10 Federal Announces Major Milestones, Record Performance, and Launching of New Offering

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Jul 24, 2024, 06:00 ET

RALEIGH, N.C., July 24, 2024 /PRNewswire/ -- 10 Federal, a leading self-storage owner and operator, is excited to announce several significant achievements and its upcoming offering that highlight its continued growth and success in the industry.

The company has successfully completed capital raising for its fourth value-add offering, securing $115 million in just 18 months and oversubscribing the initial goal of $100 million. This achievement reflects strong investor confidence and positions the company for further expansion and innovation.

10 Federal Announces Major Milestones, Record Performance, and Launching of New Offering

Construction has officially commenced on a new Class-A development in Georgetown, Texas. This premier project is anticipated to be delivered in August 2025, bringing over 100,000 square feet of climate-controlled self-storage to the thriving Georgetown market. This expansion underscores the company's commitment to meeting the growing demand for high-quality storage solutions in dynamic markets.

In addition, 10 Federal's third self-storage offering, launched in 2021, has experienced its most successful quarter to date, boasting a remarkable 31.1% year-over-year increase in net operating income despite current market turbulence. This outstanding performance underscores the resilience and strategic management of the company's assets, highlighting unique value-creation through its autonomous management platform, advanced automation, and innovative use of technology.

Looking ahead, 10 Federal is excited to announce the launch of its first opportunistic offering in September 2024, with a target equity raise of $25 million. This new initiative aims to capitalize on emerging market opportunities and deliver strong returns for investors.

Andrew Capranos, President of 10 Federal, commented on the recent successes: "We are thrilled with the progress we have made across our existing portfolio. Completing the capital raise for our 4th offering and starting construction on our Georgetown project are significant milestones. Our team's hard work and dedication are evident in the outstanding performance of our 3rd Self Storage Offering, and we look forward to the opportunities that our new offering will bring."

Cliff Minsley, Co-Founder of 10 Federal, added: "The continued support from our investors and partners has been instrumental in our achievements. We are committed to delivering high-quality projects and generating strong returns. The launch of our first opportunistic offering marks an exciting new chapter, and we are confident it will be a great success."

About 10 Federal:

10 Federal stands as a leading innovator in the self-storage industry. As one of the largest owners and operators of fully automated facilities in the country, the company harnesses advanced technology and data analytics to deliver superior risk-adjusted returns.

SOURCE 10 Federal