National Storage Affiliates Trust Announces the Addition of Its Seventh Participating Regional Operator
09 February 2016 - 11:41AM
Business Wire
National Storage Affiliates Trust (“NSA” or the “Company”)
(NYSE: NSA) today announced the Company has entered into definitive
agreements with parties related to Hide-Away Storage Services, Inc.
(“Hide-Away”) of Sarasota, Florida. Upon closing the transaction,
Hide-Away will become NSA’s seventh Participating Regional Operator
(“PRO”) and 14 properties will be contributed to NSA for
approximately $115 million. The 14 property Hide-Away portfolio
includes approximately one million rentable square feet and 9,354
self storage units. The transaction is expected to close early in
the second quarter of 2016, following the satisfaction of customary
closing conditions. Consideration for the transaction is expected
to include approximately $60 million in units of NSA's operating
partnership, assumption of approximately $42 million in mortgage
principal indebtedness and the repayment of existing indebtedness
and fees using cash funded by the Company’s revolving line of
credit.
Arlen D. Nordhagen, Chief Executive Officer, commented, “We are
delighted to partner with Hide-Away and its excellent management
team. This partnership broadens NSA’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.”
Hide-Away Storage was founded in 1977 by Stephen A. Wilson, a
highly respected self storage operator. Mr. Wilson was one of the
early developers of the self storage business, has served for more
than 35 years as the President of Hide-Away and its related
entities, and is a former Chairman of the national Self-Storage
Association. Hide-Away currently operates 16 self storage
properties under its Hide-Away Storage and Xpress Storage brands,
along Florida’s west coast from St. Petersburg south to Naples.
They will continue to develop and acquire additional self storage
properties in the region for NSA’s growth pipeline.
About National Storage Affiliates Trust
National Storage Affiliates Trust is a self-administered and
self-managed real estate investment trust focused on the ownership,
operation and acquisition of self-storage properties located
throughout the United States. The Company currently owns and
operates 280 self-storage properties located in 16 states with
approximately 16 million rentable square feet. NSA is the sixth
largest owner and operator of self storage properties among public
and private companies in the U.S. For more information, please
visit the Company’s website at www.nationalstorageaffiliates.com.
NSA is included in the Russell 2000 Index of Companies.
Forward Looking Statements
Certain statements contained in this press release constitute
forward-looking statements as such term is defined in Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and such statements
are intended to be covered by the safe harbor provided by the same.
Forward-looking statements are subject to substantial risks and
uncertainties, many of which are difficult to predict and are
generally beyond the Company's control. These forward-looking
statements include information about possible or assumed future
results of the Company's business, financial condition, liquidity,
results of operations, plans and objectives. Changes in any
circumstances may cause the Company's actual results to differ
significantly from those expressed in any forward-looking
statement. When used in this release, the words "believe,"
"expect," "anticipate," "estimate," "plan," "continue," "intend,"
"should," "may" or similar expressions are intended to identify
forward-looking statements. Statements regarding the following
subjects, among others, may be forward-looking: market trends in
the Company's industry, interest rates, the debt and lending
markets or the general economy; the Company's business and
investment strategy; and the acquisition of properties, including
the timing of acquisitions. For a further list and description of
such risks and uncertainties, see the Company's Prospectus filed
with the Securities and Exchange Commission pursuant to Rule 424(b)
under the Securities Act of 1933 on April 24, 2015 and the reports
filed by the Company with the Securities and Exchange Commission.
The forward-looking statements, and other risks, uncertainties and
factors are based on the Company's beliefs, assumptions and
expectations of its future performance, taking into account all
information currently available to the Company. Forward-looking
statements are not predictions of future events. The Company
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
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National Storage Affiliates TrustInvestor/Media
RelationsMarti Dowling, 720-630-2624Director - Investor
Relationsmdowling@nsareit.net
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