G5, a provider of local marketing solutions for vertical markets such the self-storage industry, has made it onto Inc. magazines list of Americas 500 fastest growing private companies for the third year running. G5 posted revenue growth of 728 percent over the last three years to earn the No. 474 position in the 2011 list, Inc.s 30^th such list to date.

The six-year-old companys previous rankings were No. 146 (2009) and No. 248 (2010). Three-year revenue growth was 1,208.5 percent and 1,236.1 percent respectively.

G5s vertical-specific solutions include self-storage, multi-family housing, senior living and student housing. More than 3,000 desktop and mobile websites are hosted on the G5 local marketing software platform.

The 2011 Inc. 500 list is ranked according to percentage of revenue growth from 2007 to 2010. To qualify, companies must have been founded and generating revenue by March 31, 2007. Additionally, they had to be U.S.-based, privately held, for profit and independentnot subsidiaries or divisions of other companiesas of Dec. 31, 2010. The minimum revenue required for 2007 is $100,000; the minimum for 2010 is $2 million.

Were honored to be recognized for the third consecutive year, said G5 CEO Dan Hobin. Our growth is fueled by the results our clients achieve using the G5 platform. Average client results include occupancy increases of nearly 5 percent, website-traffic increases of 146 percent and cost-per-lead decreases of 24 percent.

G5 provides local marketing solutions that help mid-market companies get found online, generate more qualified leads, convert more leads into new customers, track marketing performance, and optimize to the marketing sources that have the best return on investment. Backed by Volition Capital, G5 was founded in 2005 and is based in Bend, Ore.

G5 is hosting a webinar for self-storage operators on Sept. 14 titled, "Self Storage: Increasing Rentals Through Your Online Presence." The online seminar will address the essentials of website performance including how to drive qualified leads to a website, SEO changes that have occurred in the past year, other traffic-generating sources that increase lead-capture, and how to measure online performance.

Founded in 1979 and acquired in 2005 by Mansueto Ventures LLC, Inc. is a business magazine dedicated to owners and managers of growing private companies. With a paid circulation of 710,106, Inc. provides tools and strategies for managing people, finances, sales, marketing and technology.

Chicago self-storage provider LifeStorage Storage Centers LLC received an Accredited Business designation from the Better Business Bureau (BBB).

"Accreditation in the BBB is by invitation only, said Steve J. Bernas, president and CEO of the Better Business Bureau serving Chicago and northern Illinois. "Only those businesses that meet our high standards and pass the review process are approved by our board of directors."

As with all businesses that are accredited by the BBB, LifeStorage has committed to the BBB Code of Business Practices. The Code is a comprehensive set of policies, procedures and best practices on how businesses treat consumers. These standards call for building trust, embodying integrity, advertising honestly and being truthful. "To maintain their accreditation, a business must be transparent, honor their promises, be responsive to their customers, and safeguard their privacy, Bernas said.

"We are proud to be a BBB Accredited Business," said Michelle Wight, district manager for LifeStorage. "In today's world, its imperative our customers know how seriously we take our commitment to excellence and good customer service. Achieving BBB Accreditation exemplifies that goal."

Founded by Jean Jodoin and Chris Barry in 2002, LifeStorage operates 18 self-storage facilities in Chicago and its suburbs.

Manhattan Mini Storage is giving a New York City non-profit organization a self-storage unit rent free for one year.

Room to Grow, which supports parents raising babies in poverty, reached out to Manhattan Mini Storage during its search for N.Y.C. storage. When we learned about their amazing mission and overwhelming need for space, we were thrilled to donate a full year of storage," said Stacy Stuart, vice president of marketing for Manhattan Mini Storage.

Room to Grow is dedicated to enriching the lives of babies born into poverty throughout their first three years of development. It provides long-term, parenting support along with all the needed books, toys, clothing and gear that foster healthy child development.

Manhattan Mini Storage supports several other charitable organizations including Coalition for the Homeless, International Refugee Committee, Animal Haven and more.

Manhattan Mini Storage is part of the Edison Properties family of businesses. The family-owned and operated portfolio includes 17 self-storage facilities throughout New York City.

MiniCo Insurance Agency LLC has formed MiniCo Insurance Agency of Canada Inc. to offer specialty insurance programs to the Canadian market, beginning with the self-storage sector. MiniCo will represent Aspen Insurance UK Ltd., a subsidiary of Aspen Insurance Holdings Ltd., and will begin underwriting coverage in British Columbia, with planned availability throughout the country by the end of the year.

MiniCos focus on niche specialty programs brings significant value to the distribution chain, and we look forward to offering new specialty products as we expand throughout Canada, said MiniCo President and CEO Mike Schofield. The self-storage market in Canada represents a strategic growth opportunity, he said, and MiniCos specialty product will be available to Canadian business owners through their existing broker relationships.

According to chief underwriting officer Jim Henry, MiniCo will be contacting agents and brokers with information about availability in specific provinces as approvals are granted.

Aspen American Insurance Co., a subsidiary of Aspen Insurance Holdings, agreed to be a carrier for MiniCo programs earlier this summer. The company began underwriting self-storage coverage effective July 1 in several states, with plans to roll out additional states throughout the year.

MiniCo Inc., a provider of self-storage insurance products and industry publications, sold its insurance-agency operation and publishing division to Aran Insurance Services Group of Rockville Centre, N.Y., in May 2010. Aran is a full-service general agency and underwriter that specializes in acquiring and developing insurance underwriting facilities for the property and casualty and accident and health markets.

California self-storage operator A-1 Self Storage recently donated money to the Duarte-Calif.-based City of Hope, a comprehensive care center designated by the National Cancer Institute. One of only 40 such centers nationwide, City of Hope is an independent biomedical research, treatment and education institution that seeks to conquer cancer, diabetes, HIV/AIDS and other life-threatening diseases.

City of Hope, established 100 years ago, is founding member of the National Comprehensive Cancer Network. Its park-like campus, just northeast of Los Angeles, is home to researchers, physicians and medical students as well as patients.

A-1 Self Storage has 16 locations in the San Diego County area and more than 40 locations statewide. It is the self-storage division of the Caster Cos., a third-generation, family-owned company headquartered in South California since 1959. Caster Cos. develops and manages A-1 Self Storage, A-1 Car Storage and other commercial properties in California. Its portfolio includes more than 4 million square feet of real estate.

The board of directors for Extra Space Storage Inc., a self-storage real estate investment trust, declared a quarterly dividend of $0.14 per share on the companys common stock for the third quarter 2011. The dividend is payable on Sept. 30 to stockholders of record at the close of business on Sept. 15.

At the end of July, Extra Space released operating results for the three and six months ending June 30. The company posted achieved funds from operations of $0.27 per diluted share, including development dilution of $0.02 per share resulting in approximately 22 percent year-over-year growth for the quarter. It also grew same-store occupancy by 290 basis points to 89.0 percent compared to 86.1 percent during the same time period in 2010.

Headquartered in Salt Lake City, Extra Space is a real estate investment trust that owns or operates 860 self-storage facilities in 34 states and Washington, D.C. The company's properties comprise approximately 570,000 units and more than 62 million square feet of rentable storage space.

A third man has been arrested in the Aug. 10 break-in of 60 self-storage units in Gaylord, Mich.

Police arrested Joseph Iseler, 18, on Aug. 18 in connection with the break-in of 49 units at APS Mini Warehouse on East Sixth Street and 11 units at Northend Storage on Fairview in Livingston Township. Hes currently being held in the Otsego County Jail on a $40,000 cash bond while awaiting a Thursday preliminary hearing.

John Cuca, 18, and Bronson Alejos, 19, were arrested two weeks ago and charged in the breaking and entering of the storage units as well as the theft of an ATV from the Alpine Soccer Complex.

Some of the stolen items were recovered at several residences and in a wooded area northwest of Gaylord, police said. The items included a moped, fishing poles and a telescope. The investigation is ongoing, and police believe there may be a fourth suspect.

APS Mini Warehouse is owned by Dave Baragrey. Northend Storage is owned by Rance Charboneau, an officer with the Gaylord City Police.

By Randy Tipton

In the wake of the recession, self-storage owners nationwide are concerned about the market value of their properties. While some havent see a significant drop in value and others are already seeing improvement, there certainly is a trend in lower values when facilities are appraised.

Because of this, many facility owners feel their property limits in respect to the replacement values on their insurance policy should be reduced. This creates a dilemma as to how self-storage owners should provide accurate replacement-cost values to their insurance company while market values are declining.

Logically, it doesnt make sense that the cost to rebuild has increased this year given the state of the economy, especially with the reduction in construction costs and decline in land values. What many owners dont consider, however, are the fixed costs of supplies that are not decreasing. In fact, steel and cement prices have increased.

Many insurance companies have their own internal appraisal systems, whereas others rely on brokers and clients to use a reputable appraisal service and then check the increases against what theyre seeing in the market. Most insurance companies review properties annually and adjust their building values accordingly. Plus, most will insist self-storage owners carry full replacement-cost valuation on their insurance policies.

Get Coverage

Its important to know your insurance underwriter is looking at the cost to rebuild your buildings as they stand today; it does not pay consideration to the market value. Youll also be required to insure to full replacement cost for all buildings at your site. Self-storage owners often will declare, Theres no way my entire facility will suffer a loss. I dont want to insure the whole property! 

While this may seem like a way to save some money, its shortsighted. Insurance should be purchased for small claims and catastrophic losses. The worst time to find out youre underinsured is when your entire facility has been devastated by a tornado and you dont have enough coverage to rebuild. The small savings in premium you experience will be paltry compared to the expense youd incur replace all or part of your facility.

Discuss valuation techniques with your insurance agent. This should be part of a regular review of your insurance portfolio. Rebuilding is typically the most cost-effective way to recover from a loss.  However, some self-storage owners might choose not to rebuild. If this is the case, actual cash value might be the better way to address the valuation. This is normally defined as replacement cost minus depreciation. This needs to be considered when purchasing your insurance, not at the time of loss; when an insurance company subtracts depreciation, there can be a huge reduction in value.

Ask for an Appraisal

If you drastically disagree with the replacement-cost value used, one option is to request a replacement-cost appraisal from an appraiser licensed in your state, one familiar with developing such estimates. Theres a fee associated with this, and certainly some time involved in gathering the documentation and showing the appraiser around your property. In the end, you might spend more on the appraisal fee than the reduction in premium is worth. Also, make sure your insurance carrier will accept the appraisal before you move forward.

The cost of insurance is a critical element in your expense budget. Work with an agent who can guide you through the process and place your insurance with a carrier that specializes in self-storage.

Randy Tipton is the owner of Universal Insurance Facilities Ltd., which has provided specialized insurance coverage to the self-storage industry for more than 12 years. Universal has clients in 49 states, with a commitment to providing A-plus service; fast, fair claims handling at an affordable premium; and agents trained specifically in self-storage. For more information, call 800.844.2101; e-mail [email protected]; visit www.universalinsuranceltd.com .

Storage Express in Sellersburg, Ind., recently completed a self-storage expansion that doubled the size of the facility. The expansion completes phase two of the facilitys existing 25,000-square-foot property that opened in 2009.

Along with the latest tenant security and access-control features, this fully-automated property now offers twice as much space, including more temperature-controlled units. The facility is located about 15 minutes north of the Louisville, Ky., metro area along I-65.   

Storage Express owns and operates 72 self-storage properties in secondary markets across Indiana, Illinois, Kentucky, Tennessee and Ohio.