Public Storage merger converts National Storage Affiliates (NYSE: NSA) director units
Rhea-AI Filing Summary
National Storage Affiliates Trust director Lisa R. Cohn reported issuer dispositions connected to the merger with Public Storage. She disposed of 11,624 Class A OP Units and 4,703 common shares, leaving 0 of each. Under the merger terms, these securities were converted into rights to receive Public Storage equity and related joint-venture interests based on a 0.1400 exchange ratio.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 4,703 shares
Net Sell
2 txns
Insider
COHN LISA R
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Class A OP Units F2, F3 | 11,624 | -- | -- |
| Disposition | Common shares of beneficial interest, $0.01 par value F1 | 4,703 | -- | -- |
Holdings After Transaction:
Class A OP Units — 0 shares (Direct);
Common shares of beneficial interest, $0.01 par value — 0 shares (Direct)
Footnotes (3)
- F1. Pursuant to the Agreement and Plan of Merger, dated as of March 16, 2026 (the "Merger Agreement"), between the Issuer, Public Storage and certain other parties, common shares of beneficial interest, $0.01 par value of the Issuer, inclusive of restricted shares, were converted into the right to receive 0.1400 (the "Exchange Ratio") newly issued common shares of beneficial interest, par value $0.10 per share, of Public Storage and cash in lieu of any fractional shares.
- F2. Pursuant to the Merger Agreement, each Class A OP Unit issued and outstanding immediately prior to the effective time of the Partnership Merger was (i) automatically converted into the right to receive a number of newly issued common units in Public Storage OP, L.P., equal to the Exchange Ratio or (ii), at the election of holders of Class A OP Units, redeemed in exchange for one newly issued unit in NSA OP JV, LLC which holds 80% of the equity of the joint venture with Public Storage that holds certain identified real estate assets contributed by the Partnership.
- F3. N/A.
Key Figures
Class A OP Units disposed: 11,624 units
Common shares disposed: 4,703 shares
Exchange Ratio: 0.1400
+3 more
6 metrics
Class A OP Units disposed
11,624 units
Issuer disposition on 2026-07-22 by director Lisa R. Cohn
Common shares disposed
4,703 shares
Issuer disposition of common shares of beneficial interest on 2026-07-22
Exchange Ratio
0.1400
Public Storage common shares received per National Storage Affiliates share in merger
Joint-venture equity held by NSA OP JV, LLC
80%
Equity of joint venture with Public Storage holding certain contributed real estate assets
Post-transaction NSA OP Units
0 units
Total Class A OP Units held by Lisa R. Cohn after dispositions
Post-transaction NSA common shares
0 shares
Total National Storage Affiliates common shares held by Lisa R. Cohn after dispositions
Key Terms
Agreement and Plan of Merger, Exchange Ratio, Class A OP Unit, cash in lieu of any fractional shares, +2 more
6 terms
Agreement and Plan of Merger regulatory
"Pursuant to the Agreement and Plan of Merger, dated as of March 16, 2026"
An Agreement and Plan of Merger is a formal document where two companies agree to combine into one, outlining how the process will happen. It’s like a step-by-step plan for merging, and it matters because it shows both sides have agreed on the details before the official transition takes place.
Exchange Ratio financial
"were converted into the right to receive 0.1400 (the "Exchange Ratio") newly issued"
The exchange ratio is the number used to decide how many shares of one company you get for each share you own in another company during a merger or acquisition. It’s like a recipe that tells you how to swap shares fairly, ensuring both companies’ values are balanced. This ratio matters because it determines how ownership divides between the companies' shareholders.
Class A OP Unit financial
"each Class A OP Unit issued and outstanding immediately prior to the effective time"
Public Storage OP, L.P. financial
"converted into the right to receive a number of newly issued common units in Public Storage OP, L.P."
NSA OP JV, LLC financial
"redeemed in exchange for one newly issued unit in NSA OP JV, LLC which holds 80%"
FAQ
What did NSA director Lisa R. Cohn report in this Form 4 filing?
Lisa R. Cohn reported issuer dispositions of her National Storage Affiliates securities. She disposed of 11,624 Class A OP Units and 4,703 common shares, with both positions reduced to zero in connection with the Public Storage merger.
How many National Storage Affiliates Class A OP Units did the NSA director dispose of?
The director disposed of 11,624 Class A OP Units. According to the merger terms, each unit was converted into Public Storage OP, L.P. common units or, at the holder’s election, into units of NSA OP JV, LLC tied to certain contributed real estate assets.
Were the NSA director’s transactions under a Rule 10b5-1 trading plan?
The Rule 10b5-1 checkbox is not marked as affirmative, and the transactions are described as occurring pursuant to the Merger Agreement with Public Storage, rather than as discretionary trades under a pre-arranged trading plan.
What joint-venture interest is mentioned in the NSA Form 4 footnotes?
At the election of Class A OP Unit holders, each unit could be redeemed for one unit in NSA OP JV, LLC, which holds 80% of the equity of a joint venture with Public Storage owning specified contributed real estate assets.
AI-generated analysis. How Rhea-AI works. Not financial advice.
