National Storage Affiliates Trust (NSA) and Public Storage have entered into an Agreement and Plan of Merger under which NSA will merge into a Public Storage subsidiary and NSA OP will become an indirect subsidiary of Public Storage following a multi-step transaction. NSA common shares will be converted into 0.1400 Public Storage common shares per NSA common share plus cash in lieu of fractional shares. Based on Public Storage's closing price of $323.87 on June 10, 2026, the exchange ratio implied approximately $45.34 per NSA share. The NSA board recommends shareholders vote "FOR" the Merger Proposal at a virtual special meeting on July 14, 2026. The mergers remain subject to customary closing conditions, partner consents, regulatory approvals and the effectiveness of the Form S-4.
Public Storage director Ronald L. Havner Jr. reported a small share disposition tied to taxes on equity compensation. On April 1, 2026, 266 common shares were delivered at $276.24 per share to satisfy tax liability, leaving 7,460.59 common shares held directly.
He also reports indirect ownership of 317,053 common shares by the Havner Family Trust and 1,900 common shares through his spouse’s IRA. The trust position includes 2,726.59 deferred share units from 10,000 restricted share units granted in 2015, with remaining deferred receipt installments scheduled annually through 2030.