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

Public Storage

All-stock transaction: NSA shareholders receive 0.14 PSA shares per NSA share, valued at $41.68 per NSA share.
Enterprise value ~$10.5B; combined pro forma equity market cap ~$57B, total EV ~$77B.
Public Storage to wholly own 488 NSA properties; new JV (80% NSA OP unitholders, 20% PSA) holds 313 properties.
Joint venture capitalized with $2.2B secured debt; PSA provides $240M mezzanine loan; ~70% leverage.
Transaction unanimously approved by both boards; expected close Q3 2026, subject to NSA equity holder approval.

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.