On June the 5th, the self storage REIT, Life Storage Inc. (NYSE: LSI), announced the acquisition of 18 self-storage facilities. The acquisition was made through an existing joint venture in which Life Storage currently holds 20% ownership interest. The facilities are expected to operate under the Life Storage brand, while simultaneously being managed by the company. The properties consist of approximately 1.5 million square feet of rentable space. They’re located across Las Vegas, NV, Nashville, TN, and Arizona.
The company’s Chief Investment Officer, Paul Powell, confirmed, “We anticipated a busy year of acquisitions with our joint venture partners, and it has come to fruition.” The company intends to continue looking for new assets to acquire in the coming months. Since the beginning of the year, Life Storage has acquired 25 high-quality assets with an estimated combined cost of $493 million. All of these properties were acquired through joint ventures.
At this point in time, Life Storage manages 130 properties through joint venture and 3rd party management agreements. In total, the self-administered and self-managed REIT operates more than 675 self storage facilities across 29 states. Additional details can be found here.