A self-administered and self-managed real estate investment trust, which owns, operates, acquires, develops and redevelops professionally managed self-storage facilities.
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In times of transition, people need a place to store their stuff. These guys have done a better than average job of providing attractive space and filling it. The average age of the properties compares favorably to the competition. However, the acquisition of Storage USA resulted in slightly lower asset quality. Although the company has a bit higher leverage ratios than their peers, they are well capitalized with a strong management team that holds over 15% of the company's stock.
Since your comment they have sold 16 million shares. Thanks to the market sell off they are down 30 percent. At the same time the P/E has risen to 16%. This should be a great company, however, they are big into buying and issuing shares which may not pay off going forward.I see more storage being built. The boom everyone is talking about is not happening. I own storage sheds and have more empty now than in the past 5 years. I see my competitors offering pay for two months get one free, makes no since. I see people saving the rent money and craming the items into the smaller homes. People are also starting to get behind in their rent.I also own EXR and would like to see them pay the debt down, quit issuing shares and start paying the dividend of a debt free company. We could finance our own growth then.