Public Storage Completes Acquisition of National Storage Affiliates

Summary

Public Storage has completed its acquisition of National Storage Affiliates Trust, enhancing its position as a leading global self-storage platform. The transaction involved the issuance of new Public Storage common shares, preferred shares, and the creation of a joint venture with certain former NSA limited partners. The acquisition is expected to be accretive to FFO per share within the first year, with accretion increasing to approximately $0.35 to $0.50 per share upon realization of $110 to $130 million in run-rate synergies over three to four years.