Public Storage to Acquire National Storage Affiliates, Creating Significant Value for All Stakeholders

Public Storage agreed to acquire National Storage Affiliates Trust in an all-stock transaction (0.14 PSA shares per NSA share, implying $41.68/share) valued at approximately $10.5 billion enterprise value. Ahead of closing, a joint venture holding 313 NSA properties (~$3.3B) will be formed, with NSA OP unitholders retaining about 80%. Expected to close Q3 2026, subject to NSA shareholder approval.