Alert on Self Storage

Mobile, AL: $1,800,000; 53,925 RSF. Contact Broker Affiliate Bill Barnhill at 888-801-4534.
Palm Springs, CA: $4,050,000; 61,565 RSF. Contact Broker Affiliates Clifford Crowe/Mike McVay at 760-929-9700.
Pensacola, FL: $3,000,000; 63,575 RSF. Contact Broker Affiliate Bill Barnhill at 888-801-4534.
Michigan City, IN: $600,000; 30,000 RSF. Contact Broker Affiliate Bruce Bahrmasel at 312-518-3550.
Peoria, IL: $895,000; 115,000 RSF. Contact Broker Affiliate Bruce Bahrmasel at 312-518-3550.
Elkhart, IN: $899,000; 18,550 RSF. Contact Broker Affiliate Bruce Bahrmasel at 312-518-3550.
Michigan City, IN: $1,150,000; 35,000 RSF. Contact Broker Affiliate Bruce Bahrmasel at 312-518-3550.
Cincinnati, OH: $1,750,000; 50,000 RSF. Contact Broker Affiliate Robert Off at 513-272-1850.
Lincoln City, OR: $1,000,000; 28,626 RSF. Contact Broker Affiliate Richard Arnold at 503-203-1911.

Check out all of our Current Listings

Argus is pleased to announce the addition of its newest Broker Affiliate John Baker of the Laurel Agency in Vero Beach, Florida. John will represent the ASSSN in Southern Florida. John can be reached at 772-473-1932. Welcome aboard, John!

Argus welcomes Jeff Von Schmauder of GMAC Better Properties in Tacoma, Washington as its Broker Affiliate for the state of Washington. Jeff brings commercial real estate experience as well as knowledge of the self storage industry. Contact Jeff at 253-231-4096.

Public Storage Announces First Quarter Results. Net income for the 3 months ended March 31, 2004 was $69,067,000 compared to $76,639,000 for the same period in 2003, nearly a 10% decrease. The Company says the decrease is primarily due to an increase in the allocation of income to minority interest of $10,063,000 attributable to the restructuring of its preferred partnership interests, an increase in depreciation expense due to newly opened facilities, and increased general and administrative expenses. The effect of these items was partially offset by improved operations of Same Store self-storage facilities and improved operations generated by newly developed self-storage facilities. Full Press Release
Sovran Records Increased Rental Revenues. Sovran Self Storage recorded rental revenues of $27.8 million for the three months ended March 31, 2004, an increase of $1.7 million or 6.5% compared to rental revenues during the same period in 2003. Of this increase, $1.2 million resulted from a 4.9% increase in rental revenues at the 245 core properties. This increase of rental revenues is primarily attributed to rate increases on select units and increased occupancy rates. The remaining increase in revenues resulted from the acquisition of one store in March 2004 and from 2003 acquisitions. Other income increases were due to additional revenue generated by truck rentals and increased insurance sales. Full Press Release

SSA Fall Conference & Tradeshow, September 8-11, 2004 in Las Vegas. For more information or to register, visit the SSA website at www.selfstorage.org.
Inside Self Storage Expo, November 17-19, 2004 in Miami. For more information or to register, visit the ISS website at www.insideselfstorage.com/expo.

Commercial Lending Becomes More Competitive. We've all seen those commercials with lenders fighting for the mortgage loan business of homebuyers. Well, commercial lenders are now trying to come up with new ways to become more competitive. Commercial borrowers have taken advantage of the low fixed-rate mortgages that have been available for the last year or more. As investments in other property types have declined, more lenders are entering the self storage industry, and none of these lenders really has a monopoly in the industry just yet. With that said, it's a great time to invest in self storage --borrowers have a real advantage by shopping around for the best loan packages and the lowest rates. And, as we all know, it's hard to predict what the interest rates will be in the future.

Congratulations to Argus
Broker Affiliates

Frost Weaver
of Weaver Realty Group, Inc.
on the sale of

Practical Pig Self Storage
in Panama City, FL!
~~~~~~~~~~~

Bruce Bahrmasel
of The Preferred Realty Group
on the sale of

Stone Quarry Storage
in Belvidere, IL!
~~~~~~~~~~~

Richard Arnold
of Arnold/Forcum & Associates
on the sale of

Monarch Mini Storage
in Coos Bay, OR!
~~~~~~~~~~~

Dale C. Eisenman
of Midcoast Properties, Inc.
on the sale of

Interstate 85/385 Storage
in Greenville, SC!
~~~~~~~~~~~

The Argus Self Storage Sales Network
"America's Self Storage Brokers"
1-800-55-STORE
info@argus-realestate.com

For over 21 years, AJAY Equipment Corporation has been a leader in Vertical Conveyor sales and with over 600 installations, the company is now the largest Vertical Reciprocating Conveyor (VRC) dealer to the Storage Industry in the country. AJAY takes great pride with its 100% turnkey installations and its after sales/service follow through.

So, before you decide on your next purchase of vertical conveyors, go with the industry leader, one that has experience and a proven track record with many references. At AJAY, they say "There is no Equal."

Contact AJAY at 1-800-521-2529 or visit their website at www.ajaystoragelifts.com.

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