Company: NSA-PB
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001628280-25-008656
Chunk: 14

Company: National Storage Affiliates Trust
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1
Chunk 14
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 share of gross real estate assets is approximately $2.0 billion based on the historical book value of the joint ventures. Were we to pursue an acquisition of these interests, it could potentially drive our future growth. 

Our Financing Strategy

We expect to maintain a flexible approach in financing new property acquisitions. In general, we expect to fund our property acquisitions through a combination of borrowings under bank credit facilities (including term loans and revolving facilities), property-level debt, issuances of OP equity and public and private equity and debt issuances.

Credit Facility.   As of December 31, 2024, our unsecured credit facility provided for total borrowings of $1.355 billion (the "credit facility"). The credit facility consists of the following components: (i) a revolving line of credit (the "Revolver") which provided for a total borrowing commitment up to $950.0 million, under which we could borrow, repay and re-borrow amounts, (ii) a $275.0 million tranche D term loan facility (the "Term Loan D") and (iii) a $130.0 million tranche E term loan facility (the "Term Loan E"). As of December 31, 2024, we had the entire amounts drawn on Term Loan D and Term Loan E and we had approximately $443.3 million of outstanding borrowings under the Revolver, and the capacity to borrow an additional $500.0 million under the Revolver while remaining in compliance with the credit facility's financial covenants. As of December 31, 2024, we had an expansion option under the credit facility, which, if exercised in full, would have provided for a total credit facility of $1.900 billion.

Term Loan Facilities, Senior Unsecured Notes and Fixed Rate Mortgages.  We will continue to utilize a combination of borrowings, including term loans, senior unsecured notes and fixed rate mortgages, for future acquisitions and to refinance existing debt. As of December 31, 2024, we had $460.0 million of term loan facilities, $1.950 billion of senior unsecured notes and $200.8 million of fixed rate mortgages outstanding. 

For additional detail regarding our Credit Facility, Term Loan Facilities and Senior Unsecured Notes, please see Part II, Item 7, "Liquidity and Capital Resources".

Our outstanding term loan facilities and senior unsecured notes are subject to customary affirmative and negative covenants that, among other things, limit the Company