Public Storage to acquire National Storage Affiliates for ~$10.5B all-stock deal

National Storage Affiliates Trust

All-stock transaction at 0.14 PSA shares per NSA share, implied price $41.68 per NSA share.
Enterprise value of ~$10.5B; expected close Q3 2026, subject to NSA shareholder approval.
313 properties (19.6M rentable sq ft) to form JV with NSA OP unitholders owning ~80%.
Expected run-rate synergies of $110M-$130M; transaction accretive to FFO per share within first year.
Public Storage arranges $4.0B committed financing from Goldman Sachs and Wells Fargo.

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.