---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-312563"
form_type: "8-K"
ticker: "PSA"
cik: "0001393311"
company_name: "Public Storage"
filed_at: "2026-07-22T21:17:28+00:00"
generated_at: "2026-07-22T21:18:05.314567+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

# Public Storage closes acquisition of National Storage Affiliates Trust; issues ~11.2M common shares

## Summary
- NSA common shareholders received 0.14 PSA common share per NSA share; total ~11.2M PSA common shares issued.
- Public Storage issued ~9.6M Series T and ~5.7M Series U preferred shares to former NSA preferred holders.
- Joint venture formed with legacy NSA OP holders owning 80% of 313 properties valued at ~$3.2B; PSA manages and earns fees.
- JV obtained ~$2B mortgage from Goldman Sachs/Wells Fargo and $237M mezzanine from PSA; mortgage matures Aug 2027.
- PSA expects $110-130M run-rate synergies over 3-4 years and FFO accretion of $0.35-0.50 per share within first year.

## SEC filing metadata
- accession: 0001193125-26-312563
- form_type: 8-K
- ticker: PSA
- cik: 0001393311
- company_name: Public Storage
- filed_at: 2026-07-22T21:17:28+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 1.01, 2.01, 2.03, 3.02, 3.03, 5.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1393311/000119312526312563/0001193125-26-312563-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1393311/000119312526312563/d137665d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-312563
- JSON: https://secwatch.observer/filing/0001193125-26-312563.json
- Plain text: https://secwatch.observer/filing/0001193125-26-312563.txt

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