National Storage Affiliates Trust (NSA) director’s trust exits units in Public Storage deal
Rhea-AI Filing Summary
National Storage Affiliates Trust director Steven G. Osgood, through a trust, disposed of 142,487 Class A OP Units and 5,232 common shares in issuer transactions dated July 22, 2026. These dispositions occurred in connection with a merger with Public Storage, where the securities were exchanged for Public Storage equity using a 0.1400 exchange ratio and related joint-venture units. The securities were held by a trust for which Osgood has voting and/or investment power, and he disclaims beneficial ownership beyond his pecuniary interest.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 5,232 shares
Net Sell
2 txns
Insider
OSGOOD STEVEN G
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Class A OP Units F3, F4, F2 | 142,487 | -- | -- |
| Disposition | Common shares of beneficial interest, $0.01 par value F1, F2 | 5,232 | -- | -- |
Holdings After Transaction:
Class A OP Units — 0 shares (Indirect, See footnote);
Common shares of beneficial interest, $0.01 par value — 0 shares (Indirect, See footnote)
Footnotes (4)
- 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. Held by Steven Osgood TTEE Steven G. Osgood Trust dated 09/09/2019 for which the Reporting Person has voting and/or investment power. This filing shall not be deemed to be an admission that the Reporting Person is the beneficial owner of any of the securities reported herein, and the Reporting Person disclaims beneficial ownership of such securities except to the extent of the Reporting Person's pecuniary interest therein.
- F3. 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.
- F4. N/A.
Key Figures
Class A OP Units disposed: 142,487 units
Common shares disposed: 5,232 shares
Exchange Ratio: 0.1400
+1 more
4 metrics
Class A OP Units disposed
142,487 units
Indirect issuer disposition on July 22, 2026, in connection with merger
Common shares disposed
5,232 shares
Indirect issuer disposition on July 22, 2026, in connection with merger
Exchange Ratio
0.1400
Public Storage common shares per National Storage Affiliates common share in merger consideration
Joint venture equity held
80%
Equity of joint venture with Public Storage held by NSA OP JV, LLC
Key Terms
Agreement and Plan of Merger, Exchange Ratio, Class A OP Unit, NSA OP JV, LLC
4 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
"common shares were converted using a 0.1400 Exchange Ratio of Public Storage shares"
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 was converted or redeemed"
NSA OP JV, LLC financial
"redeemed in exchange for one newly issued unit in NSA OP JV, LLC"
FAQ
What is the exchange ratio in the National Storage Affiliates (NSA) and Public Storage merger?
Each NSA common share was converted into the right to receive 0.1400 newly issued Public Storage common shares, plus cash in lieu of fractional shares. The same 0.1400 exchange ratio also applied to Class A OP Units converting into common units of Public Storage OP, L.P.
Who held the NSA securities reported in Steven Osgood’s Form 4?
The securities were held by the Steven G. Osgood Trust dated 09/09/2019, for which Osgood has voting and/or investment power. He expressly disclaims beneficial ownership of those securities except to the extent of his pecuniary interest in the trust.
Were Steven Osgood’s NSA transactions made under a Rule 10b5-1 trading plan?
The Rule 10b5-1 checkbox is not marked, and the explanatory footnotes do not reference any trading plan. The dispositions are described instead as occurring pursuant to the Agreement and Plan of Merger with Public Storage and related partnership and joint-venture arrangements.
AI-generated analysis. How Rhea-AI works. Not financial advice.
