National Storage Affiliates Trust (NSA)

National Storage Affiliates Trust, known as NSA, was a Maryland real estate investment trust focused on owning, operating and acquiring self-storage properties in the United States. It was formed in the early 2010s and completed its initial public offering on the New York Stock Exchange in 2015 under the symbol NSA. Its headquarters were in Greenwood Village, Colorado.

The company's distinguishing feature was its Participating Regional Operator, or PRO, structure. Under this model, regional self-storage operators contributed their properties to NSA in exchange for operating partnership units, continued to manage the facilities, and shared in the results. The structure allowed NSA to build a national portfolio while keeping local operating expertise in place. Over time NSA expanded through acquisitions and joint ventures. By the time of its sale, the company operated more than 1,000 self-storage properties across 37 states and Puerto Rico, having grown from fewer than 800 properties in 2020, when it reported 788 facilities in 35 states and Puerto Rico with about 49.5 million rentable square feet. The properties were mainly located in metropolitan areas across the country.

NSA also issued preferred shares that traded on the NYSE under the symbols NSA-PA and NSA-PB, alongside its common shares. These were part of its capital structure along with bank debt, senior unsecured notes and mortgage debt.

On March 16, 2026, Public Storage announced it would acquire NSA in an all-stock transaction. Each NSA common share or unit was to convert into 0.14 Public Storage common shares or partnership units, which implied about $41.68 per NSA share based on Public Storage's closing price on March 13, 2026. The deal was reported as valued at about $10.5 billion including debt. Public Storage said it would repay NSA's bank debt and senior unsecured notes and assume its mortgage debt and certain preferred shares and units.

For NSA shareholders, the all-stock structure meant they received Public Storage shares in place of their NSA holdings, so their value depended on Public Storage's share price after the announcement. Holders of operating partnership units received corresponding Public Storage partnership units. The implied value of about $41.68 per share was calculated on a single reference date and moved with Public Storage's stock price.

The combination brought together two of the largest self-storage owners in the country. After completion, NSA's properties and its regional operator relationships became part of the Public Storage platform, and NSA's separate public reporting ended along with its listing.

NSA common shareholders approved the transaction, and Public Storage announced the closing on July 22, 2026. A Form 25 was filed the same day for the common shares and the listed preferred shares, and they ceased trading on the NYSE. The former NSA portfolio now forms part of Public Storage, which continues to trade on the NYSE under the symbol PSA.