National Storage Affiliates Trust announced the acquisition of competitor iStorage's portfolio for $630 million.National Storage launched a joint venture with state pension fund Heitman Capital Management to secure the acquisition of 66 self-storage facilities comprising 4.5 million square feet in 12 states. iStorage currently has an 86 percent occupancy rate, with the average rent per square foot of $12.24. The largest geographic concentration of iStorage's portfolio is in Florida, with 21 facilities."Management is confident that it can further increase rent levelsand increase ancillary income from the portfolio," said Jefferies in a recent analyst note.read more