Self-Storage Industry Growth Remains Above Historical Averages, National Storage CEO Says
Arlen Nordhagen, chairman, president and CEO of National Storage Affiliates Trust(NYSE: NSA), joined REIT.com for a video interview at REITWeek 2017: NAREIT’s Investor Forum at the New York Hilton Midtown.
Despite a slowdown in the pace of growth, Nordhagen pointed out that growth for the industry remains about 10 percent ahead of the historical average for revenue and same store net operating income (NOI) growth.
National Storage, meanwhile, is running about 50 percent ahead of historical averages, according to Nordhagen.
“We’re doing very well right now and we continue to see very strong demand,” Nordhagen said.
Nordhagen also said the company aims to grow its asset base between 7 percent and 15 percent this year, or $200 million to $500 million of additional assets.
“We think there’s a good chance we’ll hit the higher end,” Nordhagen said, although that will depend on the ability to complete third-party acquisitions or joint ventures.
Looking ahead, Nordhagen said the big question is whether the company can continue to perform above historical averages.
“We definitely see the trend coming down to be in those historical average numbers,” Nordhagen said.
Published at Thu, 22 Jun 2017 19:28:56 +0000