BALA CYNWYD, PA — City Line Capital (CLC) has reported robust growth and impressive operational results for 2024. Up until July 31, CLC acquired seven facilities spanning four states, adding approximately 265,000 net rentable square feet for around $27 million.
Looking ahead, CLC plans to close 14 more property acquisitions across seven states. These will add about 735,000 net rentable square feet to their portfolio, costing approximately $105 million. Alongside the 31 facilities acquired in 2023, totaling 1.15 million square feet, these acquisitions will expand CLC’s portfolio to over 290 facilities, exceeding 17 million square feet in 30 states. This expansion strengthens City Line’s position in the self-storage investment sector, where it ranks 11th on the 2024 Inside Self Storage Top Operators list.
Ben Carr, Chief Investment Officer, remarked on the strategic nature of these acquisitions. “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,” he stated. Carr expressed confidence in maintaining a strong growth trajectory beyond 2024.
Operationally, CLC has met expectations for the year. The company remains committed to adapting to market changes while maintaining strong management relationships. Chief Financial Officer Matt Morlino emphasized their focus on efficiency. “We continue to hold occupancy levels while realizing growth in achieved rates and maintaining minimal growth in controllable expenses,” he explained. Morlino highlighted the adoption of an unstaffed operation model at some facilities as part of their strategy to embrace innovative solutions.
City Line Capital’s achievements reflect a proactive approach to growth and innovation in the dynamic self-storage industry.
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