Section 2 • Industry Ownership


Public Storage Life Storage Inc


   $1.61


$1.34


CubeSmart $0.41 Extra Space


National Storage Affiliates


$1.09 $0.32


Source: PSA, LSI, Cube, EXR & NSA Investor Relations


Public Storage Life Storage Inc


  $2.00


$1.00


CubeSmart $0.27 Extra Space


National Storage Affiliates


$0.78 $0.26


Source: PSA, LSI, Cube, EXR & NSA Investor Relations


In terms of acquisitions, Public Storage acquired seven self-storage fa- cilities during Q3 of 2017 for a total of approximately $47.3 million. This included two properties in Florida, two in South Carolina, one in Kentucky, one in North Carolina, and one in Ohio. In total they comprise 400,000 net rentable square feet of storage. Public Storage has also completed the de- velopment of nine new facilities and various expansion projects that added 1.4 million net rentable square feet to its portfolio.


While Public Storage, Life Storage, and National Storage Affiliates show a 3Q 2017


increase over same-store revenue per store for the same quarter in 2016, both CubeSmart and Extra Space showed moderate declines.


As seen in Table 2.4 and Chart 2.4 on page 35, Public Storage maintained


occupancy rates between 93.1 percent and 94.5 percent during the first three quarters of 2017. During 2Q of 2017, Public Storage, Extra Space, and CubeSmart all maintained occupancy above 94 percent, while Life Storage and National Storage Affiliates held occupancy at 92.8 and 90.5 respectively.


As seen in Table 2.5,


Public Storage reported the highest adjusted funds from operations per di- luted share for Q3 2017 at $1.61. While Life Storage and Extra Space reported $1.34 and $1.09 respective- ly, CubeSmart’s adjusted funds from operations per diluted share was reported at $0.41; National Storage Affiliates’ was at


$0.32.


Table 2.6 and Chart 2.6 reflect the dividends per share for the five REITs.


Same Store Rental Rev-


enue is reported in Table 2.7 and Chart 2.7, in which 3Q 2017 numbers are com- pared to 3Q 2016. While Public Storage, Life Stor- age, and National Storage Affiliates show a 3Q 2017 increase over same-store revenue per store for the same quarter in 2016, both CubeSmart and Extra Space showed moderate declines.


36 Self-Storage Almanac 2018


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