Industry Ownership • Section 2 Table 2.11 and Chart 2.10 depict those same top 10 owned


companies but by rentable square footage instead of the number of facilities. While their market share percentage has shifted, the ranking of these facilities remains the same.


Those companies that only manage facilities owned by


others are depicted in Table 2.12 and Chart 2.11 by number of facilities, with Table 2.13 and Chart 2.12 indicating the rankings by rentable square footage. This year only eight companies on the top 100 list did strictly third-party management.


In summary, no matter how you break down the ownership


lists for the self-storage industry, 74 percent of the facilities are still


owned by those smaller operators who are not included in the top operators list.


Storage Asset Management ranks at the top of the list


both by number of facilities (92) and rentable square footage (5,440,578). The same holds true for the other seven com- panies on the list in that they ranked the same by rentable square footage. Argus Professional Storage Management hold the second position with 82 facilities and 4,369,109 rentable square feet of storage. Ranking third is StoragePRO Management Company, followed by Storage Investment Management, Inc. (SIMI), Cox’s Armored Mini Storage Management, Right Move Storage, Donald Jones Consulting & Service, and Joshua Management.


Putting It Into Perspective In summary, no matter how you break down the ownership lists for the self-storage industry, 74 per- cent of the facilities are still owned by those smaller operators who are not included in the top operators list. And, while the public companies hold an 18 per- cent market share, the remaining 94 operators only make up eight percent of the market.


This is true despite the general belief that, as


self-storage evolves into a larger, more sophisti- cated model, industry consolidation is inevitable as larger players continue to absorb the facilities of smaller owners. The opposing view to this theory is that the industry is so fragmented with one- and two-store operators that storage consolidation may


2018 Self-Storage Almanac 43 


  1


Storage Asset Management, Inc.


2 Argus Professional Storage Management 3 4


StoragePRO Management Company Storage Investment Management, Inc.


not resemble that of other industries, such as hospitality. Plus, single-store entrepreneurs may be building facilities faster than large operators can acquire them—or build them.


Moreover, many smaller operators refuse to surrender to


big players; they have found ways to remain viable amid all the consolidation conversation. There are pockets within the U.S. where competing against REITs is more difficult if you’re not proactively finding ways to compete with them, but it doesn’t mean they’re unbeatable.





 





 92


82 72 31


5 Cox’s Armored Mini Storage Management, Inc. 17 6 Right Move Storage, LLC


7 Donald Jones Consulting & Service 8 Joshua Management


*These companies do not own any facilities Source: MiniCo Publishing


20 16 5


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