Industry Ownership • Section 2 In


terms of ownership, the self-storage industry is still very fragmented. For the purposes of the 2021 Alma- nac, 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 As seen in Table 2.1, the public companies hold 31.2


percent of the industry ownership by rentable square footage. This is an increase of 3.6 percent over the 27.6 percent reported in the 2020 Almanac. The remaining 94 companies in the 2020 Mini-Storage Messenger Top Operators list hold a 16.5 percent market share, a de- crease of 2.9 percent from 19.4 percent in 2020. The rest of the industry holds 52.3 percent of the facilities in the United States by rentable square footage. This represents a decrease from the approximately 53 per- cent reported in 2020.


The public companies hold 31.2 percent of the industry


ownership by rentable square footage. This is an increase of


3.6 percent over the 27.6 percent reported in the 2020 Almanac.


The Public Companies As seen in Table 2.2, 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 publicly traded under the name of its parent com- pany, AMERCO. Companies in this table are ranked according to rentable square footage (2020 Mini- Storage Messenger Top Operators List).


 Public Storage


Extra Space Storage


  2,844


 184,000,000


1,878


CubeSmart 1,261 U-Haul International * Life Storage


National Storage Affiliates Trust 


* U-Haul is a publically traded company but is not a REIT


1,778 905 948





145,388,852 85,937,599 69,098,340 65,818,751 60,800,000 





 


 Public Companies


Other Top Operators (minus REITs) Rest of the Industry Source: MiniCo Publishing


31.2% 27.6% 16.5% 19.4% 52.3% 53.0%


The six public companies own a total of 9,614 facilities in


the self-storage industry; this is up from 8,999 facilities re- ported last year. In addition to rentable square footage, Table 2.2 also depicts number of facilities owned by each company as well as the total number of units. As we can see in this table, U-Haul would be ranked third by number of facilities, bumping Extra Space down to third place. In addition, when calculated by number of facilities, National Storage Trust is ranked fifth, with Life Storage ranking sixth. Charts 2.1 and 2.2 on page 22 depict this ownership by percentage.


 1,865,000


1,349,956 839,962 797,239 603,237 486,700


 Source: MiniCo Publishing 2021 Self-Storage Almanac 21


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