{"filing":{"accession_number":"0001104659-26-085888","cik":"0001618563","ticker":"NSA-PB","company_name":"National Storage Affiliates Trust","form":"8-K","filing_date":"2026-07-22","report_date":null,"primary_document":"tm2620871d8_8k.htm","primary_document_url":"https://www.sec.gov/Archives/edgar/data/1618563/000110465926085888/tm2620871d8_8k.htm"},"events":[{"id":19668,"run_id":17698,"accession_number":"0001104659-26-085888","anchor_item_number":"2.01","event_type":"ma_activity","event_domain":"operational","is_material":true,"confidence":0.99,"summary":"National Storage Affiliates Trust was acquired by Public Storage in a completed merger transaction. NSA common and preferred shares were converted into Public Storage securities at an exchange ratio of 0.1400, resulting in the issuance of approximately 11.2 million Public Storage shares to former NSA holders. The transaction also created a joint venture holding 313 real estate assets valued at approximately $3.2 billion with $2.2 billion in associated indebtedness, and resulted in a change of control of NSA, which became an indirect subsidiary of Public Storage.","company_name":"National Storage Affiliates Trust","ticker":"NSA-PB","filing_date":"2026-07-22","form":"8-K","submitted_at":null,"items":[{"id":18822,"accession_number":"0001104659-26-085888","item_number":"1.02","item_title":null,"event_type":"ma_activity","event_domain":"operational","is_material":true,"confidence":0.92,"reasoning":"Item 1.02 discloses termination of four material credit agreements in connection with the consummation of \"the Mergers\" on the Closing Date. The filing references Item 2.01 (which typically covers M\u0026A activity), and the repayment and termination of multiple syndicated credit facilities in connection with a merger closing is a core component of M\u0026A transaction disclosure. The material nature of these credit agreements and their simultaneous termination as part of a merger transaction makes this an M\u0026A activity event.","classifier_version":"claude-haiku-4-5-20251001+prompt-a85dd512","taxonomy_version":"v1.3","classified_at":"2026-07-22T21:16:49.481365+00:00","company_name":"","ticker":null,"filing_date":""},{"id":18823,"accession_number":"0001104659-26-085888","item_number":"2.01","item_title":null,"event_type":"ma_activity","event_domain":"operational","is_material":true,"confidence":0.99,"reasoning":"This Item 2.01 discloses the completion of a merger in which National Storage Affiliates Trust (NSA) was acquired by Public Storage. The filing details the conversion of NSA common and preferred shares into Public Storage securities at a specified exchange ratio (0.1400), the issuance of approximately 11.2 million Public Storage common shares and preferred shares to former NSA holders, and the creation of a joint venture holding 313 real estate assets valued at approximately $3.2 billion with $2.2 billion in associated indebtedness. This is a material change of control transaction affecting the registrant's equity structure and asset composition.","classifier_version":"claude-haiku-4-5-20251001+prompt-a85dd512","taxonomy_version":"v1.3","classified_at":"2026-07-22T21:16:49.481365+00:00","company_name":"","ticker":null,"filing_date":""},{"id":18825,"accession_number":"0001104659-26-085888","item_number":"3.03","item_title":null,"event_type":"ma_activity","event_domain":"operational","is_material":true,"confidence":0.95,"reasoning":"This Item 3.03 discloses the material modification of security holder rights resulting from the consummation of a merger between National Storage Affiliates Trust and Public Storage. The prose explicitly states that NSA shareholders \"ceased to have any rights as shareholders of NSA\" and received Public Storage securities in exchange, which is the core consequence of a completed merger transaction. While Item 3.03 is technically about rights modification, the substance is a change of control through merger completion, making ma_activity the most appropriate classification.","classifier_version":"claude-haiku-4-5-20251001+prompt-a85dd512","taxonomy_version":"v1.3","classified_at":"2026-07-22T21:16:49.481365+00:00","company_name":"","ticker":null,"filing_date":""},{"id":18826,"accession_number":"0001104659-26-085888","item_number":"5.01","item_title":null,"event_type":"ma_activity","event_domain":"operational","is_material":true,"confidence":0.95,"reasoning":"Item 5.01 discloses completion of a merger resulting in a change of control of NSA, with NSA becoming an indirect subsidiary of Public Storage. This is a material acquisition/change of control event. The reference to \"Company Merger\" and the explicit statement that \"a change in control of NSA occurred\" confirms the completion of a material M\u0026A transaction.","classifier_version":"claude-haiku-4-5-20251001+prompt-a85dd512","taxonomy_version":"v1.3","classified_at":"2026-07-22T21:16:49.481365+00:00","company_name":"","ticker":null,"filing_date":""}]},{"id":19669,"run_id":17698,"accession_number":"0001104659-26-085888","anchor_item_number":"3.01","event_type":"delisting_risk","event_domain":"terminal","is_material":true,"confidence":0.95,"summary":"Following completion of the merger, NSA notified the NYSE of delisting. The NYSE suspended trading and filed Form 25 notifications removing NSA Common Shares, Series A Preferred Shares, and Series B Preferred Shares from listing, with NSA intending to file Form 15 to terminate registration and suspend reporting obligations.","company_name":"National Storage Affiliates Trust","ticker":"NSA-PB","filing_date":"2026-07-22","form":"8-K","submitted_at":null,"items":[{"id":18824,"accession_number":"0001104659-26-085888","item_number":"3.01","item_title":null,"event_type":"delisting_risk","event_domain":"terminal","is_material":true,"confidence":0.95,"reasoning":"NSA notified the NYSE of delisting following completion of a merger in which all outstanding shares were converted into merger consideration. The NYSE suspended trading and filed Form 25 notifications removing NSA Common Shares, Series A Preferred Shares, and Series B Preferred Shares from listing, with NSA intending to file Form 15 to terminate registration and suspend reporting obligations. This is a material delisting event triggered by the merger completion.","classifier_version":"claude-haiku-4-5-20251001+prompt-a85dd512","taxonomy_version":"v1.3","classified_at":"2026-07-22T21:16:49.481365+00:00","company_name":"","ticker":null,"filing_date":""}]},{"id":19670,"run_id":17698,"accession_number":"0001104659-26-085888","anchor_item_number":"5.02","event_type":"exec_departure","event_domain":"governance","is_material":true,"confidence":0.85,"summary":"All members of NSA's board of trustees and all officers ceased their positions effective at the merger closing. Named executive officers' employment was terminated without cause, triggering severance obligations under existing employment agreements.","company_name":"National Storage Affiliates Trust","ticker":"NSA-PB","filing_date":"2026-07-22","form":"8-K","submitted_at":null,"items":[{"id":18827,"accession_number":"0001104659-26-085888","item_number":"5.02","item_title":null,"event_type":"exec_departure","event_domain":"governance","is_material":true,"confidence":0.85,"reasoning":"The filing discloses that all members of NSA's board of trustees and all officers ceased their positions effective at the Company Merger Effective Time, with named executive officers' employment terminated without \"cause,\" triggering severance obligations. While the section also addresses compensatory arrangements (equity conversions and severance), the principal disclosed action is the departure of directors and officers, making exec_departure the most salient classification.","classifier_version":"claude-haiku-4-5-20251001+prompt-a85dd512","taxonomy_version":"v1.3","classified_at":"2026-07-22T21:16:49.481365+00:00","company_name":"","ticker":null,"filing_date":""}]},{"id":19671,"run_id":17698,"accession_number":"0001104659-26-085888","anchor_item_number":"5.03","event_type":"governance_other","event_domain":"governance","is_material":true,"confidence":0.75,"summary":"In connection with the merger consummation, NSA's articles of incorporation and bylaws ceased to be in effect and were replaced by the articles of organization and operating agreement of the surviving company, reflecting the fundamental restructuring of the entity's legal form and governance structure.","company_name":"National Storage Affiliates Trust","ticker":"NSA-PB","filing_date":"2026-07-22","form":"8-K","submitted_at":null,"items":[{"id":18828,"accession_number":"0001104659-26-085888","item_number":"5.03","item_title":null,"event_type":"governance_other","event_domain":"governance","is_material":true,"confidence":0.75,"reasoning":"This Item 5.03 discloses a change in the registrant's governing documents (articles of incorporation and bylaws) in connection with a merger consummation. The articles of incorporation and bylaws of NSA ceased to be in effect and were replaced by the articles of organization and operating agreement of the surviving company. While the Item references Item 2.01 (which would contain the M\u0026A activity itself), this section specifically addresses the governance document change, making it a governance event. The materiality is high because the change reflects the fundamental restructuring of the entity's legal form and governance structure as part of the merger.","classifier_version":"claude-haiku-4-5-20251001+prompt-a85dd512","taxonomy_version":"v1.3","classified_at":"2026-07-22T21:16:49.481365+00:00","company_name":"","ticker":null,"filing_date":""}]}],"classifications":[{"id":18822,"accession_number":"0001104659-26-085888","item_number":"1.02","item_title":null,"event_type":"ma_activity","event_domain":"operational","is_material":true,"confidence":0.92,"reasoning":"Item 1.02 discloses termination of four material credit agreements in connection with the consummation of \"the Mergers\" on the Closing Date. The filing references Item 2.01 (which typically covers M\u0026A activity), and the repayment and termination of multiple syndicated credit facilities in connection with a merger closing is a core component of M\u0026A transaction disclosure. The material nature of these credit agreements and their simultaneous termination as part of a merger transaction makes this an M\u0026A activity event.","classifier_version":"claude-haiku-4-5-20251001+prompt-a85dd512","taxonomy_version":"v1.3","classified_at":"2026-07-22T21:16:49.481365+00:00","company_name":"National Storage Affiliates Trust","ticker":"NSA-PB","filing_date":"2026-07-22"},{"id":18823,"accession_number":"0001104659-26-085888","item_number":"2.01","item_title":null,"event_type":"ma_activity","event_domain":"operational","is_material":true,"confidence":0.99,"reasoning":"This Item 2.01 discloses the completion of a merger in which National Storage Affiliates Trust (NSA) was acquired by Public Storage. The filing details the conversion of NSA common and preferred shares into Public Storage securities at a specified exchange ratio (0.1400), the issuance of approximately 11.2 million Public Storage common shares and preferred shares to former NSA holders, and the creation of a joint venture holding 313 real estate assets valued at approximately $3.2 billion with $2.2 billion in associated indebtedness. This is a material change of control transaction affecting the registrant's equity structure and asset composition.","classifier_version":"claude-haiku-4-5-20251001+prompt-a85dd512","taxonomy_version":"v1.3","classified_at":"2026-07-22T21:16:49.481365+00:00","company_name":"National Storage Affiliates Trust","ticker":"NSA-PB","filing_date":"2026-07-22"},{"id":18824,"accession_number":"0001104659-26-085888","item_number":"3.01","item_title":null,"event_type":"delisting_risk","event_domain":"terminal","is_material":true,"confidence":0.95,"reasoning":"NSA notified the NYSE of delisting following completion of a merger in which all outstanding shares were converted into merger consideration. The NYSE suspended trading and filed Form 25 notifications removing NSA Common Shares, Series A Preferred Shares, and Series B Preferred Shares from listing, with NSA intending to file Form 15 to terminate registration and suspend reporting obligations. This is a material delisting event triggered by the merger completion.","classifier_version":"claude-haiku-4-5-20251001+prompt-a85dd512","taxonomy_version":"v1.3","classified_at":"2026-07-22T21:16:49.481365+00:00","company_name":"National Storage Affiliates Trust","ticker":"NSA-PB","filing_date":"2026-07-22"},{"id":18825,"accession_number":"0001104659-26-085888","item_number":"3.03","item_title":null,"event_type":"ma_activity","event_domain":"operational","is_material":true,"confidence":0.95,"reasoning":"This Item 3.03 discloses the material modification of security holder rights resulting from the consummation of a merger between National Storage Affiliates Trust and Public Storage. The prose explicitly states that NSA shareholders \"ceased to have any rights as shareholders of NSA\" and received Public Storage securities in exchange, which is the core consequence of a completed merger transaction. While Item 3.03 is technically about rights modification, the substance is a change of control through merger completion, making ma_activity the most appropriate classification.","classifier_version":"claude-haiku-4-5-20251001+prompt-a85dd512","taxonomy_version":"v1.3","classified_at":"2026-07-22T21:16:49.481365+00:00","company_name":"National Storage Affiliates Trust","ticker":"NSA-PB","filing_date":"2026-07-22"},{"id":18826,"accession_number":"0001104659-26-085888","item_number":"5.01","item_title":null,"event_type":"ma_activity","event_domain":"operational","is_material":true,"confidence":0.95,"reasoning":"Item 5.01 discloses completion of a merger resulting in a change of control of NSA, with NSA becoming an indirect subsidiary of Public Storage. This is a material acquisition/change of control event. The reference to \"Company Merger\" and the explicit statement that \"a change in control of NSA occurred\" confirms the completion of a material M\u0026A transaction.","classifier_version":"claude-haiku-4-5-20251001+prompt-a85dd512","taxonomy_version":"v1.3","classified_at":"2026-07-22T21:16:49.481365+00:00","company_name":"National Storage Affiliates Trust","ticker":"NSA-PB","filing_date":"2026-07-22"},{"id":18827,"accession_number":"0001104659-26-085888","item_number":"5.02","item_title":null,"event_type":"exec_departure","event_domain":"governance","is_material":true,"confidence":0.85,"reasoning":"The filing discloses that all members of NSA's board of trustees and all officers ceased their positions effective at the Company Merger Effective Time, with named executive officers' employment terminated without \"cause,\" triggering severance obligations. While the section also addresses compensatory arrangements (equity conversions and severance), the principal disclosed action is the departure of directors and officers, making exec_departure the most salient classification.","classifier_version":"claude-haiku-4-5-20251001+prompt-a85dd512","taxonomy_version":"v1.3","classified_at":"2026-07-22T21:16:49.481365+00:00","company_name":"National Storage Affiliates Trust","ticker":"NSA-PB","filing_date":"2026-07-22"},{"id":18828,"accession_number":"0001104659-26-085888","item_number":"5.03","item_title":null,"event_type":"governance_other","event_domain":"governance","is_material":true,"confidence":0.75,"reasoning":"This Item 5.03 discloses a change in the registrant's governing documents (articles of incorporation and bylaws) in connection with a merger consummation. The articles of incorporation and bylaws of NSA ceased to be in effect and were replaced by the articles of organization and operating agreement of the surviving company. While the Item references Item 2.01 (which would contain the M\u0026A activity itself), this section specifically addresses the governance document change, making it a governance event. The materiality is high because the change reflects the fundamental restructuring of the entity's legal form and governance structure as part of the merger.","classifier_version":"claude-haiku-4-5-20251001+prompt-a85dd512","taxonomy_version":"v1.3","classified_at":"2026-07-22T21:16:49.481365+00:00","company_name":"National Storage Affiliates Trust","ticker":"NSA-PB","filing_date":"2026-07-22"}]}