National Storage Affiliates Trust disclosed an amendment to its credit facilities and detailed asset acquisitions from November 2017 through February.
The company's operating partnership NSA OP LP exercised its remaining expansion option and amended an existing credit agreement dated May 6, 2016, and agreed to a new tranche D term loan facility totaling $125.0 million.
The tranche D term loan facility increased the borrowings under the credit facility to $1.02 billion, which also includes a $400.0 million revolving line of credit, an up to $235.0 million tranche A term loan facility, up to $155.0 million tranche B term loan facility and an up to $105.0 million tranche C term loan facility.
NSA OP also renewed its expansion option to allow an additional $300 million of revolving commitments under the facility and partially exercised the option in the amount of $20 million in connection with the tranche D loan facility.
The tranche D facility will mature Jan. 29, 2023, and will carry an interest based on a one-, two-, three- or six-month London Interbank Rate plus an applicable margin.
Meanwhile, the company issued operating units as partial consideration for acquisitions of properties.
On Nov. 15, 2017, the company bought a self-storage property from Newberg Storage LLC, an affiliate of Kevin Howard Real Estate Inc., and acquired another from Howard Family LP, an affiliate of Kevin Howard, a trustee of the company, on Dec. 14, 2017.
Two self-storage properties were also acquired Jan. 4 from an unrelated third party, while another self-storage asset was purchased Jan. 10.
