---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-26-027957"
form_type: "8-K"
ticker: "NSA"
cik: "0001618563"
company_name: "National Storage Affiliates Trust"
filed_at: "2026-03-16T23:59:59+00:00"
generated_at: "2026-05-15T11:46:17.906985+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

# Public Storage to acquire National Storage Affiliates for ~$10.5B all-stock deal

## Summary
- All-stock transaction at 0.14 PSA shares per NSA share, implied price $41.68 per NSA share.
- Enterprise value of ~$10.5B; expected close Q3 2026, subject to NSA shareholder approval.
- 313 properties (19.6M rentable sq ft) to form JV with NSA OP unitholders owning ~80%.
- Expected run-rate synergies of $110M-$130M; transaction accretive to FFO per share within first year.
- Public Storage arranges $4.0B committed financing from Goldman Sachs and Wells Fargo.

## SEC filing metadata
- accession: 0001104659-26-027957
- form_type: 8-K
- ticker: NSA
- cik: 0001618563
- company_name: National Storage Affiliates Trust
- filed_at: 2026-03-16T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1618563/000110465926027957/0001104659-26-027957-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1618563/000110465926027957/tm268896d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-027957
- JSON: https://secwatch.observer/filing/0001104659-26-027957.json
- Plain text: https://secwatch.observer/filing/0001104659-26-027957.txt

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