Public Storage said it entered into an Agreement and Plan of Merger with National Storage Affiliates Trust and NSA OP, LP on March 16, 2026. Each Company Common Share will be converted into 1 of a Public Storage common share 0.1400.

1. 01

   Public Storage said it entered into an Agreement and Plan of Merger with National Storage Affiliates Trust and NSA OP, LP on March 16, 2026. Each Company Common Share will be converted into 1 of a Public Storage common share 0.1400.

2. 02

   The company said it expects the Dropdown JV to hold real estate assets valued at approximately $3.2 billion and to have approximately $2.2 billion of debt at closing. Limited partners of the partnership will hold 80% of the common equity, and a subsidiary of the company will hold 20%.

3. 03

   The company said Goldman Sachs Bank USA and Wells Fargo Bank, National Association have committed to provide senior unsecured bridge loans of up to $2.0 billion. Either party may terminate the agreement if the merger is not completed by December 16, 2026.

4. 04

   The company said National Storage Affiliates Trust must pay Public Storage a termination fee of $201,966,000 under certain circumstances. David Cramer, Arlen Nordhagen and Tamara Fischer also entered into an Election and Support Agreement under which they agreed to vote in favor of the merger.

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