The self storage REITs generated same-store revenue growth in the second quarter of 2017 ranging from 1.4% to 5.8%. Revenue growth turned flat to negative in select markets with elevated levels of new supply and economic weakness.
Net Operating Income of same-store pools in the second quarter 2017 range from -0.6% to +8.4%.
Acquisition volume of the REITs down drastically from last year by over 70%. Private capital filling part of the void in smaller size transactions. Cap rates in major markets not experiencing material change.
Second half of 2017 begins with street rate cuts in markets with significant new supply.