NATIONAL STORAGE AFFILIATES acquired by Public Storage

Across the self-storage real estate landscape, market consolidation accelerates as Public Storage completed the acquisition of National Storage Affiliates Trust in an all-stock merger (in a transaction where the target was valued at $5–15bn). Under the merger terms, holders of NSA common shares and operating partnership units received 0.14 of a Public Storage share for each NSA unit owned, implying an offer price of $41.68 per share. Prior to the buyout, announced on March 16, 2026, and closed on July 22, 2026, National Storage Affiliates owned and operated 1,061 self-storage facilities spanning 69.3 million rentable square feet and 550,000 storage units across 37 states and Puerto Rico, generating LTM revenue of $749m and EBITDA of $250–500M with 1,500 employees, implying valuation multiples of Above 6x EV/Revenue and Above 20x EV/EBITDA. The strategic transaction was advised financially by Goldman Sachs, Wells Fargo, and Eastdil Secured with legal counsel from Wachtell, Lipton, Rosen & Katz and DLA Piper for the buyer, while Morgan Stanley and Clifford Chance advised the target. In conjunction with closing, the parties created a specialized joint venture holding 313 cash-flowing facilities valued at $3.3 billion, with legacy NSA operating partners retaining an 80% interest and Public Storage owning 20% alongside an exclusive property management mandate, supported by $2 billion in secured financing from Goldman Sachs and Wells Fargo and $237 million in mezzanine debt from Public Storage. The combination expands Public Storage's global footprint to more than 4,500 properties covering 327 million rentable square feet, adding 488 wholly owned properties to its direct balance sheet while targeting $110 million to $130 million in annual run-rate synergies and FFO accretion of $0.35 to $0.50 per share over a three to four-year integration period.