# National Storage Affiliates Trust (NSA-PB) — merger/definitive [completed]
Source: SEC API (secapi.ai) · situation sit_7195692998fa3cf84d28 · retrieved 2026-08-11T15:52:27.955Z

## Overview
National Storage Affiliates Trust is a Maryland real estate investment trust that owns and operates self-storage facilities.

Public Storage completed its acquisition of National Storage Affiliates Trust (NSA) on July 22, 2026, pursuant to a Merger Agreement dated March 16, 2026. Each NSA common share was converted into 0.1400 newly issued Public Storage common shares plus cash in lieu of fractional shares. NSA Series A Preferred Shares were converted into Public Storage Series T Preferred Shares, and NSA Series B Preferred Shares were converted into Public Storage Series U Preferred Shares, with materially unchanged rights. Public Storage issued approximately 11,200,000 common shares, 9,569,557 Series T Preferred Shares, and 5,668,128 Series U Preferred Shares to former NSA shareholders and equity award holders. In connection with the merger, a subsidiary of Public Storage entered into a joint venture holding 313 real estate assets valued at approximately $3.2 billion, with $2.2 billion of indebtedness ($2.0 billion in secured mortgage financing and $237 million in mezzanine financing). NSA's common and preferred shares were delisted from the NYSE on the closing date.

## Terms
- Counterparty: Public Storage · Deal value: $10.50B · Consideration: mixed · Price/share: $0.14

## Key dates
- Announced 2026-07-08 · Vote 2026-07-14 · Expected close 2026-09-30 · Completed 2026-07-22

## Timeline
- 2026-06-01 · 425 (0001193125-26-251768): 425 - National Storage Affiliates Trust — *Public Storage is the #1 largest owner of self-storage globally, with a $61.5 billion portfolio, $3.5 billion in TTM net operating income, 3,546 properties, and 259 million rentable square feet; it has acquired or developed $23 billion in properties since 2020.* Public Storage announced a strategic combination with National Storage Affiliates Trust (NSA), a $10.5 billion transaction that combines the #1 and #5 self-storage operators. The deal is structured to benefit all stakeholders through a mix of wholly-owned and joint venture assets. Public Storage expects to realize $110–130 million of actionable synergies over 3+ years, with FFO per share accretion phasing as follows: 2026 breakeven, 2027 $0.10–$0.20, and 2028–2029 $0.35–$0.50. The transaction is expected to close in 3Q26.
  https://www.sec.gov/Archives/edgar/data/1618563/0001193125-26-251768.txt
- 2026-07-08 · 8-K (0001104659-26-081584): NSA shareholders to vote July 14 on Public Storage merger; supplemental disclosures filed — *National Storage Affiliates Trust is a Maryland real estate investment trust that owns and operates self-storage properties.* National Storage Affiliates Trust (NSA) entered into an Agreement and Plan of Merger with Public Storage on March 16, 2026. Under the merger agreement, NSA will merge with and into Pelican Merger Sub I, LLC (a wholly owned subsidiary of Public Storage), with Merger Sub I continuing as the surviving company. NSA OP, LP will merge with and into Pelican Merger Sub II, LLC, with the partnership continuing as the surviving limited partnership. A special meeting of NSA shareholders is scheduled for July 14, 2026, to vote on approval of the merger and related transactions. On July 8, 2026, NSA filed supplemental disclosures in response to shareholder litigation and demand letters challenging the proposed transaction.
  https://www.sec.gov/Archives/edgar/data/1618563/0001104659-26-081584.txt
- 2026-07-22 · 8-K (0001104659-26-085888): 8-K - National Storage Affiliates Trust — *National Storage Affiliates Trust is a Maryland real estate investment trust that owns and operates self-storage facilities.* Public Storage completed its acquisition of National Storage Affiliates Trust (NSA) on July 22, 2026, pursuant to a Merger Agreement dated March 16, 2026. Each NSA common share was converted into 0.1400 newly issued Public Storage common shares plus cash in lieu of fractional shares. NSA Series A Preferred Shares were converted into Public Storage Series T Preferred Shares, and NSA Series B Preferred Shares were converted into Public Storage Series U Preferred Shares, with materially unchanged rights. Public Storage issued approximately 11,200,000 common shares, 9,569,557 Series T Preferred Shares, and 5,668,128 Series U Preferred Shares to former NSA shareholders and equity award holders. In connection with the merger, a subsidiary of Public Storage entered into a joint venture holding 313 real estate assets valued at approximately $3.2 billion, with $2.2 billion of indebtedness ($2.0 billion in secured mortgage financing and $237 million in mezzanine financing). NSA's common and preferred shares were delisted from the NYSE on the closing date.
  https://www.sec.gov/Archives/edgar/data/1618563/0001104659-26-085888.txt

## Citations
- 0001193125-26-251768 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000119312526251768
- 0001104659-26-081584 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000110465926081584
- 0001104659-26-085888 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000110465926085888