National Storage Affiliates Trust Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

DEBT FINANCING

DEBT FINANCING

3 Months Ended

Mar. 31, 2019

The Company's outstanding debt as of March 31, 2019 and December 31, 2018 is summarized as follows (dollars in thousands):



	Interest Rate⁽¹⁾	March 31, 2019		December 31, 2018
Credit Facility:
Revolving line of credit	3.89%	$	277,500	$	139,500
Term loan A	2.91%	235,000		235,000
Term loan B	2.94%	155,000		155,000
Term loan C	3.71%	105,000		105,000
Term loan D	3.79%	125,000		125,000
2023 Term loan facility	3.13%	175,000		175,000
2028 Term loan facility	4.62%	75,000		75,000
Fixed rate mortgages payable	4.18%	266,860		268,138
Total principal		1,414,360		1,277,638
Unamortized debt issuance costs and debt premium, net		566		464
Total debt		$	1,414,926	$	1,278,102


⁽¹⁾	^{Represents the effective interest rate as of}^{March 31, 2019}^{. Effective interest rate incorporates the stated rate plus the impact of interest rate cash flow hedges and discount and premium amortization, if applicable. For the revolving line of credit, the effective interest rate excludes fees for unused borrowings.}

As of March 31, 2019, the Company's unsecured credit facility provided for total borrowings of $1.0 billion consisting of the following components: (i) a $400.0 million revolving line of credit (the "Revolver"), (ii) a tranche A term loan facility (the "Term Loan A"), which provides for a total borrowing commitment of up to $235.0 million, (iii) a tranche B term loan facility (the "Term Loan B"), which provides for a total borrowing commitment of up to $155.0 million, (iv) a tranche C term loan facility (the "Term Loan C"), which provides for a total borrowing commitment of up to $105.0 million and (v) a tranche D term loan facility, (the "Term Loan D" and together with the Revolver, the Term Loan A, Term Loan B and Term Loan C, the "credit facility"), which provides for a total borrowing commitment of up to $125.0 million. The Company has an expansion option under the credit facility, which, if exercised in full, would provide for a total borrowing capacity under the credit facility of $1.3 billion.

As of March 31, 2019, the Company had outstanding letters of credit totaling $5.7 million and would have had the capacity to borrow remaining Revolver commitments of $116.8 million while remaining in compliance with the credit facility's financial covenants. At March 31, 2019, the Company was in compliance with all such covenants.

For a summary of the Company's financial covenants and additional detail regarding the Company's credit facility, 2023 Term Loan Facility, 2028 Term Loan Facility and fixed rate mortgages payable, please see Note 8 to the Company's most recent Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC.

As discussed Note 14, in April 2019, the Company entered into a credit agreement with BMO Harris Bank N.A. to make available a term loan facility that matures in April 2029 in an aggregate amount of $100.0 million.

Future Debt Obligations

Based on existing debt agreements in effect as of March 31, 2019, the scheduled principal and maturity payments for the Company's outstanding borrowings are presented in the table below (in thousands):



Year Ending December 31,	Scheduled Principal and Maturity Payments		Amortization of Premium and Unamortized Debt Issuance Costs			Total
2019	$	3,850	$	(262	)	$	3,588
2020	316,897		(699		)	316,198
2021	242,603		(779		)	241,824
2022	159,205		(441		)	158,764
2023	377,049		(42		)	377,007
2024	126,964		270			127,234
Thereafter	187,792		2,519			190,311
	$	1,414,360	$	566		$	1,414,926