National Storage Affiliates director logs merger dispositions
National Storage Affiliates Trust director Michael J. Schall reported merger-related dispositions.
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Form Type
4
Rhea-AI Filing Summary
National Storage Affiliates Trust director Michael J. Schall reported merger-related dispositions. On 2026-07-22, he disposed of 11,291 common shares and 12,618 Class A OP Units to the issuer in connection with the merger with Public Storage. Each NSA common share became the right to receive 0.1400 Public Storage common share plus cash for fractional shares, and each Class A OP Unit was converted into or redeemable for new units in Public Storage-affiliated entities.
Insider Trade Summary
Disposition: 23,909 shares
Disposition
2 txns
Insider
SCHALL MICHAEL J
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Class A OP Units F2, F3 | 12,618 | -- | -- |
| Disposition | Common shares of beneficial interest, $0.01 par value F1 | 11,291 | -- | -- |
Holdings After Transaction:
Class A OP Units — 0 contracts (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
Common shares disposed: 11,291 shares
Class A OP Units disposed: 12,618 units
Exchange Ratio: 0.1400
+1 more
4 metrics
Common shares disposed
11,291 shares
Disposition to issuer in merger on 2026-07-22
Class A OP Units disposed
12,618 units
Derivative disposition to issuer in merger on 2026-07-22
Exchange Ratio
0.1400
Public Storage common shares per NSA common share under merger agreement
Equity in NSA OP JV, LLC
80%
NSA OP JV, LLC holds 80% of equity of joint venture with Public Storage
Key Terms
Agreement and Plan of Merger, Exchange Ratio, Class A OP Unit, Public Storage OP, L.P., +1 more
5 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
"0.1400 (the "Exchange Ratio") newly issued common shares of beneficial interest"
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. technical
"converted into the right to receive a number of newly issued common units in Public Storage OP, L.P."
NSA OP JV, LLC technical
"redeemed in exchange for one newly issued unit in NSA OP JV, LLC which holds 80%"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What insider activity did National Storage Affiliates Trust (NSA) director Michael J. Schall report?
Michael J. Schall reported dispositions of NSA securities tied to the Public Storage merger. On 2026-07-22, 11,291 common shares and 12,618 Class A OP Units were disposed of to the issuer and converted into Public Storage-related equity interests.
How were NSA Class A OP Units treated in the Public Storage merger for NSA?
Each Class A OP Unit was either converted into newly issued Public Storage OP, L.P. common units equal to the 0.1400 Exchange Ratio or, at the holder’s election, redeemed for one unit in NSA OP JV, LLC, which holds 80% of a real estate joint venture.
Were Michael J. Schall’s NSA transactions executed under a Rule 10b5-1 trading plan?
The transactions were not reported as Rule 10b5-1 plan trades. The filing’s Rule 10b5-1 checkbox was not selected, and the footnotes describe the dispositions as mechanical results of the merger with Public Storage.
AI-generated analysis. How Rhea-AI works. Not financial advice.
