Public Storage completed its all-stock takeover of National Storage Affiliates

The deal is done. Public Storage (NYSE: PSA) completed its acquisition of National Storage Affiliates Trust on July 22, the companies disclosed in a filing with the Securities and Exchange Commission. The two self-storage landlords agreed the merger on March 16. National Storage shares have stopped trading on the New York Stock Exchange.

The terms are all stock. Each National Storage common share was converted into the right to receive 0.1400 newly issued Public Storage common shares, with cash paid in place of any fractional share. Preferred holders were moved across in kind. The company's 6.000 percent Series A and Series B preferred shares each became one new Public Storage preferred share, Series T and Series U respectively, which the filing says carry rights and terms materially unchanged from the old ones. Public Storage issued about 9.57 million of the new Series T shares to former Series A holders.

National Storage is now a wholly owned Public Storage subsidiary, held through a merger sub that survived the combination. The filing records the delisting of the common shares and both preferred series from the New York Stock Exchange, closing the book on National Storage as a standalone public company. For former common holders, the payoff is paper rather than cash. The preferred coupon does not change.