Every 8-K that National Storage Affiliates Trust (NSA) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 8-K covers material events a company has to report between its quarterly reports, so if you follow NSA and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full NSA filings page.
National Storage Affiliates Trust completed its merger with Public Storage, under which each NSA common share was converted into the right to receive 0.1400 Public Storage common share plus cash in lieu of fractional shares. NSA’s Series A and Series B preferred shares were exchanged one-for-one into new Public Storage Series T and Series U preferred shares with materially unchanged terms.
Public Storage issued approximately 11,200,000 common shares, 9,569,557 Series T and 5,668,128 Series U preferred shares. A new Dropdown joint venture holds 313 properties valued at about $3.2 billion, financed with roughly $2.2 billion of debt, and owned 80% by former NSA OP unitholders and 20% by a Public Storage subsidiary. NSA repaid and terminated multiple credit facilities without material early-termination penalties, its shares were delisted from the NYSE, all trustees and officers ceased service, executive employments were terminated without cause, and NSA became an indirect subsidiary of Public Storage.
National Storage Affiliates Trust shareholders approved the proposed acquisition by Public Storage at a Special Meeting on July 14, 2026. 65,778,651 of 77,625,567 common shares were represented, about 85% of shares entitled to vote. The merger proposal received 65,683,522 votes for, 58,214 against, and 36,915 abstentions.
Shareholders also approved, on a non-binding advisory basis, merger-related compensation for named executive officers, with 56,080,837 votes for, 9,454,846 against, and 242,968 abstentions. With operating partnership unitholder approval already obtained, no further equity-holder approvals are required, and completion is expected on or about July 22, 2026, subject to remaining customary closing conditions.
National Storage Affiliates Trust reports progress on its pending acquisition by Public Storage and declares a special dividend tied to closing. The company expects the transaction to be completed on or about July 22, 2026, following a special meeting of common shareholders on July 14, 2026, and subject to shareholder approval and other customary closing conditions.
In connection with the merger agreement, the board declared a special, prorated cash dividend of $0.0336 per common share for the period from July 1 through July 21, 2026, payable immediately before closing, contingent on completion of the transaction on or about July 22, 2026. NSA common shares will trade with due bills from the July 21, 2026 record date through the last day of NYSE trading, so sellers during this period transfer the right to receive the dividend to buyers.
At closing, each NSA common share is to be exchanged for 0.14 Public Storage common shares, and each NSA OP unit for 0.14 Public Storage operating partnership units. A majority of outstanding NSA OP units (excluding those held by NSA and its subsidiaries) have already consented, leaving approval by NSA common shareholders as the remaining equity-holder condition. As of March 31, 2026, NSA held interests in 1,061 self storage properties totaling about 69.3 million rentable square feet across 37 states and Puerto Rico.
National Storage Affiliates Trust reported stronger first quarter 2026 results while progressing toward its planned sale to Public Storage in an all-stock merger valued at approximately $10.5 billion in enterprise value. The merger is expected to close in the third quarter of 2026, subject to equity holder approval and other customary conditions.
For Q1 2026, net income rose to $27.7 million, up 41.8% year over year, and diluted earnings per share increased to $0.16 from $0.10. Core funds from operations were $76.8 million, or $0.57 per share and unit, a 5.6% per‑share increase, while FFO per share and unit declined to $0.49 mainly due to $10.0 million of merger related costs.
Same store net operating income grew 2.0% on a 0.2% revenue increase and a 3.9% decline in property operating expenses, with same store period‑end occupancy at 84.5%. NSA acquired one property for about $10.4 million and sold three for net proceeds of roughly $20.6 million, and ended the quarter with about $530.6 million of available capacity on its $950.0 million revolving credit facility.
National Storage Affiliates Trust entered into a definitive agreement to be acquired by Public Storage through a two‑step merger involving both the REIT and its operating partnership. At closing, each NSA common share will convert into 0.1400 Public Storage common shares, plus cash in lieu of fractional shares.
The company’s Series A and B preferred shares will convert one-for-one into new Public Storage preferred shares with materially unchanged rights. Operating partnership units will generally receive 0.1400 Parent OP units or, for accredited investors, interests in a new $3.2 billion real estate joint venture expected to carry about $2.2 billion of debt and targeted annual cash distributions of at least $2.28 per unit for the first three years.
The merger requires NSA shareholder and OP unitholder approvals, effectiveness of a Form S‑4, and NYSE listing of new Public Storage securities. NSA agreed to customary no‑shop provisions, a potential termination fee of $201,966,000, dividend caps, and transaction-related executive cash bonuses payable at closing.
National Storage Affiliates Trust agreed to be acquired by Public Storage in an all-stock merger valuing NSA at an enterprise value of approximately $10.5 billion. NSA shareholders and OP unitholders will receive 0.14 Public Storage common shares or partnership units per NSA share or unit, implying $41.68 per NSA share based on Public Storage’s March 13, 2026 closing price.
The combined self-storage REIT is expected to have a pro forma equity market capitalization of about $57 billion and total enterprise value of about $77 billion, with pro forma ownership of roughly 92% Public Storage and 8% NSA equity holders. The deal, unanimously approved by both boards, is expected to close in the third quarter of 2026, subject to NSA equity holder approval and customary conditions.
Immediately prior to closing, Public Storage will form a joint venture with NSA OP unitholders holding 313 properties totaling 19.6 million rentable square feet and an estimated value of about $3.3 billion, capitalized with $2.2 billion of secured debt and approximately 70% leverage. Public Storage targets $110–$130 million of run-rate synergies, with funds-from-operations per share impact expected to be neutral in 2026 and accretive thereafter.
National Storage Affiliates Trust reported mixed fourth quarter and full year 2025 results. Fourth quarter net income rose to $36.8 million, up 40.8% year over year, with diluted earnings per share increasing to $0.23 from $0.15. However, Core funds from operations (Core FFO) fell to $77.4 million, or $0.57 per share, a 5.0% per-share decline, and same store net operating income (NOI) slipped 0.7% as same store revenue declined 0.7% and occupancy ended the year at 84.0%.
For full year 2025, net income dropped to $116.3 million, down 36.6%, mainly because 2024 benefited from larger gains on property sales. Core FFO was $301.7 million, or $2.23 per share, an 8.6% per-share decline, as same store NOI fell 4.5% on 2.3% lower same store revenue and 3.1% higher same store operating expenses. The company recycled capital by acquiring four wholly owned properties for about $24.9 million and three joint venture properties for about $50.0 million, while selling 15 wholly owned properties for approximately $96.9 million during 2025, plus additional sales and one acquisition early in 2026.
Management issued 2026 guidance for Core FFO per share in a range of $2.13 to $2.25, bracketing the 2025 level of $2.23, and projected same store NOI growth between a 2.0% decline and 2.0% growth. Diluted earnings per share are expected between $0.93 and $1.03. As of December 31, 2025, the company had $542.1 million available on its $950.0 million revolving credit line and reported net debt at 6.6 times annualized current quarter Adjusted EBITDA, with a 2.6 times fixed charge coverage ratio. For 2025, the board declared cash dividends totaling $2.28 per common share, including a fourth quarter dividend of $0.57 paid on December 31, 2025.
National Storage Affiliates Trust furnished an 8-K stating it issued an earnings release and supplemental schedules for the quarter ended September 30, 2025, and will host its third quarter 2025 earnings conference call on November 4, 2025 at 1:00 p.m. Eastern Time. Access is available via webcast at www.nsastorage.com or by telephone at 877-407-9711 (or 412-902-1014 for international callers). The release is furnished as Exhibit 99.1, with the webcast replay available for 30 days on the company’s website.