{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-26-107159","form_type":"8-K","ticker":"PSA","cik":"0001393311","company_name":"Public Storage","filed_at":"2026-03-16T23:59:59+00:00","discovered_at":"2026-05-14T18:02:34.976407+00:00","generated_at":"2026-05-15T11:29:38.836587+00:00","sec_items":["7.01","9.01"],"event_type":"m_and_a","sentiment":"positive","materiality_score":0.95,"calibrated_materiality_score":0.95,"confidence":"high","headline":"Public Storage to acquire National Storage Affiliates in $10.5B all-stock deal","bullets":["All-stock transaction: NSA shareholders receive 0.14 PSA shares per NSA share, valued at $41.68 per NSA share.","Enterprise value ~$10.5B; combined pro forma equity market cap ~$57B, total EV ~$77B.","Public Storage to wholly own 488 NSA properties; new JV (80% NSA OP unitholders, 20% PSA) holds 313 properties.","Joint venture capitalized with $2.2B secured debt; PSA provides $240M mezzanine loan; ~70% leverage.","Transaction unanimously approved by both boards; expected close Q3 2026, subject to NSA equity holder approval."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-26-107159","json":"https://secwatch.observer/filing/0001193125-26-107159.json","markdown":"https://secwatch.observer/filing/0001193125-26-107159.md","text":"https://secwatch.observer/filing/0001193125-26-107159.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1393311/000119312526107159/0001193125-26-107159-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1393311/000119312526107159/d121595d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-15T11:29:38.836587+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}