National Storage Affiliates (NSA) announces $451 million equity offering.

National Storage Affiliates Trust (NSA) announced today that has priced an offering of 8.8 million common shares at $51.25/share, resulting in expected gross proceeds of $451 million.  The company said that it would use net proceeds to repay amounts outstanding under its revolving credit facility, and for general corporate purposes.

National Storage was founded in 1988 and taken public in 2015.  Today, NSA is the industry's fifth largest operator with a total market capitalization of approximately $8 billion and presence in the S&P MidCap 400 and Russell 2000 indexes.