California-based self-storage operator LifeStorage LP has secured a $100 million line of credit from Citigroup Global Markets (Citi) to fund future acquisitions. The storage company’s growth plan includes buying properties in the top 50 U.S. markets. LifeStorage prefers to clusters its facilities in strategic locations, company officials announced in a press release.
“Citi’s credit facility confirms our success in selectively acquiring institutional-quality properties and significantly improving operating results. It will provide us with the flexibility to expand our portfolio opportunistically,” said Mark Good, CEO. “We’ve found that many self-storage customers often settle for a mediocre storage solution and are disappointed by their experience. By contrast, LifeStorage is committed to creating the very best storage experience across all customer interactions in order to surprise and delight customers.”
Among the criteria LifeStorage examines for facility acquisitions are location and convenience for customers, property amenities, security standards, and retail environment, company officials said.
“As one of the most stable real estate asset classes, self-storage is an appealing market,” said Matthew Greenberger, managing director of Real Estate and Lodging Global Banking at Citigroup. “The LifeStorage management team has deep experience in building and operating businesses, and they are committed to creating a strong real estate portfolio and adding value across the self-storage ecosystem.”
LifeStorage changed brand ownership in 2011 and moved its headquarters from Chicago to Roseville, Calif. Today, the company operates a self-storage portfolio of 73 properties in nine states, with a heavy concentration in the Chicagoland area.