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Same-Store Occupancy Finishes Year 1.0% Higher Than 2008; Secures $63.0 Million in Debt Financing for the Quarter and $340.5 Million for the Year; Declares First Quarter 2010 Dividend of $0.10 per Share
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BUFFALO, N.Y., Feb 17, 2010 (BUSINESS WIRE) -- Sovran Self Storage, Inc. /quotes/comstock/13*!sss/quotes/nls/sss (SSS 31.71, -0.15, -0.47%) , a self-storage real estate investment trust (REIT), reported operating results for the quarter ended December 31, 2009.
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SAFESTORE HOLDINGS PLC RELEASE THEIR PRELIMINARY RESULTS FOR THE YEAR ENDED 31 OCTOBER 2009
- As at 31 October 2009, Safestore’s property portfolio was valued at £647.8 million, an increase of £9.1 million or 1.4% since October 2008
- Occupancy in Financial Year 2009 (“FY2009”) grew by 57,000 sq ft versus a loss of 195,000 sq ft in Financial Year 2008 (“FY2008”)
- Average rental rate increased by 4.9% to £25.24 per square foot (“sq ft”) (FY2008: £24.06 per sq ft) Ancillary sales increased 4.8% to £11.5 million (FY2008: £10.9 million)
- Five new stores opened bring the total number of stores to 117 in UK and Paris
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Utah-based Extra Space Storage Inc. said it has completed creation of a joint venture with an affiliate of Harrison Street Real Estate Capital of Chicago.
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Like all real estate-centric business markets, the U.K. self-storage sector has felt the impact of the global recession and the significant retrenchment of the housing market. However, the industry has shown positive signs and exhibits strong economic fundamentals. Indeed, it’s possible that self-storage in the United Kingdom will emerge stronger from the slump, with most operators seeking to expand.
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The industry of self-storage is still fairly new in Britain, but growing -- from just a handful of units in the early 1980s to 750 plus now, according to the U.K. Self Storage Association. And it's big enough to have three companies -- albeit small-caps -- listed on the stock market here: Safestore Holdings /quotes/comstock/23s!e:safe (UK:SAFE 138.00, -6.25, -4.36%) , Big Yellow Group /quotes/comstock/23s!e:byg (UK:BYG 373.90, +1.70, +0.46%) and Lok'nStore Group /quotes/comstock/23s!e:lok (UK:LOK 79.00, +1.50, +1.94%) .
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This week Ghassan Abughazaleh, head of strategic development for Dubai World Trade Center LLC, did an interview with Arabian Supply Chain about the emergence of self-storage in the Middle East.
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While the Australian self-storage industry has been affected by the global financial crisis, it has been mostly regional.
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We all crave more room, but how do we get it and what do we do with it? Meet the new generation of self-storage converts, for whom the warehouse units they rent are anything but anonymous lock-ups. For the 21st-century urban dweller, these vast facilities are the place where past lives, present ambitions and future dreams collide
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In the chart below, we have compared the quarterly results of the REITs for the last year and found that their same store revenues from 2008 to 2009 have only declined by about 2.7%
to 3%.
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