Public Storage completes acquisition of National Storage Affiliates Trust; NSA shares delisted

National Storage Affiliates Trust

Public Storage issued ~11.2M common shares, 9.57M Series T preferred, and 5.67M Series U preferred to former NSA holders.
NSA common shares converted at 0.1400 Public Storage common shares per share; NSA preferred shares converted to new PSA series.
Dropdown JV formed with 313 assets valued at ~$3.2B; incurred ~$2.2B in debt from Goldman Sachs and Wells Fargo.
All NSA board members and officers resigned; named executive officers terminated without cause, triggering severance.
NSA's credit agreements with KeyBank, Capital One, BMO, and Huntington terminated without material penalties.

item 1.02 item 2.01 item 5.01 item 5.02 item 3.01 item 3.03 item 5.03 item 9.01 item 1.01

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.