Public Storage in its $10.5 billion all-stock acquisition of National Storage Affiliates, to create a $77 billion combined company

On March, 16, 2026, Public Storage (NYSE: PSA), a leading owner and operator of self-storage facilities, announced an agreement to acquire National Storage Affiliates (NYSE: NSA) in an all-stock transaction valued at an enterprise value of approximately $10.5 billion. The combined company is expected to have a pro forma equity market capitalization of approximately $57 billion and total enterprise value of approximately $77 billion.

Under the terms of the agreement, holders of NSA common shares and operating partnership (“OP”) units will receive 0.14 shares of PSA common stock or partnership units for each NSA share or unit they own, representing a total consideration of $41.68 per share based on PSA’s closing share price on March 13, 2026.  Immediately prior to closing, Public Storage and limited partners in NSA’s OP will form a joint venture consisting of 313 properties on NSA’s operating platform comprising 19.6 million rentable square feet across 28 states and Puerto Rico with an estimated value of approximately $3.3 billion.

Public Storage has arranged committed financing of $4.0 billion, to be provided by Goldman Sachs Bank USA and Wells Fargo Bank, National Association, comprised of a $2.0 billion corporate bridge loan and a $2.0 billion joint venture off-balance sheet bridge loan which will become permanent secured mortgage financing.

Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Public Storage.