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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.
National Storage Affiliates Trust reported that Chief Accounting Officer John Esbenshade acquired additional partnership interests through equity awards and unit conversions. He received 2,599 Class A OP Units tied to 2,599 unvested LTIP Units under a 2026 award that vest in three annual installments on March 1, 2027, 2028, and 2029, subject to continued employment. He also converted 2,294 LTIP Units into 2,294 Class A OP Units. Following these transactions, he holds 25,901 Class A OP Units, along with 3,682 vested LTIP Units and 6,705 unvested LTIP Units, while disclaiming beneficial ownership beyond his pecuniary interest.
National Storage Affiliates Trust reported that Chief Legal Officer Tiffany S. Kenyon acquired additional partnership interests through equity awards and a conversion of incentive units. On February 27, 2026, she was granted 25,823 Class A OP Units issuable upon conversion of unvested LTIP Units under the 2024 Equity Incentive Plan. Of these, 9,516 vest in three annual installments beginning January 1, 2027, and up to 16,307 are performance-based units that vest only if specified performance criteria are met and may not be earned.
On the same date, 3,403 LTIP Units were converted into 3,403 Class A OP Units, reported on a voluntary basis to reflect this conversion. After these transactions, she has direct beneficial ownership of 91,700 Class A OP Units, plus 6,476 vested and 51,024 unvested LTIP Units. Under the partnership agreement, Class A OP Units can be redeemed for cash equal to the market value of an equivalent number of common shares or, at the issuer’s option, exchanged for common shares on a one-for-one basis, subject to adjustments.