Devon Self Storage Company Profile

Background

Founded in 1988 by Ken Nitzberg, Devon Self Storage has grown into one of the largest privately owned national self-storage developers and operators. The company has owned, managed, or developed over 350 self-storage facilities across 32 states and three European countries. In January 2024, Devon became a member of The Inland Real Estate Group of Companies, Inc., further solidifying its position in the self-storage industry.

Key Strategic Focus

Devon Self Storage specializes in acquiring, redeveloping, and operating high-quality self-storage properties. The company's strategic objectives include expanding its national footprint, enhancing operational efficiencies, and providing best-in-class self-storage services. Devon targets diverse markets across the United States, focusing on both urban and suburban areas to meet the growing demand for storage solutions.

Financials and Funding

In January 2024, The Inland Real Estate Group of Companies, Inc. acquired a majority interest in Devon Self Storage. This acquisition aligns with Inland's long-term strategic plans and provides Devon with additional capital and infrastructure to drive innovation and expansion. The partnership aims to leverage Devon's existing senior management team and operational expertise to further grow the company's portfolio and third-party management services.

Pipeline Development

Devon Self Storage has been actively expanding its portfolio through acquisitions and new developments. In 2024, the company added 78 self-storage assets across 32 states, increasing its total to over 188 properties. This growth has been driven by both new builds and acquisitions, significantly broadening Devon's national presence.

Technological Platform and Innovation

Devon Self Storage employs a proprietary acquisition and market analysis software specific to the self-storage industry. This technology enables the company to identify unique acquisition opportunities, implement effective redevelopment strategies, and efficiently operate high-quality self-storage properties. The integration of this platform with Inland's resources is expected to further enhance Devon's innovation and expansion plans.

Leadership Team

Ken Nitzberg: Co-Chief Executive Officer and Chairman. With over 30 years of experience in the self-storage industry, Nitzberg has been instrumental in Devon's growth and strategic direction.

Matthew Tice: Co-Chief Executive Officer and President. Tice also serves as Senior Vice President at Inland Real Estate Acquisitions, LLC, bringing extensive experience in real estate acquisitions and management.

Leadership Changes

In January 2024, following the acquisition by Inland, Matthew Tice was appointed Co-CEO and President of Devon Self Storage. This leadership change aims to leverage Tice's expertise in real estate acquisitions to drive Devon's growth and expansion.

Competitor Profile

Market Insights and Dynamics

The self-storage industry has experienced significant growth, driven by factors such as urbanization, downsizing, and increased consumer demand for storage solutions. The market is characterized by a mix of large publicly traded companies and numerous smaller, privately held operators.

Competitor Analysis

Public Storage: One of the largest self-storage companies globally, offering a wide range of storage solutions with significant market share.

Extra Space Storage: Known for its extensive network of facilities and focus on customer service, Extra Space Storage is a major player in the industry.

CubeSmart: Offers a variety of storage options and has a strong presence in numerous markets, emphasizing technology and customer experience.

Strategic Collaborations and Partnerships

Devon Self Storage has established a strategic relationship with Inland Private Capital Corporation (IPC) to redevelop and operate self-storage properties located in Qualified Opportunity Zones across the nation. This partnership has enabled Devon to access development opportunities in a sector that has proven its resiliency, even during economically challenging times.

Operational Insights

Devon's integration with Inland provides access to additional capital and infrastructure, enhancing its ability to compete with larger, well-capitalized REITs. The company's proprietary technology and experienced leadership team position it to effectively identify and capitalize on acquisition and redevelopment opportunities.

Strategic Opportunities and Future Directions

Devon Self Storage plans to continue its expansion by acquiring and developing new self-storage facilities, particularly in underserved markets. The company aims to leverage its partnership with Inland to enhance operational efficiencies and drive innovation. Additionally, Devon is focused on growing its third-party management services, providing expertise to other property owners in the self-storage industry.