Exhibit 10.1 

FIRST AMENDMENT TO
FOURTH AMENDED AND RESTATED
AGREEMENT OF LIMITED PARTNERSHIP
OF
NSA OP, LP

This FIRST AMENDMENT TO FOURTH AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF NSA OP, LP (this "Amendment") is made and entered into as of March 16, 2026.

Recitals:

WHEREAS, NSA OP, LP (the "Partnership") is currently operating pursuant to that certain Fourth Amended and Restated Agreement of Limited Partnership, effective as of July 1, 2024, as amended through the date hereof (the "Partnership Agreement"), and capitalized terms used but not defined herein shall have the meanings ascribed to them in the Partnership Agreement;

WHEREAS, the Partnership, the General Partner and certain other parties are expected to become party to that certain Agreement and Plan of Merger, dated as of the date hereof, by and among National Storage Affiliates Trust, a Maryland real estate investment trust, the Partnership, Public Storage, a Maryland real estate investment trust (“Parent”), Public Storage, L.P., a Delaware limited partnership, Pelican Merger Sub I, LLC, a Maryland limited liability company, and Pelican Merger Sub II, LLC, a Delaware limited liability company (as amended, modified or supplemented from time to time, the "Merger Agreement");

WHEREAS, prior to the Partnership Merger Effective Time (as defined in the Merger Agreement), the Partnership intends to: (a) form a Delaware limited liability company (the "Dropdown JV") that will initially be wholly owned by the Partnership; (b) contribute or cause the contribution of the properties set forth on Exhibit A attached hereto to the Dropdown JV in exchange for all of the common membership interests in the Dropdown JV (the "JV Units"); and (c) in accordance with Section 1(b) below, redeem certain Class A OP Units not held by the General Partner in exchange for an equivalent number of common membership interests (the "Aggregator Units") in to be formed Delaware limited liability company (the "Aggregator"), which will hold the JV Units on behalf of redeeming Holders of Class A OP Units in accordance the provisions set forth below;

WHEREAS, in connection with the foregoing, the General Partner desires to amend the Partnership Agreement, to become effective immediately prior to the occurrence of, the closing of each of the transactions contemplated by Sections 1.2 of the Merger Agreement; and

WHEREAS, pursuant to Section 7.3(b) of the Partnership Agreement, the Amendment has been approved by the General Partner together with holders representing not less than a Majority-in-Interest of the Class A OP Units.

NOW, THEREFORE, in consideration of the foregoing and the mutual promises made herein, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree to amend the Partnership Agreement as follows:

"Additional Redemption Units" has the meaning set forth in Section 1(b) of this Amendment.

"Aggregator Units" has the meaning set forth in the Recitals hereto.

"Cap Percentage" means the percentage (not to exceed 100%) determined by dividing (a) $800 million by (b) the product of (1) the number of Class A OP Units outstanding held by SR Eligible Limited Partners as of the Special Redemption Closing multiplied by (2) the OP Unit Redemption Value.

"Dropdown JV" has the meaning set forth in the Recitals hereto.

"JV Equity Value" means $1,000,000,000.

"JV Interest Amount" means a number of Class A Units held by SR Eligible Limited Partners determined by dividing (a) $800 million by (b) the OP Unit Redemption Value.

"JV Unit" has the meaning set forth in the Recitals hereto.

"Merger Agreement" has the meaning set forth in the Recitals hereto.

"Non-Elected Units" has the meaning set forth in Section 1(b) of this Amendment).

"OP Unit Redemption Value" for each Class A OP unit means $41.6808.

"Partnership Agreement" has the meaning set forth in the Recitals hereto.

"Redemption Units" has the meaning set forth in Section 1(b) of this Amendment."Special Redemption Closing" has the meaning set forth in Section 1(b) of this Amendment.

"SR Eligible Limited Partners" means Holders of Class A OP Units (other than the General Partner).

"Voluntary Redemption Units" has the meaning set forth in Section 1(b) of this Amendment.

Section 8.9            Special Merger Agreement Redemptions.

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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Amendment as of the date first written above in the capacities noted above.

[Amendment to Fourth Amended and Restated Limited Partnership Agreement of NSA OP, L.P.]

Exhibit A

Contributed Properties

[See Attached]