---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-26-029067"
form_type: "8-K"
ticker: "NSA"
cik: "0001618563"
company_name: "National Storage Affiliates Trust"
filed_at: "2026-03-17T23:59:59+00:00"
generated_at: "2026-05-15T10:27:55.044914+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.98
calibrated_materiality_score: 0.98
confidence: "high"
source: SEC EDGAR
---

# Public Storage to acquire National Storage Affiliates Trust; exchange ratio 0.1400 PSA/NSA share

## Summary
- Each NSA common share to be exchanged for 0.1400 Public Storage share; preferred shares converted to equivalent PSA preferred shares.
- Dropdown JV formed with ~$3.2B assets contributed by Partnership, ~$2.2B debt; 80% held by NSA limited partners via aggregator.
- Termination fee of $201.97M payable by NSA under certain circumstances.
- Key shareholders (David Cramer, Arlen Nordhagen, Tamara Fischer) support deal via Election and Support Agreements.
- NSA capped at $0.57/share quarterly dividend during interim period; deal expected to close by Dec 16, 2026 pending approvals.

## SEC filing metadata
- accession: 0001104659-26-029067
- form_type: 8-K
- ticker: NSA
- cik: 0001618563
- company_name: National Storage Affiliates Trust
- filed_at: 2026-03-17T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.98
- calibrated_materiality_score: 0.98
- confidence: high
- sec_items: 1.01, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1618563/000110465926029067/0001104659-26-029067-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1618563/000110465926029067/tm268896d3_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-029067
- JSON: https://secwatch.observer/filing/0001104659-26-029067.json
- Plain text: https://secwatch.observer/filing/0001104659-26-029067.txt

## Key facts
- Material Agreements
  National Storage Affiliates Trust entered into Agreement and Plan of Merger with Public Storage (effective 2026-03-16).
  - Action: entry
  - Agreement: merger
  - Counterparty: Public Storage
  - Effective: 2026-03-16
  source text: On March 16, 2026, National Storage Affiliates Trust, a Maryland real estate investment trust (the “Company”), NSA OP, LP, a Delaware limited partnership (the “Partnership” and, together with the Company, the “Company Parties”), Public Storage, a Maryland real estate investment trust (“Parent”), Public Storage OP, L.P., a Delaware limited partnership (“Parent OP”), Pelican Merger Sub I, LLC, a Maryland limited liability company and a wholly owned subsidiary of Parent (“Merger Sub I”), and Pelican Merger Sub II, LLC, a Delaware limited liability company and a wholly owned subsidiary of Parent OP (“Merger Sub II” and, together with Parent, Parent OP and Merger Sub I, the “Parent Parties”), entered into an Agreement and Plan of Merger (the “Merger Agreement”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1618563/000110465926029067/0001104659-26-029067-index.htm

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