National Storage Affiliates Trust (NSAT), a Maryland real estate investment trust (REIT) specializing in self-storage, has announced several executive management changes to go into effect on Jan. 1. CEO and chairman of the board Arlen Nordhagen will be promoted to executive chairman, while senior vice president and chief accounting officer Brandon Togashi will become executive vice president and chief financial officer. Tamara Fischer will serve as CEO in addition to her current role as president. She’ll also join the board of trustees, according to a press release.
Nordhagen co-founded NSAT in 2013. He also founded its predecessor, SecurCare Self Storage. He’s served in his current positions since the company’s initial public offering (IPO) in 2015.
“While my day-to-day role will be reduced going forward, I will remain very active with the company as executive chairman. The strong relationship between Tammy and me has resulted in the outstanding performance that NSA has delivered since IPO, and this relationship will continue as we move forward,” Nordhagen said. “These seamless management changes are part of a carefully designed succession plan that has been in the works for some time and reflect the significant role that Tammy has had in NSA’s growth since our formation in 2013. I look forward to the next phase of growth under Tammy’s leadership and our continued partnership.”
The primary goal of the changes is to provide for an orderly management succession with strong continuity, according to Paul Hylbert, the board’s lead independent trustee. “These actions will achieve that result while at the same time acknowledging the depth and outstanding performance of the NSA management team. Tammy has the full support of the board, and we are confident in NSA’s continued future success. Arlen’s vision for a self-storage company with a differentiated structure has allowed NSA to deliver sector-leading results by virtually every measure since the company’s IPO, including growth in total enterprise value from approximately $1 billion at its IPO just four years ago to nearly $5 billion today.”
Under Nordhagen and Fischer’s leadership, NSAT has delivered total shareholder returns of more than 160 percent since the company’s IPO, Hylbert said. “It is a privilege to work with such a talented management team, and we are grateful that Arlen will continue to provide strategic guidance as executive chairman, where he will maintain his role of driving NSA’s overall strategy, growth and culture.”
“It is an honor to become CEO of such a great company, and I look forward to taking on these new responsibilities while continuing to work closely with Arlen in his new role as executive chairman,” Fischer said. “We have built a management team that works exceptionally well together, and I’m confident that will continue to be the case. We are off to a great start in 2019, and I look forward to continuing to work collaboratively with our team as we execute our aggressive growth strategy with the objective of continuing to deliver outsized returns on behalf of our shareholders.”
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 ownership interest in more than 700 storage facilities in 35 states and Puerto Rico. Its portfolio comprises approximately 45 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.
Source:
Business Newswire, National Storage Affiliates Announces Management Transition
