Anyone following the self-storage industry over the past decade has seen the impacts of institutional capital (private equity, HNW family offices, hedge funds, endowments, etc.). Primary impacts include: The rise of REIT 3rd party management platforms Institutional capital generally mandates institutional property management. The self-storage REITs, primarily Extra Space, CubeSmart, Public Storage, and now SmartStop, have been the main beneficiaries of this shift in the capital stack. Prior to the entrance of institutional capital, the REITs’ growth came from development and acquisition activity that has now shifted to adding properties…
Where’s the Exit?
