Life Storage buys 50 stores across the US for $827M

Life Storage Inc. bought 50 stores across the U.S. for a total $826.6 million in the 2021 fourth quarter.

The self-storage real estate investment trust acquired 17 stores in Florida; nine in Georgia; six in Connecticut; four each in Texas and Illinois; three in North Carolina; two each in South Carolina and Colorado; and one each in Tennessee, Virginia and Maine, it said in its latest earnings report.

At Dec. 31, 2021, the company was under contract to buy nine self-storage facilities in California and one in Maryland for an aggregate purchase price of $246.3 million.

Life Storage also bought six self-storage facilities in California for $165.0 million in January 2022.

Following 2021's fourth quarter, the REIT agreed to buy 15 self-storage facilities totaling $236.2 million. The acquisition of the properties in Texas (4), North Carolina (4), Florida (3), South Carolina (1), Illinois (1), Massachusetts, (1) and Georgia (1) are subject to customary closing conditions, and there is no assurance that the purchase will push through.

In the fourth quarter of 2021, Life Storage issued 1.5 million common shares under its continuous equity offering program at a weighted average issue price of $140.44 per share. Net proceeds after expenses were $212 million.