GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--National Storage Affiliates Trust (NYSE:NSA) today announced the Company has entered into contracts to acquire 29 self storage properties located across six states, comprising approximately 2.1 million rentable square feet, configured in approximately 18,000 storage units for aggregate consideration of approximately $190 million, including a 22 property portfolio in California for aggregate consideration of approximately $154 million. These acquisitions are expected to be funded by a combination of approximately $187 million of cash and approximately $3 million of Operating Partnership equity. Of these acquisitions, the Company expects 28 properties will be acquired by NSA in off-market third-party transactions and one property will be acquired by NSA from a participating regional operator ("PRO"). The Company currently expects to complete these acquisitions during the third quarter of 2016, subject to the satisfaction of customary closing conditions.
Arlen Nordhagen, Chief Executive Officer, commented, “We are pleased to announce that with these planned acquisitions, we will have successfully completed or currently have under contract approximately $390 million of acquisitions, representing 54 properties and over 36,500 units since the end of the first quarter 2016 and approximately $480 million, representing 71 properties and over 44,000 units since the end of the fourth quarter 2015. These new acquisitions reflect our continued focus on increasing our ownership in existing markets in order to leverage our PRO operating platform and build further scale in markets where we have local expertise and further demonstrate our continued commitment to grow the Company and drive shareholder value.”
About National Storage Affiliates Trust
National Storage Affiliates Trust is a Maryland real estate investment trust focused on the ownership, operation and acquisition of self storage properties located within the top 100 metropolitan statistical areas throughout the United States. The Company currently owns and operates 318 self storage properties located in 18 states with approximately 19 million rentable square feet. NSA is the sixth largest owner and operator of self storage properties among public and private companies in the U.S.
