UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

On July 29, 2019, 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 second amended and restated credit agreement with KeyBank National Association, as administrative agent, and a syndicated group of lenders party thereto. The amendment increased the credit facility's total borrowing capacity, extended the maturity dates, reallocated borrowings among term loan tranches and the revolving line of credit, and made certain other amendments.

The amendment increased the borrowing capacity of the credit facility by $255.0 million for a total credit facility of $1.275 billion, consisting of the following components: (i) a revolving line of credit which provides for a total borrowing commitment up to $500.0 million (the "Revolver"), whereby the Operating Partnership may borrow, repay and re-borrow amounts under the Revolver, (ii) a $125.0 million tranche A term loan facility (the "Term Loan A"), (iii) a $250.0 million tranche B term loan facility (the "Term Loan B"), (iv) a $225.0 million tranche C term loan facility (the "Term Loan C") and (v) a $175.0 million tranche D term loan facility ("Term Loan D") (collectively, the "amended credit facility"). The Operating Partnership has an expansion option under the amended credit facility, which if exercised in full, would provide for a total borrowing capacity under the amended credit facility of $1.75 billion.

Interest rates applicable to loans under the amended credit facility are, as elected by the Operating Partnership at the beginning of any applicable interest period, determined based on (i) a 1, 2, 3 or 6 month LIBOR period ("LIBOR loans") plus an applicable margin or (ii) a base rate determined by the greatest of the Key Bank prime rate, the federal funds rate plus 0.50% or one month LIBOR plus 1.00% ("base rate loans"), plus an applicable margin. The applicable margins for the amended credit facility are leverage based and range from 1.15% to 2.20% for LIBOR loans and 0.15% to 1.20% for base rate loans; provided that after such time as the Operating Partnership achieves an investment grade rating as defined in the amended credit facility, the Operating Partnership may elect (but is not required to elect) (a "credit rating pricing election") that the amended credit facility be subject to applicable margins ranging from 0.775% to 2.25% for LIBOR loans and 0.00% to 1.25% for base rate loans. The Operating Partnership is also required to pay usage based fees ranging from 0.15% to 0.20% with respect to the unused portion of the Revolver; provided that if the Operating Partnership makes a credit rating pricing election, the Operating Partnership will be required to pay rating based fees ranging from 0.125% to 0.300% with respect to the entire Revolver in lieu of any usage based fees.

On July 29, 2019, the Operating Partnership, as borrower, the Company and certain of the Operating Partnership's subsidiaries, as subsidiary guarantors, entered into the Third Amendment to the Credit Agreement, dated as of June 30, 2016 (as amended "Capital One Credit Agreement"), with Capital One, National Association, as administrative agent, and the other lenders party thereto (the "Third Amendment").

Item 8.01.    Other Events.

In addition, on July 30, 2019, the Operating Partnership, as issuer, and the Company, entered into a Note Purchase Agreement (the "Note Purchase Agreement") with the various purchasers named therein (the "Purchasers").

The Note Purchase Agreement provides for the private placement by the Operating Partnership of $100.0 million of 3.98% senior unsecured notes due August 30, 2029 (the "2029 Notes") and $50.0 million of 4.08% senior unsecured notes due August 30, 2031 (the "2031 Notes" and, together with the 2029 Notes, the "Notes") to certain institutional accredited investors. The Notes are governed by the Note Purchase Agreement and the sale and purchase of the Notes is expected to occur on August 30, 2019, subject to customary closing conditions, at which time the Purchasers will disburse the funds to the operating partnership.