The five largest publicly traded, U.S.-based self-storage real estate investment trusts (REITs)—CubeSmart, Extra Space Storage Inc., Life Storage Inc., National Storage Affiliates Trust and Public Storage Inc.—have announced when and how they will reveal their earnings statements for the quarter that ended March 31.

CubeSmart

CubeSmart will release its first-quarter financial results after the market closes on April 27. An accompanying conference call will be held at 11 a.m. ET on April 28. A live webcast of the conference call will be available from the investor-relations page of CubeSmart.com. The dial-in numbers are 877.506.3281 for U.S. callers, 855.669.9657 for Canadian callers and 412.902.6677 for other international callers. To avoid delays in joining the call, participants can pre-register and receive a special dial-in number and PIN at http://dpregister.com/10104336.

After the live webcast, the call will remain available on the company website for 30 days. In addition, a telephonic replay of the call will be available through May 28. The replay dial-in number is 877.344.7529 for domestic callers, 855.669.9658 for Canadian callers and 412.317.0088 for other international callers. The conference number is 10104336.

CubeSmart owns or manages 834 self-storage facilities across the United States. Its operating portfolio comprises more than 52 million square feet.

Extra Space Storage Inc.

Extra Space will release its financial results for the quarter that ended March 31 after the market closes on April 26. The company will host a conference call at 1 p.m. ET on April 27 to discuss the results. Hosting the call will be Joe Margolis, CEO, and Scott Stubbs, executive vice president and chief financial officer.

During the call, company officers will review performance, discuss recent events, and conduct a question-and-answer period for registered financial analysts. All other participants will have listen-only capability.

The phone number for the call is 855.791.2026 for U.S. callers and 631.485.4899 for international callers. The participant passcode is 2211675. The conference-call playback, which will be available through May 2, will be accessible at 855.859.2056 in the United States or 404.537.3406 internationally. The participant passcode is 2211675.

The conference call will also be available on the investor-relations page of ExtraSpace.com. Those who wish to listen online should visit the website at least 15 minutes before the event start time to register and install any necessary audio software. A replay of the call will be available online for 30 days.

The full text of the earnings report and supplemental data will also be available on the company website immediately following the earnings release to the wire services on April 26.

Headquartered in Salt Lake City, Extra Space owns or operates 1,427 self-storage properties in 38 states; Washington, D.C.; and Puerto Rico. The company’s properties comprise approximately 960,000 units and 107 million square feet of rentable space.

Life Storage Inc.

Life Storage, formerly Sovran Self Storage Inc., will issue its quarterly results after the market closes on May 3. The company will conduct a conference call to review the financial results on May 4 at 9 a.m. ET.

The call can be accessed at 877.737.7051 within the United States or 201.689.8878 internationally. Participants can pre-register and receive a passcode and unique PIN at http://bit.ly/2nVbsge. Management will accept questions from registered financial analysts after prepared remarks. All others are encouraged to listen to the call via webcast from the investor-relations page at LifeStorage.com.

The webcast will be archived for 90 days. A telephone replay will be available for 30 days after the meeting by calling 877.481.4010 and entering conference ID 10314.

Based in Buffalo, N.Y., Sovran operates more than 650 self-storage facilities in 29 states, under the Life Storage and Uncle Bob's Self Storage brand names. Its portfolio of owned and managed facilities comprises about 45 million square feet.

National Storage Affiliates Trust (NSAT)

NSAT, a Maryland REIT, will reveal its earnings statement for the quarter that ended March 31 after the market closes on May 3. The company will conduct a conference call to review the financial results on May 4 at 1 p.m. ET.

The call can be accessed at 877.407.9711 within the United States or 412.902.1014 internationally. Management will accept questions from registered financial analysts after prepared remarks. All others are encouraged to listen to the call via webcast from the investor-relations page at NationalStorageAffiliates.com. A replay of the webcast will be archived for 30 days.

A telephone replay will be available by calling 877.660.6853 in the United States or 201.612.7415 internationally. The conference ID number is 13646795.

Headquartered in Greenwood, Colo., NSAT is a self-administered, self-managed REIT focused on the acquisition, operation and ownership of self-storage properties within the top 100 U.S. metropolitan statistical areas throughout the United States The company has 452 self-storage facilities in 23 states comprising approximately 28 million net rentable square feet. It's owned by its affiliate operators, who are contributing their interests in their self-storage assets over the next few years as their current mortgage debt matures.

Public Storage

Public Storage will release information about its first-quarter 2017 earnings on April 26. A conference call is scheduled for April 27 at 2 p.m. ET to discuss the results.

The dial-in numbers for the live conference call are 866.406.5408 for U.S. callers and 973.582.2770 for international callers. The conference ID is 4988562. The live webcast will be available through the investor-relations page of PublicStorage.com and accessible on demand through May 11. For the conference-call replay, the domestic dial-in number is 800.585.8367, the international number is 404.537.3406, and the conference ID number is 4988562.

Based in Glendale, Calif., Public Storage has interests in 2,348 self-storage facilities in 38 states, with approximately 152 million net rentable square feet. Operating under the Shurgard brand name, the company also has 219 facilities in seven European countries, with approximately 12 million net rentable square feet.

By Timarie Kilsheimer Thompson

Delaware Beach Storage Center opened in Lewes, Del., in June 2016. The author has chronicled the project’s journey, from research to groundbreaking to opening day, in several articles published on insideselfstorage.com. This is the final chapter.

Capturing lessons learned is an integral part of every self-storage project and serves numerous purposes. Principally, a learning summary will enable you to identify and design best practices for upcoming projects. Even more important, documenting aspects of the project where you could’ve done better will serve as a valuable tool and enable you to avoid similar problems in the future. It will also allow you to leverage your successes.

Building a new facility and getting your business off the ground will never be easy or flawless. If it were, everyone would do it. But learning from your achievements and disappointments will enable your next project to go more smoothly.

Go Big or Go Home

When my husband, Blair, and I conceptualized this project back in 2014, we knew we’d found the highest and best use for our visible tract of land. We surmised there was a strong and unsatisfied demand for quality climate-controlled storage in our area, and the explosive growth in our market would support the project’s feasibility.

Being new to this industry, we didn’t know what we didn’t know. By tapping a network of experts, reaching out to other self-storage owners—small “mom and pops” as well as owners of multiple facilities—and conducting large amounts of research, we were better prepared to embark on the project. We also leveraged the expertise of our general contractor (GC), who has completed many storage facilities over the last 30 years. With a 106,000-square-foot, three-story, 680-unit facility on the line as our first project, we indeed went big, as they say.

Permitting, Feasibility and Financing

Establishing a solid foundation was essential to launching the project. There was no particular sequence to create this foundation; indeed, it was a multi-tasking adventure. While I attended the 2016 Inside Self-Storage World Expo in Las Vegas and selected an industry veteran to perform our feasibility report, Blair worked with the civil engineers and architect/GC on the site work and building design. Concurrent to this, we started shopping the project with local banks.

The process had a steep learning curve. Some of the lessons we learned were:

• Local municipality approvals will always take longer than normal. Stay on top of the process, be professional and be prepared to make concessions. This will, most of the time, get your further, faster.
• Don’t underestimate the importance of a professionally done feasibility study, completed by an independent expert with many years of industry experience. Even if you’ve done similar studies in the past, if you don’t have a track record in this industry, the credibility of the report could be compromised and may not hold water with financial institutions.
• Be prepared to explain every number in your budget, every assumption and every projection to bank officials. Without solid explanations spoken with confidence, the validity of the data could be mitigated, which may cause delays or even rejections.

Layout

One of our primary layout goals was to maximize net rentable square footage. The unit-mix recommendation from an industry expert certainly plays into this, but that doesn’t always mesh with what the architect designs, or the aesthetics of the building. We had to weigh each and ended up changing several components of the project design to maximize our revenue potential. By doing this and incorporating some value-engineering features, we could achieve 76 percent net rentable while maintaining the look and feel we were trying to achieve.

Customer logistics are another important consideration. What may look like a good floor plan on paper may not translate into an optimal layout for users. In our case, we have two elevator banks, one at the front of the facility and one at the back. The bank in front was intended to bring customers to the second and third floors, with no direct access to the ground floor. While we have three other loading doors accessing the first floor, not having access through this front door is confusing and inconvenient for customers. While not a deal-breaker, it’s something we would do differently.

Always try to find a balance between aesthetics, unit mix and rentable footage, knowing something may have to give. Think through your layout from the eyes of your customers. Pretend like you’re moving in. Is access easy? Are carts accessible? Often, theory and practice don’t meet.

You’ll likely even rethink your design. For example, we decided to transform some of our drive-up 10-by-20 units to climate-controlled because of the abundance of outlet retailers down the road and our ability to charge a premium for these units.

Finally, don’t underestimate the importance of your office design. While ours may be slightly larger than necessary and we opted to have a fit and finish that exceeds most facilities, we get many positive comments from our customers. The office is their first impression. If your sell strategy is new, clean, secure and user-friendly, your office should be, too.

Construction

In construction, things will inevitably go wrong and will most likely be delayed. They won’t always work out the way the architect intended (theory vs. practice). Subcontractors will fall out or underperform, and communications among them will probably not be optimal. You need to be amenable to change.

With that said, as the developer/owner, you still need to make your voice heard and not always be conciliatory. It’s essential to stay on top of your GC and his contractors, ensuring everyone understands the scope of the project. Do your best to facilitate communication between all parties. Moderate daily construction meetings to avoid misunderstandings, mistakes and delays. Many of the problems we had were due to non-communication, but the majority were fixable.

Regarding subcontractors, it’s imperative that you be integrally involved in the selection process. We were contractually afforded that right, however, we didn’t sufficiently leverage it. Play a prominent role in selecting your subs. Consider their experience, current workload, location and, of course, their bid. Also, don’t omit national contractors from the running.

It’s also imperative to factor in weather. Most construction timelines build in weather delays. Just make sure it’s realistic. In our case, during a “noreaster,” we had wind gusts of 70-plus mph coupled with snow in late January. Our roofing had been rolled and secured but not installed, and with those gusts, some of the roofing material was blown off and damaged many of the metal panels on the side of the building. Thankfully, no one was hurt. But between filing an insurance claim and the time it took for contractors to repair the damage, it cost us nearly two months.

Be mentally prepared for constant construction issues. Be flexible when you can, but stand your ground when necessary.

Operation

You’re probably going to be sitting around and eating bonbons during construction, right? Not quite. It’s extremely important to get on top of all operation-related tasks as soon as possible. Time won’t be your friend, especially if you have other responsibilities during this period (i.e., a job).

Do your research and make your vendor selections early. Think through items including your management software, merchant services, security products, retail items, tenant insurance, truck rental, legal services, human resources, payroll and others.

No matter which vendors you choose, you’ll still have a lot of work to do once the contracts are signed. For instance, it took me more than a week to input all our settings and storage units into our management software, not because of complexity, but because of pure volume. Even when everything is set up and the data entered, you’ll need to train yourself and your employees. Most of it is intuitive, but it’ll be new to you. You’ll need to be hands-on to learn it all, which takes time.

Legal complexities within the self-storage industry shouldn’t be underestimated. Establishing a solid legal base (leases, addendum, waivers, etc.) for your new business is critical. Working with an attorney with industry experience was non-negotiable for us. Thankfully, he addressed all our questions and helped us navigate this new landscape.

Human resources and payroll are other operational components that should be addressed with plenty of notice. Hiring the right employees isn’t something you should rush. They’ll be the first face prospective customers see. Even with just a few staffers, we decided to outsource our payroll to avoid any unintended mistakes that could cause problems down the road.

Finally, consider customer amenities and office setup. Several conveniences I thought would be a great benefit to our customers (pay at the gate, for example) ended up not being a good fit for our demographic. Simple offerings such as moving carts and bins, on the other hand, proved to be crucial for a positive customer experience.

Walk in your customers’ shoes through the moving experience. Beautiful, extra-long moving carts may not be a practical choice. Ours are too long, especially around corners, and we have some paint scuffs and a few minor dents on our new white metal corridors to show for it. And we have six of these carts! That was an expensive lesson, as they’re now out of service.

Also, leasing some office equipment seemed logical and even cost-effective, but I overdid it. Now I have a copier with all the bells and whistles, but we’re moving toward electronic signatures. To summarize:

• Start early on vendor selection and data input, otherwise you may be behind the eight ball when you’re hurrying to open.
• Don’t underestimate the importance of the legal components of your business.
• Take time to find the right employees. They’re on the front line and will be your prospective customer’s first impression.
• Think through the amenities that will best fit with your demographic.
• Don’t buy metal carts that are too long or you’ll need to invest in a lot of Mr. Clean “Magic Erasers.”
• Be realistic when selecting your office equipment.

Final Thoughts

As someone once told me, never build something that won’t work. To that end, we’ve done our due diligence, talked to industry experts and learned the fundamentals of this industry. But that doesn’t mean we haven’t made (or won’t make) mistakes. When we develop our next project, we’ll do some things differently.

Overall, our first major project went off without any serious hitches and came in at 15 percent below budget. When we opened in June, we were well-received by the community and hit the ground running. At our six-month mark, we had reached 33 percent economic occupancy—well ahead of our projected target, which we believe is solid validation. Of course, that doesn’t mean we’re going to stop learning or forging ahead.

Timarie K. Thompson and her husband, James Blair Thompson, are the owners of Delaware Beach Storage Center in Lewes, Del., which opened in June 2016. Timarie has been involved in the marketing and strategic-planning fields for more than 20 years. She lives in Rehoboth Beach, Del., with Blair and their son. For more information, e-mail tthompson@debeachstorage.com; visit www.debeachstorage.com.

Update 4/10/17 – The Temple City Council has rejected a revised self-storage plan submitted by Jones, preserving a wildflower field on S. 31st Street. After the planning and zoning commission denied the original plan to be build the facility on 7.35 acres, the developer reduced the scale of the project to 3.57 acres to alleviate drainage concerns, according to the source. Several residents continued to oppose the project, and the council voted 4-1 to deny it.

Though most in opposition continued to voice displeasure over how the self-storage facility would fit within the community, some pressed the council to convert the land into a park to honor the city’s history. “I just want to remind the council that Temple is the Wildflower Capital of Texas. What are you doing to uphold that?” asked resident Rebecca Burrow. “This would be a wonderful opportunity to show how you are caring for your citizens to make this a park. Native plants in a native park would give a great sense of pride to the residents of Temple.”

Approximately 48 percent of the property owners within 200 feet of the proposed building site submitted letters opposing the self-storage project, the source reported.

---

1/20/17 – A self-storage project proposed by real estate developer Donald Jones would supplant a popular wildflower field on South 31st Street in Temple, Texas. Though the site is a favorite place for locals to take pictures during the spring, residents were more concerned with the impact the project could have on the nearby Deerfield Estates subdivision during a public meeting on Wednesday, according to the source.

Jones told meeting attendees he has taken several factors into consideration following a Dec. 6 meeting of the planning and zoning commission, including lowering the roof height and increasing the setback distance from the curb. He also indicated the building design will feature “soft colors” to fit in aesthetically with the neighborhood. “I can assure you this project will look better than any other project around town,” Jones told attendees. “There [are] many really classy self-storage facilities next to multi-million dollar homes.”

Several residents indicated the area already has a drainage problem and voiced concern that the development could worsen the issue or attract mosquitos. Though the site plan calls for two detention ponds to collect rainwater and drain into Friars Creek, the ponds won’t contribute to the drainage issue, Jones said. Project engineer Joshua Valenta of Matkin-Hoover Engineering & Surveying indicated they would drain within an hour, the source reported.

Temple was designated the Wildflower Capital of Texas in 1989, a distinction it now shares with DeWitt County. The building site becomes flush with bluebonnets and Indian paintbrush each spring, according to the source.

The planning and zoning commission is scheduled to revisit the rezoning request on Feb. 6. The city council could perform a first reading on the proposal on March 2.

Phoenix-based U-Haul International Inc., which operates more than 1,300 self-storage locations across North America, has acquired The Storage Place in Texarkana, Ark. The 2.5-acre property at 5204 Links Drive comprises 40,275 square feet of storage space in 209 units as well as covered vehicle parking. Built in 2005, it also includes a studio apartment for the facility manager.

Located just east of the Arkansas/Texas state line, the property fronts Interstate 30. It’s also near the entrance to The Links at Texarkana, an apartment community.

The seller was represented in the transaction by Larry Goldman, an investment property specialist for RE/MAX Commercial, who’s also the Argus Self Storage Sales Network broker affiliate for Arkansas, Kansas, Missouri, South Illinois.

Established in 1945, U-Haul has more than 44 million square feet of storage space at its owned facilities throughout North America.

Argus is a Denver-based network of real estate brokers who specialize in storage properties. Formed in 1994, the company has 36 broker affiliates covering nearly 40 markets.

storEDGE, a provider of software and other technology for the self-storage industry, has released built-in business-intelligence (BI) tools for its management software. Using the tools, operators will be able to customize and analyze key performance indicators tailored to their unique business needs, according to a press release.

The storEDGE data warehouse collects information across a client’s business portfolio, including software, website, operation and marketing data. Customers can then customize their user dashboards within the software. A preview of the custom dashboards will be on display in the storEDGE booth, No. 524, at the Inside Self-Storage World Expo, April 10-13, in Las Vegas.

“This is groundbreaking in that nearly every owner we speak with is building spreadsheets from multiple sources. I am pleased we’ve been able to provide an integrated solution,” said Dan Miller, president. “Owners are increasingly frustrated by fragmented data in multiple locations, prohibiting intelligent business decisions. storEDGE is providing the industry’s first solution to aggregate all the disparate data.”

The new interface includes the ability to manipulate data, change time periods, show select facilities or groups, and filter results. storEDGE also plans to add more custom-made reports to the existing BI tools, the release stated.

“We’ve built a successful self-storage business, but there is an increasing need for more data to evaluate true [return on investment] on marketing sources,” said Randall Mosca, director of business and marketing for Columbia Storage Group, which operates 12 facilities in New Jersey, New York and Pennsylvania. “As we buy properties and continue to grow, we needed to be able to compare apples to apples over time."

storEDGE is a part of Red Nova Labs Inc., a provider of marketing, mobile and Web technology to the self-storage industry. Its products include management software, website-creation services, online rental-center tools, business intelligence and other integrated services.

By March Chase

The most important thing to remember about expense control for your self-storage business is no cost is too small to cut. With every dollar you slice, you gain in net operating income (NOI). Why is this important? Because NOI is a leading indicator of facility value. You want to add every dollar possible. Here are some simple ways to control expenses, cut costs and boost your bottom line.

 

Fixed Expenses

 

Fixed expenses are set by factors outside of your control. These external forces might include your local assessor’s office, insurance vendors, banks, etc. Though we use the term “fixed,” there’s often a little wiggle room for reducing some of these costs. For example:

• You have the right to appeal your property-tax assessment. The process can be arduous and expensive, however, so before doing so, research your chances of success with a property-tax attorney.
• When your property insurance comes up for renewal, it never hurts to shop rates. You might find a better policy and premium by consulting with an agent who specializes in the self-storage industry.

For the most part, we operators have resigned ourselves to the fact that fixed expenses are just a cost of doing business and can usually be offset by reducing outlays in other categories. It’s important to understand, however, that you can’t just “trim” your way to profitability. Costs are only part of the equation. Revenue growth will always be the driving force behind financial success. It’s when income is maximized and syncs with expense control that a facility reaches optimal performance.

 

Controllable Expenses and the Annual Budget

 

Controllable expenses are your everyday operational costs, which are easily managed by diligent oversight from facility management. Common examples include office supplies, facility maintenance, printing, postage and marketing.

The first step in limiting these expenses is to create a well-planned annual budget. If you don’t have a budget, you undoubtedly have a significant opportunity to not only cut costs in the upcoming year but to push revenue performance. Without a budget, you deprive yourself the ability to measure your success and identify your weaknesses.

That said, no one has a crystal ball when it comes to creating a budget. While we draw on historical data to assist with forecasting, we can’t predict everything. Unforeseen circumstances can and will arise. Depending on the situation, the cost to replace or repair an item might come from a reserve fund; but more often, it’ll run through the monthly operational expenses. These unexpected costs will cause a setback, but that’s the nature of our business. A commitment to keeping all other expense categories in line and out performing revenue projections will help you get a handle on the budgeted annual costs and, more important, meet or exceed your projected NOI.

Once you’ve created your annual budget, stick to it. Adapt and apply the “need vs. want” philosophy. Too often, owners think they must purchase X for the benefit of the facility when they should be asking themselves, “Do we really need this?” Exercising discipline is critical for a successful operation.

However, this philosophy shouldn’t be taken to extremes. You don’t want to create and work from a shoestring budget that will negatively impact the appearance, performance and reputation of your business. Run a tight ship, but within reason. Remember, the asset value is the overarching goal. Reinvesting in your facility helps to create that value.

 

Diligence Pays

 

To control expenses, you must remain diligent and proactive when it comes to facility maintenance and repairs. Some of the biggest operational costs in our industry stem from deferred maintenance. While general upkeep is an expense, they’re anticipated as part of your budget (or should be), as opposed to negligence that creates a larger, more expensive problems. Here are some specific items to keep in mind:

• Don’t fall behind on servicing your HVAC units.
• Schedule routine inspections of your gate operator.
• Monitor the battery strength and functionality of the golf cart.
• Inspect all interior and exterior lighting quarterly or even monthly, including exit and emergency lighting. Failure to stay on top of this can result in a hefty bill to replace bulbs and batteries.
• Work diligently to preserve the life of your doors. Protect the hasps/latches, keep the doors clean inside and out, and spray the springs with a white lithium grease to prevent dust build-up. We all know the cost and headaches involved with replacing and repairing damaged doors.

Failure to focus on these items not only creates expenses that could have been avoided, they can cost your business in lost revenue.

 

Your Biggest Expense: Employee Turnover

 

Finally, keep an open dialogue with employees and conduct annual reviews that allow every manager to know how he’s performing. Store-level staff turnover is a costly and timely issue that dramatically affects the store’s performance and bottom line. If there’s one area where you need to be proactive and communicative, it’s personnel. This is one place where spending more money and time will save you in the long run and provide your best return on investment.

March Chase is vice president and director of operations for Southeast Management Co., which provides self-storage management and consulting services. He’s worked in all aspects of the industry, from facility management to district management to director of operations. He’s served as vice president for the South Carolina Self Storage Association as well as vice president and president for the North Carolina Self Storage Association. He’s also a self-storage owner and investor. For more information, call 804.436.2596; visit http://southeastmanagementcompany.com.

The education DVDs that will be recorded during the 2017 Inside Self-Storage World Expo in Las Vegas, April 10-13, are now available for pre-order in the ISS Store, an e-commerce website providing research and education products for industry professionals. Customers can choose from 44 individual seminars and 10 discount packages covering self-storage ownership, management, marketing, development, construction, investing, finance, technology and more.

Discount savings on pre-orders for individual DVDs and bundles range to as much as 25 percent and will remain available through the conclusion of the show. Most of the seven concurrent education tracks being offered during the event will be recorded in their entirety. Each session will be available as an individual DVD or on-demand video. Each complete track is being offered as a DVD set.

In addition, the “Self-Storage Operator Essentials 2017 Education DVD Package” includes all 27 sessions from the Management, Marketing and Ownership education tracks, while the “Self-Storage Builder/Investor Essentials 2017 Education DVD Package” includes all 14 sessions from the Building, Finance and Investing tracks. The entire 2017 collection, including three technology-related sessions, is available through the “Total Self-Storage Solutions 2017 Education DVD Package.”

DVDs are expected to ship by June 30. On-demand videos of individual sessions are also scheduled to be available for purchase by the end of June. Session and package details can be found at www.insideselfstoragestore.com. Choose "ISS Expo 2017 Session DVDs" from the left-hand menu.

The ISS Expo will take place at the Paris Hotel & Resort in Las Vegas. Discount registration rates are available through April 9. Created for self-storage owners, managers, developers, investors and suppliers, the expo is the industry’s largest conference and tradeshow, comprising four days of education, exhibits and networking opportunities. The event focuses on strategies for generating revenue, best practices, current trends, and new products and services. Details and online registration are available at www.issworldexpo.com.

Conceived as a central hub that allows self-storage owners, operators, developers and investors to obtain cutting-edge information and resources, the ISS Store is owned and operated by ISS, a dynamic services provider that has served the self-storage industry for more than 25 years. The brand includes ISS magazine, the ISS Expo and Self-Storage Talk, the industry’s largest online community.

Closetbox Inc., a startup business specializing in valet self-storage services, raised $5.5 million in a funding round that ended March 22. The round was led by Boulder Ventures, which has invested previously, according to the source. Closetbox will use the money to fuel further expansion and product development, CEO Marcus Mollman said.

The valet-storage operator has raised $12.3 million in three funding rounds, including a $5 million infusion from 16 investors last year. The company has used the capital to aggressively expand its service to new areas, growing from 24 markets at the end of 2015 to more than 70 today. “We’re in most of the major U.S. markets,” Mollman told the source. “We will be looking to grow within those markets for the near term.”

The company also intends to invest in new technology. “We’re going to roll out some great technology that will differentiate us from the rest of the storage market and drastically change the customer experience,” Mollman said. “Our proprietary logistics platform is powering advancements in our ability to better deliver our service.”

Closetbox service differs from that of some valet-storage operators by allowing customers to reserve a set amount of storage space in addition to storing items by the box. Customer belongings are stored in climate-controlled warehouses. Mollman has also expressed interest in working with traditional self-storage operators.

Headquartered in Greenwood Village, Colo., Closetbox uses an online platform that allows customers to schedule free item pickup, print barcodes to affix to boxes and oversized belongings, keep track of items using a private dashboard, and schedule delivery of items home. It operates in 72 markets.

Mamaroneck Self Storage in Mamaroneck, N.Y., recently hosted a group of London-based insurance brokers who specialize in insuring self-storage operations. Designed to give the English team a bird’s-eye view of select U.S. storage facilities, the gathering included a property tour. The event was arranged by Jacquelyn Nash, agency director of On The Move Insurance Agency (OTMA), which provides self-storage-specific business coverages as well as a tenant-protection program.

“Mamaroneck Self-Storage is an amazing facility,” Nash said. “Our insurers were very impressed by the cleanliness, construction and security features at their facility.”

Opened in 2015, Mamaroneck Self Storage operates with numerous green initiatives, including DOW Powerhouse Solar Shingles, which are a combination of roof shingles and a solar-panel system. Since opening, the family-owned business has hosted several community and industry events.

OTMA provides insurance coverages including builder’s risk for new construction , business-owner’s policies, and property and casualty. It also offers contractual liability insurance as the Secure Lease Tenant Protection Program. It’s a part of family-owned On The Move Inc., which has been in the storage industry for more than 25 years and also offers a self-storage truck rental program for facility operators.

London insurance brokers on a property tour with Jacquelyn Nash
(seen here in red) and the Mamaroneck Self Storage team.
Photo by Anna Diop-Dia.