GREENWOOD VILLAGE, Colo., July 10, 2026--(BUSINESS WIRE)--National Storage Affiliates Trust ("NSA" or the "Company") (NYSE: NSA) announced today that it expects the previously announced acquisition of NSA by Public Storage (the "Transaction") to be completed on or about July 22, 2026 following the special meeting of NSA's common shareholders on July 14, 2026. The completion of the Transaction remains subject to the approval of NSA's common shareholders and other customary closing conditions.
On July 10, 2026, as contemplated by the merger agreement entered into in connection with the Transaction, the NSA Board of Trustees declared a special, prorated cash dividend of $0.0336 per common share (the "pro rata dividend") for the period from and including July 1, 2026 through July 21, 2026, payable immediately before the consummation of the Transaction, to holders of record at the close of business on the business day immediately preceding the closing date of the Transaction and contingent upon the approval of the Transaction by NSA equity holders, the satisfaction or waiver of the other conditions to the Transaction and the merger agreement not having been terminated.
Based on the anticipated closing date of the Transaction of July 22, 2026, the pro rata dividend will be payable immediately prior to the completion of the Transaction on July 22, 2026 to the holders of record at the close of business on July 21, 2026.
If the closing date of the Transaction is delayed past July 22, 2026, holders of NSA's common shares will not receive the pro rata dividend on July 22, 2026, and in such case NSA will make a public announcement providing further updates with respect to these matters.
Because the pro rata dividend payment will not be made if closing is delayed past July 22, 2026, The New York Stock Exchange ("NYSE") has advised the NSA common shares will trade with "due bills" representing an assignment of the right to receive the distribution from the record date of July 21, 2026 up through the last day of trading on the NYSE (the "Due Bill Period").
Holders who sell their NSA common shares during the Due Bill Period will be selling their right to the pro rata dividend payment, and such holders will not be entitled to receive the pro rata dividend payment. Due bills obligate a seller of NSA common shares to deliver the dividend payable on such NSA common shares to the buyer (the "Dividend Right").
The dividend record date of July 21, 2026 will be used as the date for establishing the due bill tracking of the Dividend Right to the holder of NSA common shares. Due bill obligations are customarily settled between the brokers representing the buyers and the sellers of securities. The Company has no obligation for either the amount of the due bill or the processing of the due bill. Buyers and sellers of the NSA common shares should consult their brokers before trading to be sure they understand the effect of the NYSE's due bill procedures.