Industry Ownership • Section 2 The COVID-19 global health crisis and related economic
disruption had an adverse effect on the company’s year- to-date financial results in 2020. However, Life Storage experienced several positive trends in the third quarter and into October. This includes same store move-ins (11 per- cent higher), with same store move-outs 7.7 percent lower in the 3Q 2020 than the same period in 2019. This resulted in weighted average quarterly occupancy of 93 percent compared to 90.7 percent in the third quarter of 2019. Same store occupancy was 93.2 percent as of Sept. 30, 2020 and Oct. 31, 2020. Cash collection rates have returned to pre-COVID-19 levels.
While Phoenix, Ariz.-based U-Haul International is a public company traded under the name of its
parent company, AMERCO, it is not a REIT. U-Haul owns 1,778
self-storage facilities encompassing more than 69 million rentable square feet of storage space and 797,239 units.
National Storage Affiliates (NSA) is the sixth largest opera-
tor in the self-storage industry with 948 facilities—up from 460 facilities in 2016. These facilities encompass 60.8 million rentable square feet and 486,700 units.
During the company’s 3Q earnings call, Tamara Fischer,
president and CEO, commented, “The team did a great job pulling together to execute our COVID management plan, delivering year-over-year growth in Core FFO per share of 10 percent for the quarter. Our strong results, highlighted by positive growth in same store NOI and increased occupancy of 260 bps year-over-year at the end of the quarter, allowed us to increase our quarterly dividend by $0.01 per share, or 6.3 percent on an annualized basis. Because of the resilience demonstrated by the self-storage sector, we are reinstating guidance for the remainder of 2020, and now believe that we will end the year with Core FFO per share of $1.66 to $1.68, with the midpoint being up 8.4 percent above 2019. We have also been pleased to see increased opportunities ahead for growth via acquisitions, so we opportunistically accessed the capital markets by executing a forward equity transaction which provides us the flexibility to continue to execute on our growth strategy as we close out 2020 and look forward to 2021.”
Highlights of NSA’s 3Q results include a reported net in-
come of $21.4 million, an increase of 29.7 percent compared to the third quarter of 2019. Reported diluted earnings per share of $0.15 for the third quarter of 2020. Reported core funds from operations (“Core FFO”) of $44.0 million, or $0.44 per share for the third quarter of 2020, an increase of 10 percent per share compared to the third quarter of 2019. NSA also reported an increase in same store net operating income (NOI) of 0.2 percent for the third quarter of 2020 compared to the same period in 2019, driven by a 0.4 percent decrease in same store property operating expenses while same store total revenues were unchanged. NSA also report- ed same store period-end occupancy of 91.9 percent as of Sept. 30, 2020, an increase of 260 basis points compared to Sept. 30, 2019.
Founded in 2013, NSA is a different kind of REIT, one
where Participating Regional Operators (PROs) continue to manage their self-storage properties after they join NSA, un- like traditional REITs. This gives PROs better access to capital growth, sophisticated tools, and resources, such as call cen- ters and data collection, and allows them to operate at the economies of scale otherwise unavailable to them as a stand- alone operator.
While Phoenix, Ariz.-based U-Haul International is a pub-
lic company traded under the name of its parent company, AMERCO, it is not a REIT. U-Haul owns 1,778 self-storage facili- ties encompassing more than 69 million rentable square feet of storage space and 797,239 units.
During the company’s 3Q earnings call, Joe Shoen, chair- man of AMERCO stated, “We drastically cut rental equipment additions in March as OEM plants closed and we prepared for the worst. Likewise, we cut real estate acquisition and devel- opment investment. It will take about two years to normalize rental equipment investment, probably longer on real estate investment. In both self-storage and self-move, we are in very competitive markets. This remains a close game. We are committed to winning. Over the last seven months, we have simply outworked our peer group. No one knows what next year will bring.”
For the six-month period ended Sept. 30, 2020, net earn-
ings available to shareholders were $354.1 million, or $18.06 per share, compared with net earnings of $288.7 million, or $14.73 per share, for the same period last year. Net earnings available to shareholders for its second quarter ending Sept. 30, 2020, were $266.4 million, or $13.58 per share, compared with net earnings of $156.3 million, or $7.97 per share, for the same period last year.
The 2020 Top Operators The Mini-Storage Messenger’s 2020 Top Operators, com- piled solely from information submitted in the annual Top
2021 Self-Storage Almanac 27
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126 |
Page 127 |
Page 128 |
Page 129 |
Page 130 |
Page 131 |
Page 132 |
Page 133 |
Page 134 |
Page 135 |
Page 136 |
Page 137 |
Page 138 |
Page 139 |
Page 140 |
Page 141 |
Page 142 |
Page 143 |
Page 144 |
Page 145 |
Page 146 |
Page 147 |
Page 148 |
Page 149 |
Page 150 |
Page 151 |
Page 152
