Public Storage closes acquisition of National Storage Affiliates Trust; issues ~11.2M common shares

Public Storage

NSA common shareholders received 0.14 PSA common share per NSA share; total ~11.2M PSA common shares issued.
Public Storage issued ~9.6M Series T and ~5.7M Series U preferred shares to former NSA preferred holders.
Joint venture formed with legacy NSA OP holders owning 80% of 313 properties valued at ~$3.2B; PSA manages and earns fees.
JV obtained ~$2B mortgage from Goldman Sachs/Wells Fargo and $237M mezzanine from PSA; mortgage matures Aug 2027.
PSA expects $110-130M run-rate synergies over 3-4 years and FFO accretion of $0.35-0.50 per share within first year.

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