KBRA Withdraws NSA OP, LP Issuer and Senior Debt Ratings and National Storage Affiliates Trust Preferred Stock Ratings Following Acquisition by Public Storage

KBRA withdraws its BBB issuer and senior unsecured debt ratings for NSA OP, LP and removes the ratings from Watch Developing following the completion of Public Storage's acquisition of National Storage Affiliates Trust (NSA). In connection with the acquisition, all of NSA OP's outstanding $1.9 billion senior unsecured notes were repaid in full and are no longer outstanding.

In addition, KBRA withdraws its BBB- preferred stock ratings for National Storage Affiliates Trust's Series A and Series B Cumulative Redeemable Preferred Shares and removes the ratings from Watch Developing. The NSA preferred shares are being exchanged for newly issued preferred shares of Public Storage with substantially equivalent economic terms and preferences.

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