GREENWOOD VILLAGE, COLO. — National Storage Affiliates Trust (NYSE: NSA) has formed a joint venture with a state pension fund advised by Heitman Capital Management LLC. The venture was formed to acquire the iStorage portfolio of self-storage properties for $630 million. The portfolio includes 66 properties containing 4.5 million square feet in over 36,000 storage units across 12 states. Separately, NSA has agreed to acquire the iStorage property management platform, including a property management company, a captive insurance company and the iStorage brand. The cost of the additional transaction was not disclosed. The joint venture expects to complete both transactions concurrently during the fourth quarter of 2016. The two transactions are conditioned upon each other and are subject to other closing conditions. A subsidiary of NSA has agreed to contribute $80 million in cash funded from its revolving line of credit in exchange for a 25 percent ownership interest in the unconsolidated joint venture, while the joint venture investor has agreed to contribute $240 million in cash in exchange for a 75 percent ownership interest in the joint venture. The joint venture anticipates incurring new debt to fund the remaining balance of the purchase price and transaction costs. The parties have …
