Public Storage 8K

Public Storage completed its acquisition of National Storage Affiliates Trust, forming a large joint venture for 313 properties, securing related financing, and projecting FFO accretion driven by significant expected synergies.

Public Storage announced that it has closed its acquisition of National Storage Affiliates Trust, issuing 0.14 shares of Public Storage common stock for each NSA common share and adding more than 1,000 properties and over 550,000 units to its portfolio. The combined platform now totals over 4,500 properties and 327 million rentable square feet across the U.S., alongside Public Storage’s existing European presence via Shurgard and an announced entry into Canada. Management expects the deal to be accretive to funds from operations per share within the first year, with accretion growing to approximately $0.35 to $0.50 per share upon realization of an estimated $110–$130 million of run-rate synergies over three to four years. In conjunction with the closing, Public Storage and certain legacy limited partners of NSA’s operating partnership formed a joint venture holding 313 properties across 28 states and Puerto Rico, roughly 80% owned by the legacy limited partners and 20% by Public Storage, which will exclusively manage the portfolio and earn related management and reinsurance income. The joint venture obtained approximately $2 billion in secured mortgage financing from Goldman Sachs Bank USA and Wells Fargo Bank, National Association, plus $237 million in mezzanine financing provided by Public Storage, while NSA’s brands will begin transitioning to the Public Storage branding and be integrated under its PS Next and PS4.0 operating and strategic frameworks.

Filing Facts

CIK

1393311

Ticker

PSA

Form

8K

Source Type

sec

Accession

0001193125-26-312563

Alert Tier

8