The board of trustees for National Storage Affiliates Trust (NSAT), a Colorado-based real estate investment trust (REIT) specializing in self-storage, has declared a second-quarter dividend of $0.15 per common share and a quarterly distribution of $0.15 per operating-partnership (OP) unit. Both are payable on July 15 to shareholders and unitholders of record at the close of business on June 30, according to a press release.
The company previously declared a $0.04 distribution per OP unit for the period from April 1 to 20, which was paid on April 30. Combined, this results in a total quarterly distribution rate of $0.19 per OP unit.
NSAT recently completed an initial public offering of 20 million common shares on the New York Stock Exchange. The REIT was previously referred to as National Storage Affiliates. The company was formed in July 2013 by affiliated self-storage operators Northwest Self Storage, Optivest Properties and SecurCare. It has since added Irvine, Calif.-based Guardian Storage; Addison, Texas-based Move It Self Storage and Chandler, Ariz.-based Storage Solutions as affiliated partners.
NSAT is a self-administered, self-managed REIT with 246 self-storage facilities in 16 states comprising approximately 14 million net rentable square feet. The company is 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.