Public Storage buys NSA

Public Storage structured the transaction as an all‑stock exchange with an exchange ratio of 0.14, which the companies say implies an offer price of $41.68 per NSA share. (investors.publicstorage.com) A 313‑property joint venture valued at roughly $3.3 billion will be carved out, with NSA Operating Partnership unitholders receiving an ~80% economic interest and Public Storage taking the remaining ~20% while acting as manager. (panabee.com) (investors.publicstorage.com) Public Storage will take full ownership of 488 individual properties on its balance sheet while the combined companies will control more than 1,000 properties, about 69 million rentable square feet and roughly 550,000 storage units across 37 states and Puerto Rico. (commercialobserver.com) (d1io3yog0oux5.cloudfront.net) The companies secured $4.0 billion of committed bridge financing — a $2.0 billion corporate bridge and a $2.0 billion off‑balance sheet joint venture bridge — provided by Goldman Sachs Bank USA and Wells Fargo Bank, with plans to convert the JV bridge to permanent mortgage financing. (reitnotes.com) (sec.gov) Public Storage projects $110 million to $130 million in annual run‑rate synergies to be realized within three to four years and says the transaction is expected to be accretive to earnings per share on a leverage‑neutral basis; both boards approved the deal and the companies expect to close in the third quarter of 2026. (panabee.com) (commercialobserver.com) Markets reacted sharply: NSA shares jumped as much as roughly 32% on the announcement, and analysts note the combined platform would push pro‑forma enterprise value and scale metrics into the top tier of the self‑storage industry, with some communications citing a pro‑forma enterprise value near $77 billion. (bloomberg.com) (markets.financialcontent.com)