Ademi Firm Investigates National Storage Affiliates Deal

Law firm probes whether public shareholders are getting fair price in acquisition by Public Storage

Mar. 16, 2026 at 9:16pm

Got story updates? Submit your updates here. ›

The Ademi law firm is investigating whether National Storage Affiliates Trust (NYSE: NSA) is obtaining a fair price for its public shareholders in its recently announced transaction to be acquired by Public Storage (NYSE: PSA). The deal would see NSA shareholders receive 0.14 shares of PSA common stock or partnership units for each NSA share or unit they own, representing a total consideration of $41.68 per share based on PSA's closing price on March 13, 2026.

Why it matters

The investigation centers on whether the National Storage Affiliates board of directors is fulfilling its fiduciary duties to all shareholders in approving the transaction terms, as NSA insiders are set to receive substantial benefits as part of the change of control arrangements. The deal also includes restrictions that could limit competing bids for NSA.

The details

Under the terms of the proposed acquisition, National Storage Affiliates stockholders will receive 0.14 of a share of Public Storage common stock or partnership units for each NSA share or unit they own. This represents a total consideration of $41.68 per share based on PSA's closing price on March 13, 2026. The Ademi law firm is investigating whether the NSA board has upheld its fiduciary duties, as the transaction agreement includes provisions that could discourage competing bids.

  • The transaction was announced on March 16, 2026.
  • PSA's closing share price used to determine the $41.68 per share consideration was from March 13, 2026.

The players

National Storage Affiliates Trust

A real estate investment trust that owns and operates self-storage facilities across the United States.

Public Storage

The largest owner and operator of self-storage facilities in the United States.

Ademi LLP

A law firm investigating whether National Storage Affiliates is obtaining a fair price for its public shareholders in the proposed acquisition by Public Storage.

Got photos? Submit your photos here. ›

What they’re saying

“We specialize in shareholder litigation involving buyouts, mergers, and individual shareholder rights.”

— Guri Ademi, Attorney, Ademi LLP (PR Newswire)

What’s next

The Ademi law firm will continue its investigation to determine if the National Storage Affiliates board has fulfilled its fiduciary duties to shareholders in approving the terms of the proposed acquisition by Public Storage.

The takeaway

This investigation highlights the importance of ensuring public company shareholders receive fair value in M&A transactions, especially when insiders stand to benefit substantially from change of control arrangements.