10 Federal Storage LLC, which operates more than 95 self-storage facilities in 10 states, reported record-breaking first-quarter performance across its investment platforms, Self-Storage Acquisition Companies 3 and 4 (10FSSAC3 and 10FSSAC4). It also finalized a $100 million credit facility to fund acquisitions and expansion projects, according to a press release.
10FSSAC3 achieved a 9% year-over-year (YoY) increase in same-store revenue and 45.1% increase in net operating income (NOI), driven by a 12.8% reduction in operating expenses across its 15 facilities. 10FSSAC4 reported an 11.9% YOY increase in same-store revenue and a 42.9% rise in NOI at its 21 facilities, with expenses reduced by 1.5%. The credit facility will fund acquisitions within this platform, the release stated.
10 Federal recently completed large-scale expansion projects in Magnolia and Montgomery, Texas, adding more than 100,000 square feet in 650 units. It also has three multi-story developments under construction and one in pre-construction in Georgia, North Carolina and Texas. The first facility is slated for completion in the fourth quarter. The company also acquired a three-property portfolio in Keller, Texas, comprising 177,353 net rentable square feet, the release stated.
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“Our exceptional financial results are the product of relentless optimization through automation, predictive data analytics and operational discipline,” said company president Andrew Capranos. “Amidst industry-wide economic pressures, our proprietary technology enables us to sustain substantial NOI growth, significantly outperforming the market.”
Founded in 2010 and based in Raleigh, North Carolina, 10 Federal is a diversified real estate company that also operates multi-family properties. Its self-storage portfolio of owned and managed facilities comprises more than 3 million net rentable square feet.
Source: PRNewswire, 10 Federal Delivers Exceptional Q1 2025 Results; Secures $100 Million Credit Facility to Fuel Strategic Growth
ISS Staff
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