National Storage Affiliates Trust Files Form 15-12G to End SEC Registration

What happened

National Storage Affiliates Trust, a real estate investment trust that owned self-storage properties, filed a Form 15-12G with the Securities and Exchange Commission on Aug. 3, 2026, terminating the registration of its securities under Section 12(g) of the Securities Exchange Act of 1934 and suspending its duty to file periodic reports.

The filing covers three classes of securities: the company's common shares of beneficial interest, $0.01 par value, and its Series A and Series B Cumulative Redeemable Preferred Shares, also $0.01 par value. The form states that no other classes of securities remain registered.

According to the filing, the registrant is now Pelican Merger Sub I, LLC, as successor by merger to National Storage Affiliates Trust. The filing states that on July 22, 2026, National Storage Affiliates Trust merged with and into Pelican Merger Sub I, LLC, and that the separate corporate existence of National Storage Affiliates Trust ended at that time. The form is signed by Steven C. Babinski, Assistant Secretary of the successor entity.

What the filing says about the mechanics

The form checks two rule provisions: Rule 12g-4(a)(1) and Rule 12h-3(b)(1)(i). Rule 12g-4(a)(1) allows a company to terminate registration of a class of securities when fewer than 300 holders of record hold that class. Rule 12h-3(b)(1)(i) suspends the duty to file periodic reports — such as annual reports on Form 10-K and quarterly reports on Form 10-Q — for a class of securities held by fewer than 300 holders of record.

The filing reports the approximate number of holders of record as of the certification date as "None," with a footnote explaining that the merger ended the company's separate corporate existence. When a company merges out of existence, its shares are typically converted into cash or securities of the acquirer, leaving no public holders of record.

What this means

A Form 15 is how a company tells the SEC that it is going dark — that it will stop filing the quarterly and annual reports that public companies must file. The form is a certification and notice, not a request for permission: the company files it, and the reporting obligations are suspended or terminated by rule.

This particular Form 15 is tied to a merger. The filing states plainly that National Storage Affiliates Trust merged into Pelican Merger Sub I, LLC on July 22, 2026, and that its separate corporate existence ended. That is why the holder count is zero and why the successor entity is the one signing the form. When a merger closes and shareholders receive cash or other consideration, the target's shares stop trading and its registration is wound down.

For readers encountering the term for the first time: Section 12(g) of the Exchange Act is the provision that requires a company with a certain number of shareholders and assets to register its securities with the SEC and become a reporting company. Section 13 requires the periodic reports; Section 15(d) requires reports after a registered offering. A Form 15 terminates the Section 12(g) registration and suspends the Section 13 and 15(d) reporting duties. A company that files one typically stops appearing in SEC filings except for the Form 15 itself and any required exhibits.

The filing does not state the merger consideration, the identity of the acquirer's parent, or any reason for the transaction beyond the merger itself. Those details are not in this form.