National Storage Affiliates Trust (NSA) M&A announcement summary

Deal rationale and strategic fit

• Creates the largest owned and operated self-storage platform globally, combining the largest and fifth-largest operators to expand scale, brand, and digital reach, and improve customer experience.

• Expands presence in high-growth Sun Belt and core U.S. markets, leveraging complementary portfolios and deepening exposure to long-term demand regions.

• Establishes a unified, digital-first brand strategy leveraging both companies' entrepreneurial cultures and industry-leading datasets.

• Advances the PS 4.0 vision for accelerated earnings and cash flow growth.

Financial terms and conditions

• 100% all-stock acquisition valued at $10.5 billion, including debt, with NSA shareholders receiving 0.14 PSA shares per NSA share, implying $41.68 per NSA share.

• Pro forma ownership: approximately 92% PSA, 8% NSA; equity market cap of $57 billion and enterprise value of $77 billion.

• Financing includes $1.8 billion unsecured, $2.2 billion secured, and $4.0 billion committed debt; funding mix includes $5.7B equity, $0.4B preferred equity, and $3.7B debt.

• Integration costs estimated at $0.6 billion.

• Closing expected in Q3 2026, subject to NSA equity holder approval and customary conditions.

Synergies and expected cost savings

• $110M–$130M in actionable synergies identified, including $25M–$30M in G&A savings and margin expansion opportunities of ~900bps in overlapping markets.

• NOI initiatives expected to deliver 25%+ improvement in run rate NOI; revenue lift of 11–15% expected via digital platform.

• Tenant insurance program transition projected to add $15M–$20M over three years.

• Transaction accretive to FFO per share within the first year; $0.35–$0.50 per share accretive after full synergy realization.