SecurCare Self Storage has announced the recent acquisition of 26 locations. The new facilities mark the company’s first entrance into the Ohio market.
“SecurCare is especially thrilled to announce its seven new facilities in Ohio,” reads the company blog’s announcement. “The geographic location of this state has allowed it to grow and expand from an economic perspective, as it links the Midwest and Northeast with its well-developed Interstate Highways, bringing people from all walks of life together.”
The company’s Ohio locations include Perry, North Conton, Willoughby, Mentor and Euclid.
Beyond the seven recent Ohio additions, SecurCare has acquired eight more in Indiana, five in Florida and six additional ones in California—increasing its portfolio to 180 storage facilities in 14 states.
This growth of the SecurCare family also grows National Storage Affiliates Trust (NSA). NSA is a privately held real estate investment trust (REIT). SecurCare is a participating regional officer (PRO) under NSA.
NSA has six other PROs listed on its website, including Northwest Self Storage, Hide-Away, Optivest Properties, Guardian Storage Centers, Move It Self Storage, and Storage Solutions.
Storage REITs have been the best-performing REIT category the past five years. A small, but rapidly growing REIT, NSA boasts a unique business model that allows owners of self storage facilities to contribute their portfolio to NSA and gain equity in the company.
Unlike other storage REITs, NSA offers mom-and-pops the option of cash or equity in NSA while still maintaining operational control. Most storage REITs offer storage owners cash, but analysts have suggested that equity is a strong option because it incentivizes operators.
“The previous owners have strong incentives in place to make sure their facilities continue to perform well into the future,” writes Tom Flannigan in a piece for Seeking Alpha. “Thus far, the model is proving to be valid and quite profitable for NSA shareholders.”
Founded in 1988, SecurCare Self Storage, Inc. is based in Lone Tree, Colorado. The company offers customers a variety of unit sizes with features like climate control and high-tech security measures.
NSA, is a self-administered, self-managed real estate investment trust. According to its website, the REIT is dedicated to the ownership, operation and acquisition of high quality regional self storage facilities located within high growth markets.
Through ongoing contributions from its PROs and third party acquisitions, NSA currently owns interests in and operates 446 self storage facilities located in 23 states with approximately 27 million rentable square feet. NSA is the sixth largest owner and operator of self storage facilities among public and private companies in the U.S.