National Storage Affiliates Trust (NSAT), a self-storage real estate investment trust and management company, has surpassed the 1,000-store milestone. The company has acquired more than 190 facilities totaling $1.7 billion this year, boosting its total portfolio to 65 million rentable square feet, according to a press release.
NSAT went public in 2015 with a portfolio of 246 stores and approximately 14 million rentable square feet across 16 states. Since then, the company has more than quadrupled its store count and rentable square footage while diversifying its presence across 40 states and Puerto Rico. It’s comprised of two corporate brands and 10 participating regional operators (PROs).
Last month, an NSAT affiliate acquired 34 properties from investment-management firm Inland Private Capital Corp. for $265 million. The facilities comprise 2.1 million square feet across four states.
“We’re extremely proud of reaching this significant milestone in the six years since our [initial public offering],” said Tamara Fischer, CEO and president of NSAT. “Our rapid growth is made possible not only by our differentiated PRO structure, but also the hard work and dedication of our exceptional corporate and field teams alongside our PROs and their teams. We look forward to delivering continued accretive growth for all stakeholders as we remain a disciplined consolidator in the self-storage sector.”
Headquartered in Greenwood, Colorado, NSAT is focused on the acquisition, operation and ownership of self-storage properties within the top 100 U.S. Metropolitan Statistical Areas. 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.