Greetings, and welcome to the National Storage Affiliates First Quarter 2018 Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Marti Dowling, Director of Investor Relations for National Storage Affiliates. Thank you. Ms. Dowling, you may now begin.
Hello, everyone. We would like to thank you for joining us today for the first quarter 2018 earnings conference call of National Storage Affiliates Trust. In addition to the press release distributed yesterday, we have filed an 8-K with the SEC containing our supplemental package with additional detail on our results, which may also be found in the Investor Relations section on our website at nationalstorageaffiliates.com.
On today's call, management's prepared remarks and answers to your questions may contain forward-looking statements that are subject to risks and uncertainties. The company cautions that actual results may differ materially from those projected in any forward-looking statement. For additional detail concerning our forward-looking statements, please refer to our public filings with the SEC. We also encourage listeners to review the definitions and reconciliations of non-GAAP financial measures, such as FFO, core FFO and net operating income contained in the supplemental information package available in the Investor Relations section on the company's website and in filings made with the SEC.
Today's conference call is hosted by National Storage Affiliates' Chief Executive Officer, Arlen Nordhagen; Chief Financial Officer, Tamara Fischer; and Senior Vice President of Operations, Steve Treadwell. Following prepared remarks, management will accept questions from registered financial analysts.
I will now turn the call over to Arlen.
Thanks, Marti, and thanks, everyone, for joining our call today. I'd like to begin by noting that April 2018 marked the three-year anniversary of our initial public offering, three-years during which we achieved transformative growth. We came to the market to offer investors a differentiated strategy in the self-storage space, providing investors the benefits of a national operating platform and a strong balance sheet, while at the same time offering the advantages of a local market presence and expertise from our PROs. Our thesis was that this strategy would result in better long-term results, and we believe we have delivered on that promise.
A few of our accomplishments include. We've generated an industry-leading same-store year-over-year NOI growth, averaging 9.3% for the past 12 quarters. In addition, our year-over-year core FFO per share growth has averaged 15.7% during these same 12 quarters.
We've almost tripled our portfolio footprint over the past three years to approximately 34 million square feet across 541 stores in 29 states, and we've expanded our platform to eight high-quality PROs with deep industry experience to execute our strategy. Plus, we've added a joint venture portfolio of almost $700 million as an additional source for growth. And finally, we've consistently raised our cash dividends to our shareholders, having raised our quarterly dividend rate by almost 50% over
Chief Executive Officer
Chief Financial Officer
Senior Vice President-Operations
Ki Bin Kim
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