ROSEVILLE, Calif.--(BUSINESS WIRE)--LifeStorage, L.P. (“LifeStorage” or “the company”), an owner, acquirer and operator of premier self-storage facilities, committed to creating easy and friendly customer experiences, announced that it has entered into a $100 million secured line of credit with Citigroup Global Markets (“Citi”) to fund future acquisitions.
LifeStorage will use Citi’s credit facility to support its growth strategy of acquiring premier properties in the top 50 markets across the U.S. LifeStorage clusters its facilities in strategic locations, enabling it to offer convenient and diverse storage choices to its customers.
Citi is providing a Secured Revolving Line of Credit to LifeStorage. Additional terms were not disclosed.
“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, Chief Executive Officer of LifeStorage. “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.”
LifeStorage has a rigorous selection criteria for acquiring facilities, including location and convenience for customers, property amenities, high standards for security, and a retail-like environment that is clean and brightly lit, ensuring an excellent customer experience. The company also reviews each property in terms of how it will add value to its overall portfolio of real estate assets as well as advance its strict brand standards.
“As one of the most stable real estate asset classes, self-storage is an appealing market,” said Matthew Greenberger, Managing Director, 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 is an owner, acquirer and operator of premier self-storage facilities, committed to be the best self-storage option for customers, the best employer and neighbor in the communities it serves while laser focused on creating value for investors. LifeStorage offers best-in-class storage solutions with high-quality customer service, engaged and knowledgeable employees, convenient locations, operating with impeccable housekeeping standards, as well as a full suite of customer focused amenities including climate-controlled units, drive-in access, and value-added services such as fully furnished office spaces and meeting rooms.
Founded in 2011, LifeStorage is headquartered in Roseville, CA. The company currently owns, has under purchase agreement and operates 73 properties in 9 states across the U.S. as of August 15, 2014. For more information, please visit www.LifeStorage.com.