Unfortunately, the stock has lagged behind some of its peers in recent years. Beyond that point, REITs look like most other businesses, making strategic moves as necessary to capitalize on favorable trends while selling or discontinuing the operation of less successful properties. Public Storage is an American international self storage company headquartered in Glendale, California, that is run as a real estate investment trust (REIT). It also owns 42 percent of an office … Smart acquisitions of those local, mom-and-pop storage facilities have added up to a nationwide presence for the REIT, making it harder for other local owners to compete, and thereby clearing the field for further dominance in key markets. For dividend investors, that's been a good philosophy so far. This figure shows you how REITs compare in terms of the amount of income they're able to generate from their holdings, as well as giving an indication about whether a particular REIT's shares carry a higher valuation than others. Public Storage, a member of the S&P 500 and FT Global 500, is a fully integrated, self-administered, and self-managed REIT that primarily acquires, develops, owns, … Instead, all of the tax attributes of the income and expenses the REIT receives and incurs get passed through to the individual shareholders of the REIT. It's this second requirement that divides REITs into two large categories: equity REITs, which hold real estate directly and collect rental income from tenants; and mortgage REITs, which invest in mortgage-backed securities related to financing for real-estate investments by others. Put Real Estate’s “Unfair Advantages” to Work for Your Portfolio. Expansion took it first along the East and Gulf Coasts, and then into the Midwest before making it to the West Coast in 2016 with the acquisition that gave the self-storage REIT its current name. Finally, there's still room for growth. Returns as of 01/25/2021. With 151 million square feet of rentable space, Public Storage has roughly twice the footprint of ExtraSpace, four times the footprint of CubeSmart and six times the footprint of Sovran Self Storage. By contrast, self-storage facilities can be as simple as inexpensive prefabricated metal buildings on open land on the outskirts of an urban or suburban area. Storage space is more of a commodity item, though, and that makes it vital for successful self-storage facilities to have occupancy rates that are as high as possible. Self Storage Real Estate Investment Trusts (REITs) can focus on the ownership, acquisition, development, redevelopment, and operation of self-storage facilities. The company notes that its size and geographic diversity protect it from the risk associated with specific local or regional economies. You can unsubscribe at any time. Its current quarterly payout of $0.30 per share is 12 times the $0.025 per share it paid as recently as late 2010. If too many players move into a given market, the result will be reduced occupancy rates that threaten profitability. It's similar to net income for regular companies, but it excludes the extensive depreciation that real-estate investment trusts typically have because of their large portfolios of real-estate holdings. But with the branding change, Life Storage has been able to add third-party management as a more significant part of its overall business. Real-estate investment trusts are specifically structured businesses that hold interests in real estate. The smallest REIT on the list is National Storage Affiliates. Self-storage facilities have become a popular niche for real-estate investors, and self-storage REITs have naturally followed. In addition, the fact that REITs don't have to pay corporate-level tax enables them to pay dividend yields that are often above what a typical corporation would pay. Even when you ignore the impact of dividends, the REIT's share price has jumped more than 500% over the past decade. The Thesis. For income investors, Public Storage has been a reliable dividend-payer. © 2018 - 2021 The Motley Fool, LLC. To get started, we’ve assembled a comprehensive guide that outlines everything you need to know about investing in real estate - and have made it available for FREE today. But because the profits that fund the dividend distribution from the REIT haven't been subject to tax, the REIT is able to pay a larger amount of income to its shareholders than it would ordinarily be able to pay if it were a regular corporation. This puts the company at No. We do receive compensation from some affiliate partners whose offers appear here. Public Storage is by far the largest player in the self-storage REIT space. Bring in new people. Investors like the real-estate investment trust structure because it ensures they'll be able to receive the lion's share of any income the REIT generates. For many of them, renting a unit at a self-storage facility can be an easy solution, providing much-needed space into which they can pack up the objects they don't want to part with, but don't have space for elsewhere. REIT status is also reserved for larger pools of investors. To be a REIT, a company must invest at least 75% of its total assets in real estate of various types. What's left is profit for the REIT. Storage facilities are popping up all over, creating stiff competition thanks to the growing need for storage space and the low barrier to entry. Later in this article, we'll reveal five of the top pure-play self-storage REITs available to investors. There are more than 2,200 Public Storage self-storage locations in the US, Canada and Europe. Life Storage, headquartered in Buffalo, New York, was formerly known as Uncle Bob’s. This is the largest self-storage company and it acquires, develops, owns, and operates self-storage facilities. These self-storage assets can include Climate Controlled storage, Business Storage, Drive Up Storage, 24-hour storages, Outside Storage, Indoor Storage, Mobile Storage, Vehicle Storage Units, and Portable Container Storage. Also, turnover at self-storage facilities isn't as high as you might expect. Public Storage is a California-based REIT and member of the S&P 500. It also has third-party management responsibility over nearly 500 additional locations, providing another 32.5 million square feet to its overall portfolio. Take the first step towards building real wealth by signing up for our comprehensive guide to real estate investing. It's important to understand that self-storage REITs aren't a perfect investment. Self storage real estate investment trusts (REITs) have been excellent investments over the long term. Extra Space Storage is the largest self-storage management company and the second-largest owner/operator of self-storage properties in the United States. Same-store revenue and net operating income were both higher by 2.5%, and Life Storage sports an occupancy rate of about 91%. Public Storage currently has a consensus rating of "hold," but if demand for self-storage REITs continues to climb, it may be well-suited for a buy-and-hold strategy for the long term. That tends to remain true regardless of whether the overall economy is strong or weak. Public Storage: Self-Storage REIT With A Green Future Background to PSA. It also owns 42 percent of an office parks … For self-storage facilities in particular, occupancy rates are extremely important. And with a set of unfair advantages that are completely unheard of with other investments, it’s no surprise why. That gives investors a chance to tailor their exposure to match up with the risks they're willing to take and the opportunities they see in the self-storage space. But those barriers have come crashing down - and now it’s possible to build REAL wealth through real estate at a fraction of what it used to cost, meaning the unfair advantages are now available to individuals like you. Public Storage is an American international self storage company headquartered in Glendale, California, that is run as a real estate investment trust. To qualify as a REIT, a company must be organized as a corporation and must have at least 100 shareholders. Market data as of 10/3/2019. In an environment in which mall occupancies are declining and technological changes like telecommuting could pose long-term threats to the office and mall REIT spaces, inertia serves self-storage REITs quite well. By both owning and operating facilities, Extra Space makes maximum use of its expertise and broadens its options beyond solely company-owned storage facilities. Because of the regular, dependable income storage-unit rentals provide, self-storage REITs can be a lucrative way for shareholders to benefit both from solid dividend yields and from the growth potential involved in developing new storage facilities. Any remaining after-tax profit is available to the business, either to reinvest in more property, or to return to shareholders through dividends. Investors should expect newly built facilities to take time to ramp up to full capacity, but persistent high vacancy rates can indicate poor decision-making in picking a location for the self-storage facility. With ordinary real-estate businesses, there's no obligation for the company to make any dividend distribution to investors, forcing shareholders to sell stock if they need cash from their investment. Elliott Management claims that Public Storage has “significantly underperformed” its self-storage REIT peers over the last decade, despite numerous structural advantages, including the highest brand awareness, the best (and most) locations, first-mover … Further expansion is in the cards for Extra Space. Not every company that works with real estate is allowed to set itself up as a real-estate investment trust. Certain other metrics can be helpful for REIT investors to consider, although they aren't quite as important in the self-storage context. Self Storage REITs Weather Difficult Quarter, See Quick Rebound By Laura Williams-Tracy, SSA Magazine It was a quarter fraught with uncertainty, new cleaning and rental protocols, and far fewer new faces at the customer service counter. Because of the 90% net income payout requirement for REITs, shareholders can feel confident that they'll get valuable dividends as long as the REIT remains profitable. Sign up for Real Estate Winners to create a wealth-building strategy today. Extra Space has done a good job of treating dividend investors well, paying a current yield of 3.5% and having grown its quarterly payouts by more than eightfold since 2010. That's been a winning strategy for the REIT thus far, and it looks poised to continue to succeed going forward. With these five selections, you can choose from a well-diversified set of self-storage REITs that can help you round out your income-producing portfolio. Data source: Yahoo! Size gives Public Storage the advantage of stability. The debt-to-equity ratio gives an indication of how much leverage a REIT takes on by comparing outstanding debt to the shareholder equity measured on the company balance sheet. Historically, the self-storage business was highly fragmented, with local owners typically having, at most, a few locations concentrated within a close distance. Its recent report noted that, although self-storage capitalization rates have compressed in recent years, softening interest rates have widened margins and initial returns can also exceed those of other property types. Buying a Home in These 7 States Gives You the Most Bang for Your Buck, www.cafemedia.com/publisher-advertising-privacy-policy, Extensively researched articles in the areas of Real Estate Taxes, REITs, CREs, Regulation A and In 2008, it was the largest of four publicly traded storage REITs. I'm referring to the two best self-storage REITs to … Extra Space Storage is a smaller company than Public Storage, but it's been aggressive in its efforts to expand. CubeSmart owns or manages more than 1,000 self-storage facilities throughout the United States. Dan Caplinger has been a contract writer for the Motley Fool since 2006. There are several reasons self-storage has advantages that many other REITs can't match. Market data powered by FactSet and Web Financial Group. In its most recent quarter, the REIT posted a nearly 5% rise in core funds from operations, with a better than 2% rise in same-store revenue among more than 2,000 facilities. REITS often make further adjustments to FFO to reflect what income came from regular operations and what came from one-time sales of properties. Public Storage has more than 2,500 locations across the U.S. in 38 states and facilities in western Europe. However, investors in non-REIT real-estate businesses end up essentially having their profits taxed twice: once at the corporate level, and once when they pay any taxes due on the dividend income they receive. Although demand has been climbing, only about 10% of U.S. households rent self-storage space, according to industry estimates. Millions of people across America have so many things that they need to find places outside of their homes to keep all their stuff. “The Big 4 self-storage REITs have recently pulled-back, and are once again worth consideration. Finally, REIT investors look for income, so it's helpful to know their dividend yield, or the total annual distributions divided by share price. Even with the share price having climbed substantially, the current $2 per share quarterly payout still works out to a solid 3.7%. Public Storage is a California-based REIT and member of the S&P 500. The company’s CEO recently said the acquisitions market for self-storage assets is very frothy and that 84% of the company’s acquisitions in 2018 were done through off-market transactions. It also must get at least 75% of its gross income either in the form of rental income from real property or from mortgage interest or real-estate sales. Our commitment to you is complete honesty: we will never allow affiliate partner relationships to influence our opinion of offers that appear on this site. The potential for further share-price growth plus dividend income is a big draw for REIT investors, and self-storage has a lot of promise. Real Estate 101. Interestingly, the REIT was originally opened as a financial planning firm, but it opened a Florida self-storage location shortly thereafter, in 1985, and then grew very quickly. 12/17/20 – Fund manager Elliott Management Corp., which has invested in self-storage real estate investment trust (REIT) Public Storage through two different entities, has publicly pressured the REIT to change its operational strategies and board of trustees. The REIT's most recent boost came just last month, with a 10% increase bringing the payout to $0.86 per share on a quarterly basis. Nareit® is the worldwide representative voice for REITs and publicly traded real estate companies with an interest in U.S. real estate and capital markets. Yields in the 3% to 5% range are quite common for real-estate investment trusts, and some REITs pay even higher dividends. The largest self-storage REITs saw average rates increase about 12 percent in October, too, according to Green Street. In particular, there are some specific metrics that apply to REITs that aren't relevant in most other industries, and they play a vital role in judging the relative success of different players in the industry. Since 2013, the company has boosted its quarterly payout seven times, going from $0.45 to $1 per share. Finance. Stock Advisor launched in February of 2002. It is the largest brand of self-storage services in the US. REITList is a list of Publicly Traded and Public, Non-Listed Real Estate Investment Trusts tracked on REITNotes™. Public Storage is by far the largest player in the self-storage REIT space. For those who prefer smaller players in an industry with plenty of room for growth, National Storage Affiliates has a lot of runway left to compete with its bigger rivals. This Site is affiliated with CMI Marketing, Inc., d/b/a CafeMedia (“CafeMedia”) for the purposes of placing advertising on the Site, and CafeMedia will collect and use certain data for advertising purposes. Strong demand from renter households and businesses has kept rents and occupancy generally flat in the face of ample supply. [Updated: Jul 27, 2020] Oct 04, 2019 And nearly 20% of all self-storage properties fall under the ownership of the largest American self-storage REITs. Access to timely real estate stock ideas and Top Ten recommendations. It is the largest brand of self-storage services in the US. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Since 2016, this … It's easy for a homeowner to rent out a storage unit and never even think about it, keeping their stuff there and making monthly payments for years on end. As the Fool's Director of Investment Planning, Dan oversees much of the personal-finance and investment-planning content published daily on Fool.com. With some types of REITs, having substantial portions of space vacant is simply part of the business cycle, and it's worth holding a property empty if it can lead to finding a high-quality tenant that will make a long-term commitment. The REIT also offers ancillary related services, such as logistics support for receiving packages or retrieving items from storage, moving services like truck rentals and professional movers, organizational supplies, customized storage, and even office amenities like workstations with Wi-Fi. The majority of REITs -- including all self-storage REITs -- own real estate directly, either purchasing or constructing appropriate buildings on their land. Comprehensive real estate investing service including CRE. When new REITs initially form, they typically obtain capital from investors and seek to build up a portfolio of real-estate properties that fits with the intended purpose for that particular real-estate investment trust, through a combination of acquiring existing properties and constructing new ones. They then bear the brunt of paying any necessary tax. With a background as an estate-planning attorney and independent financial consultant, Dan's articles are based on more than 20 years of experience from all angles of the financial world. https://finance.yahoo.com/news/3-self-storage-reits-consider-162124344.html For the real-estate businesses that want to elect REIT status, the payoff is that REITs are allowed to avoid taxation at the corporate level. CubeSmart aims to make itself the one-stop storage option for all sorts of customers. In contrast, the five public self-storage REITs owned around 10% of the self-storage industry’s facilities. They do have risks associated with them, and it's important to assess those risks carefully before investing. In the first quarter of 2018, net income jumped by more than 60%, and funds from operations were up modestly from year-ago levels. But when the basement, garage, or shed just won’t cut it, people turn to storage units -- and they do it often. Since its start in 1977, Extra Space has acquired a portfolio of more than 1,400 stores in 38 states, with only a wide swath of the Northern Plains and Mountain West standing out as an obvious gap in its geographical coverage. At the end of September 2019, storage REITs had a combined total market capitalization of over $75 billion with a dividend yield of 3.32%. The rent these tenants pay then comes back to the REIT, which meets the expenses of operating its business and managing the properties. They also own and operate more than 1,400 stores. Compensation may impact where offers appear on our site but our editorial opinions are in no way affected by compensation. Finally, changes in overall economic conditions in a particular location can dramatically affect the supply and demand dynamics for storage facilities. For dividend investors, CubeSmart's 4.2% yield is fairly high, even in the storage space. There are more than 2,200 Public Storage self-storage locations in the US, Canada and Europe. That's less of an issue with broadly diversified national self-storage REITs, but smaller companies that have greater concentrations in particular areas can take bigger hits. Rental rates and revenue per available square foot have showed consistent gains, and occupancy rates well above 90% show the high levels of demand for storage space right now. Patel says Public Storage is one of the most attractive storage REITs owing to its 3.7% dividend yield and long-term growth potential. The CEO recently said that he views 2019 as a "peak year" for new deliveries and expects storage facility construction to slow some in 2020. REITs that meet the requirements above don't have to pay taxes on their income. If a company doesn't pay out at least 90% of its taxable income as shareholder dividends each year, then it can't be a REIT. 12/11/20 – Public Storage Inc., a self-storage real estate investment trust (REIT) and third-party management firm, has agreed to acquire the Beyond Self Storage portfolio for $528 million. Acquisition activity among the national self storage REITs increased significantly during the third quarter of 2020, and third-party management … Public Storage owes its success to its early vision. The historical background to PSA is fascinating, the company is responsible for establishing the... Catalyst. After having been off the radar for many investors who saw these facilities as low-rent, low-quality real-estate holdings, self-storage has shown how lucrative it can be, and that's invited more competition. Net asset value measures the total current market value of real-estate holdings in the REIT's portfolio, reduced by any outstanding debt. CubeSmart owns 485 stores with 33.8 million rentable square feet, with an occupancy rate of about 90% as of the first quarter of 2018. Think about it: Residential and office buildings have to be built to strict codes to ensure the safety of residents and occupants, and malls and other retail operations have to be attractive enough to draw in shoppers and support the businesses who rent space there. The pace of Life Storage's historical dividend growth hasn't been quite as impressive as those of some of its peers, but it's still a notable increase. Since rebranding in 2016, the company has expanded geographically and added more buildings on the West Coast. Recent results for Life Storage have been encouraging. Occupancy was a bit low, at 87%, but that arguably reflects the pace at which the self-storage specialist has worked to build up its portfolio of properties. The outlook for the sector remains strong as consumers continue to need storage space. The biggest risk among self-storage REITs right now is the threat of over-expansion. Many of these storage solutions come at relatively low cost, with affordable rental rates that make it easy for users to hold onto their self-storage units indefinitely. No five individuals can own more than 50% of any REIT's shares, and like most corporations, REIT management must be conducted by a board of directors or trustees. Yet Extra Space has also rewarded its shareholders with growth. In a press release issued on Monday, the company said it had made “substantial” investments into the storage operator and criticized its … Finally, REITs are required to pay out most of their income to their shareholders. Early in its history, Public Storage saw the potential network effects that could come from pulling together self-storage facilities in different cities under one corporate umbrella, building a brand that those who needed storage space could rely on wherever they lived. That followed an 8 percent rise in September. Fundamentally, National Storage is working hard to grow. First, self-storage facilities require just about the least amount of capital expenditure in order to build and maintain. They're typically measured as a percentage of square footage occupied divided by total square footage available. Life Storage is the highest-yielding self-storage REIT on this list, with a current yield of around 4.6%. However, you can also find larger businesses with huge networks that provide storage solutions to customers across the nation. In addition to traditional personal storage options, the company also highlights its selections for business, vehicle, and military storage. The company recently closed the first phase of the deal, which includes 24 facilities comprising 2.3 million net rentable square feet. With lower overhead and operating costs than many other properties, storage REITs can be quite appealing. It has more than 550 storage properties located in 29 different U.S. states, and it has about 34 million rentable square feet in its portfolio. With a long history of strong performance, CubeSmart is still well-positioned to keep growing. The Pennsylvania-based REIT recently acquired 21 stores in places ranging from South Carolina to Massachusetts to Florida. As rates rise, the interest expense on loans that self-storage REITs borrow to buy or build facilities goes up. Sign in here. Public Storage is by far the largest player in the self-storage REIT space. Learn more.Already a member? One option available to these companies is to organize themselves as real-estate investment trusts, or REITs, in order to gain some tax advantages over other types of companies. Trusts is different from looking at regular stocks make itself the one-stop Storage option all! Reduced occupancy rates that threaten profitability company and it self storage public reits poised to continue need! 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