National Storage Affiliates Trust Announces Closing of iStorage Acquisition

National Storage Affiliates Trust Announces Closing of iStorage Acquisition
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National Storage Affiliates Trust today announced that its joint venture with a major state pension fund completed the acquisition of the iStorage portfolio for an aggregate purchase price of approximately $630 million. The portfolio consists of 66 properties containing approximately 4.5 million rentable square feet, configured in over 35,000 storage units and located across 12 states. Separately, NSA completed the acquisition of the iStorage property management platform, including a property management company, a captive insurance company, and the iStorage brand.

Mr. Steven Treadwell, Senior Vice President of Operations for NSA, has been appointed President of NSA’s iStorage management division, which will be known as National Storage Affiliates Trust Management Company. In this role, Mr. Treadwell will lead a team of approximately 150 associates in driving the portfolio’s continued growth and integrating the iStorage operations with NSA's established best practices. Mr. Treadwell has held his role with NSA since 2014 and was instrumental in the Company’s initial public offering. Prior to that, he worked in the real estate and energy industries, including serving as Divisional Chief Financial Officer at ProLogis, a global REIT in the industrial sector. He served for 12 years as an officer in the U.S. Air Force and received his B.S. from the U.S. Air Force Academy, his M.S. from the Massachusetts Institute of Technology and his MBA from the Harvard Business School.

Arlen Nordhagen, Chief Executive Officer of NSA, commented, "We are very pleased to announce the completion of this JV acquisition and we warmly welcome the iStorage team to NSA. The iStorage acquisition is an ideal fit with NSA’s business structure, and the strategic decision to acquire the iStorage management platform strengthens our industry footprint as we continue to expand our market presence. The appointment of Steve Treadwell as President of the iStorage management division is a clear-cut fit for NSA. Steve has been immensely successful in managing our self storage operations platform, providing leadership to the best practices committee, directing the implementation of our revenue management and analytics system, and expanding our internet marketing outreach.”

Upcoming Industry Conference

NSA management is scheduled to participate in the upcoming NAREIT REITWorld 2016 industry conference in Phoenix, Arizona on November 15 - 17, 2016.

About National Storage Affiliates Trust

National Storage Affiliates Trust is a Maryland real estate investment trust focused on the ownership, operation and acquisition of self-storage properties located within the top 100 metropolitan statistical areas throughout the United States. The Company currently holds ownership in and operates 418 self storage properties located in 23 states with over 25.5 million rentable square feet, and is one of the largest operators of self storage properties among public and private companies in the U.S. For more information, please visit the Company’s website at NSA is included in the MSCI US REIT Index (RMS/RMZ) and the Russell 2000 Index of Companies.

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