Bellomy & Co. Quarterly Self-Storage Review. Quarter Bill Bellomy C:
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1 Quarterly Self-Storage Review Quarter Bellomy & Co. Bill Bellomy C: bbellomy@bellomyco.com Michael Johnson C: mjohnson@bellomyco.com John Owens C: jowens@bellomyco.com
2 2014 Third Quarter Economic Highlights The US dollar strengthened versus the Euro and the Yen. Because the FED is ending quantitative easing there will be fewer dollars in the maket. This reduced supply of dollars, along with Europe and Japan stimulating their economies even, if necessary, with increased inflation, strengthens the dollar relative to these currencies. There was a nice early to mid-quarter up tick in the US markets with stocks hitting a high in September. But by quarter end the market was only up slightly. Smaller stocks had a tougher quarter with the Russell 2000 down 7.4%. Consumer confidence reached its highest level since 2007 according to the Conference Board. Also, new home sales jumped 18% over July - to their highest level since since And, new car sales reached their highest levels since Despite the consumer positives, the third quarter saw continued unrest in the Ukraine and Syria. Plus, worldwide Ebola fears may have put a damper on the positive US economic measures. 1
3 2014 Third Quarter Returns Index QTR Year To Date DJIA 1.87% 4.60% S&P NASDAQ Composite S&P MidCap Russell Barclay s US Aggregate Bond Self Storage REIT (4) FTSE NAREIT Equity REITs (143) Source: FTSETM, NAREIT (Reit.com),WSJ 2
4 Storage REITs - Select Performance Measures Change in Same Store Revenue Q vs Q Change in Same Store NOI YTD Sept vs YTD Sept % 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% 7.67% 7.24% 5.47% 6.98% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% 9.25% 9.50% 6.70% 9.47% Change in Same Store NOI Q vs Q Change in Same Store Occupancy Q vs QTR % 10.00% 8.00% 10.80% 9.30% 7.30% 9.20% 2.00% 1.50% 1.70% 1.00% 1.20% 6.00% 1.00% 4.00% 2.00% 0.50% 0.30% 0.00% 0.00% 3
5 Interest Rates 8.00 Mortgage and US Treasury Rates Percent Avg US Mortgage Rate Avg US Treasury Rates
6 REIT Sectors - Quarter 3 Performance REIT Sector Percentage Return September 30, 2014 YTD & QTR 3 Self Storage Health Care Lodging/Resorts Manufactured Homes Apartments Regional Malls YTD 2014 Qtr 3 Shopping Centers Office Industrial Real estate investment trusts (REITs) all stumbled this quarter. Office and industrials were most economically sensitive. 5
7 REIT Sectors - Quarter 3 Performance REIT Sector Percentage Return September 30, 2014 Self Storage Health Care Lodging/Resorts Manufactured Homes Apartments Regional Malls YTD 2013 Shopping Centers Office Industrial
8 Sovran Self Storage (SSS) - Qtr Key Highlights Public Storage (PSA) - Qtr Key Highlights Properties Owned or Managed: 502 under the brand, Uncle Bob s Self Storage - in 25 states Acquired 5 new facilities at a cost of $46 Million - totally 345,000 square feet. Andrew Gregoi We are pleased with another quarter of solid earnings, said Andrew Gregoire, CFO. Our Revenue Management System has been driving exceptional top line growth. The system made pricing adjustments during the third quarter in anticipation of the off-peak season, and we are well positioned for strong year-end performance. Source: Sovran Press Release 10/29/ % 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% Market Cap: 30 Billion Change in Funds from Operations Per Share, Fully Diluted, Adjusted Q vs Q % 26.30% Acquired 25 facilities for $239 Million - 19 in Florida, 3 in Maryland and 1 each in NC, NJ, and Va. - adding 1.8 net rentable square feet. 94.7% same store occupancy (1,982 facilitites) Same store revenue up 5.5 percent Qtr vs Qtr Largest self-storage operator in US 4.00% 13.68% Source: Public Storage Press Release 10/30/14 7
9 CubeSmart (CUBE) - Qtr Key Highlights Market Cap: $2.8 Billion ExtraSpace (EXR) - Qtr Key Highlights Market Cap: $6.1 Billion Acquired 3 new facilities this quarter for $38.9 Million - two in Florida and one in Mass. Additionally the company has 26 new properties under contract for $223 Milion. CubeSmart s dynamic operating platform and strong self-storage fundamentals led to another quarter of exceptional results. Our 10.8% samestore NOI growth this quarter is particularly compelling on top of 10.0% growth in the third quarter of last year, - Christopher P. Marr, President and CEO. Source: CubeSmart Press Release 10/30/ % 94.00% 93.00% 92.00% 91.00% 90.00% 89.00% 88.00% Same Store Occupancy Q % 91.70% Increased same store occupancy to 91.7% from 90.7 year over year. Spencer F. Kirk, CEO, commented: We continue to expand our portfolio and leverage our operating platform, making us increasingly competitive in the self-storage industry. Steady demand, muted supply and pricing power drove another quarter 94.70% 90.50% of double-digit FFO growth. Increased samestore revenue and net operating income ( NOI ) by 7.2% and 9.3%, respectively, compared to the same period in 2013 Source: Extra Space Press Release 8
10 BELLOMY & CO. Bellomy & Co. is a commercial real estate firm with a dedicated self-storage team. The following properties are a sample of our current listings and recently sold properties. To learn more about these facilities, see more listings, or talk with one of our professionals, please call us today or visit our website - Corpus Christi, Texas Tyler, Texas 412 Units 43,475 NRSF AVAILABLE 59,375 NRSF AVAILABLE 77% Occupancy AVAILABLE Arlington, Texas (Dallas MSA) 21,760 NRSF 161 Units Expansion Room Included SOLD Austin, Texas Class A Multiple Offers AVAILABLE Harlingen, Texas 374 Units 50,790 NRSF AVAILABLE Lincoln, Nebraska 29,250 NRSF Expansion Room Included 9
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