WASHINGTON (dpa-AFX) - Public Storage (PSA), an owner and operator of self-storage facilities, and National Storage Affiliates Trust (NSA) on Monday announced a deal under which Public Storage will buy National Storage Affiliates for around $10.5 billion in an all-share transaction.
Commenting on the planned acquisition, the company said: 'Increases Public Storage's leading brand and scale in key U.S. markets complementary with existing portfolio to meaningfully enhance omnichannel digital-first platform for customers.'
Under the terms, NSA shareholders will receive 0.14 of a PSA share for each NSA share, representing a total consideration of $41.68 per share based on PSA's closing share price on March 13.
The transaction is expected to be closed in the third quarter of 2026.
NSA's portfolio includes over 1,000 properties, 69 million rentable square feet, and 550,000 units across 37 states and Puerto Rico. The combined company is expected to have a pro forma equity market capitalization of around $57 billion and a total enterprise value of $77 billion.
Prior to the closing of this transaction, Public Storage and limited partners in NSA's operating partnership (OP) will form a joint venture consisting of 313 properties on NSA's operating platform with an estimated value of around $3.3 billion.
OP unit holders are expected to own approximately 80% of the JV at inception, with PSA holding the remaining interest. The joint venture is expected to be capitalized with $2.2 billion of property-level secured debt, including a mezzanine loan investment from PSA of approximately $240 million, and operate at around 70% leverage.
Public Storage will exclusively manage the joint venture portfolio.
NSA was up by 26.54% at $39.14 in the pre-market trade on the New York Stock Exchange.
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