National Storage Affiliates Trust (NYSE: NSA) ends share registration after merger

Rhea-AI Filing Summary

National Storage Affiliates Trust, now succeeded by Pelican Merger Sub I, LLC through a merger, is filing a Form 15 to terminate the registration of its common shares of beneficial interest and its Series A and Series B cumulative redeemable preferred shares under Section 12(g) of the Securities Exchange Act of 1934 and to suspend its duty to file reports under Sections 13 and 15(d). Pelican Merger Sub I, LLC, as successor by merger, signs this certification as the duly authorized registrant.

Key Terms

Form 15, Section 12(g), Section 13, Section 15(d), +1 more

5 terms

Form 15 regulatory

"FORM 15 CERTIFICATION AND NOTICE OF TERMINATION OF REGISTRATION"

A Form 15 is a short filing a public company uses with the U.S. Securities and Exchange Commission to stop or pause its routine public reporting requirements when it meets certain legal thresholds (such as a low number of public shareholders) or other qualifying conditions. Investors should care because filing one typically means less public financial information and lower trading liquidity—similar to a shop taking down its public notice board, making it harder to track performance and buy or sell shares.

Section 12(g) regulatory

"TERMINATION OF REGISTRATION UNDER SECTION 12(g) OF THE SECURITIES"

Section 12(g) is a rule that requires companies to register with the government and share their financial details when they have a certain number of shareholders or assets. It matters because it makes these companies more transparent, helping investors make informed decisions and keeping the markets fair.

Section 13 regulatory

"SUSPENSION OF DUTY TO FILE REPORTS UNDER SECTIONS 13 AND 15(d)"

Section 13 of the U.S. Securities Exchange Act requires public companies and large shareholders to disclose important ownership and reporting information to the market, including regular financial reports and filings when someone builds a significant stake. For investors it acts like a public checkbook and alert system: it provides verified updates on a company’s health and who controls it, helping buyers judge risk, spot takeover activity, and make informed decisions.

Section 15(d) regulatory

"SUSPENSION OF DUTY TO FILE REPORTS UNDER SECTIONS 13 AND 15(d)"

Section 15(d) is a U.S. securities law rule that can require a company to keep filing regular public financial reports with regulators after it sells stock in certain offerings, even if it otherwise would stop reporting. Think of it like a store that must continue posting its receipts so buyers can check its health; for investors, it preserves ongoing disclosure and helps them track a company’s finances and risks that might affect the stock.

cumulative redeemable preferred shares financial

"Series A Cumulative Redeemable Preferred Shares of Beneficial Interest"

Cumulative redeemable preferred shares are a type of stock that pays regular dividends which, if skipped, accumulate and must be paid later; think of it like an interest-bearing note where missed payments pile up. The redeemable feature means the issuer can (or sometimes must) buy the shares back at a preset price or date, so investors get a clearer path to getting their money back. These features matter because they provide steadier income than common stock and a higher claim on payouts, but they also carry the issuer’s repayment risk and limited upside.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What does National Storage Affiliates Trust (NSA) disclose in this Form 15 filing?

The filing states that National Storage Affiliates Trust, succeeded by Pelican Merger Sub I, LLC, is terminating registration of its common and preferred shares and suspending its SEC reporting obligations under Sections 13 and 15(d).

Which NSA securities are covered by the Form 15 termination and suspension?

The Form 15 covers common shares of beneficial interest and Series A and Series B cumulative redeemable preferred shares, each with a par value of $0.01 per share, ending their registration under Section 12(g).

Who is the registrant of record in NSA’s Form 15?

The registrant is Pelican Merger Sub I, LLC, identified as the successor by merger to National Storage Affiliates Trust, with principal executive offices in Frisco, Texas, and a listed telephone number of (469) 649-9486.

Does NSA indicate any remaining SEC reporting duties for other securities?

The filing lists none under titles of other classes of securities for which a duty to file reports remains, indicating no continuing reporting obligations for other security classes under Sections 13(a) or 15(d).

Who signed NSA’s Form 15 and in what capacity?

The Form 15 is signed on behalf of Pelican Merger Sub I, LLC by Steven C. Babinski, who is identified as Assistant Secretary, acting as a duly authorized person under the Securities Exchange Act of 1934.

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 15

CERTIFICATION AND NOTICE OF TERMINATION OF REGISTRATION
UNDER SECTION 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR SUSPENSION OF DUTY TO FILE REPORTS UNDER SECTIONS 13 AND 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934.

Commission File Number: 001-37351

National Storage Affiliates Trust

(Pelican Merger Sub I, LLC, as successor by merger to National Storage Affiliates Trust)

(Exact name of registrant as specified in its charter)

c/o Pelican Merger Sub I, LLC

2811 Internet Boulevard

Frisco, Texas 75034
(469) 649-9486
(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

Common Shares of Beneficial Interest, $0.01 par value per share

Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $0.01 per share

Series B Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $0.01 per share

(Title of each class of securities covered by this Form)

None

(Titles of all other classes of securities for which a duty to file reports under section 13(a) or 15(d) remains)

Please place an X in the box(es) to designate the rule provision relied upon to terminate or suspend the duty to file reports:

	Rule 12g-4(a)(1)	x
	Rule 12g-4(a)(2)	¨
	Rule 12h-3(b)(1)(i)	x
	Rule 12h-3(b)(1)(ii)	¨
	Rule 15d-6	¨
	Rule 15d-22(b)	¨

Approximate number of holders of record as of the certification or notice date: None*

* On July 22, 2026, National Storage Affiliates Trust merged with and into Pelican Merger Sub I, LLC, at which time the separate corporate existence of National Storage Affiliates Trust ended.

Pursuant to the requirements of the Securities Exchange Act of 1934, Pelican Merger Sub I, LLC (as successor by merger to National Storage Affiliates Trust) has caused this certification/notice to be signed on its behalf by the undersigned duly authorized person.

Date: August 3, 2026 Pelican Merger Sub I, LLC, as successor by merger to National Storage Affiliates Trust

	By:	/s/ Steven C. Babinski
	Name:	Steven C. Babinski
	Title:	Assistant Secretary