The newest self-storage REIT on the block is ramping up quickly.
National Storage Affiliates increased profits by more than 52 percent during the second quarter compared to the same period a year ago, with a total net operating income of $31.8 million during the most recent quarter.
Total revenue climbed just over 49% during the quarter year-over-year to a total of $47.2 million.
“Our second quarter results continue to demonstrate the benefit of our high quality portfolio and differentiated strategy that drives both internal and external growth,” said Arlen Nordhagen, CEO in a statement.
Average occupancy across the upstart REIT’s 318-property portfolio stood at 91.6 percent at the end of the quarter. Average occupancy during the quarter was 90.4 percent, up 2.7 percent from the previous year.
Average rent per occupied square foot climbed 3.8 percent since the previous second quarter, reaching $10.98.
Same-store revenue, which covers 222 facilities, climbed 8.5 percent during the quarter while same-store net operating income grew 10.8 percent.
NSA acquired 25 self-storage facilities across nine states during the quarter for about $199 million. Fourteen of the facilities were part of the companies previously announced deal with Hide-Away Storage of Sarasota, FL. That operator became the seventh to join NSA’s ownership group.
Since the end of the quarter, NSA purchased an additional 26 facilities for a total of $167.6 million.