---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-23-000083"
form_type: "8-K"
ticker: "NSA"
cik: "0001618563"
company_name: "National Storage Affiliates Trust"
filed_at: "2023-01-03T23:59:59+00:00"
generated_at: "2026-06-20T20:52:51.190926+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# NSA amends KeyBank credit facility to $1.955B, extends maturities, repays $175M loan

## Summary
- Total borrowing capacity increased by $405M to $1.955B; expansion option to $2.5B.
- Revolver increased to $950M maturing Jan 2027 with two 6-month extension options.
- Term loans: B $275M (extends to Jan 2025), C $325M (Jan 2025), D $275M (Jul 2026), E $130M (Mar 2027).
- Capitalization rate for gross asset value reduced from 6.75% to 6.5%.
- Repaid $175M outstanding under Capital One facility maturing June 2023.

## SEC filing metadata
- accession: 0001628280-23-000083
- form_type: 8-K
- ticker: NSA
- cik: 0001618563
- company_name: National Storage Affiliates Trust
- filed_at: 2023-01-03T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 2.03, 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1618563/000162828023000083/0001628280-23-000083-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1618563/000162828023000083/nsa-20230103.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-23-000083
- JSON: https://secwatch.observer/filing/0001628280-23-000083.json
- Plain text: https://secwatch.observer/filing/0001628280-23-000083.txt

## Key facts
- Material Agreements
  National Storage Affiliates Trust amended Third Amended and Restated KeyBank Credit Facility with KeyBank National Association, as administrative agent, and a syndicated group of lenders valued at $1.955 billion (effective 2023-01-03).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: KeyBank National Association, as administrative agent, and a syndicated group of lenders
  - Value: $1.955 billion
  - Effective: 2023-01-03
  source text: On January 3, 2023, NSA OP, LP (the " Operating Partnership "), as borrower, National Storage Affiliates Trust (the " Company "), and certain of the Operating Partnership's subsidiaries, as subsidiary guarantors, entered into a third amended and restated credit agreement with KeyBank National Association, as administrative agent, and a syndicated group of lenders party thereto.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1618563/000162828023000083/0001628280-23-000083-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.