Hundreds of locations, occupancy up
U-Store-It, self-managed REIT owns 451 self-storage facilities in the U.S. and has an additional 300 locations in their network that they operate. As a part of the broader trend, U-Store-It’s first quarter statement reveals rising occupancy, income and revenue.
The report showed a 3.7% revenue increase in the first quarter compared to the first quarter of 2010 and their same-store net operating income rose 2.6% (or 6.6% when advertising expenses are taken out of the equation).
U-Store-It occupancy rose to 76.7% in the first quarter, but is only up 1.3% from the first quarter of 2010.
As foreclosures rise and homeowners downsize or become renters, self storage REITs perform well and U-Store-It’s numbers are in line with the national trend.