CANADIAN NEWS
years to complete, from land purchase to grand opening,” he says. “Repurposing existing assets, such as land or buildings, can be an efficient way to ensure a predictable return on investment. During the last 10 years, we’ve consistently converted traditional self-storage to climate control, in-filled large sections of bulk building space, and built additional structures at existing locations.” Another potential benefit: Oftentimes converted buildings are grandfathered into a number of permissible uses. This can eliminate some planning and permitting hassles.
StorageMart Offers Management Service StorageMart recently announced its newest service, truS- TORAGE, a robust third-party self-storage management service. It is positioned to take the “heavy lifting” off owners and investors while putting the self-storage asset to work. What differentiates truSTORAGE from other third- party management services is StorageMart’s patented revenue management program that ranks every unit on the owner’s property. StorageMart’s program also allows for algorithm-based discounts, competitor price scraping, and real-time reporting, as well as added training, marketing, and operational support.
CSSA Releases Theft Whitepaper The Canadian Self Storage Association (CSSA) has released a whitepaper that focuses on theft and break-ins within the industry. The CSSA Whitepaper assists operators in managing the impact from these criminal activities by providing a detailed look into thefts in self-storage as well as step-by- step guides to implement. The whitepaper is intended to help facility owners and operators enhance their on-site security and take a proactive approach to security. The “Theft & Break-ins” whitepaper, which is authored by David Allan of Apple Self Storage and Robert Madsen of U-Lock Mini Storage, can be accessed at
www.cssa.ca.
SmartStop Recognized As Top Performer SmartStop Self Storage REIT, Inc. was recently recognized as the top one-year, three-year, and five-year annualized total return performer among Lifecycle REITs in the summer 2022 issue of THE IPA/STANGER MONITOR™. SmartStop’s Class-A share achieved a one-year total return of approximately 51.3 percent, a three-year annualized total return of approximately 18.3 percent, and a five-year annualized total return of approximately 14.1 percent.
Storwell Offers Bursary For Foster Children In response to the growing number of foster children and youth in care who struggle to afford post-secondary stud- ies, Storwell Self Storage has developed the Storwell Foster Children Bursary Program. According to the Children’s Aid Foundation of Canada, right now there are approximately 63,000 Canadian children living in permanent care with
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foster families, extended family, or in group homes. And for every 1,000 youths in Canadian foster care, only eight go on to graduate with a post-secondary education, which is likely due to the financial burden that comes along with post- secondary education. Therefore, Storwell is offering an annual bursary of $2,000 to help foster children attend post-secondary schools. For more information, visit www.
storwell.com/bursary-application.
Surge In Development Leads To Bans In Metro Vancouver, where six multistory self-storage facili- ties have opened in the past 18 months and eight others are under development, the influx in development fueled capital demand has led to a ban on new buildings in the city. In April, Vancouver’s city council voted to prohibit self-storage development near public transit. In addition, any new project on urban land must incorporate “mixed-use” on the ground floor to create space and opportunity for other types of business. “Regulating Self-Storage Uses in Industrial Districts,” A City of Vancouver report, states that developers from other industries were no longer able to compete against self-storage businesses for land and that the new measures aim to accommodate more labor-intensive ventures.
Apple Self Storage Acquires Site In July, Apple Self Storage expanded its portfolio by acquir- ing a property in Sudbury, Ont. The facility, located on Falconbridge Road, was previously known as New Sudbury Self Storage. It offers a variety of drive-up units and more than 30 acres of parking for RVs, boats, and vehicles. Apple Self Storage is in the process of building indoor heated self-storage units at the facility.
Shorty’s Creates Inukshuk Statue Dennis Gieck, owner of Shorty’s Storage in Calgary, Alta., recently created a seven-foot-tall, 1,600-lb., stacked-stone in- ukshuk statue at his self-storage facility as a welcoming landmark for his tenants. Used by Inuits of the Arctic regions, these figures signify safety, hope, and friend- ship when shaped in human form. Gieck, along with his grandson and nephew, gathered, placed, shaped, and reinforced the stones
before placing the sculpture near the facility’s main entrance. “We’re still coming up with a name for our inukshuk,” says Gieck. “It’s definitely too tall to be called ‘Shorty’ at seven feet high! I considered building a mini-me version to put beside the big one, then we could call him by that name; but right now it’s still just an idea.”
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