BUFFALO, N.Y.--(BUSINESS WIRE)--Life Storage, Inc. (NYSE:LSI), a self storage real estate investment trust (REIT), announced today the acquisition of 18 self storage facilities through an existing joint venture in which the Company holds a 20% ownership interest. The facilities will be managed by the Company under the Life Storage® brand.
The newly acquired properties encompass approximately 1.5 million square feet of net rentable storage space and are located in Arizona (11), Las Vegas, NV (5), and Nashville, TN (2).
Paul Powell, Chief Investment Officer, stated, “We anticipated a busy year of acquisitions with our joint venture partners, and it has come to fruition. We will continue to look to acquire additional assets in the coming months.”
Since January 1, 2017, the Company has added a total of 25 high-quality assets with an aggregate cost of approximately $493 million to its portfolio through joint ventures.
The Company now manages a total of 130 properties through its joint venture and third party management agreements.
ABOUT LIFE STORAGE, INC.
Life Storage, Inc. is a self-administered and self-managed equity REIT that is in the business of acquiring and managing self storage facilities. The Company operates more than 675 self storage facilities in 29 states. For more information, visit http://invest.lifestorage.com/.