National Storage Affiliates Trust completes merger with Public Storage

1. Exchange ratio: 0.1400 Public Storage common shares per NSA common share
2. Public Storage issued approximately 11,200,000 common shares to former NSA common shareholders and equity award holders
3. Public Storage issued approximately 9,569,557 Series T Preferred Shares to former NSA Series A Preferred shareholders
4. Public Storage issued approximately 5,668,128 Series U Preferred Shares to former NSA Series B Preferred shareholders
5. Dropdown JV holds 313 real estate assets valued at approximately $3.2 billion, funded with approximately $2.2 billion of indebtedness ($2.0 billion secured mortgage financing and $237 million mezzanine financing)
6. 19,193,490 NSA OP Units redeemed by electing limited partners pursuant to Special Redemption
7. NSA repaid in full and terminated four credit agreements without material early termination penalties (KeyBank facility dated January 3, 2023; Capital One facility dated June 24, 2022; BMO facility dated April 24, 2019; Huntington facility dated December 21, 2018)
8. All NSA trustees and officers ceased to hold their positions effective at Company Merger Effective Time
9. NSA's named executive officers' employment terminated and became entitled to severance payments per their employment agreements

NSA ceased to exist as an independent public company and became an indirect subsidiary of Public Storage; former NSA shareholders now hold Public Storage securities determined by the exchange ratio, and NSA's trading on the NYSE was suspended with formal delisting notices filed.

1. Jul 22, 202625-NSE
2. Jul 22, 20268-Kthis filing