Life Storage, Inc. (NYSE:LSI) a leading national owner and operator of self storage properties, announced today that it will assume management of a 42 property portfolio of “Class A” storage facilities owned by Brookwood Properties, effective November 1, 2018. Life Storage now manages 203 facilities, more than double the number of those managed at the same time in 2016.
"This partnership further demonstrates our commitment to growing Life Storage Solutions and also validates our technology platforms, customer service and corporate and consumer customer acquisition strategies," commented Ed Killeen, Chief Operating Officer of Life Storage. "We are extremely excited to partner with Brookwood Properties and look forward to building on this relationship over time.”
“Life Storage instilled in us the confidence we were looking for in a partner and management company. Finding a partner who would ensure a seamless transition for our customers and employees was critical to our decision process, and Life Storage’s responsiveness to plan and successfully execute this transition in just six weeks was unparalleled," said Craig Smith, owner of Brookwood Properties.
The properties total approximately 4.0 million square feet of storage space and are located in markets where the Company already operates: Texas (10), Louisiana (29), and Mississippi (3). One property is under development and is scheduled to commence operations under the Life Storage brand by year-end. Brookwood Properties has eight additional properties in construction that will open at various times over the next 18 months.