W.P. Carey has initiated the sale of 78 self-storage facilities, starting with the $88.5 million sale of 16 properties leased to U-Haul. The sale follows U-Haul’s notice to repurchase the properties, which were initially acquired by W.P. Carey in 2004 and leased back to U-Haul. The total purchase price for the entire portfolio is anticipated to reach around $465 million. Both companies declined to provide further comments. U-Haul’s acquisition contributes to its expanding self-storage portfolio, with recent investments totaling nearly $1 billion, while W.P. Carey has also been bolstering its self-storage holdings with acquisitions such as a facility in Knoxville, Tennessee. Phoenix-based U-Haul is strategically expanding its self-storage business nationwide.
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A full-service lease is a lease that has one, all-inclusive rental rate which includes both the base lease rate and the operating expenses combined into one figure.
A modified gross lease is a lease where the tenant pays base rent at the lease’s inception, but it takes on a proportional share of some of the other costs associated with the property as well, such as property taxes, utilities, insurance, and maintenance.
A triple net lease is a lease agreement on a property whereby the tenant or lessee promises to pay all the expenses of the property, including real estate taxes, building insurance, and maintenance. These expenses are in addition to the cost of rent and utilities.
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