---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-24-031370"
form_type: "8-K"
ticker: "NSA"
cik: "0001618563"
company_name: "National Storage Affiliates Trust"
filed_at: "2024-07-08T23:59:59+00:00"
generated_at: "2026-05-31T23:02:53.071949+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# National Storage Affiliates completes internalization of PRO structure; pays $32.6M cash and issues 1.5M OP units

## Summary
- Closed internalization of participating regional operator (PRO) structure on July 1, 2024.
- Paid $32.6 million cash and issued 1,548,866 Class A OP units to PROs for management contracts, IP, and tenant insurance.
- Converted 11,906,167 subordinated performance units into 17,984,787 Class A OP and DownREIT OP units; also repurchased 194,888 sub units for cash.
- Consideration for management contracts based on 4x normalized annual EBITDA from each PRO's managed portfolio (12 months ended Dec 2023).
- Transition of majority of operations expected over 12 months post-closing; new temporary management agreements with some PROs.

## SEC filing metadata
- accession: 0001628280-24-031370
- form_type: 8-K
- ticker: NSA
- cik: 0001618563
- company_name: National Storage Affiliates Trust
- filed_at: 2024-07-08T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.02, 8.01, 3.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1618563/000162828024031370/0001628280-24-031370-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1618563/000162828024031370/nsa-20240701.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-24-031370
- JSON: https://secwatch.observer/filing/0001628280-24-031370.json
- Plain text: https://secwatch.observer/filing/0001628280-24-031370.txt

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