National Storage Affiliates Trust, a Greenwood Village owner and operator of self-storage units, went public at $13 a share Thursday, below the range of $15 to $17 a share .
Shares of the real estate investment trust rose as high as $13.52 within the first hour of trading, but spent the rest of the day moving lower before closing where they began at $13. More than 11 million shares traded Thursday.
The lower offering price raised $260 million, instead of the $320 million anticipated. Proceeds of the offering are expected to help the company purchase additional self-storage properties.
The company, in its securities filing, said it is the sixth-largest owner and operator of self-storage properties in the country, with 246 properties with 107,000 storage units in 16 states, including Colorado. Shares trade on the New York Stock Exchange under the ticker NSA.
