• Alex Pettee, CFA

Self-Storage REITs: Storage Wars

  • Comeback Kids: Self-Storage REITs have delivered as impressive of a turnaround as any property sector in recent memory, catalyzed by the ongoing housing boom and the acceleration in housing market turnover.

  • An ensemble of impressive earnings results indicated that the pandemic-driven rebound was no fluke. Storage REITs now project to have one of the strongest growth rates of any sector this year.

  • The 'suburban revival' has been a boon for self-storage REITs, which had entered the pandemic as perennial underperformers with challenged fundamentals and a strained outlook amid oversupply headwinds.

  • Occupancy rates climbed to record-highs in Q1 driving a nearly double-digit surge in NOI. Recent indicators suggest that booming demand has continued while supply growth continues to moderate.

  • Storage demand is driven by "change", and there has been no shortage of that recently as post-pandemic mobility rates normalize. The demographic-driven housing boom bodes well for a sustained recovery into the mid-2020s.

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Disclosure: A complete list of holdings and Real Estate and Housing Index definitions and holdings are available at HoyaCapital.com. Hoya Capital Real Estate advises an Exchange Traded Fund listed on the NYSE. Hoya Capital is long all components in the Hoya Capital Housing 100 Index.

Additional Disclosure: It is not possible to invest directly in an index. Index performance cited in this commentary does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. Data quoted represents past performance, which is no guarantee of future results. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy.

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