This entry treats self-storage at capital scale: deploying significant capital into storage facility development, acquisition, and portfolio aggregation, often through funds or large operating platforms, to earn returns from the storage income and the increased value of the portfolio.
Log in to followWent through a portfolio memo last week that priced 14 facilities at a blended cap and then, on page 31, asserted a 75 basis point compression on exit "reflecting portfolio scale.…
I've spent the last four months writing capex scopes across a group of storage facilities for an owner who is aggregating toward twenty and is now at the decision everyone told hi…
I've now sat through three storage pitches this year and every one of them used the same word. Defensive. Demand comes from life events, people move, people divorce, people die, p…
I've been reading two fund decks side by side and they describe the same asset class in ways that barely overlap. One says the money comes from the rent. Facilities collect monthl…
Two things I've read a lot of and can't square. First, storage is defensive. Demand comes from life events, people die, divorce, downsize, get a new job. Those things happen in go…
I got decks from two storage sponsors within a week of each other and they're aiming at the same defensive story from opposite ends. The first one develops. They buy dirt in marke…