Self-Storage Real Estate Investment Firm City Line Capital Releases H1 2024 Performance Results

City Line Capital (CLC), a self-storage real estate investment company, has released its 2024 performance results through July 31. Growth was fueled by the $27 million purchase of seven facilities across four states, totaling 265,000 net rentable square feet, according to a press release.

The company plans to acquire 14 more properties this year for $105 million. They’re in seven states and total 735,000 net rentable square feet. These additions will increase the CLC portfolio to nearly 300 properties. Last year, the company acquired 31 facilities totaling 1.1 million net rentable square feet, the release stated.

“With a heightened focus on disciplined capital deployment in the currently challenging economic climate, we continue to work diligently to identify, evaluate and close strategically relevant and attractive deals,” said Ben Carr, chief investment officer. “Today’s communication of our activity to date represents consistent execution of processes that leverage our total CLC team’s relationships, skillsets and work ethic. We envision our growth trajectory to remain substantial beyond ’24.”

“We continue to hold occupancy levels while realizing growth in achieved rates and maintaining minimal growth in controllable expenses,” added Matt Morlino, chief financial officer. “As we digest and respond to changing technology and market dynamics, we are keenly focused on considering all tools at our disposal. For example, we have implemented an unstaffed-operation model at select facilities and will continue to consider additional future innovation applications as they arise.”

Headquartered in Bala Cynwyd, Pennsylvania, CLC focuses on the acquisition and management of self-storage properties throughout the United States. Its portfolio includes 278 facilities comprising more than 16 million square feet in 30 states.

Source: PR Newswire, City Line Capital Continues Growth in 2024