Self-Storage REIT National Storage Affiliates Trust Adds Hide-Away Storage Services as 7th Regional Operator

National Storage Affiliates Trust (NSAT), a Maryland real estate investment trust (REIT) specializing in self-storage, has signed an agreement to add Sarasota, Fla.-based Hide-Away Storage Services Inc. as the REIT’s seventh participating regional operator (PRO). Hide-Away will contribute 14 properties comprising about 1 million rentable square feet to NSAT’s growing self-storage portfolio for approximately $115 million, according to a press release. The deal is expected to close during the second quarter.

National Storage Affiliates Trust (NSAT), a Maryland real estate investment trust (REIT) specializing in self-storage, has signed an agreement to add Sarasota, Fla.-based Hide-Away Storage Services Inc. as the REIT’s seventh participating regional operator (PRO). Hide-Away will contribute 14 properties comprising about 1 million rentable square feet to NSAT’s growing self-storage portfolio for approximately $115 million, according to a press release. The deal is expected to close during the second quarter.

“Consideration for the transaction is expected to include approximately $60 million in units of NSAT's operating partnership, assumption of approximately $42 million in mortgage principal indebtedness, and the repayment of existing indebtedness and fees using cash funded by [NSAT’s] revolving line of credit,” the release stated.

Hide-Away will join Guardian Storage Centers, Move It Self Storage, Northwest Self Storage, Optivest Properties, SecurCare Self Storage and Storage Solutions in NSAT’s regional-operator stable. “We are delighted to partner with Hide-Away and its excellent management team,” said Arlen D. Nordhagen, CEO of NSAT. “This partnership broadens NSAT’s scope of PRO leadership and presence in the fast-growing Florida market. Our unique PRO structure lends itself to the Hide-Away business strategy of continuing to grow their portfolio while managing their brand. As demonstrated by the addition of Hide-Away as our first PRO added since our IPO, we continue to execute on our growth plan and drive long-term shareholder value.”

Financial analysts recently predicted strong NSAT financial growth based on the REIT’s operating performance since its IPO last year as well as the company’s expansion plan.

Hide-Away was founded in 1977 by Stephen A. Wilson, who has served as its president for more than 35 years. The company operates 16 self-storage properties in Florida under the Hide-Away Storage and Xpress Storage brands. The company will continue to acquire and develop self-storage assets in the region to add to the NSAT pipeline, the release stated.

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 has 280 self-storage facilities in 16 states comprising approximately 16 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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