A Deeper Look at Competitive Storage Supply

Research evidence excerpt

A Deeper Look at Competitive Storage Supply

Real Estate | Storage

June 16, 2026

Michael Griffin, CFA A Deeper Look at Competitive Storage

212-752-0886

Michael.Griffin@evercoreisi.com Supply

Steve Sakwa In this report, we analyze the storage REITs’ exposure to new

212-446-9462 supply, which we define as facilities under construction within a

Steve.Sakwa@evercoreisi.com 3-mile radius of an existing REIT property. This analysis is

intended to complement our monthly storage flipbook we publish

at the beginning of every month, which tracks the number of new

projects under construction as well as the “shadow pipeline”

which consists of projects in planning and “final planning.”

Key highlights from our analysis are outlined below:

◼ Consistent with our latest monthly report (LINK) as well as

commentary from storage REIT management teams, supply

continues to wane as projects are delivered and

development pipelines are not replenished. Per our

analysis, new supply within a 3-mile radius of the REIT

properties in the Top 50 MSAs will impact just over 18%

of REIT wholly-owned stores.

◼ We used supply data from Yardi which includes 665

properties in some form of development (new build,

conversions & expansions). Interestingly, only 58% of these

projects were located in Top 50 MSAs, while overall REIT

exposure in Top 50 MSAs is 78%.

◼ Unsurprisingly, CUBE has the greatest exposure to Top 50

MSAs with 89% of their properties located in this category.

On the flip side, NSA had the lowest exposure at 51%.

◼ In terms of new supply, PSA and EXR each have 18% of

their portfolios competing against new supply while CUBE

has 21.5%. NSA has only 14% of its portfolio impacted by

new supply in Top 50 MSAs, which makes sense as they

have the lowest concentration amongst the storage REITs