Public Storage to Acquire National Storage Affiliates

Public Storage is acquiring National Storage Affiliates in an all-stock transaction valued at approximately $10.5 billion. This merger combines the #1 and #5 self-storage operators, creating a leading platform with over 1,000 properties and 69 million rentable square feet. The transaction is expected to close in the third quarter of 2026, subject to shareholder approval. A key component of the deal is the formation of a joint venture comprising 313 NSA properties, which NSA OP unitholders will largely own, providing them with an attractive yield alternative. Public Storage will wholly own 488 NSA properties, focusing on key growth markets. The combined company anticipates significant synergies, with an expected $110-$130 million in run-rate synergies within three to four years, and the transaction is projected to be accretive to FFO per share. This strategic combination aims to enhance scale, expand presence in high-growth geographies, and accelerate growth and profitability through the integration of NSA's portfolio into Public Storage's PS4.0 framework.