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Self-storage supply glut persists, Public Storage CEO says

Feb 28, 2019 - SNL Real Estate Daily
Financial Results

New supply of U.S. self-storage properties was significantly higher in 2018 than Public Storage executives predicted even 10 months into the year, and 2019 will likely bring more of the same, the executives said on an earnings conference call.

President and CEO Joe Russell Jr. said deliveries of new storage properties nationwide were valued at just over $5 billion for the year, compared to more than $4 billion in 2017. On the company's last earnings call, on Oct. 31, 2018, Russell predicte...