Public Storage Acquires National Storage Affiliates Trust For $10.5 Billion In Stock Transaction

Public Storage has agreed to acquire National Storage Affiliates Trust in an all-stock transaction valued at approximately $10.5 billion in enterprise value. Under the terms, NSA shareholders will receive 0.14 shares of Public Storage for each NSA share, implying a price of $41.68 per share. The combined company is expected to have a pro forma equity market cap of about $57 billion and an enterprise value of roughly $77 billion. To support the deal, Goldman Sachs Bank USA and Wells Fargo Bank committed $4 billion in financing.

Summary of transaction details:

• Deal Type: Acquisition
• Transaction Amount: $10,500,000,000
• Public Storage Equity Market Cap: $57 billion
• Public Storage Enterprise Value: $77 billion
• Financing Commitment: $4 billion
• Headquarters: Frisco, Texas

Public Storage's incoming CEO Tom Boyle stated that the acquisition aligns with the firm’s PS4.0 strategy aimed at accelerating per-share earnings and cash-flow growth. The transaction marks one of the largest deals in the self-storage sector in recent years, reflecting the company's growth strategy in the industry.