BALA CYNWYD, Pa., Aug. 21, 2024 -- City Line Capital ("CLC"), a leading self-storage investment firm, is pleased to announce continued growth and solid operational results during 2024.
During 2024 and through July 31, CLC has acquired seven facilities across four states totaling approximately 265,000 net rentable square feet for approximately $27 million.
CLC has a busy acquisition schedule ahead as it prepares to close 14 property acquisitions across seven states totaling approximately 735,000 net rentable square feet for approximately $105 million. These acquisitions along with the 31 facilities totaling approximately 1.15 million net rentable square feet acquired during 2023 shall increase City Line Capital's total self-storage portfolio to over 290 facilities, exceeding 17 million square feet across 30 states. This growth underscores City Line's commitment to excellence and maintains the firm's position as a key player in the self-storage investment sector. City Line Capital was ranked as #11 on the 2024 Inside Self Storage ("ISS") Top Operators list.
"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," commented Ben Carr, Chief Investment Officer at City Line Capital. "Today's communication of our activity to date represents consistent execution of processes that leverage our total CLC team's relationships, skill sets and work ethic. We envision our growth trajectory to remain substantial beyond '24," continued Carr.
Operational results during 2024 have remained in line with expectations heading into the year. Our platform and management relationships remain strong and enable continuous improvement across all functions while responding to ever changing market dynamics.
"We continue to hold occupancy levels while realizing growth in achieved rates and maintaining minimal growth in controllable expenses," said Matt Morlino, Chief Financial Officer at City Line Capital. "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" further stated Morlino.
About City Line Capital:
City Line Capital is a fully integrated real estate firm based in Bala Cynwyd, Pennsylvania which focuses on the acquisition and asset management of high-quality self-storage properties throughout the United States. With a strong focus on strategic acquisitions and exceptional asset management, the firm has assembled primarily through acquisitions a portfolio of over 16 million square feet of self-storage space across 278 facilities located in 30 states. For more information, go to http://www.citylinecapital.com.
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