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• Case | HBS Case Collection | August 2018 (Revised September 2018)

  National Storage Affiliates: The REIT IPO Decision

  Charles F. Wu, Max de la Bruyére and Gregory D. Himmel

  In 2015, two years after founding National Storage Affiliates (NSA), Arlen Nordhagen and Tamara Fischer had an important decision to make. Should they proceed with NSA’s IPO? Although they had targeted to receive $15-17 a share, it was now apparent that the figure was unlikely to be more than $13. Applying a novel solution to bringing private operators together, NSA had so far acquired or contracted 246 properties across the USA. NSA would bring in private operators (PROs) by offering equity in the total company and allowing them to keep most operational control. To increase the pace of growth and be able to compete with the public self-storage companies, NSA needed to raise more capital, hence the IPO. However, potential investors saw some problems with the business model and were unwilling to pay the envisioned target price per share. They identified three options going forward: proceed with the IPO at $13, remain private, or unwind the companies, letting the PROs regain individual ownership of the properties. What should they do?

  Keywords: real estate industry; Initial Public Offering; Problems and Challenges; Decision Making; Real Estate Industry;

  Citation:

  Wu, Charles F., Max de la Bruyére, and Gregory D. Himmel. "National Storage Affiliates: The REIT IPO Decision." Harvard Business School Case 219-026, August 2018. (Revised September 2018.)  View Details

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• Teaching Note | HBS Case Collection | September 2018

  National Storage Affiliates: The REIT IPO Decision

  Charles F. Wu and Arthur R. O. Sobral

  Citation:

  Wu, Charles F., and Arthur R. O. Sobral. "National Storage Affiliates: The REIT IPO Decision." Harvard Business School Teaching Note 219-027, September 2018.  View Details

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• Case | HBS Case Collection | August 2018 (Revised August 2018)

  Brooklyn Lodgers: 78 South Third St. Brooklyn, NY

  Charles F. Wu, Jackie Bereiter and Signe Conway

  Keywords: real estate development;

  Citation:

  Wu, Charles F., Jackie Bereiter, and Signe Conway. "Brooklyn Lodgers: 78 South Third St. Brooklyn, NY." Harvard Business School Case 219-022, August 2018. (Revised August 2018.)  View Details

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