---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-109593"
form_type: "8-K"
ticker: "PSA"
cik: "0001393311"
company_name: "Public Storage"
filed_at: "2026-03-17T23:59:59+00:00"
generated_at: "2026-05-15T10:18:58.889533+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Public Storage to acquire National Storage Affiliates Trust; NSA shares get 0.1400 PSA shares

## Summary
- NSA common shareholders to receive 0.1400 PSA common shares per share in stock-for-stock merger.
- NSA preferred shares converted into new PSA preferred shares with materially identical terms.
- Termination fee of $201,966,000 payable by NSA if it terminates for a superior proposal.
- Dropdown JV to hold $3.2B of NSA assets with $2.2B debt; 80% owned by NSA limited partners.
- Merger subject to NSA shareholder vote, regulatory approvals, S-4 effectiveness; target close by Dec 16, 2026.

## SEC filing metadata
- accession: 0001193125-26-109593
- form_type: 8-K
- ticker: PSA
- cik: 0001393311
- company_name: Public Storage
- filed_at: 2026-03-17T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1393311/000119312526109593/0001193125-26-109593-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1393311/000119312526109593/d110292d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-109593
- JSON: https://secwatch.observer/filing/0001193125-26-109593.json
- Plain text: https://secwatch.observer/filing/0001193125-26-109593.txt

## Key facts
- Material Agreements
  Public Storage entered into Agreement and Plan of Merger with National Storage Affiliates Trust and NSA OP, LP (effective 2026-03-16).
  - Action: entry
  - Agreement: merger
  - Counterparty: National Storage Affiliates Trust and NSA OP, LP
  - Effective: 2026-03-16
  source text: Sub I, the “Parent Parties”), National Storage Affiliates Trust, a Maryland real estate investment trust (the “Company”), and NSA OP, LP, a Delaware limited partnership (the “Partnership” and, together with the Company, the “Company Parties”), entered into an Agreement and Plan of Merger (the “Merger Agreement”). Capitalized terms used but not defined herein have the meanings ascribed to them in the Merger Agreement.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1393311/000119312526109593/0001193125-26-109593-index.htm

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