U-Store-It Trust Inc., a publicly traded self-storage real estate investment trust, this week closed the sale of an 18-property self-storage portfolio for $43.5 million. The Indiana and Ohio properties comprise 976,000 net rentable square feet. They had a physical occupancy of 78 percent as of June 30.
This transaction represents U-Store-It’s exit from the Canton, Ohio, market, a 30 percent reduction of square footage in its Cleveland, Ohio, portfolio and a significant reduction in the company’s asset base in Indianapolis.
"This transaction represents our continued capital-recycling efforts within the portfolio,” said Christopher Marr, president and chief investment officer. “We continue to implement our strategy of reducing exposure in slower growth, lower barrier-to-entry markets and redeploying that capital into our core markets.”
The proceeds generated from this disposition will be used to acquire properties in the company’s core markets on a leverage neutral or better basis, Marr said, strengthening U-Store-It’s balance-sheet metrics and the quality of the company’s portfolio.
Based in Wayne, Pa., U-Store-It owns or manages 437 facilities across the United States and operates the U-Store-It Network, which consists of approximately 810 additional self-storage facilities.