Ademi Firm Investigates National Storage Affiliates Trust Deal

Firm questions whether public shareholders are getting a fair price in proposed acquisition by Public Storage.

Mar. 16, 2026 at 4:55pm

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The Ademi law firm has launched an investigation into the proposed acquisition of National Storage Affiliates Trust (NSA) by Public Storage (PSA). Under the terms of the deal, NSA shareholders would receive 0.14 shares of PSA common stock or partnership units for each NSA share they own, representing a total consideration of $41.68 per share based on PSA's closing price on March 13, 2026. The Ademi firm is looking into whether the NSA board of directors is fulfilling its fiduciary duties to all shareholders in accepting this deal, which also includes substantial change of control benefits for NSA insiders.

Why it matters

Mergers and acquisitions involving publicly traded companies often raise concerns about whether minority shareholders are being treated fairly, especially when insiders stand to gain substantial personal benefits. The Ademi firm's investigation aims to determine if the proposed NSA-PSA deal is structured in a way that maximizes value for all NSA shareholders or primarily benefits the company's insiders.

The details

Under the terms of the proposed acquisition, NSA shareholders would receive 0.14 shares of PSA common stock or partnership units for each NSA share they own. This values each NSA share at $41.68 based on PSA's closing price on March 13, 2026. However, the Ademi firm is concerned that the deal may unfairly benefit NSA insiders through substantial change of control arrangements, while also unreasonably limiting the ability of NSA to entertain competing bids by imposing a significant penalty.

  • The proposed acquisition was announced on March 16, 2026.

The players

National Storage Affiliates Trust

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

Public Storage

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

Ademi LLP

A law firm that specializes in shareholder litigation involving mergers, acquisitions, and individual shareholder rights.

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What they’re saying

“We are investigating the conduct of the National Storage Affiliates board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.”

— Guri Ademi, Attorney, Ademi LLP (PRNewswire)

What’s next

The Ademi firm will continue its investigation into whether the proposed acquisition of National Storage Affiliates by Public Storage is structured to provide fair value for all NSA shareholders.

The takeaway

This case highlights the ongoing scrutiny of mergers and acquisitions involving publicly traded companies, as shareholders and their representatives seek to ensure that minority investors are treated equitably and that corporate insiders do not unduly benefit at the expense of the broader shareholder base.