National Storage Affiliates Trust is offering to the public 4.5 million shares of common stock. It plans to grant underwriters an option to purchase an additional 675,000 shares.

At the Dec. 12 closing price of $22.26 per share, gross proceeds are estimated at $115.2 million, including a full exercise of the overallotment option. The company said it will use funds raised to pay down its revolving line of credit and for general corporate purposes.

Jefferies and Morgan Stanley are serving as joint book-running managers for the offering, and they plan to offer shares from time to time in negotiated transactions or otherwise at prevailing market prices.