National Storage Affiliates Trust, a REIT focused on acquiring and owning self-storage properties, announced terms for its IPO on Monday.
The Greenwood Village, CO-based company plans to raise $320 million by offering 20 million shares at a price range of $15 to $17. At the midpoint of the proposed range, it would command a fully diluted market value of $880 million and an enterprise value of $1.3 billion.
Jernigan Capital (JCAP), a mortgage REIT focused on lending to self storage property owners like National Storage, raised $100 million at a $105 million valuation in March and has traded up 6% from the IPO.
National Storage Affiliates Trust, which was founded in 2013 and booked $77 million in sales for the 12 months ended December 31, 2014, plans to list on the NYSE under the symbol NSA. Jefferies, Morgan Stanley and Wells Fargo are the joint bookrunners on the deal. It is expected to price during the week of April 20, 2015.
