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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.
Pelican Merger Sub I, LLC, as successor by merger to National Storage Affiliates Trust, is filing a post-effective amendment to multiple Form S-3 and S-3ASR registration statements to deregister all securities that remain unsold under those filings. These registration statements covered indeterminate amounts of common and preferred shares of beneficial interest, various depositary shares, warrants, rights and debt securities, plus an earlier shelf registering 37,762,568 Common Shares.
The deregistration follows completion of Mergers effective July 22, 2026, under a March 16, 2026 Agreement and Plan of Merger with Public Storage and its affiliates, under which the Company merged into Merger Sub I and its operating partnership became an indirect subsidiary of Public Storage. All offerings under the affected registration statements are terminated.
National Storage Affiliates Trust director Allan Warren reported indirect transactions connected to its merger with Public Storage. 1,170 LTIP Units vested and converted into Class A OP Units, then 1,298,706 Class A OP Units, 4,490 Series A-1 preferred units and 4,762 common shares held through his revocable trust were disposed to the issuer. Under the merger terms, NSA common shares were converted into Public Storage common shares at a 0.1400 exchange ratio plus cash for fractional shares, and the reported NSA-related holdings after these transactions are zero.
Pelican Merger Sub I, LLC, as successor by merger to National Storage Affiliates Trust, filed a post-effective amendment to multiple shelf registration statements on Form S-3 and S-3ASR to deregister all securities that remain unsold under those registrations as of July 22, 2026.
The affected registrations include prior shelves covering common shares, preferred shares, depositary shares, warrants, rights and debt securities, as well as an S-3 that had registered 37,762,568 Common Shares. Following previously completed mergers with Public Storage affiliates, all offerings under these registrations are terminated and the remaining securities are removed from registration.
National Storage Affiliates Trust, now succeeded by Pelican Merger Sub I, LLC, filed a post-effective amendment on Form S-3 to terminate its prior shelf registrations and deregister all securities that remain unsold. The affected registration statements include multiple Form S-3ASR shelves and a Form S-3 that had registered 37,762,568 Common Shares.
The amendment follows the closing of mergers under a March 16, 2026 Agreement and Plan of Merger, under which the trust merged into Merger Sub I and its operating partnership became an indirect subsidiary of Public Storage. With offerings terminated as of July 22, 2026, any common or preferred shares, depositary shares, warrants, rights, or debt securities previously registered but not sold are now removed from registration.
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 is being removed from listing and registration on the New York Stock Exchange for its common shares and its 6.000% Series A and 6.000% Series B Cumulative Redeemable Preferred Shares of Beneficial Interest. The exchange and the issuer state they have complied with the applicable NYSE and SEC rules for this delisting.
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 that it has issued a press release titled “National Storage Affiliates Trust Announces Anticipated Closing Date of Pending Transaction; Declares Dividend in Connection with Pending Transaction.” The release, furnished as Exhibit 99.1, discusses the anticipated closing timing of the pending business combination with Public Storage and a dividend declared in connection with that transaction. The disclosure includes extensive cautionary language about forward-looking statements, highlighting risks such as obtaining required NSA shareholder and unitholder approvals, satisfying closing conditions, integration challenges, potential litigation, transaction costs and the possibility that the merger agreement could be terminated. It also explains that Public Storage has filed a Form S-4 Registration Statement containing a joint Proxy Statement/Prospectus and urges NSA shareholders to review those materials carefully before voting or making investment decisions.
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.