National Storage Affiliates (NSA) announces $450 million private notes placement.

National Storage Affiliates Trust (NSA) announced today that it has agreed to issue $450 million of senior unsecured notes in a private placement with institutional investors.  The offering is expected to close in stages through January 28, 2022 and includes:

• • • $75 million 2.72% senior unsecured notes due November 30, 2030.
    • $175 million 2.81% senior unsecured notes due November 30, 2031.
    • $125 million 2.96% senior unsecured notes due November 30, 2033.
    • $75 million 3.06% senior unsecured notes due November 30, 2036.

NSA said that proceeds from the offering would be used to refinance indebtedness related to prior acquisitions. In aggregate, the senior unsecured notes have a weighted average maturity of 11.2 years and a weighted average coupon of 2.88%.

National Storage Affiliates Trust (NSA) is a national owner of self-storage properties with a presence in 38 states and Puerto Rico. The current portfolio includes 940 owned and managed properties, of which 177 properties are held in institutional joint ventures with affiliates of Heitman Capital Management. NSA is a member of the S&P MidCap 400 with a total market capitalization of $9.5 billion.

11/09/2021