29 unchanged sentences
We believe this expanded footprint enables us to reduce our operating costs through economies of scale.
−Removed: In addition, we see our management business as a potential future acquisition pipeline.
+Added: In addition, our management business is a potential future acquisition pipeline.
We have a bridge lending program, under which we provide financing to third party self storage owners for operating properties that we manage.
This program helps us increase our management business, create additional potential future acquisition opportunities, and strengthen our relationships with partners, all while generating interest and fee income.
−Removed: We generally originate mortgage loans and mezzanine loans, with the intent to sell many of the mortgage loans to third parties, while retaining our interests in the mezzanine loans.
−Removed: As of December 31, 2022, the total principal balance of bridge loans receivable was $491.9 million.
+Added: We generally originate mortgage loans and mezzanine loans, with the intent to sell a portion of the mortgage loans to third parties, while retaining our interests in the mezzanine loans.
+Added: As of December 31, 2023, the total balance of bridge loans receivable was $594.7 million.
We have made investments in preferred stock of other self-storage companies.
17 unchanged sentences
We proactively redevelop properties to add units or modify existing unit mix to better meet the demand in a given market and to maximize revenue.
−Removed: We also redevelop properties to reduce their effective useful age, increase visual appeal, enhance security and to improve brand consistency across the portfolio.
+Added: We also redevelop properties to extend their useful life, increase visual appeal, enhance security and to improve brand consistency across the portfolio.
Acquire self-storage stores
27 unchanged sentences
We may issue additional units in the future when circumstances are favorable.
−Removed: Joint Ventures - As of December 31, 2022, we owned 319 of our stores through joint ventures with third parties.
+Added: Joint Ventures - As of December 31, 2023, we owned 474 of our stores through unconsolidated joint ventures with third parties.
Our joint venture partners typically provide most of the equity capital required for the acquisition of stores owned in these joint ventures.
3 unchanged sentences
However, we may sell more stores or interests in stores in the future in response to changing economic, financial or investment conditions.
+Added: For the year ended December 31, 2023, we did not sell any stores.
For the year ended December 31, 2022, we sold two stores for $38.7 million.
Industry & Competition
−Removed: We are the second largest self-storage operator in the United States.
−Removed: Our four primary competitors who are public self-storage REITs are CubeSmart, Life Storage, National Storage Affiliates and Public Storage.
+Added: We are the largest self-storage operator in the United States.
+Added: Our three primary competitors who are public self-storage REITs are CubeSmart, National Storage Affiliates and Public Storage.
Stores offer month-to-month rental of storage space for personal or business use.
6 unchanged sentences
Commercial tenants tend to include small business owners who require easy and frequent access to their goods, records, inventory or storage for seasonal goods.
−Removed: Our research has shown that tenants choose a store based primarily on the convenience of the site to their home or business, making high-density, high-traffic population centers ideal locations for stores.
−Removed: A store’s visibility on the internet, price, perceived security, cleanliness, and the general professionalism of the store managers and staff are also contributing factors to a store’s ability to successfully secure rentals.
+Added: Our research has shown that tenants choose a store based primarily on price and the convenience of the site to their home or business, making high-density, high-traffic population centers ideal locations for stores.
+Added: A store’s visibility on the internet, perceived security, cleanliness, and the general professionalism of the store managers and staff are also contributing factors to a store’s ability to successfully secure rentals.
Although most stores are leased to tenants on a month-to-month basis, tenants tend to continue their leases for extended periods of time.
2 unchanged sentences
Historically, our highest level of occupancy has been at the end of July, while our lowest level of occupancy has been in late February and early March.
−Removed: The self-storage industry is a mature industry that has seen the average occupancy continue to increase.
+Added: The self-storage industry is a mature industry with average occupancies that are typically at or above 90%.
According to the Self-Storage Almanac (the “Almanac”), the national average physical occupancy rate was 92.8% of net rentable square feet in 2017, compared to an average physical occupancy rate of 91.6% in 2023.
13 unchanged sentences
Store management activities may be subject to state real estate brokerage laws and regulations as determined by the particular real estate commission for each state.
−Removed: Our collection and processing of personal information may be subject to various data privacy and security laws, which govern the collection, use, disclosure of personal information and are constantly evolving, may conflict with each other to complicate compliance efforts and can results in investigations, proceedings, or actions that lead to significant civil and/or criminal penalties and restrictions on data processing.
+Added: Our collection and processing of personal information may be subject to various data privacy and security laws, which govern the collection, use, disclosure of personal information and are constantly evolving, may conflict with each other to complicate compliance efforts and can result in investigations, proceedings, or actions that lead to significant civil and/or criminal penalties and restrictions on data processing.
Changes in any of the laws governing our conduct could have an adverse impact on our ability to conduct our business or could materially affect our financial position, results of operations or cash flows.
4 unchanged sentences
Our employees are not represented by a collective bargaining agreement.
−Removed: In 2022, we invited our employees to participate in an employee satisfaction survey.
−Removed: We achieved an overall satisfaction score of 79% with over 91% of our employees participating in our survey.
+Added: In 2023, we invited our employees to participate in an employee satisfaction survey and achieved an overall satisfaction score of 79% with over 95% of our employees participating in our survey.
Compensation, Health and Well Being
We offer competitive health benefits and encourage our employees to participate in employee health and wellness programs.
−Removed: Over 58% of our employees who are enrolled in our health plan participate in these programs.
−Removed: We offer individualized counseling to our employees to assist them with their journey towards better health.
+Added: Over 56% of our employees who are enrolled in our health plan participate in these programs, which are designed to improve employees' overall health.
+Added: We offer individualized counseling to our employees to assist them with their journey towards better health and financial wellness.
We also offer other health-oriented benefits such as smoking cessation programs and a fitness program that allows for reimbursements to employees for expenses incurred relating to fit-friendly activities, sports or exercise equipment.
+Added: We also provide employees access to a network of childcare and elder care providers.
Training and Development
−Removed: In order to attract and retain diverse top talent, we offer training and development opportunities for our employees.
−Removed: In 2022, we invested in training and development for our employees, which included leadership training, communication training, individual learning plans, site manager training and mentorship programs.
−Removed: Our field employees received an aver age of eight ho urs of training and each new hire received an average of 82 hours of training in 2022.
−Removed: Additionally, we provide our employees with an education assistance program through Western Governors University that allows our employees a path to an undergraduate degree in business or information technology through scholarships and other assistance.
+Added: In order to attract and retain diverse top talent, we believe strongly that development is a continuous journey throughout the employee's career.
+Added: We provide formal development programs which are available to employees who are ready for an intense structured experience.
+Added: In 2023, we invested in training and development for our employees, which included leadership training, communication training, individual development plans, site manager training and mentorship programs.
+Added: Our field employees received an aver age of 22 ho urs of training and each new hire received an average of 82 hours of training in 2023.
Diversity, Equity and Inclusion
2 unchanged sentences
We will continue to implement and pursue diversity, equity and inclusion initiatives and tracking that allow us to attract and retain diverse top talent, improve employee engagement, increase innovation and customer insight and enhance the quality of our decision making.
−Removed: We also launched a formal internship program with Project Destined to support a more diverse talent pipeline into real estate professions.
−Removed: Utah Business Magazine recently recognized us as one of the top 100 Companies Championing Women.
+Added: Newsweek recently recognized us as one of America's Greatest Workplaces for Diversity 2024.
Our employee population is approximately 49% female and approximately 44% have self-identified as people of color:
2 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.