National Storage Affiliates expects its sale to Public Storage to close around July 22, with a prorated dividend, due bill trading and shareholder approval now in focus.
National Storage Affiliates Trust said its previously announced acquisition by Public Storage is expected to close on or about July 22, 2026, after a special meeting of NSA common shareholders scheduled for July 14. NSA’s board declared a special prorated cash dividend of $0.0336 per common share for the period from July 1 through July 21, payable immediately before closing to holders of record on July 21 if the transaction is approved and other closing conditions are satisfied. Because the payment will not be made on July 22 if closing is delayed beyond that date, the NYSE said NSA shares will trade with due bills from the July 21 record date through the last trading day, meaning sellers during that period also transfer the right to the dividend. NSA also said holders of a majority of the outstanding NSA OP units, excluding units held by NSA or its subsidiaries, have already consented to the deal, leaving approval by NSA common shareholders as the only remaining NSA equity-holder approval required for completion. Under the merger agreement, NSA common shareholders are set to receive 0.14 of a Public Storage common share for each NSA common share, while NSA OP unitholders will receive 0.14 of a Public Storage OP unit for each NSA OP unit. The update adds to Public Storage’s previously announced $900 million senior notes offering, which it said would help fund the pending acquisition and other corporate uses.