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 will create a combined entity with a pro forma equity market capitalization of approximately $57 billion and total enterprise value of approximately $77 billion. The acquisition aims to enhance Public Storage's leading brand and scale in key U.S. markets, improving its omnichannel digital-first platform for customers. A new joint venture will be formed with NSA Operating Partnership unitholders, consisting of 313 properties, offering them an attractive yield alternative in a tax-efficient manner. This transaction is expected to be leverage-neutral for Public Storage and is anticipated to be accretive to FFO per share. The integration is projected to yield $110 to $130 million in run-rate synergies within three to four years, driven by revenue enhancements, operating efficiencies, and cost savings. The deal is expected to close in the third quarter of 2026, subject to regulatory and shareholder approvals.