Overview
- NSA investors will receive 0.14 Public Storage shares per NSA share, implying $41.68 per share, with the boards’ unanimous approval and closing targeted for the third quarter of 2026 pending NSA equity-holder and regulatory approvals.
- The combination totals more than 1,000 properties with about 69 million rentable square feet and 550,000 units, yielding a pro forma equity market value near $57 billion and enterprise value around $77 billion.
- Before closing, a joint venture will hold 313 properties of roughly 19.6 million square feet valued at about $3.3 billion, with NSA operating-partnership unitholders owning ~80% and Public Storage ~20%, and Public Storage serving as manager and fee earner.
- Financing includes $4 billion of committed bridge loans from Goldman Sachs and Wells Fargo, as Public Storage plans to repay NSA’s bank and unsecured debt and assume existing mortgages and certain preferred equity.
- Public Storage will also take 488 NSA properties onto its balance sheet, largely in Sun Belt and other growth markets, and it projects Year 1 FFO accretion with $110 million to $130 million in run-rate synergies within three to four years.