28 Feb 2020
Story originally on Sparefoot.com & Businesswire.
Self storage REIT National Storage Affiliates Trust plans to fold its biggest participating regional operator, SecurCare Self Storage Inc., into its corporate structure in a merger valued at more than $200 million.
On Feb. 24, Greenwood Village, CO-based National Storage Affiliates Trust said most of SecurCare’s employees will be offered jobs with the REIT, which will continue to run SecurCare’s 216-facility portfolio as it absorbs SecurCare’s property management platform. The deal is expected to close in the second quarter of this year.
As outlined in a filing with the U.S. Securities and Exchange Commission (SEC), owners of privately held SecurCare are set to receive nearly 7.66 million common shares of National Storage Affiliates.
In conjunction with the merger, David Cramer, president and CEO of SecurCare since 2014, is joining National Storage Affiliates as executive vice president and chief operating officer. Cramer will succeed Steve Treadwell in those positions. Treadwell is leaving National Storage Affiliates to pursue another business opportunity. This Leadership Change is expected to bring about a major shift.
SecurCare is the first of National Storage Affiliates’ 10 participating regional operators (PROs) to fully come under the REIT’s corporate umbrella since the REIT was founded in 2013, two years before its IPO.
President and CEO Tamara Fischer said National Storage Affiliates has room for one to three more PROs. As of Dec. 31, the REIT held ownership stakes in and operated 742 facilities in 35 states and Puerto Rico.
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