8-KItem 1.01 · Material AgreementItem 2.01 · Acquisition/DispositionItem 2.03 · Financial ObligationItem 3.02 · Unregistered Equity SalesItem 3.03 · Security Rights ModificationItem 5.03 · Bylaws AmendmentItem 7.01 · Reg FD DisclosureItem 9.01 · Financial Statements
Public Storage Completes NSA Merger and Adds $3.2 Billion Real Estate JV
Filed with the SEC on · Summarized by InvestorsBot
On the Closing Date, Public Storage issued approximately 11.2 million common shares to former National Storage Affiliates holders at an exchange ratio of 0.1400 shares per NSA common share, plus 9,569,557 Series T and 5,668,128 Series U preferred shares. A Public Storage subsidiary also formed an 80%-owned joint venture with former NSA OP unitholders holding 313 real estate assets valued at approximately $3.2 billion; the venture incurred about $2.2 billion of debt, including a $2.0 billion mortgage loan maturing in August 2027 unless extended and a $237 million mezzanine loan.