Public Storage Announces Merger with National Storage Affiliates Trust

Summary

Public Storage, a Maryland real estate investment trust, has entered into a definitive merger agreement with National Storage Affiliates Trust, a Maryland real estate investment trust, and its operating partnership, NSA OP, LP. The merger involves the consolidation of National Storage Affiliates Trust and NSA OP, LP into Public Storage, with the surviving entity being a subsidiary of Public Storage. The transaction is subject to certain conditions, including shareholder approval. Key shareholders, including David Cramer, Arlen Nordhagen, and Tamara Fischer, have entered into an Election and Support Agreement to vote their shares in favor of the merger. The merger is expected to close in the second quarter of 2026, subject to regulatory and shareholder approvals.