Released on = June 5, 2007, 11:12 pm

Press Release Author = Self Storage Promotions

Industry = Real Estate

Press Release Summary = Michael Mele offers his take on why self-storage occupancies
are down, how long the adjustment will take and how investors should respond.

Press Release Body = TAMPA, FL - June 6, 2007 - The Wall Street Journal published an
article last month that got the full attention of the self-storage industry. The
article, entitled \"Self-Storage REITs Lose Heat\" chronicled the rise and fall of
what it called a \"tiny niche of real estate investment trusts in the self-storage
sector.\"

\"A recent Wall Street Journal article reported that self-storage REITs are showing
some softness. Same-store growth in net operating income declined a few percentage
points, \" said Michael A. Mele, Senior Investment Associate at Marcus & Millichap's
Mele Storage Group. \"That may be true, but that doesn't mean that there aren\'t still
solid investments in the market. It just means investors of all sizes need to be
more cautious about their acquisitions.\"

The Journal cited numbers from BMO Capital Markets that noted the success of the big
four public self-storage REITs in recent years. Specifically, shareholder returns
of 26.7% during 2005 outperformed the REIT industry overall. But during the first
quarter of 2007, the Journal reported, most of the REITs reported declines.
According to BMO Capital Markets, same-store growth in net operating income for the
four publicly traded storage REITs declined to 3.7% during the first quarter of 2007
from 6.6% in the year-ago period.

After interviewing various players in the industry, the Wall Street Journal reporter
concluded that no one is quite sure why this is happening. Sovran, for one,
attributed part of its dropping occupancy levels to a housing market slow down. It\'s
also possible, Mele noted, that would-be self-storage tenants are reevaluating their
spending in light of higher gas prices, higher taxes and higher insurance rates in
some parts of the country.

The way Mele sees it, however, location is still king. Although same-store growth in
net operating income declined for the REITs, these publicly traded investment trusts
make up only 11.6% of the self-storage industry\'s facilities, as the Journal rightly
reported. Well-located properties are still performing well, especially in strategic
markets like Florida, Mele noted.

\"We have seen slowdowns in Florida before, but the market always bounces back as
growth catches up. High-growth states like Florida, therefore, remain strong
long-term prospects for self-storage investors,\" said Mele, who is also president of
the Florida Self Storage Association. \"Still, investors should look for conditions
to get worse before they get better because there is a backlog of new development in
the self-storage development pipeline. Now, more than ever, you need a competent
broker to depend on when buying and selling.\"

About The Mele Storage Group
Led by East Coast Self Storage Specialist Michael A. Mele, The Mele Storage Group
has sold over 70 self-storage properties totaling over $300 million in sales. Mele
has over $150 million in Active and Under Contract listings and a database of
approximately 5,000 buyers seeking to expand their self-storage portfolios on the
East Coast. Mele closed more than $86 million in self-storage sales in 2006 alone.
Each member of the group is a specialist in the fields of financial analysis, market
research, contract management and marketing.

About Marcus & Millichap
With more than 1,100 investment professionals in offices nationwide, Encino,
Calif.-based Marcus & Millichap is the largest commercial real estate brokerage in
the nation focusing exclusively on real estate investments. In 2006, the firm closed
more than $22 billion in transactions. Founded in 1971, the firm has perfected a
powerful system for marketing properties that combines product specialization; local
market expertise; the industry\'s most comprehensive research and analysis
capabilities; state-of-the-art technology; and established relationships with the
largest pool of qualified investors nationally.

PR Contacts:

Self Storage Promotions
Jennifer LeClaire
1913 S. Ocean Drive, Suite 237
Hallandale Beach, Fla. 33009
jennifer@selfstoragepromotions.com
954.454.0072

Mele Storage Group
Darlina Conto
7650 Courtney Campbell Cswy., Suite 920
Tampa, FL 33607
Dconto@marcusmillichap.com
813.287.9777, ext. 187


Web Site = http://www.melestoragegroup.com

Contact Details = Self Storage Promotions
Jennifer LeClaire
1913 S. Ocean Drive, Suite 237
Hallandale Beach, Fla. 33009
jennifer@selfstoragepromotions.com
954.454.0072