National Storage Affiliates (NSA), a Colorado-based real estate investment trust (REIT) specializing in self-storage, filed paperwork with the Securities and Exchange Commission on Feb. 13 to raise up to $100 million in an initial public offering, according to the source.
The REIT intends to be listed on the New York Stock Exchange under the trading symbol NSA. It initially filed in confidence last October, the source reported. Jefferies & Co., Morgan Stanley and Wells Fargo Securities LLC are the joint lead managers on the deal. No pricing terms have been disclosed.
The REIT was formed in July 2013 by affiliated self-storage operators Optivest Properties, Northwest Self Storage and SecurCare Self Storage. It has since added Irvine, Calif.-based Guardian Storage and Addison, Texas-based Move It Self Storage as affiliated partners.
Headquartered in Greenwood Village, Colo., NSA is a self-administered, self-managed REIT with 212 self-storage facilities comprising 11.8 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. It had projected to exceed 220 facilities and 12 million rentable square feet by the end of 2014.
Sources:
- National Storage Affiliates: Website
- Renaissance Capital: Need space? Self-storage REIT National Storage Files for a $100 Million IPO
