Direct Answer
110 SEC filers are classified under the Standard Industrial Classification code that describes the self-storage reits industry, and their latest annual reports show $180.6 billion of combined revenue and a median operating margin of 20.0%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics.
Industry Overview
Self-storage REITs own facilities that rent units to households and small businesses by the month. Short leases let rents reset quickly, and results follow occupancy, move-in rates and new supply. The first numbers to compare across companies here are same-store net operating income growth, occupancy and move-in rent against existing rent.
Key Industry Metrics
- Same-store net operating income growth: The change in rent less operating costs on facilities owned in both periods. It shows how pricing and occupancy are playing out without acquisitions.
- Occupancy: The share of storage units that are rented. Because leases are monthly, occupancy and pricing respond quickly to demand shifts.
- Move-in rent against existing rent: The rent charged to new customers compared with what existing customers pay. A wide gap shows room to raise rents, and a narrowing gap shows fading pricing.
- Funds from operations per share: Net income with depreciation added back and sale gains removed, divided by shares. It is the main REIT earnings measure, used with dividends.
- Marketing cost per move-in: Advertising and search spend per new customer. Rising cost shows tougher competition for renters and weaker efficiency.
Primary Macro Drivers
- Housing turnover and moving: People who move, downsize or renovate rent units, so housing turnover drives move-ins and occupancy.
- New supply: New facilities in a market compete for renters and can cap rents, shown in move-in rent and occupancy.
- Consumer and small business demand: Households and small firms rent space as needs arise, which shows in occupancy and same-store NOI growth.
- Interest rates: Higher rates raise financing cost and lower property values, shown in acquisition spreads and funds from operations per share.
Major Risks
- Supply additions: New buildings can cut rents and slow lease-up, so watch occupancy and move-in rent against existing tenant rent.
- Weak housing turnover: Fewer home sales and moves mean fewer unit rentals, which shows in lower occupancy and move-in volume.
- Competition on online rates: Renters compare prices online, so discounting shows in move-in rent against existing rent and in marketing cost per move-in.
- Property tax and operating costs: Property taxes and operating costs can rise faster than rents, which reduces NOI margin, shown in same-store expenses.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Mixed |
| Capital Intensity | High |
| Regulatory Intensity | Medium |
| Industry Maturity | Mature |
| Geographic Importance | U.S. |
Self-Storage REITs Filers in the SEC Record
110 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification code 6798. Their latest fiscal years end between 2022 and 2026, and together they reported $180.6 billion of revenue. Median revenue growth over the prior year was 2.9%. Median operating margin was 20.0% and median net margin 10.0%. Median total liabilities were 54% of total assets, and 77 of 110 reported a profit in their latest year.
| Company | Revenue | Growth | Operating margin | Net margin | Year |
|---|---|---|---|---|---|
| Welltower Inc. | $10.8 billion | 35.6% | n/a | 8.6% | FY 2025 |
| American Tower Corp | $10.6 billion | 5.1% | 45.5% | 24.7% | FY 2025 |
| Equinix Inc | $9.2 billion | 5.4% | 20.0% | 14.6% | FY 2025 |
| Prologis, Inc. | $8.8 billion | 7.2% | 49.6% | 37.9% | FY 2025 |
| Weyerhaeuser Co | $6.9 billion | -3.1% | 10.6% | 4.7% | FY 2025 |
| Iron Mountain Inc | $6.9 billion | 12.2% | 16.9% | 2.2% | FY 2025 |
| Simon Property Group Inc. | $6.4 billion | 6.7% | 49.9% | 84.3% | FY 2025 |
| Host Hotels & Resorts, Inc. | $6.1 billion | 7.6% | 14.0% | 12.5% | FY 2025 |
The 8 largest of 110 by revenue. Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code.
Where to Go Next
The Self-Storage REITs guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company.
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- Residential Real Estate Brokerage
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Put it to work
Frequently Asked Questions
What are the main KPIs for the Self-Storage REITs industry?
Key performance indicators for the Self-Storage REITs industry include: Same-store net operating income growth, Occupancy, Move-in rent against existing rent, Funds from operations per share, Marketing cost per move-in. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the Self-Storage REITs industry?
The Self-Storage REITs industry exhibits mixed cyclicality characteristics. Some segments move with the broader economy while others maintain more stable demand, making stock selection within the group particularly important.
What are the biggest risks in the Self-Storage REITs industry?
The primary risks for Self-Storage REITs companies include: Supply additions, Weak housing turnover, Competition on online rates, Property tax and operating costs. Investors should assess each company's exposure to these factors and its track record of navigating them.