Industry Ownership • Section 2 W


hile self-storage ownership is still very fragment- ed, for the purposes of the Almanac we have divided it into three basic categories:


1. Real Estate Investment Trusts (REITs) 2. Top 100 operators as reported by Mini-Storage Messenger (minus the REITs)


3. Owners of the remaining facilities oftentimes referred to as the mom-and-pop or small operators


The Public Companies As seen in Chart 2.1, the six public companies still hold an 18 percent share of the market when counted by the number of facilities in their portfolio (7,780). The remain- ing operators within the top 100 own 3,684 facilities or eight percent of the market share. The residual market share—74 percent or 32,685 facilities—is held by the smaller operators.


As seen in Table 2.1, there are six public companies


in the self-storage industry: five REITs and Phoenix, Ariz.- based U-Haul International, which is not a REIT but is


The best performance came from NSA with an impressive 22.03 percent increase, followed by Extra Space with an increase of 10.58 percent, and an 8.49


percent increase by CubeSmart. While Life Storage (formerly Sovran Self Storage) showed a 5.49 percent increase,


Public Storage saw the only decrease at -5.12 percent.


 Public Storage


Extra Space Storage


  2,578


1,470


CubeSmart 919 U-Haul International * Life Storage, Inc.


National Storage Affiliates Trust * U-Haul is a publically traded company but is not a REIT


1,482 702 629


# Information not available


111,112,483 62,300,000 53,044,380 49,355,000 39,700,000


 168,000,000


 #


1,001,221 601,000 604,317 444,910 313,900


Source: Mini-Storage Messenger 2017 Top Operators 2018 Self-Storage Almanac 33


publicly traded under the name of its parent company, AMERCO. Companies in this table are ranked according to rentable square footage (2017 Mini-Storage Messenger Top Operators List).


In addition to rentable square footage, Table 2.1 depicts the


number of facilities owned by each company as well as the total number of units, with the exception of Public Storage, which does not report its number of units.


Table 2.2 and Chart 2.2 on page 34 depict the market share of the public companies both by number of facilities and rent- able square footage. Again, if we look at these numbers by total number of facilities, U-Haul moves up a notch while Extra Space moves down by one. This is more clearly seen in Chart 2.2.


Table 2.3 on page 34 indicates the Market Index as reported


by the NKF Capital Markets 3Q 2017 Self-Storage REIT Report. The REIT sector showed a 1.9 percent year-to-date increase. The best performance came from NSA with an impressive 22.03 percent in- crease, followed by Extra Space with an increase of 10.58 percent, and an 8.49 percent increase by CubeSmart. While Life Storage (formerly Sovran Self Storage) showed a 5.49 percent increase, Public Storage saw the only decrease at -5.12 percent.


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