---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-26-085888"
form_type: "8-K"
ticker: "NSA"
cik: "0001618563"
company_name: "National Storage Affiliates Trust"
filed_at: "2026-07-22T21:14:59+00:00"
generated_at: "2026-07-22T21:16:22.114579+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-26-085888
- form_type: 8-K
- ticker: NSA
- cik: 0001618563
- company_name: National Storage Affiliates Trust
- filed_at: 2026-07-22T21:14:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 1.02, 2.01, 5.01, 5.02, 3.01, 3.03, 5.03, 9.01, 1.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1618563/000110465926085888/0001104659-26-085888-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1618563/000110465926085888/tm2620871d8_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-085888
- JSON: https://secwatch.observer/filing/0001104659-26-085888.json
- Plain text: https://secwatch.observer/filing/0001104659-26-085888.txt

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