Self-storage real estate investment trust National Storage Affiliates Trust and its operating partnership increased a term loan facility to $175 million through the partial exercise of a $100 million expansion option.
The remaining expansion option under the facility was increased by $200 million, for a total expansion option of $225 million.
The REIT also reduced the applicable margins for borrowings under the term loan facility to the London Interbank Offered Rate plus 1.30% to 1.70% or a base rate plus 0.30% to 0.70%.
Capital One NA served as administrative agent on the facility.
