CHICAGO—The nation's largest self-storage REITs saw impressive revenue growth in the third quarter, although the rate of that growth has slowed down from levels seen over the past year, according to a new report from MJ Partners, a Chicago-based self-storage firm.
The five companies generated same-store revenue growth ranging from 4.5% to 7.2%. This is down from last quarter's growth of 5.7% to 8.5% year-over-year. Net operating Income also increased at a good clip, and ranged from 4.7% to 9.5%. But last quarter, NOI growth ranged from 6.6% to 11%.
The sector has seen a tremendous amount of consolidation in the past few years, and that trend shows no sign of abating. Sovran Self Storage completed its acquisition of LifeStorage LP for about $1.3 billion in the third quarter and changed its brand name to LifeStorage. The transaction included 83 wholly-owned properties and four third-party managed locations.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
