Public Storage to Acquire National Storage Affiliates in Landmark \$10.5 Billion All-Stock Deal

Key Highlights of the Transaction

• All-Stock Acquisition Valued at \$10.5 Billion: Public Storage (NYSE: PSA) will acquire National Storage Affiliates (NYSE: NSA), valuing the enterprise at approximately \$10.5 billion. NSA shareholders and OP unitholders will receive 0.14 PSA shares for each NSA share, implying an offer price of \$41.68 per NSA share based on PSA’s closing price as of March 13, 2026.
• Scale and Market Impact: The combined company is projected to have a pro forma equity market capitalization of about \$57 billion and total enterprise value of approximately \$77 billion, reinforcing Public Storage’s leadership in the U.S. self storage sector.
• Property and Portfolio Expansion: NSA’s portfolio includes over 1,000 properties, totaling 69 million rentable square feet and 550,000 units across 37 states and Puerto Rico. Public Storage will wholly-own 488 of these properties, focusing on key Sun Belt and core markets.
• Innovative Joint Venture Structure: Prior to closing, a new joint venture (JV) will be formed between Public Storage and NSA’s OP unitholders, involving 313 properties (19.6 million rentable square feet), valued at \$3.3 billion. NSA OP unitholders are expected to own approximately 80% of the JV, with PSA holding 20%.
• Financial Structure & Leverage: The transaction is structured to be leverage neutral. The JV will be capitalized with \$2.2 billion of property-level secured debt and will operate at about 70% leverage. PSA will repay NSA’s existing bank debt and senior unsecured notes, while assuming its mortgage debt and preferred shares/units.
• Committed Financing: PSA has secured \$4.0 billion in committed financing from Goldman Sachs Bank USA and Wells Fargo Bank, including a \$2.0 billion corporate bridge loan and a \$2.0 billion JV off-balance sheet bridge loan, which will convert to permanent secured mortgage financing.

Strategic and Financial Rationale

• Enhanced Scale and Brand Leadership: The acquisition will integrate more than 1,000 properties under the Public Storage brand, boosting operating performance, margins, and customer value via economies of scale.
• Geographic Expansion: NSA’s assets expand PSA’s exposure to high-growth markets, particularly in the Sun Belt, benefiting long-term growth trends.
• Complementary Portfolio: NSA’s portfolio consists of efficient, drive-up properties in diverse regions, enhancing PSA’s ability to serve a broader customer base and creating new growth avenues.
• Immediate and Long-Term Accretion: The deal is expected to be accretive to FFO per share in the first year post-closing, with \$0.35-\$0.50 per share accretion upon full realization of synergies in 3-4 years. PSA estimates \$110-\$130 million in run-rate synergies from revenue enhancements, operating efficiencies, tenant reinsurance, and G&A savings.
• Robust Balance Sheet: PSA’s A/A2 credit ratings, the highest among U.S. REITs, will support future growth initiatives using cost of capital advantages and increased free cash flow.
• Platform for Future Growth: The transaction is the first major step under PSA’s new PS4.0 strategic vision, leveraging advanced data science, a digital-first omnichannel platform, and operational efficiencies to drive shareholder returns and support further acquisitions, development, and lending.

Leadership and Governance

• Management Team: The combined company will be led by incoming CEO Tom Boyle, with new Presidents Joe Fisher, Natalia Johnson, and Chris Sambar. The board will be chaired by non-executive Chairman Shankh Mitra.

Shareholder Considerations and Price-Sensitive Details

• Premium Offer: NSA investors receive a meaningful premium (0.14 PSA shares per NSA share), offering participation in the upside of the combined entity.
• Tax Efficiency: The JV structure allows NSA OP unitholders a tax-efficient alternative with exposure to attractive yield and leverage.
• Accretive Synergies: Expected cost and revenue synergies will boost profitability and shareholder returns.
• Regulatory and Transaction Risks: The transaction is subject to approval by NSA equity holders and satisfaction of customary closing conditions, with expected close in Q3 2026.
• Forward-Looking Risks: There are risks related to completion, integration, litigation, and market conditions that could materially affect the transaction outcome and value creation.

Conference Call Information

A conference call to discuss the transaction is scheduled for March 16, 2026, at 8:00 a.m. ET. Details and a replay link are available via Public Storage’s investor relations website.

Advisors

• PSA Financial Advisors: Goldman Sachs & Co. LLC, Wells Fargo, Eastdil Secured
• NSA Financial Advisor: Morgan Stanley & Co. LLC
• Legal Advisors: Wachtell, Lipton, Rosen & Katz (PSA); Clifford Chance US LLP (NSA)
• Strategic Communications: Kekst CNC (PSA); Joele Frank, Wilkinson Brimmer Katcher (NSA)

About the Companies

Public Storage (S&P 500 member) is the largest self storage REIT in the U.S., with over 3,500 facilities and a 35% stake in Shurgard Self Storage in Europe.
National Storage Affiliates Trust is among the largest U.S. self storage operators, with over 1,000 properties in 37 states and Puerto Rico, included in the MSCI US REIT Index, Russell 1000, and S&P MidCap 400 Index.

Investor Action Items

• Shareholders of NSA must review the proxy statement/prospectus and registration statement to be filed with the SEC before making any voting or investment decisions.
• Investors are encouraged to monitor both company websites and the SEC’s website for updates, proxy materials, and further disclosures.

Disclaimer

This article is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities. It also does not constitute a solicitation of any vote or approval. Investors should read the official filings and disclosures from Public Storage and National Storage Affiliates, including those to be filed with the U.S. Securities and Exchange Commission, prior to making any investment or voting decisions. Forward-looking statements are subject to risks and uncertainties. Actual results may differ materially. The writer does not guarantee the accuracy of summarized content, which is based on the companies’ official public disclosures as of the date of publication.

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