Public Storage completes acquisition of National Storage Affiliates Trust

Public Storage (NYSE: PSA) has completed its acquisition of National Storage Affiliates Trust, bringing its total portfolio to over 4,500 properties spanning 327 million rentable square feet across the United States.

Under the terms of the merger agreement, NSA common shareholders received 0.14 of a Public Storage common share for each NSA common share held.

The addition of NSA's more than 1,000 properties and 550,000 units expands Public Storage's footprint. NSA's family of brands will begin transitioning to Public Storage branding, affecting more than 500,000 NSA customers.

Public Storage said it expects the acquisition to be accretive to funds from operations per share within the first year following closing. Accretion is expected to reach approximately $0.35 to $0.50 per share upon realization of approximately $110 to $130 million in run-rate synergies over three to four years.

As part of the transaction, Public Storage and certain legacy limited partners in NSA's operating partnership formed a joint venture consisting of 313 properties across 28 states and Puerto Rico. The legacy limited partners hold approximately 80% of the joint venture, with Public Storage retaining the remaining interest. Public Storage will exclusively manage the joint venture portfolio.

The joint venture obtained approximately $2 billion in secured mortgage financing from Goldman Sachs Bank USA and Wells Fargo Bank, along with $237 million in mezzanine financing from Public Storage.

Goldman Sachs & Co. LLC, Wells Fargo, and Eastdil Secured served as financial advisors to Public Storage. Morgan Stanley & Co. LLC served as exclusive financial advisor to National Storage Affiliates Trust.

Public Storage, headquartered in Frisco, Texas, is a member of the S&P 500 and also holds a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which operates 333 facilities across seven Western European countries.

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