LADERA RANCH, Calif. & TUCSON, Ariz.--(BUSINESS WIRE)--SmartStop Self Storage REIT, Inc. ("SmartStop†) (NYSE: SMA), an internally managed real estate investment trust and a premier owner and operator of self-storage facilities in the United States and Canada, confirmed that it has completed its previously announced transaction with Argus Professional Storage Management ("APSM†). Together, SmartStop and APSM will own or manage over 460 self-storage properties in North America. Advisors: BMO Capi. ...

TORONTO, Sept. 29, 2025 (GLOBE NEWSWIRE) -- STORAGEVAULT CANADA INC. (“StorageVault”) (SVI-TSX) is pleased to announce that, further to its April 23, 2025 and June 24, 2025 news releases, it has completed the acquisition of 4 additional stores (collectively, the “Acquisitions”) from four vendor groups (collectively, the “Vendors”), for an aggregate purchase price of $60.8 million. All of the Acquisitions are arm’s length. The aggregate purchase price for the Acquisitions in the amount of $60.8 million, subj ...

Core Viewpoint - Public Storage has announced a public offering of €425 million in senior notes due 2034, indicating a strategic move to raise capital through debt issuance [1] Group 1: Offering Details - The offering consists of senior notes with an aggregate principal amount of €425 million [1] - The notes will bear an annual interest rate of 3.500% and will be issued at 99.447% of par value [1] - Maturity date for the notes is set for January 20, 2034, with interest payable annually [1] Group 2: Guarantees and Structure - The notes will be guaranteed by Public Storage, providing an additional layer of security for investors [1]

TORONTO, Sept. 15, 2025 (GLOBE NEWSWIRE) -- STORAGEVAULT CANADA INC. (“StorageVault” or the “Corporation”) (SVI-TSX announced today that a quarterly dividend of $0.002976 per common share (“Common Share”) ‎will be payable on ‎October 15, 2025 to shareholders of record on September 29, 2025, with an ex-dividend ‎date of September 29, 2025. This dividend has been designated as an “eligible dividend” for Canadian ‎income tax ‎purposes.‎ ‎ About StorageVault Canada Inc.As of June 30, 2025, StorageVault owned an ...

Core Viewpoint - Extra Space Storage Inc. is a real estate investment trust (REIT) focused on owning, operating, and managing storage facilities across the U.S. The company is set to report its Q3 2025 earnings on October 28, with expectations of a decline in EPS but an increase in quarterly revenue compared to the previous year [1][2]. Financial Performance - For Q3 2025, analysts expect Extra Space Storage to post an EPS of $1.54, down from $2.07 in the prior-year period [2]. - Quarterly revenue is anticipated to reach $790.49 million, an increase from $710.87 million a year earlier [2]. - In Q2 2025, the company reported FFO of $2.05, slightly below the consensus estimate of $2.06, with revenues of $665.56 million, compared to the consensus of $761.95 million [7]. Historical Investment Performance - If an investor had purchased Extra Space Storage stock 10 years ago at approximately $73.08 per share, a $10,000 investment would have grown to $20,153 based on stock price appreciation alone, with current shares trading at $147.28 [3]. - Over the past decade, the company has paid about $47.13 in dividends per share, resulting in an additional $6,449 from dividends alone [4]. - The total value of the investment after 10 years would be $26,602, representing a total return of 166.02%, which is significantly lower than the S&P 500 total return of 292.70% for the same period [5]. Analyst Ratings and Future Outlook - Extra Space Storage has a consensus rating of "Neutral" with a price target of $155.53, indicating more than 5% potential upside from the current stock price [6]. - The CEO highlighted solid second-quarter results driven by high occupancy rates and improving customer behavior, while maintaining annual FFO and same-store guidance [8].

Group 1 - The company focuses on identifying high-quality management teams by analyzing free cash flow, efficient capital allocation, and consistently superior results [1] - The founder has nearly 40 years of investing and analysis experience, with a background as a CPA and CFA charter holder [1] - The company emphasizes a broad perspective on macroeconomics and detailed operational insights, drawing from diverse career experiences [1] Group 2 - The company operates an independent research and publishing firm, Bern Factor LLC, located in Virginia [1] - The founder has been involved in investment analysis since 1985 and has a deep interest in stock market history [1] - The company encourages readers to explore its investing philosophy through its website and specific industry analyses [1]

Company Overview - Extra Space Storage Inc. is a fully integrated, self-administered and self-managed real estate investment trust, and a member of the S&P 500 [2] - As of June 30, 2025, the company owned and/or operated 4,179 self-storage properties, comprising approximately 2.9 million units and about 321.5 million square feet of rentable storage space [2] - The company is the largest operator of self-storage properties in the United States, offering a wide selection of conveniently located and secure storage units, including boat storage, RV storage, and business storage [2] Dividend Announcement - The company's board of directors declared a third quarter 2025 dividend of $1.62 per share on the common stock [1] - The dividend is payable on September 30, 2025, to stockholders of record at the close of business on September 15, 2025 [1]

Core Viewpoint - Extra Space Storage Inc. has announced a public offering of $800 million in senior notes with a 4.950% interest rate, maturing in 2033, to support its financial operations and potential acquisitions [1][3]. Group 1: Offering Details - The public offering is priced at 99.739% of the principal amount and is expected to close around August 8, 2025, pending customary closing conditions [2][1]. - The senior notes will be fully and unconditionally guaranteed by Extra Space and certain subsidiaries [2]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized to repay outstanding amounts under lines of credit and commercial paper programs, as well as for general corporate and working capital purposes, including potential acquisitions [3]. Group 3: Company Overview - Extra Space Storage Inc. is a self-administered and self-managed real estate investment trust, a member of the S&P 500, operating 4,179 self-storage stores across 43 states and Washington, D.C., with approximately 2.9 million units and 321.5 million square feet of rentable space [6].

Financial Data and Key Metrics Changes - The company reported a solid second quarter with key performance indicators exceeding expectations, with same store revenue growth down 0.5% year-over-year and average occupancy at 90.6%, down 80 basis points [13][14] - Funds from Operations (FFO) per share was reported at $0.65, at the high end of guidance [15] - Net debt to EBITDA ratio remained strong at 4.7 times [16] Business Line Data and Key Metrics Changes - Same store operating expenses grew by 1.2% year-over-year, indicating effective expense control [14] - The company added 30 stores to its third-party management platform, bringing the total to 873 stores [15] Market Data and Key Metrics Changes - Urban markets along the Acela Corridor and stores in Chicago were top performers, while Sunbelt markets, particularly Florida and Arizona, lagged due to reliance on housing mobility [10][11] - The New York MSA showed solid sequential acceleration in net rental income, with boroughs leading the way due to reduced new supply [11][24] Company Strategy and Development Direction - The company expects occupancy and move-in rates to approach parity by the end of the year, with a focus on stabilizing operational trends [11] - The management is cautious about the potential volatility in consumer behavior due to ongoing governmental and monetary policy decisions [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued improvement in operational trends through 2025, setting a positive outlook for 2026 [11][12] - The company acknowledged risks related to the housing market and the impact of new supply on performance [7][11] Other Important Information - The company is actively monitoring the market for long-term unsecured debt issuance as it prepares for the maturity of $300 million in senior unsecured notes [16] - The management highlighted the importance of expense efficiencies, particularly in insurance and property tax appeals, contributing to improved guidance [18][75] Q&A Session Summary Question: Revenue guidance adjustments - Management adjusted the top end of revenue guidance down due to lower expected demand levels, while raising the midpoint [20][21] Question: New York market performance - Positive trends in net rental income were noted, with some deceleration in growth, particularly in Northern New Jersey [22][24] Question: Customer turnover and recovery pace - The 5% monthly customer turnover impacts the pace of recovery, with improvements expected to take time to reflect in revenue [29][31] Question: Transaction market activity - The transaction market is seeing increased deal volume, but the company remains cautious about pricing and risk-adjusted returns [33][36] Question: Operating trends in Sunbelt markets - Sunbelt markets are expected to recover more slowly due to high supply levels, despite some positive trends emerging [40][42] Question: Impact of economic uncertainty on revenue management - The company will continue to monitor existing customer health and adjust strategies as needed, but remains optimistic about demand [43][44] Question: Expected deceleration in same store revenue - The deceleration is attributed to timing issues related to fee adjustments and the flow-through of rate increases [48][49] Question: Visibility on third-party management churn - Limited visibility on churn from third-party management, but the company is onboarding new stores to mitigate losses [50][52] Question: Construction starts and supply dynamics - No significant increase in construction starts is expected due to high costs and challenges in the market [58][60] Question: Update on Texas JV performance - The integration of the Texas JV portfolio is performing as expected, complementing existing assets [63][64] Question: Same store expense guidance - Expected acceleration in same store expenses is due to timing and inflationary pressures, with some favorable insurance renewals [72][75] Question: Customer acquisition and AI impact - Most traffic still comes from traditional searches, with AI tools not yet significantly impacting customer acquisition [77][78] Question: Credit rating comparison - The company acknowledges the disconnect in credit ratings compared to peers and is aware of the implications for investors [86][89]

Financial Data and Key Metrics Changes - The company reported a solid second quarter with key performance indicators exceeding expectations, with a trough to peak occupancy growth of 190 basis points compared to 180 basis points last year [11] - Net effective rates for new customers increased by 28.3% compared to 15% in 2024, indicating constructive rate trends [11] - Same store revenue growth was down 0.5% year over year, with average occupancy for the same store portfolio down 80 basis points to 90.6% during the quarter [14][15] - FFO per share as adjusted was reported at $0.65, at the high end of guidance [16] Business Line Data and Key Metrics Changes - The company added 30 stores to its third-party management platform, bringing the total to 873 stores at quarter end [16] - Same store operating expenses grew by 1.2% over last year, reflecting strong expense controls [15] Market Data and Key Metrics Changes - Urban markets along the Acela Corridor and stores in Chicago continued to perform well, while markets in the Sunbelt, particularly Florida and Arizona, lagged due to reliance on housing mobility [12] - The New York MSA showed solid sequential acceleration in net rental income, with boroughs leading the way due to reduced new supply and strong consumer demand [13] Company Strategy and Development Direction - The company expects occupancy and move-in rates to approach parity by the end of the year, with a focus on improving operational trends through 2025 [13] - The company is evaluating acquisition opportunities but has not found compelling risk-adjusted returns in the current market [16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged risks of volatility due to ongoing governmental and monetary policy decisions but expressed confidence in continued improvement in operational trends [13] - The company anticipates that same store revenue growth will be slightly more negative in the third quarter but expects improvements in the fourth quarter [19] Other Important Information - Balance sheet metrics remain strong with net debt to EBITDA at 4.7 times [16] - The company is focused on issuing long-term unsecured debt as it approaches the maturity of its senior unsecured notes [16] Q&A Session Summary Question: What were the assumptions at the top end of revenue guidance? - Management indicated that the top end assumed stronger overall demand, which has not materialized, leading to a narrowing of expectations [22] Question: Can you provide color on the New York boroughs and Northern New Jersey? - Positive trends in net rental income were noted, with Northern New Jersey gradually improving as supply is absorbed [26] Question: How does the 5% customer churn affect recovery? - Management explained that even with good months, the 5% churn means it takes time for improvements to reflect in revenue [32] Question: What is the outlook for the transaction market? - The company noted an increase in deal volume but remains cautious about pricing and risk-adjusted returns [35][102] Question: What are the expectations for same store revenue in the third quarter? - Management indicated that timing and volatility from previous adjustments would impact revenue, but overall trends are positive [49] Question: How are operating expenses trending in Austin? - Operating expenses were impacted by taxes and supply pressures, with a difficult comp from the previous year [70] Question: What is the appetite for acquisitions? - The company is focused on high-quality assets in top markets but is currently not seeing attractive pricing for acquisitions [105]