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Self-Storage Operator 10 Federal Reports Record 3Q Operating Results, Expands Third-Party Management Platform
ISS Staff
November 25, 2024
2 Min Read
10 Federal Storage LLC, which operates more than 70 self-storage facilities in the Southeast, reported record-breaking third-quarter operating performance, spurring the company to open its third-party management platform to new applicants. It'll accept a limited number of new clients in the first quarter of the new year, according to a press release.
“Our third-quarter results demonstrate that even in a challenging market, it's possible to achieve exceptional outcomes through innovation and operational excellence,” said Andrew Capranos, president. “While many operators face compressed margins, lower street rates and declining demand, our technology-driven approach and data-focused strategies have consistently unlocked growth opportunities and delivered superior results for our stakeholders.”
Over the past three months, 10 Federal added 23 properties to its portfolio while experiencing double-digit increases in revenue and net-operating income (NOI) in its primary funds. It’s “Self-Storage Offering 3” has experienced a 10.3% increase in same-store year-to-date revenue and a 29.8% increase in year-over-year (YOY) NOI. “Self-Storage Offering 4” has seen a same-store quarterly revenue increase of 14.3% and a YOY NOI increase of 38.7%.
The company is breaking ground on new self-storage projects in Georgia and Texas after closing a $17 million equity raise in September. The opportunistic offering will focus on ground-up development, primarily in the form of multi-story facilities.
10 Federal’s proprietary automated system integrates artificial intelligence, automation and data-driven strategies to optimize operations, reduce costs and enhance customer experiences, the release stated.
“We’ve seen a strong appetite from self-storage owners seeking a better approach to property management,” said Jacob Mortensen, vice president of corporate operations, who oversees the company’s third-party management division. “Our platform has proven its ability to deliver consistent growth even in a tougher environment, and we’re excited to bring these capabilities to forward-thinking owners who want to maximize the potential of their properties.”
Founded in 2010 and based in Raleigh, North Carolina, 10 Federal is a diversified real estate company that also operates multi-family properties. Its self-storage portfolio of owned and managed properties comprises more than 3 million net rentable square feet.
Source: PRNewswire, 10 Federal Storage Reports Record Third-Quarter Results and Expands Third-Party Management Platform
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