2023 True Storage Year Update

2023 Progress

2023 was another record-breaking year for True Storage. Throughout the year True Storage delivered 603,793 net rentable square feet across 9 projects. The completions included locations in Enfield, CT, Columbus, GA, Methuen, MA, Frenchtown, MI, Akron, OH, Providence, RI, Fort Atkinson, WI, Flint MI, and Conyers, GA. The team successfully converted a Walmart, Kmart, Dicks Sporting Goods, 2 grocery stores, a ShopKo and finished 2 ground-up sites! “2023 was a true showcase of how dynamic and focused our team is on delivering top quality storage properties to market,” said Chris Lewis, Director of Architecture & Design for True Storage. “We are proud of the transformations that we have completed at each of these properties and have enjoyed working with each community we enter.”

Portfolio Update

With the additions of the 9 new sites competed in 2023, the True Storage portfolio now consists of 20 open stores with over 1.2 million square feet of net rentable space and 12,536 units. “This year brought us into new territories expanding upon our already robust portfolio; we were eager at the opportunity to operate in these new markets and motivated by the challenge. We have stayed the course and continued to strengthen relations with existing management groups and are proud to welcome in some new. Our focus in the new year is to strive for continued growth and to learn from these successes in the past year,” said Jacob Fuller, Operations Manager for True Storage. Currently, Day-to-day operations of these facilities are being managed by CubeSmart, National Storage, and Store Space while True Storage retains ownership of the properties. True Storages geographical footprint has grown across 15 states including 2 new locations in Georgia. The total portfolio includes 39 locations totaling 2,560,692 rentable square feet throughout 27,969 units.

Construction Pipeline

The True Storage construction team is firing on all cylinders across the country rolling into 2024. The pipeline currently includes 19 projects totaling 1,355,524 net rentable square feet. Six of the projects are ground up developments, located in NY, MA, CT, RI, and PA. The remaining 13 locations include big box retail locations, historic mill buildings, and well positioned industrial buildings. “Our contractors have done a spectacular job delivering time and time again. Looking at the before and after photos to see the miraculous transformations to the conversions and the new ground up buildings it really makes you hold your head up high. All the late nights and hard workday after day pays off into something you’re proud to put your name on,” said Thomas Remmes, Project Manager for True Storage

2024 Outlook

The True Storage team is ready for a fast-paced 2024 filled with facility completions. Our focus on improving communities through revitalizing underutilized properties is leading us into new markets across the country. Commenting on 2024 direction, Thomas Remmes mentioned; “We are keeping the momentum going right into 2024 and setting the bar even higher! We have ground up buildings already underway, and some of our largest facilities to date scheduled to be completed this year. I am excited about the new markets and states we are entering along with meeting new contractors.” We are actively looking for more development opportunities and feel confident that the self-storage market will continue to be resilient. 

About True Storage

True Storage, a national self-storage developer, produces premium Class A storage space through conversions and ground-up construction. Through partnerships with national self-storage companies, the facilities are managed and operated, meeting customer and community expectations for quality and service. True Storage was named the 87^th largest self-storage owner in the country in 2023 by Inside Self Storage. For more information visit, truestorage.com.