National Storage Affiliates Trust, a Greenwood Village owner and operator of self-storage units, plans to raise $320 million next week in an initial public offering.
The company expects to offer 20 million shares at between $15 to $17 a share. At $16 a share, the company would have a market value of $880 million.
The company, in its securities filing, said it is the sixth-largest owner and operator of self-storage properties in the country and the largest privately owned player in the niche.
The company, founded in 2012, said it has 246 properties with more than 107,000 storage units across 16 states, including eight properties with 3,741 units in Colorado.
It is looking at an additional 115 other properties as potential acquisitions, including six properties in Colorado with just shy of 4,000 units.
A shift in households toward renting versus owning since the recession has boosted demand for storage units, and the sector has been one of the hottest in real estate.
A $100 investment in self-storage REITs in 2000 would have grown to $1,363.28 by the end of 2014, according to . That same investment in retail REITs would have generated $754.26, while industrial REITs returned $374.12.
The shares will trade under the symbol NSA on the New York Stock Exchange. Underwriters on the offering include Jefferies & Co., Morgan Stanley and Wells Fargo Securities.
Aldo Svaldi: 303-954-1410, asvaldi@denverpost.com or twitter.com/aldosvaldi
