National Storage Affiliates Announces Formation of the First Affiliate-Owned and Operated Self Storage REIT
Makes National Storage Affiliates One Of The Largest Self Storage Operators In The U.S.
Denver, CO - Wednesday June 26, 2013 - National Storage Affiliates today announced completion of its formation transaction with the contribution of 64 self storage assets in 11 states from its affiliated operators - Optivest Properties, Northwest Self Storage and SecurCare Self Storage. National Storage Affiliates is organized as a Maryland real estate investment trust and now has more than $800 million of committed asset value, making it one of the largest self storage operators in the U.S.
The Company is currently owned and operated by its affiliated operators, who will continue to manage and self-brand their contributed portfolios under the National Storage Affiliates umbrella.
Arlen D. Nordhagen, CEO of National Storage Affiliates and SecurCare commented,"With market trends in our industry increasingly favoring size and scale, we feel that our collective teams and assets are greater as a whole then the sum of the parts." Nordhagen continued,"As affiliate-owners of National Storage Affiliates, we have addresses our desire to continue to operate and grow our respective contributed portfolios, while improving our financial and operational positions through the REIT."
National Storage Affiliates will capitalize on the local knowledge and experience of its affiliates while leveraging the scale of the REIT for marketing, best practices in operations, and financing.
The Company expects to add additional affiliate operators as it rounds out its targeted exposure to the top 100 metropolitan areas in the U.S.
U.S. Bank, Wells Fargo, and a Prudential Real Estate Investors debt fund provided financing for National Storage Affiliates. Clifford Chance is legal counsel, and Knightsbridge Realty Capital is providing strategic advisory services for National Storage Affiliates.
For more information, please contact Tamara Fischer, National Storage Affiliates CFO at (303) 705-8025 or by email at tfischer@nsaselfstorage.com.
About National Storage Affiliates:
National Storage Affiliates is a self-administered, self-managed real estate investment trust. The Company currently owns and operates 64 self storage facilities located in 11 states with approximately 3.3 million net rentable square feet. The Company is owned by its affiliate operators, who will contribute their interests in all of their self storage assets over the next few years, as current mortgage debt matures. This will make National Storage Affiliates the largest privately-owned company in the self storage sector, with approximately 220 facilities, 100,000 storage units and 12.5 million rentable square feet of space located in 15 states. For more information, visit www.nationalstorageaffiliates.com.
Released June 26, 2013
