconomic conditions have provided the first industry “no-growth” setback since the U.S. savings and loan crisis in the 1980s.  Wall Street financing and more competition has brought on a new level of management, professionalism, locations, designs and technology.

    Architectural improvements, metal-building manufacturing and construction refinements along with more professional marketing and upgraded technology and management methods have afforded great increases in self-storage product, promotions, processes, pricing, programs and profit. Although new self-storage development is stalled or minimized at the present time, expansion continues to be the best commercial real estate segment in America. Financing is the key challenge of the future!
     
    MiniCo has also has business operations in Asia. Tell us about that.

    Almost on every continent, new opportunities are being discovered for self-storage development and use. In 2002, we premiered MiniCo Self Storage in Hong Kong. We’re the first and only Americans conducting self-storage operations there. We have three locations: Kowloon, Hong Kong Island and the New Territories. Business is good and growing. The staff includes a managing director and 10 customer-service representatives. They all speak Mandarin, Cantonese and English, and offer top-shelf service, courtesy, cooperation, kindness and professionalism.

    Marilyn Leslie is a partner and president of MiniCo Asia Ltd., and responsible for our Asian operations. She spends about half her time in America, and half in Hong Kong. Because of the Australian, English, Chinese and other competitive onslaught, we’re adding more space, new focus and extra emphasis on our Hong Kong operations. Also, we continue to be braced for an American competitor. Barriers to entry are numerous, but understanding the Asian mind, manner and culture is the most difficult challenge.

    What’s next for you?

    I’m moving forward with new ventures. We moved MiniCo Asia’s world headquarters to a small suite in a building next to MiniCo. Selling MiniCo last May took some courage, some ignorance, some lawyers and accountants, some New York investment bankers, and a few million dollars. Aran Insurance Services Group kept the MiniCo team and negotiated a five-year lease on the building. I will serve as a special advisor to the executive team at MiniCo Insurance Agency.

    We can’t know what the future holds; however, I know who holds the future and give thanks to God! I’m looking forward to more fun and living it up—sports and sporting events, outdoor action, skiing, swimming, flying, camping, hunting, fishing, racing, reading, writing and beaching it! My idea is to spend more time in Asia, more time sailing on our boat, and extra time with the kids and grandkids—not necessarily in that order.

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    SD Storage Holds Raffle for Digital Picture Frames

    Article-SD Storage Holds Raffle for Digital Picture Frames

    After two successful raffles, SD Storage in San Diego has decided to keep on giving. The self-storage company is holding a raffle in August and September and will give away three Kodak EasyShare digital picture frames. Anyone who rents a self-storage unit with SD Storage between Aug. 1 and Sept. 30 will automatically be entered in the drawing. 

    Capable of storing up to 4,000 photographs, the digital picture frame displays a 7-inch high-resolution 4:3 display. The frames are Energy Star-qualified for power consumption efficiency.

    In April, the self-storage company held a raffle for three iPod Shuffles. SD Storage also raffled off three digital cameras in July.

    No purchase is necessary to enter. Interested parties can fill out an entry form at one of the company’s nine locations. Contestants must be 18 years of age or older and reside in San Diego County. Employees of SD Storage and any members of an employee’s household or family are excluded from participation. There is a limit of one entry and prize per household.

    Winners will be announced in October, when three entries will be randomly selected. All winners must agree to have a picture taken with their new digital picture frame, and by doing so grant SD Storage rights to post the pictures on its website and in any related marketing material. All winners’ personal information will be kept confidential.

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