National Storage draws from credit facility to acquire properties

By Marisa Wong

Morgantown, W.Va., Oct. 6 – National Storage Affiliates Trust used borrowings under its credit facility to fund the cash portion of its acquisition of storage properties, according to an 8-K filing with the Securities and Exchange Commission.

On Oct. 1 National Storage acquired 14 self-storage properties for an aggregate value of about $32.4 million in cash, the assumption and repayment of roughly $23.6 million of outstanding mortgage debt and the issuance of units to affiliates of SecurCare Self Storage Inc. and Arlen Nordhagen. SecurCare managed the storage properties prior to the acquisition, and Nordhagen is the company’s chairman and chief executive officer.

The real estate investment trust is based in Greenwood Village, Colo.

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