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Self-Storage REIT National Storage Affiliates Trust Releases 2Q 2016 Financial Results

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National Storage Affiliates Trust (NSAT), a Maryland real estate investment trust (REIT) specializing in self-storage, has released its financial statement for the quarter that ended June 30, 2016, showing gains in key areas including core funds from operations (FFO), net operating income (NOI) and occupancy.

"Our second-quarter results continue to demonstrate the benefit of our high-quality portfolio and differentiated strategy that drives both internal and external growth,” said Arlen Nordhagen, CEO.

The REIT reported core FFO per share of $0.28 during the second quarter, a 27.3 percent year-over-year increase. Its NOI was $31.8 million, a 52.8 percent gain compared to the $20.8 million it reported for the same period last year. Same-store NOI was $21.6 million, up 10.8 percent.

Same-store revenue was $31.8 million during the quarter, an 8.5 percent increase from a year ago, and driven by a gain of 340 basis points in average occupancy and a 3.8 percent bump in average annualized rental revenue per occupied square foot. Average occupancy was 90.4 percent as of June 30, up from 87.7 percent last year.

The company acquired 25 self-storage properties during the quarter for $199 million. The facilities are in nine states and comprise about 1.9 million rentable square feet in more than 19,000 units.

On May 26, the company declared a quarterly dividend of $0.22 per common share, which was a 10 percent increase over the previous quarter. It was paid on June 30 to holders of record on June 15.

Headquartered in Greenwood, Colo., NSAT is a self-administered and -managed REIT focused on the acquisition, operation and ownership of self-storage properties within the top 100 U.S. Metropolitan Statistical Areas throughout the United States. The company owns 344 storage facilities in 18 states. Its portfolio comprises approximately 20.5 million net rentable square feet. It's owned by its affiliate operators, who are contributing their interests in their self-storage assets over the next few years as their current mortgage debt matures.

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