Moving and Storage Business News

The News Review:

- Dorchester Pacific sells off Auckland tower
- Extra Space Storage Inc. Announces Fourth Quarter 2007 Dividend
- Big Yellow mellows with strong results: chairman underplays good half…
- Tech’s Bottom Line | Bill Snyder | TAG: Dell | InfoWorld

Dorchester Pacific sells off Auckland tower
New Zealand Herald – Nov 30, 2007
The ongoing effect of poor loans in the Senate ledger was partly offset by a 38 per cent increase in operating contribution from branch network and property and equipment lending operations, Dorchester said. Senate’s transition from a financier to a brokerage business was now complete. Of the $20m in new funding, $10m was from a related company of substantial shareholder Hugh Green Investments, and $10m from a related company of substantial shareholder Auguste Finance, Dorchester said. The advances were repayable on demand on an equal basis to Castle Finance and Auguste Holdings and would be for an initial term of six months, with interest charged at 9 per cent a year. No establishment or other fees would be payable by Dorchester Pacific. An independent opinion from Grant Samuel & Associates confirmed the transaction was fair and reasonable to shareholders, other than Hugh Green Investments and Auguste Finance, and in the best interests of the company, Dorchester said. Chief executive Andrew Walker said the $20m facility would enhance Dorchester’s ability to take advantage of lending and portfolio expansion opportunities and would also bolster cash reserves…
“We welcome this support from our cornerstone shareholders and are pleased with their demonstration of confidence in the business,” Mr Walker said. The holding in the Auckland Club Tower had been bought by Australian-based Valad Property Group. This week Valad announced it had bought six established self-storage sites, worth $30m, in the North Island, in a joint venture with New Zealand’s Kennards Self Storage, and was on the hunt to buy more. Valad also recently purchased retail depots and packaging plants from Graeme Hart’s Carter Holt Harvey. Mr Walker said the sale was in line with a strategic decision to divest non-core operations and assets. Dorchester Pacific shares were up 5c to 89c around 11am, having been as high as $2.

Extra Space Storage Inc. Announces Fourth Quarter 2007 Dividend
Earthtimes – Nov 30, 2007
(the “Company”)(NYSE: EXR) announced today that its board of directors has declared aquarterly dividend of $0. 25 per share on the common stock of the Company. On an annualized basis, the dividend represents a distribution of $1. 00 pershare of common stock.

Big Yellow mellows with strong results: chairman underplays good half…
Free with registration – Property Week – AccessMyLibrary.com – Nov 30, 2007
(Finance–News) –> COPYRIGHT 2007 CMP Information Ltd. BIG YELLOW, THE SELF-STORAGE company, has revealed a solid set of half-year results and agreed a 150m [pounds sterling] tie-up with Pramerica Real Estate Investors for expansion in the north of the UK. The REIT increased net asset value by 8% to 472p a share in the six months to 30 September and pretax profits by 3% to 7.

Tech’s Bottom Line | Bill Snyder | TAG: Dell | InfoWorld
InfoWorld – Nov 30, 2007
It was the first major tech company I covered in a serious way, and I learned a lot about the industry from Dell execs and yes, pr folks. Moreover, I used to love their products and was happy to buy them and recommend them to my friends. Dell has really lost its way, and so far, the return of Michael Dell to the CEOâs chair hasnât made a big difference. Thursdayâs results were very disappointing…
First though, consider Dell’s modus operandi, or MO, as the cops like to say. It doesn’t invent much, other than a once-great business model. Its storage business, in particular, is based on reselling EMC’s Clarion. Dell adds a bit of value, but not a lot. And despite the bumps of the last few years, Dell still generates a ton of cash. 8 billion in the bank as of last August.