Citizen Storage 8-Property Memphis Self-Storage Portfolio Overview

Price
Market Bid
NRSF
488,208
Offers Due
10/13/2022
Property Type
Land
Key fact
4,007 units, across 8 assets and more than 488,208 net rentable square feet located in Tennessee and Mississippi.

Cushman & Wakefield has been exclusively retained to offer for sale the Memphis MSA 8-Property Self-Storage Portfolio (the “Portfolio”). The Portfolio currently includes 4,007 units across 8 stabilized assets in the Memphis MSA.

SECURE INVESTMENT PORTFOLIO

  • PORTFOLIO SNAPSHOT:  4,007 units, across 8 assets and more than 488,208 net rentable square feet located in Tennessee and Mississippi.
  • WELL LEASED WITH PROVEN HISTORICAL OCCUPANCY: Currently 83%physically leased with economic occupancy at 86%.

STABILIZED ASSETS WITH STRONG CASH FLOW

  • SIGNIFICANT IN-PLACE INCOME: The assets boast significant in-place income, giving buyers the opportunity to acquire 5.0 MM in net operating income in a single transaction.
  • POTENTIAL UPSIDE: The Memphis MSA is currently the third-largest housing market among millennial buyers. This Portfolio offers substantial upside through increasing occupancy and market rent growth based on the strong supply/demand fundamentals, as well as through customer rate increases.

GROWING MARKETS WITH FAVORABLE TAILWINDS

  • STRONG PORTFOLIO MARKETS: The Portfolio is located in the Mid South, a region that is presently home to 5 million residents. Southern states grew 10.5%since 2010, accounting for nearly half of the country’s overall population increase.

STRONG U.S. SELF-STORAGE MARKET

  • HIGHEST PERFORMING ASSET CLASS: In a period categorized by capital markets uncertainty and increasing risk of macroeconomic contraction, the U.S. self-storage industry outperformed competing REIT asset classes by posting the highest median same-store net operating growth of 21%.
  • DEMAND FOR SELF-STORAGE: Occupancies continue to remain strong, coming in at 95% at the end of 2Q22. As a result of record high occupancies, non-weighted same store revenue increased over 17% and non-weighted same store NOI increased over 21%. 2Q22 operating results beat consensus estimates with four of the five REITs in the industry beating estimates and raising FY22 FFO guidance.



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