National Storage announces offering of 5.9M shares of common stock
National Storage Affiliates Trust announced that it has commenced an underwritten public offering of 5.9M common shares of beneficial interest of the company. The company intends to initially use a portion of the proceeds from the offering to repay all of the borrowings outstanding under its revolving line of credit. The company expects to use the additional proceeds from the offering, together with amounts it expects to redraw from the revolver, to make approximately $160.8M in capital contributions to, in exchange for a 25% ownership interest in, a joint venture with an affiliate of Heitman Capital Management that has been recently formed to acquire from Simply Self Storage, a portfolio company of a private real estate fund managed by Brookfield Asset Management, two REITs that own a portfolio of self storage properties for an aggregate purchase price of approximately $1.325B. BMO Capital Markets Corp. will act as book-running manager and sole underwriter for the offering.