{"id":1413,"date":"2021-11-10T15:25:25","date_gmt":"2021-11-10T15:25:25","guid":{"rendered":"http:\/\/listselfstorage.com\/us\/industry-insights\/?p=1413"},"modified":"2021-11-10T15:25:25","modified_gmt":"2021-11-10T15:25:25","slug":"third-party-management-fuels-acquisition-activity-at-life-storage","status":"publish","type":"post","link":"https:\/\/listselfstorage.com\/us\/industry-insights\/third-party-management-fuels-acquisition-activity-at-life-storage\/","title":{"rendered":"Third-Party Management Fuels Acquisition Activity at Life Storage"},"content":{"rendered":"

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Third-party management is turning out to be an acquisition goldmine for Life Storage.<\/p>\n

Joe Saffire, CEO of the Williamsville, NY-based self storage REIT, said roughly one-third of the 75 facilities purchased so far this year were part of Life Storage\u2019s third-party management platform. Saffire called the company\u2019s third-party platform a \u201crobust acquisition pipeline.\u201d<\/p>\n

\u201cThe hard work of our acquisitions and third-party management teams over the past several years executing on our relationship-based strategy to be well positioned when opportunities become available is clearly paying off,\u201d Saffire said in a Nov. 2\u00a0news release<\/span><\/a>.<\/p>\n

At the end of the third quarter, the third-party management platform comprised 357 facilities. Saffire expects the platform to continue to be\u00a0fertile ground for acquisitions<\/a>.<\/p>\n

Expanded pipeline<\/h4>\n

The third-party pipeline is helping Life Storage achieve its revised goal of making $1.7 billion to $1.9 billion in acquisitions this year. The REIT previously forecast $800 million to $1 billion in acquisitions for 2021. More than $1.7 billion worth of wholly owned acquisitions have either closed this year or are under contract.<\/p>\n

\u201cWe\u2019r<\/span>e more than ready to continue to expand through acquisitions,\u201d Saffire told Wall Street analysts during a Nov. 3 call to discuss third-quarter financial results.<\/p>\n

\u201cWe have repeat sellers who have come to us because we know we can get a deal done quickly and fairly,\u201d he added, \u201cand we would expect to be able to continue to do that going forward.\u201d<\/p>\n

Saffire said he expects healthy acquisition activity in the self-storage sector next year, but he\u2019s unsure whether it will reach the level of activity in 2021. By one estimate, this year could end with $18 billion in self-storage acquisitions across the U.S.<\/p>\n

Other highlights of Life Storage\u2019s third-quarter results include:<\/h4>\n