Company: NSA-PB
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001628280-25-008656
Chunk: 80

Company: National Storage Affiliates Trust
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 80
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5, 2034 ("September 2034 Notes") in a private placement to certain institutional investors.

Sources of Liquidity and Capital Resources

As of December 31, 2024, we had $50.4 million in cash and cash equivalents, compared to $65.0 million as of December 31, 2023. Our cash flows from operations result primarily from the ownership and management of self storage facilities as described in Part I, Item 1, "Business".

Our material cash requirements from contractual and other obligations primarily relate to our debt obligations. Expected timing of those payments are as follows. The information in this section should be read in conjunction with Note 8 and other information included in the accompanying consolidated financial statements included in Item 8.

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(dollars in thousands)Next 12 MonthsBeyond 12 MonthsTotalSenior Unsecured Notes$— $1,950,000 $1,950,000 Revolving line of credit(1)— 443,300 443,300 Term loan facilities— 865,000 865,000 Fixed rate mortgage notes payable— 200,793 200,793 Total$— $3,459,093 $3,459,093 

(1) Under the credit facility, the Company has an expansion option which if exercised in full, would provide an additional $545 million of borrowing capacity.

We anticipate our current cash balances, cash flows from operations and available sources of liquidity will be sufficient to fund operations and meet our short-term and long-term cash requirements, including our scheduled debt repayments, payments for contractual obligations, acquisitions, capital expenditures, working capital needs, dividends, and other prudent uses of our capital, as needed. However, we will continue to assess our liquidity needs. In the event of certain market conditions, we may require additional liquidity, which would require us to evaluate available alternatives and take appropriate actions. 

Equity Transactions

Issuance and Repurchase of Common Shares

On December 1, 2023, we approved a new share repurchase program authorizing, but not obligating, the repurchase of up to $275.0 million of the Company's common shares from time to time. During the year ended December 31, 2024, we repurchased 7,400,322 common shares for approximately $275.2 million (inclusive of commissions and fees). On November 14, 2024, the Company approved a new share repurchase program author