On February 25, National Storage Affiliates (NSA) reported the company's fourth quarter and full year 2018 results.

"2018 was a banner year for the growth of NSA and our iStorage brand, with the formation of our 2018 Joint Venture and our investment in nearly $1.7 billion of self storage properties."

-Arlen Nordhagen, chairman and chief executive officer, National Storage Affiliates Trust

Nordhagen is excited for the momentum to continue into 2019 as the self storage REIT closed on the addition of its ninth Participating Regional Operator (PRO), Southern Self Storage, and entered into agreements to add its tenth PRO, Moove In Self Storage.

Moove In currently owns 19 self storage properties and operates a total of 23 self storage properties under the Moove In Self Storage brand in Pennsylvania, Maryland, New Jersey, and New York. Upon closing, Moove In intends to contribute six self storage properties to NSA as part of the initial contribution transaction, and Moove In's remaining properties will be added to NSA's captive pipeline.

Tamara Fischer, president and chief financial officer, commented, "Our same store pool in 2019 will increase by 63 stores for a total of 439 stores. These newly added stores are geographically diversified across 19 states."

Fischer added the company has already acquired or has under contract to acquire an additional 30 wholly-owned self storage properties for approximately $190 million during the first quarter of 2019.

2018 Highlights

  • NSA acquired 57 wholly-owned self storage properties for $356.6 million and invested in 106 joint venture properties valued at $1.3 billion.

  • Net income increased $2.5 million for the fourth quarter of 2018 and increased $10.3 million for full year 2018 as compared to the same periods in 2017.

  • NSA acquired seven wholly-owned self storage properties located in four states consisting of approximately 400,000 rentable square feet configured in approximately 3,000 storage units during the fourth quarter of 2018.

  • The company entered into a Joint Venture (JV) with an affiliate of Heitman America Real Estate REIT LLC, completing the acquisition of a portfolio of 112 self storage properties located across 17 states and Puerto Rico, consisting of over 8 million rentable square feet configured in over 68,000 storage units for approximately $1.325 billion. Immediately following the closing of the acquisition, the JV distributed the six self storage properties in the portfolio located in Puerto Rico and a single self storage property located in Ohio to NSA.

  • NSA invested $356.6 million in the acquisition of 57 wholly-owned self storage properties located in 13 states and Puerto Rico consisting of approximately 3.2 million rentable square feet configured in approximately 28,000 storage units.

About NSA

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 U.S. The Company currently holds ownership interests in and operates 698 self storage properties located in 34 states and Puerto Rico with approximately 44.3 million rentable square feet.

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Anastasia Malagisi

Anastasia leads the Radius+ marketing efforts. She was previously Director of Marketing & Outreach at the national Self Storage Association, where she developed integrated marketing and communication strategies. She has over a decade of experience in the self storage industry and 15 years’ experience in building brand visibility and establishing strategic partnerships. Anastasia received a B.A. in Public Relations from Quinnipiac University and an MBA Certificate from Canisius College.