Increases Public Storage's leading brand and scale in key U.S. markets complementary with existing portfolio to meaningfully enhance omnichannel digital-first platform for customers

New joint venture created with NSA Operating Partnership unitholders with 313 properties providing attractive yield alternative to existing NSA OP unitholders in a tax-efficient way

Marks first value creation milestone under PS4.0™ plan delivering substantial growth opportunity of earnings per share in a leverage neutral transaction

Public Storage to wholly-own 488 of the over 1,000 properties on balance sheet focusing on key Sun Belt and core markets

All-stock transaction with an exchange ratio of 0.14, representing an implied offer price of $41.68 per NSA share

Detailed presentation available on Public Storage and National Storage Affiliates Investor Relations websites; conference call scheduled for March 16, 2026 at 8:00 a.m. ET

Public Storage (NYSE:PSA, the "Company"))), a leading owner and operator of self storage facilities, and National Storage Affiliates (NYSE:NSA) today announced an agreement under which Public Storage will acquire National Storage Affiliates in an all-stock transaction valued at an enterprise value of approximately $10.5 billion. NSA's portfolio includes more than 1,000 properties, 69 million rentable square feet, and 550,000 units across 37 states and Puerto Rico. The combined company is expected to have a pro forma equity market capitalization of approximately $57 billion and total enterprise value of approximately $77 billion.

Under the terms of the agreement, holders of NSA common shares and operating partnership ("OP") units will receive 0.14 of a share of PSA common stock or partnership units for each NSA share or unit they own, representing a total consideration of $41.68 per share based on PSA's closing share price on March 13, 2026. Both companies' Boards of Trustees have unanimously approved the transaction, which is expected to close in the third quarter of 2026, subject to the approval of NSA equity holders, and satisfaction of other customary closing conditions.

Immediately prior to closing, Public Storage and limited partners in NSA's OP will form a joint venture (the "JV") consisting of 313 properties on NSA's operating platform comprising 19.6 million rentable square feet across 28 states and Puerto Rico with an estimated value of approximately $3.3 billion3. OP unitholders are expected to own approximately 80% of the JV at inception, with PSA holding the remaining interest. The joint venture is expected to be capitalized with $2.2 billion of property-level secured debt, including a mezzanine loan investment from PSA of approximately $240 million, and operate at approximately 70% leverage. Public Storage will exclusively manage the joint venture portfolio and will earn customary property management, asset management and tenant reinsurance income.

PSA will repay NSA's existing bank debt and senior unsecured notes while assuming its existing mortgage debt and Series A, B and A-1 preferred shares and units. Public Storage has arranged committed financing of $4.0 billion, to be provided by Goldman Sachs Bank USA and Wells Fargo Bank, National Association, comprised of a $2.0 billion corporate bridge loan and a $2.0 billion joint venture off-balance sheet bridge loan which will become permanent secured mortgage financing.