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National Storage Affiliates Trust vice chairperson Arlen Dale Nordhagen reported merger-related conversions and dispositions tied to an Agreement and Plan of Merger with Public Storage. On 2026-07-22 he disposed of 2,561,438 Class A OP Units and 3,817,257 common shares, which were converted into rights to receive Public Storage equity or joint-venture units. He also reported LTIP Units vesting and converting into restricted shares and OP Units, plus disposing of 24,066 Series A Preferred Shares directly and 8,689 indirectly that became rights to receive equivalent Public Storage preferred shares; certain restricted shares were surrendered to cover tax obligations and some holdings were reported without a pecuniary interest.
A trust associated with National Storage Affiliates Trust director Chad LeRoy Meisinger reported indirect dispositions to the issuer of 118,858 common shares and 56,880 Class A OP Units on July 22, 2026. Under a March 16, 2026 merger agreement with Public Storage, these securities converted into Public Storage equity interests or joint-venture units, and holdings of these NSA securities are now reported as zero.
National Storage Affiliates Trust reported merger-related equity conversions and dispositions by Chief Legal Officer Tiffany S. Kenyon on 2026-07-22. 51,024 LTIP Units of NSA OP, LP were converted into an equal number of Class A OP Units, and 91,700 Class A OP Units were then disposed of to the issuer, eliminating reported holdings in those instruments.
In connection with the Agreement and Plan of Merger with Public Storage dated March 16, 2026, 9,516 common shares of beneficial interest were acquired through conversion of LTIP Units and an equal number were subsequently disposed of to the issuer. Under the Merger Agreement, each NSA common share, including Restricted Shares, was converted into the right to receive 0.1400 Public Storage common shares plus cash for fractional shares, and certain Restricted Shares were surrendered to cover statutory minimum federal and state tax obligations. Other unvested LTIP Units (excluding specified 2026 performance-based awards) vested immediately before the Partnership Merger, while certain performance-based LTIP Units were forfeited.
National Storage Affiliates Trust director Paul William Hylbert Jr reported dispositions to the issuer tied to its merger with Public Storage. On July 22, 2026 he disposed of 21,406 common shares and 61,753 Class A OP Units, which were converted into rights to receive Public Storage securities or joint-venture units under the merger agreements, leaving him with 0 NSA securities.
National Storage Affiliates Trust Executive Chairperson Tamara D. Fischer, through a trust, reported merger-related restructuring of indirect holdings with Public Storage. 109,828 LTIP Units were converted into Class A OP Units and 16,670 restricted common shares of beneficial interest.
The trust disposed of 594,737 Class A OP Units, 34,670 common shares and 1,500 Series A Preferred Shares, which became rights to receive Public Storage common and preferred shares or operating-partnership and joint-venture units under a March 16, 2026 Merger Agreement.
National Storage Affiliates Trust Chief Accounting Officer John Esbenshade reported merger-related equity restructurings tied to an Agreement and Plan of Merger with Public Storage. 6,705 LTIP Units were converted and eliminated, 25,901 Class A OP Units were disposed of, and 50 Series A preferred shares became the right to receive an equal number of Public Storage preferred shares.
He also received 2,599 restricted common shares upon LTIP conversion, while 2,649.501 common shares, including certain Restricted Shares, were surrendered to satisfy tax withholding in connection with a share exchange at a 0.1400 Exchange Ratio into Public Storage common shares plus cash in lieu of fractional shares.
Pelican Merger Sub I, LLC, as successor by merger to National Storage Affiliates Trust, is deregistering all remaining unsold securities under five existing shelf and registration statements on Form S‑3 and S‑3ASR. These include prior shelves that covered common shares, preferred shares, depositary shares, warrants, rights and debt securities, plus a Form S‑3 that registered 37,762,568 Common Shares.
The change follows completion of a series of mergers effective July 22, 2026 under a March 16, 2026 merger agreement. National Storage Affiliates Trust merged into Pelican Merger Sub I, which survives as a wholly owned direct subsidiary of Public Storage, and a related merger made NSA OP, LP an indirect subsidiary of Public Storage. Because of these mergers, all offerings under the affected registration statements are terminated and any securities registered but unsold as of July 22, 2026 are removed from registration.
David Cramer, President and CEO of National Storage Affiliates Trust, reported merger-related equity changes tied to the combination with Public Storage. LTIP Units and Class A OP Units were converted or disposed of, and common shares, including Restricted Shares, were converted into the right to receive Public Storage equity at a 0.1400 exchange ratio, with certain Restricted Shares surrendered for tax obligations.
National Storage Affiliates Trust Chief Strategy Officer William S. Cowan Jr. reported equity restructurings tied to the merger with Public Storage. He converted 140,923 LTIP Units into an equal number of Class A OP Units and then reported a disposition of 197,016 Class A OP Units, leaving no LTIP Units or Class A OP Units outstanding in his account. He also reported 20,374 common shares, including restricted shares received from 2026 time-based LTIP awards, as acquired via derivative conversion and an equal number disposed of to the issuer, as NSA common (including Restricted Shares) became the right to receive Public Storage common at a 0.1400 exchange ratio plus cash in lieu of fractional shares. The filing indicates these transactions were not effected under a Rule 10b5-1 trading plan.
National Storage Affiliates Trust, now Pelican Merger Sub I, LLC, filed a post-effective amendment to multiple Form S-3 and S-3ASR shelf registration statements to deregister all securities that remain unsold. These shelves had registered common shares, preferred shares, depositary shares, warrants, rights and debt securities, including 37,762,568 Common Shares under one 2016 registration.
The company completed mergers on July 22, 2026 under a March 16, 2026 merger agreement, in which the trust merged into Merger Sub I and the operating partnership merged with Pelican Merger Sub II, leaving both as subsidiaries of Public Storage. Following these mergers, all offerings under the affected registration statements are terminated, and any remaining registered but unissued securities are removed from registration as of July 22, 2026.