National Storage Affiliates Trust (NSAT), a Maryland real estate investment trust (REIT) specializing in self-storage, has released its financial statement for the quarter and year that ended Dec. 31, 2015, showing gains in key areas including core funds from operations (FFO), net operating income (NOI) and occupancy.

"2015 proved to be an excellent year for NSA. We are extremely pleased with our full-year results, which reflect significant year-over-year growth across the board in core FFO, NOI, same-store NOI and same-store revenue,” said Arlen Nordhagen, CEO. “From an operational standpoint, full-year total revenue increased approximately 74 percent to $134 million, and our full-year total portfolio average rent per occupied square foot increased approximately 8 percent to $10.62.”

The REIT reported core FFO per share of $0.24 during the fourth quarter, a 14.3 percent year-over-year increase. Its NOI was $25.6 million, a 46.2 percent gain compared to the $17.5 million it reported for the same period last year. Same-store NOI was $9.8 million, up 10.7 percent.

Same-store revenue was $15 million during the quarter, a 6.5 percent increase from a year ago, and driven by a gain of 250 basis points in average occupancy and a 3.6 percent bump in average annualized rental revenue per occupied square foot. Average occupancy was 88.9 percent as of Dec. 31, up from 86.4 percent last year.

The company acquired 16 self-storage properties during the quarter for $70.4 million. The facilities comprise about 1 million rentable square feet in approximately 7,700 units. For all of 2015, NSAT acquired 58 facilities for $313 million. The total footprint of those assets comprises 3.7 million square feet in about 28,500 units.

On Nov. 2, the company declared a quarterly dividend of $0.20 per common share, which was paid on Dec. 30 to holders of record on Dec. 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 has 292 self-storage facilities in 17 states comprising approximately 17 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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