Public Storage Announces Merger with National Storage Affiliates

Summary

Public Storage, a leading self-storage REIT, has announced an agreement to acquire National Storage Affiliates in an all-stock transaction valued at approximately $10.5 billion. The merger is expected to close in the third quarter of 2026, subject to shareholder approval and other customary conditions. The combined company will have a pro forma equity market capitalization of approximately $57 billion and a total enterprise value of approximately $77 billion. The transaction is expected to be accretive to FFO per share within the first year of closing and approximately $0.35-$0.50 per share accretive upon the full realization of synergies in three to four years. The merger will also create a new joint venture consisting of 313 properties, providing an attractive yield alternative to existing NSA OP unitholders.