Welcome to our dedicated page for National Storage Affiliates Tr SEC filings (Ticker: NSA), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
The National Storage Affiliates Trust (NYSE: NSA) SEC filings page on Stock Titan provides access to the company’s regulatory disclosures as filed with the U.S. Securities and Exchange Commission. As a self storage-focused real estate investment trust headquartered in Greenwood Village, Colorado, NSA uses these filings to report its financial condition, operating results and material events to investors and regulators.
Through this page, users can review current reports on Form 8-K, which for NSA often include quarterly earnings releases and supplemental financial schedules. These documents present detailed consolidated statements of operations and balance sheets, as well as reconciliations of non-GAAP measures such as funds from operations (FFO), core funds from operations (Core FFO) and net operating income (NOI) to the most directly comparable GAAP measures.
Investors can also use the filings page to locate annual and quarterly reports (Forms 10-K and 10-Q when available), which typically contain information on NSA’s self storage portfolio, same store operating performance, acquisition and disposition activity, joint ventures, capital structure and risk factors. These filings help explain how the company’s ownership, operation and acquisition of self storage properties translate into rental revenue, property-related revenue and management fees.
Stock Titan enhances these documents with AI-powered summaries that highlight key points from lengthy filings, helping readers quickly identify important trends in net income, FFO, Core FFO, occupancy and property operating expenses. Real-time updates from the SEC’s EDGAR system ensure that new NSA filings, including any insider transaction reports on Form 4 or proxy statements on executive and trustee matters, appear promptly on this page.
For anyone analyzing NSA’s dividend capacity, leverage, joint venture commitments or same store performance, the SEC filings page offers a structured way to review the company’s official disclosures, with AI tools that make complex financial and operational information easier to interpret.
Public Storage has agreed to acquire National Storage Affiliates in a 100% stock transaction valuing the combination at approximately $10.5 billion including debt. NSA shareholders will receive 0.14 PSA shares per NSA share, resulting in pro forma ownership of ~92% PSA and 8% NSA. The companies expect to close in Q3 2026, subject to NSA shareholder approval and customary closing conditions. The transaction contemplates new financing of roughly $1.8 billion in unsecured debt and $2.2 billion in secured debt, formation of a JV including 313 wholly-owned NSA properties, identified synergies of $110 million to $130 million, and run-rate FFO accretion of approximately $0.35 to $0.50 per share at stabilization.
Public Storage has reached an agreement to acquire NSA Storage. The companies say NSA brings more than 1,000 locations and 550,000 units across 38 states. Public Storage says the combined platform will include nearly 4,600 locations and 330 million net rentable square feet. The companies expect the transaction to close in the second half of 2026. The communications emphasize planned operational integration under Public Storage’s PS Next operating model and note customary closing conditions, including required shareholder and unitholder approval and other closing conditions described in the cautionary statement.
National Storage Affiliates Trust (NSA) and Public Storage announced they executed an Agreement and Plan of Merger on March 16, 2026 under which NSA will be merged into a Public Storage subsidiary and NSA OP, LP will become a subsidiary of Public Storage Operating Company.
The filing attaches a press release and investor presentation as Exhibits 99.1 and 99.2 and states that Public Storage intends to file a Form S-4 registration statement that will include a proxy statement/prospectus seeking NSA shareholder approval.
National Storage Affiliates Trust agreed to be acquired by Public Storage in an all-stock merger valuing NSA at an enterprise value of approximately $10.5 billion. NSA shareholders and OP unitholders will receive 0.14 Public Storage common shares or partnership units per NSA share or unit, implying $41.68 per NSA share based on Public Storage’s March 13, 2026 closing price.
The combined self-storage REIT is expected to have a pro forma equity market capitalization of about $57 billion and total enterprise value of about $77 billion, with pro forma ownership of roughly 92% Public Storage and 8% NSA equity holders. The deal, unanimously approved by both boards, is expected to close in the third quarter of 2026, subject to NSA equity holder approval and customary conditions.
Immediately prior to closing, Public Storage will form a joint venture with NSA OP unitholders holding 313 properties totaling 19.6 million rentable square feet and an estimated value of about $3.3 billion, capitalized with $2.2 billion of secured debt and approximately 70% leverage. Public Storage targets $110–$130 million of run-rate synergies, with funds-from-operations per share impact expected to be neutral in 2026 and accretive thereafter.
Public Storage and National Storage Affiliates have entered a merger agreement under which Public Storage will acquire NSA in an all-stock transaction. The deal values NSA at an enterprise value of $10.5 billion with NSA holders to receive 0.14 PSA shares per NSA share (implying $41.68 per NSA share based on PSA's March 13, 2026 close). The companies expect the transaction to close in Q3 2026, subject to NSA equity holder approval and customary conditions.
The agreement creates a new joint venture holding 313 NSA properties (unitholders to own ~80% at inception) and leaves Public Storage owning 488 properties outright. Committed bridge financing of $4.0 billion has been arranged and the parties estimate pro forma equity market capitalization of ~$57 billion and total enterprise value of ~$77 billion.
National Storage Affiliates Trust Chief Strategy Officer William S. Cowan Jr. reported equity-based awards tied to the company’s operating partnership. He received 55,289 Class A OP Units issuable upon conversion of 55,289 unvested LTIP Units granted under the 2024 Equity Incentive Plan at no cash cost.
According to the award terms, 20,374 of these LTIP Units vest in three annual installments on January 1, 2027, January 1, 2028, and January 1, 2029, subject to continued employment. The remaining 34,915 are performance-based LTIP Units that will vest on January 1, 2029 only if specified performance criteria are achieved, and none are earned if minimum thresholds are not met.
The filing also notes the conversion of 7,074 LTIP Units into 7,074 Class A OP Units on a one-for-one basis and clarifies this conversion is reported for informational purposes, as those LTIP Units had previously been reported on an as-converted basis. Following these transactions, Cowan’s direct beneficial ownership is 197,016 Class A OP Units, 17,606 vested LTIP Units, and 151,394 unvested LTIP Units.
National Storage Affiliates Trust’s Chief Financial Officer Brandon Togashi reported awards and conversions of partnership interests tied to the company’s common shares. He received 46,029 Class A OP Units through a 2026 LTIP Unit Award Agreement under the 2024 Equity Incentive Plan. Of these, 16,962 units vest in three annual installments on January 1, 2027, 2028, and 2029, while 29,067 units are performance-based and only vest if specific performance criteria are achieved. In addition, 11,382 LTIP Units were converted into 11,382 Class A OP Units on a one-for-one basis. After these transactions, his reported beneficial ownership is 227,132 Class A OP Units, along with 17,346 vested LTIP Units and 110,209 unvested LTIP Units.
National Storage Affiliates Trust President and CEO David Cramer reported equity-based awards and conversions of partnership units. He received 109,663 Class A OP Units at no cost, issuable upon conversion of unvested LTIP Units granted under the 2024 Equity Incentive Plan.
Of these LTIP Units, 40,412 vest in three annual installments on January 1 of 2027, 2028 and 2029, and 69,251 are performance-based and only vest if specified performance criteria are achieved by January 1, 2029. In addition, 22,606 LTIP Units were converted into 22,606 Class A OP Units on a one-for-one basis.
After the reported transactions, Cramer is shown with 587,104 Class A OP Units and direct beneficial ownership of 30,555 vested LTIP Units and 258,001 unvested LTIP Units, subject to a standard beneficial ownership disclaimer.
National Storage Affiliates Trust vice chair Arlen Dale Nordhagen reported equity-related awards and conversions tied to the company’s operating partnership. He was granted 12,567 Class A OP Units issuable upon conversion of unvested LTIP Units under a 2026 LTIP Unit Award Agreement in the 2024 Equity Incentive Plan.
Of these underlying LTIP Units, 4,631 vest in three annual installments on January 1, 2027, 2028, and 2029, while up to 7,936 may vest on January 1, 2029 based on performance criteria. In addition, 6,289 LTIP Units were converted into 6,289 Class A OP Units. Following these transactions, he has beneficial ownership of 2,561,438 Class A OP Units, plus 919 vested and 28,424 unvested LTIP Units.
National Storage Affiliates Trust Executive Chairperson Tamara D. Fischer reported equity-related awards and conversions involving Class A OP Units and LTIP Units. She was granted 45,237 Class A OP Units issuable upon conversion of unvested LTIP Units under the 2024 Equity Incentive Plan, with portions vesting annually from January 1, 2027 through January 1, 2029 and a performance-based tranche contingent on meeting specified criteria. In addition, 21,827 LTIP Units were converted into 21,827 Class A OP Units on a one-for-one basis. Following these transactions, Fischer, as trustee of the Tamara Diane Fischer Trust, has beneficial ownership of 594,737 Class A OP Units and also holds 14,576 vested and 109,828 unvested LTIP Units, subject to plan and partnership agreement terms.