Recent Updates — NSA-PB

National Storage Affiliates Trust is providing supplemental disclosures to its proxy statement/prospectus regarding a proposed merger with Public Storage. The company is addressing three shareholder lawsuits (Williams, Clark, and Garfield) and demand letters alleging breaches of fiduciary duty and negligent misrepresentation. The supplements include detailed information on the evaluation committee's role, financial projections, comparable public company analysis, and illustrative preliminary estimates for a Dropdown JV, with projected Total NOI ranging from $200 million in Year 1 to $274 million in Year 7. The company operates as a real estate investment trust specializing in self-storage properties.