CHICAGO—The nation's largest self-storage REITs maintained revenue growth in the first quarter, although that rate is somewhat slower than their outsized growth over the past few years, according to a new report from MJ Partners, a Chicago-based self-storage firm.
The five companies generated same-store year-over-year revenue growth ranging from 3.2% to 6.6%, But last year at this time, the big REITs were at a peak, with growth ranging from 6.5% to 9.1%.
“It's been a steady march downward,” Marc Boorstein, principal of MJ Partners, tells GlobeSt.com. But many companies would love to have the revenue growth of self-storage. “It's a reversion to the historical average, it's not by any means a decline.”
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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.
