Public Storage to Merge with National Storage Affiliates

Public Storage has entered into an execution version agreement and plan of merger with National Storage Affiliates Trust, with merger sub entities identified in the filing. The exhibit is dated March 16, 2026 and lays out the transaction steps and governing documents for the mergers.

The agreement includes detailed provisions on merger consideration mechanics, exchange procedures, dissenters’ rights, and the effects of the mergers. It also sets out representations and warranties for both the company parties and parent parties, along with covenants covering conduct of business pending the mergers and preparation of the required SEC filings such as an S-4 and proxy statement/prospectus.