National Storage Affiliates Completes Merger with Public Storage

The latest announcement is out from National Storage Affiliates ( (NSA) ).

On the Closing Date in 2026, National Storage Affiliates completed its merger with Public Storage, resulting in all NSA common and preferred shares being converted into the right to receive Public Storage securities and the suspension of trading in NSA shares on the New York Stock Exchange. Following NYSE delisting and the planned deregistration of its securities with the SEC, NSA became an indirect subsidiary of Public Storage, and its former shareholders now hold Public Storage common and preferred shares instead of NSA securities.

The merger triggered a complete change in control and governance at NSA, with all trustees and officers ceasing their roles at the Company Merger Effective Time and the named executive officers’ employment terminating on the Closing Date as terminations without cause under existing contracts. Time-based NSA OP LTIP Units granted in 2026 were converted into NSA restricted share awards, fully vested immediately prior to the merger, and then exchanged for Public Storage common shares, while the departing executives became entitled to previously negotiated severance payments and benefits.

As part of the transaction, NSA’s corporate charter and bylaws were replaced by the articles of organization and operating agreement of the merger subsidiary that survived the combination, formally ending NSA’s prior corporate form. These changes consolidate Public Storage’s control over NSA’s former operations and finalize the transition of NSA from an independent NYSE-listed REIT to a privately held entity within Public Storage’s corporate structure.