Public Storage (NYSE: PSA) in $10.5B all-stock merger with NSA
Rhea-AI Filing Summary
National Storage Affiliates Trust agreed to be acquired by Public Storage in an all-stock merger valuing NSA at an enterprise value of approximately $10.5 billion. NSA shareholders and OP unitholders will receive 0.14 Public Storage common shares or partnership units per NSA share or unit, implying $41.68 per NSA share based on Public Storage’s March 13, 2026 closing price.
The combined self-storage REIT is expected to have a pro forma equity market capitalization of about $57 billion and total enterprise value of about $77 billion, with pro forma ownership of roughly 92% Public Storage and 8% NSA equity holders. The deal, unanimously approved by both boards, is expected to close in the third quarter of 2026, subject to NSA equity holder approval and customary conditions.
Immediately prior to closing, Public Storage will form a joint venture with NSA OP unitholders holding 313 properties totaling 19.6 million rentable square feet and an estimated value of about $3.3 billion, capitalized with $2.2 billion of secured debt and approximately 70% leverage. Public Storage targets $110–$130 million of run-rate synergies, with funds-from-operations per share impact expected to be neutral in 2026 and accretive thereafter.
Positive
- Transformative $10.5 billion combination: Public Storage will acquire National Storage Affiliates in an all-stock deal valued at approximately $10.5 billion, creating a storage REIT with about $57 billion pro forma equity market capitalization and $77 billion enterprise value.
- Premium and ownership for NSA investors: NSA shareholders and OP unitholders receive 0.14 Public Storage shares or units per NSA share, implying $41.68 per share and resulting in roughly 8% pro forma ownership of the combined company.
- Targeted FFO accretion with sizable synergies: Management identifies $110–$130 million of run-rate synergies and projects funds-from-operations per share impact to be neutral in 2026, then increase by $0.10–$0.20 in 2027 and $0.35–$0.50 at stabilization in 2028–2029.
- Strategic joint venture for OP unitholders: A new joint venture will hold 313 properties with an estimated value of about $3.3 billion, where NSA OP unitholders are expected to own roughly 80% and Public Storage 20%, providing a tax-efficient, higher-yield structure.
Negative
- Execution and integration risk: The companies highlight the possibility that NSA’s business may not be integrated successfully with Public Storage’s platform, or that integration could be more difficult, time-consuming, or costly than expected, which could limit the realization of projected synergies.
- High-leverage joint venture structure: The newly created joint venture is expected to be capitalized with $2.2 billion of secured debt and operate at approximately 70% leverage, which increases financial risk on that portfolio despite management oversight by Public Storage.
- Transaction uncertainty and potential litigation: Completion depends on NSA equity holder and unitholder approvals and other conditions, and the companies warn of potential litigation related to the proposed transaction and the possibility of a termination event that could require NSA to pay a termination fee.
Insights
All-stock PSA–NSA merger creates a dominant storage REIT with targeted synergies but meaningful integration and execution risks.
Public Storage will acquire National Storage Affiliates in an all-stock transaction valued at approximately
Management highlights a detailed synergy plan:
Risks are clearly spelled out: the transaction requires NSA equity holder approval, must satisfy customary conditions, and could face potential litigation and integration challenges. A new joint venture holding 313 properties with an estimated value of about
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 7.01 | Regulation FD Disclosure. |
On March 16, 2026, National Storage Affiliates Trust, a Maryland real estate investment trust (the “Company”), and Public Storage, a Maryland real estate investment trust (“Public Storage”), issued a joint press release announcing the execution of an Agreement and Plan of Merger (the “Merger Agreement”), dated as of March 16, 2026, by and among the Company, NSA OP, LP, a Delaware limited partnership (the “Partnership”), Public Storage, Public Storage OP, L.P., a Delaware limited partnership, Pelican Merger Sub I, LLC, a Maryland limited liability company (“Merger Sub I”), and Pelican Merger Sub II, LLC, a Delaware limited liability company (“Merger Sub II”), pursuant to which, upon the terms and subject to the conditions set forth therein, (i) the Company will merge with and into Merger Sub I, with Merger Sub I continuing as the surviving entity, and (ii) Merger Sub II will merge with and into the Partnership, with the Partnership continuing as the surviving entity and a subsidiary of Public Storage Operating Company, a Maryland real estate investment trust. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Also on March 16, 2026, the Company and Public Storage released a joint investor presentation related to the transactions contemplated by the Merger Agreement. A copy of the investor presentation is attached hereto as Exhibit 99.2 and incorporated herein by reference.
The information in this Item 7.01, including Exhibit 99.1 and Exhibit 99.2 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability of that section. The information in this Item 7.01 shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit Number |
Description | |
| 99.1 | Press Release, dated March 16, 2026. | |
| 99.2 | Investor Presentation, dated March 16, 2026. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Cautionary Statement Regarding Forward-Looking Statements
This communication contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and in Section 21E of the Securities Exchange Act of 1934, as amended, which are based on current expectations, estimates and projections about the industry and markets in which National Storage Affiliates Trust (“NSA”) and Public Storage operate, as well as beliefs and assumptions of NSA and Public Storage. Words such as “anticipate,” “become,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “outlook,” “plan,” “potential,” “possible,” “predict,” “project,” “target,” “seek,” “shall,” “should,” “will,” or “would,” including variations of such words and similar expressions, are intended to identify forward-looking statements. All statements that address operating performance, events or developments that NSA or Public Storage expects or anticipates will occur in the future are forward-looking statements, including statements relating to any possible transaction between NSA and Public Storage, rent and occupancy growth, acquisition and development activity, acquisition and disposition activity, general conditions in the geographic areas where NSA and Public Storage operate, NSA’s and Public Storage’s respective debt, capital structure and financial position and NSA’s and Public Storage’s respective ability to form new ventures. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other factors that are difficult to predict and may cause the actual results to differ materially from future results expressed or implied by such forward-looking statements.
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Important factors, risks and uncertainties that could cause actual results to differ materially from such plans, estimates or expectations include but are not limited to: (i) the parties’ ability to complete the proposed transaction on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to NSA’s ability to obtain the required shareholder and unitholder approval, and the parties’ ability to satisfy the other conditions to consummating the proposed transaction; (ii) the inability to realize the anticipated benefits of the proposed transaction, including as a result of delay in completing the proposed transaction; (iii) the risk that NSA’s business will not be integrated successfully with Public Storage’s or that such integration may be more difficult, time-consuming or costly than expected; (iv) significant transaction costs and/or unknown or inestimable liabilities; (v) potential litigation relating to the proposed transaction that could be instituted against NSA or its trustees, managers or officers, including resulting expense or delay and the effects of any outcomes related thereto; (vi) the risk that disruptions from the proposed transaction, including diverting the attention of NSA and Public Storage management from ongoing business operations, will harm NSA’s and Public Storage’s businesses during the pendency of the proposed transaction or otherwise; (vii) certain restrictions during the pendency of the business combination that may impact NSA’s and Public Storage’s ability to pursue certain business opportunities or strategic transactions; (viii) the possibility that the business combination may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (ix) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement, including in circumstances requiring NSA to pay a termination fee; (x) the effect of the announcement of the proposed transaction on the ability of NSA and Public Storage to operate their respective businesses and retain and hire key personnel, and to maintain favorable business relationships; (xi) risks related to the market value of Public Storage common stock to be issued in the proposed transaction; (xii) other risks related to the completion of the proposed transaction and actions related thereto; (xiii) potential business uncertainty, including changes to existing business relationships, during the pendency of the business combination or otherwise that could affect NSA’s or Public Storage’s financial performance; (xiv) other risks related to the completion of the proposed transaction and actions related thereto; (xv) legislative, regulatory and economic developments; (xvi) unpredictability and severity of local, regional, national and international economic, political and catastrophic climates, conditions and events, including but not limited to acts of terrorism, outbreaks of war or hostilities or pandemics, as well as management’s response to any of the aforementioned factors; (xvii) changes in global financial markets, interest rates and foreign currency exchange rates; (xviii) increased or unanticipated competition affecting NSA’s or Public Storage’s properties; (xix) risks associated with acquisitions, dispositions and development of properties, including increased development costs due to additional regulatory requirements related to climate change; (xx) maintenance of Real Estate Investment Trust status, tax structuring and changes in income tax laws and rates; (xxi) risks related to NSA’s and Public Storage’s investments in ventures, including NSA’s and Public Storage’s respective abilities to establish new ventures; (xxii) environmental uncertainties, including risks of natural disasters; (xxiii) those risks and uncertainties set forth in NSA’s and Public Storage’s Annual Reports on Form 10-K for the year ended December 31, 2025 under the headings “Forward-Looking Statements” and “Cautionary Statement Regarding Forward-Looking Statements,” respectively, and “Risk Factors,” as such risk factors may be amended, supplemented or superseded from time to time by other reports filed by NSA or Public Storage, as the case may be, with the Securities and Exchange Commission (the “SEC”) from time to time, which are available via the SEC’s website at www.sec.gov; and (xxiv) those risks that will be described in the Registration Statement and Proxy Statement/Prospectus that will be filed with the SEC in connection with the proposed transaction and available from the sources indicated below. There can be no assurance that the proposed transaction will be completed, or if it is completed, that it will close within the anticipated time period. These factors should not be construed as exhaustive and should be read in conjunction with the other forward-looking statements. Forward-looking statements relate only to events as of the date on which the statements are made. Neither NSA nor Public Storage undertakes any obligation to publicly update or review any forward-looking statement except as required by law, whether as a result of new information, future developments or otherwise. If one or more of these or other risks or uncertainties materialize, or if NSA’s and Public Storage’s underlying assumptions prove to be incorrect, NSA’s, Public Storage’s and the combined company’s actual results may vary materially from what NSA or Public Storage may have expressed or implied by these forward-looking statements. NSA and Public Storage caution not to place undue reliance on any of NSA’s or Public Storage’s forward-looking statements. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect NSA or Public Storage.
No Offer or Solicitation
This communication is for informational purposes only and is not intended to, and shall not, constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.
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Important Additional Information and Where to Find It
In connection with the proposed transaction between NSA and Public Storage, Public Storage intends to file with the SEC a registration statement on Form S-4 (the “Registration Statement”) that will include a proxy statement of NSA that also constitutes a prospectus of Public Storage (the “Proxy Statement/Prospectus”). A definitive Proxy Statement/Prospectus will be mailed to NSA’s shareholders seeking their approval of the proposed transaction and other related matters. Each of NSA and Public Storage may also file other relevant documents with the SEC regarding the proposed transaction. This communication is not a substitute for the Registration Statement, Proxy Statement/Prospectus or any other document that NSA or Public Storage (as applicable) may file with the SEC in connection with the proposed transaction. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF NSA AND Public Storage ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS WHEN THEY BECOME AVAILABLE WITH THE SEC BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders will be able to obtain free copies of the Registration Statement and the Proxy Statement/Prospectus (when they become available) and other documents filed with the SEC by NSA and/or Public Storage, which contain important information, through the website maintained by the SEC at www.sec.gov. Investors and security holders will be able to obtain free copies of the documents filed by NSA with the SEC on NSA’s website at https://ir.nsastorage.com/sec-filings/all-sec-filings or by contacting NSA Investor Relations at ghoglund@nsareit.net. Security holders will also be able to obtain free copies of the documents filed by Public Storage with the SEC on Public Storage’s website at https://investors.publicstorage.com/financial-reports/sec-filings or by contacting Public Storage Investor Relations at investorrelations@publicstorage.com.
Participants in the Solicitation
NSA, Public Storage, their respective trustees and certain of their respective executive officers may be deemed to be participants in the solicitation of proxies from NSA’s shareholders in respect of the proposed transaction. Information about the trustees and executive officers of NSA, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in NSA’s proxy statement for its 2025 Annual Meeting of Shareholders under the headings “Our Board,” “How We Are Paid,” “Compensation Discussion and Analysis,” “Summary Compensation and Other Tables,” “Severance and Change in Control Arrangements,” “Certain Relationships and Related Transactions” and “Shareholder Ownership Information,” which was filed with the SEC on March 28, 2025, and in NSA’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the SEC on February 26, 2026. To the extent holdings of NSA’s securities by its trustees or executive officers have changed since the amounts set forth in NSA’s definitive proxy statement for its 2025 Annual Meeting of Shareholders, such changes have been or will be reflected on an Initial Statement of Beneficial Ownership of Securities on Form 3, Statement of Changes in Beneficial Ownership on Form 4 or Annual Statement of Changes in Beneficial Ownership on Form 5, in each case filed with the SEC, and available on the SEC’s website at www.sec.gov. Information about the trustees and executive officers of Public Storage, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in Public Storage’s proxy statement for its 2025 Annual Meeting of Shareholders under the headings “2024 Trustee Compensation,” “Our Named Executive Officers,” “Compensation Discussion and Analysis,” “Executive Compensation Tables,” “Potential Payments Upon Termination or Change in Control,” “Outstanding Equity Awards at 2024 Fiscal Year End,” “Related Person Transactions” and “Share Ownership of Trustees and Management,” which was filed with the SEC on March 28, 2025, in Public Storage’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the SEC on February 12, 2026, in Public Storage’s Form 8-K filed with the SEC on July 30, 2025, and in Public Storage’s Form 8-K filed with the SEC on February 12, 2026. To the extent holdings of Public Storage’s securities by its trustees or executive officers have changed since the amounts set forth in Public Storage’s definitive proxy statement for its 2025 Annual Meeting of Shareholders, such changes have been or will be reflected on an Initial Statement of Beneficial Ownership of Securities on Form 3, Statement of Changes in Beneficial Ownership on Form 4, or Annual Statement of Changes in Beneficial Ownership on Form 5, in each case filed with the SEC and available on the SEC’s website at www.sec.gov. Other information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Registration Statement, the Proxy Statement/Prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction when such materials become available. Investors and security holders should read the Registration Statement and the Proxy Statement/Prospectus carefully when they become available before making any voting or investment decisions. You may obtain free copies of these documents from NSA or Public Storage using the sources indicated above.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| National Storage Affiliates Trust | |||
| By: | /s/ David G. Cramer | ||
| Name: | David G. Cramer | ||
| Title: | President and Chief Executive Officer | ||
Date: March 16, 2026
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Exhibit 99.1
Public Storage to Acquire National Storage Affiliates, Creating Significant Value for All Stakeholders
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 PS4.0TM 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
FRISCO, Texas and GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)-- 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.
“With the launch of the PS4.0 strategic vision focused on accelerated per share earnings and cash flow growth, this transaction will enable us to strategically and accretively expand our platform with assets that are highly complementary with our portfolio, deepen our significant market presence, and enhance our long-term per share growth profile,” said Tom Boyle, incoming CEO of Public Storage. “By applying our PS Next operating model to NSA’s portfolio, we see meaningful opportunity to enhance the customer experience, drive financial upside, and create significant value for shareholders over the near and long term as our industry emerges from the bottom of the self storage operating cycle. We look forward to welcoming NSA’s team and customers to our industry-leading platform.”
“This outcome reflects the incredible transformation we have undertaken over the past few years to refocus our portfolio, enhance operations, and drive growth,” said David Cramer, CEO of National Storage Affiliates. “This transaction with Public Storage follows a thorough process overseen by our Board of Trustees and will deliver a meaningful premium to NSA investors and enable our shareholders and OP unitholders to participate in the significant value creation upside of this combination. Public Storage is the ideal strategic fit for our company given their best-in-class brand, operating platform, and future growth profile. We could not be more excited to partner with the Public Storage team to take our platform to the next level. This combination is a testament to the visionary leadership of Arlen Nordhagen and the entire NSA leadership team, who pioneered the Participating Regional Operator (PRO) model to build a national platform through local expertise. By joining PSA, we ensure that the entrepreneurial spirit of our regional partners is preserved within a global platform capable of driving unprecedented scale. Together, we will provide our investors a highly compelling opportunity to participate in the growth and outperformance we expect to realize together.”
Strategic and Financial Rationale
Public Storage expects this transaction to result in immediate and long-term benefits for stakeholders of both companies, including:
| · | Enhanced scale and leading brand: With the integration of more than 1,000 properties, 550,000 units, and multiple brands under the premier Public Storage® brand, the Company will enhance its position in both the physical and digital world. PSA expects to generate economies of scale across its portfolio, resulting in enhanced operating performance, margins, and customer value. |
| · | Expanded presence in high-growth geographies: NSA expands PSA’s exposure to markets that are poised for strong long-term growth based on demographic trends, including the Sun Belt region and other markets where NSA is strategically focused. |
| · | Complementary assets and markets: NSA owns a portfolio of efficient to operate, drive-up properties across a diverse set of markets that are strategic fits for the PSA platform and expands the combined company’s ability to service a broader range of customers. This diversification creates significant opportunities to enhance operations and profitability, while opening new growth avenues for PSA’s value creation engine. |
| · | New joint venture: Public Storage is utilizing a creative joint venture structure to deliver a “win-win” for PSA shareholders and NSA equity holders. At closing, a new joint venture comprised of 313 high cash flowing properties will be owned 80% by NSA OP unitholders and 20% by PSA. The joint venture provides NSA OP unitholders exposure to attractive yield, tax deferral, leverage, and the PS Next operating platform. This joint venture and NSA’s existing joint venture’s comprise approximately 54% of NSA’s existing properties; PSA will wholly-own 46% of NSA’s properties located in key growth markets that will drive cash flow growth for the combined shareholders. |
| · | Accelerated growth and profitability: NSA has demonstrated solid recent operating momentum, and applying PSA’s industry-leading revenue and expense management capabilities will help drive stronger organic growth and profitability. PSA’s operating platform advantage, with 78% same-store direct operating margins, compare favorably to NSA’s margins of 69% and those of public peers. The combined company expects to generate approximately $110 to $130 million of run-rate synergies within the next three to four years from revenue enhancements, operating efficiencies, tenant reinsurance uplift and G&A savings. |
| · | Meaningful earnings growth: The transaction is expected to be accretive to FFO per share within the first year of closing and approximately $0.35-$0.50 per share accretive upon the full realization of synergies in three to four years. |
| · | Fortress balance sheet: Public Storage’s A / A2 credit rating is the highest of any publicly traded U.S. REIT. The combined company will utilize this cost of capital advantage and increased free cash flow to fund significant future growth initiatives. Following realization of cost synergies, the transaction is expected to be leverage neutral. |
| · | Positioned for future growth: The transaction integrates NSA’s assets into the PS4.0 framework, leveraging a platform designed to drive absolute and relative total shareholder return. This combination reinforces our existing PS Next competitive moat, providing a scalable foundation to fuel enhanced growth initiatives, including opportunistic acquisitions, development, expansion, and lending, while cementing PSA’s leadership in the third-party management sector through the PS Advantage platform. |
Advancing PS4.0
The acquisition of NSA reflects PSA’s first value creation milestone since the recent debut of PS4.0, the strategic vision to capitalize on industry leadership in a landscape of meaningful growth opportunities in self storage.
The value creation opportunity is fueled by operational execution within PS Next, Public Storage’s next-generation operating model. This will be aided by the combination of PSA’s scaled omnichannel digital-first platform, advanced data science, and exceptional talent to improve the financial profile of NSA’s assets. PSA’s structural advantages in operating efficiency and cost of capital create a value creation flywheel that enables the Company to consistently unlock greater profitability from acquired portfolios.
Public Storage will continue to be led by our incoming Chief Executive Officer Tom Boyle, as well as newly appointed Presidents Joe Fisher, Natalia Johnson and Chris Sambar and guided by a board led by non-executive Chairman, Shankh Mitra.
Conference Call
A conference call is scheduled for March 16, 2026 at 8:00 a.m. ET to discuss the transaction. The webcast link is available at https://events.q4inc.com/attendee/541649582. A replay of the conference call may be accessed by using the link at www.publicstorage.com under “About Us, Investor Relations, News and Events, Event Calendar.”
Advisors
Goldman Sachs & Co. LLC, Wells Fargo, and Eastdil Secured are serving as financial advisors, Wachtell, Lipton, Rosen & Katz is serving as legal advisor, DLA Piper is serving as real estate financing counsel, and Kekst CNC is serving as strategic communications advisor to Public Storage.
Morgan Stanley & Co. LLC is acting as exclusive financial advisor, Clifford Chance US LLP is serving as legal advisor, and Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to National Storage Affiliates Trust.
About Public Storage
Public Storage, a member of the S&P 500, is a REIT that primarily acquires, develops, owns, and operates self storage facilities. At December 31, 2025, we: (i) owned and/or operated 3,533 self storage facilities located in 40 states with approximately 258 million net rentable square feet in the United States and (ii) owned a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 332 self storage facilities located in seven Western European countries with approximately 18 million net rentable square feet operated under the Shurgard® brand. Our headquarters are located in Frisco, Texas.
About National Storage Affiliates Trust
National Storage Affiliates Trust is a real estate investment trust headquartered in Greenwood Village, Colorado, focused on the ownership, operation and acquisition of self storage properties predominantly located within the top 100 metropolitan statistical areas throughout the United States. As of December 31, 2025, the Company held ownership interests in and operated 1,063 self storage properties, located in 37 states and Puerto Rico with approximately 69.4 million rentable square feet, excluding three properties classified as held for sale, that were sold to a third party in January 2026. NSA is one of the largest owners and operators of self storage properties among public and private companies in the United States. For more information, please visit the Company’s website at www.nsastorage.com. NSA is included in the MSCI US REIT Index (RMS/RMZ), the Russell 1000 Index of Companies and the S&P MidCap 400 Index.
Cautionary Statement Regarding Forward-Looking Statements
This communication contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and in Section 21E of the Securities Exchange Act of 1934, as amended, which are based on current expectations, estimates and projections about the industry and markets in which National Storage Affiliates Trust (“NSA”) and Public Storage operate, as well as beliefs and assumptions of NSA and Public Storage. Words such as “anticipate,” “become,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “outlook,” “plan,” “potential,” “possible,” “predict,” “project,” “target,” “seek,” “shall,” “should,” “will,” or “would,” including variations of such words and similar expressions, are intended to identify forward-looking statements. All statements that address operating performance, events or developments that NSA or Public Storage expects or anticipates will occur in the future are forward-looking statements, including statements relating to any possible transaction between NSA and Public Storage, rent and occupancy growth, acquisition and development activity, acquisition and disposition activity, general conditions in the geographic areas where NSA and Public Storage operate, NSA’s and Public Storage’s respective debt, capital structure and financial position and NSA’s and Public Storage’s respective ability to form new ventures. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other factors that are difficult to predict and may cause the actual results to differ materially from future results expressed or implied by such forward-looking statements.
Important factors, risks and uncertainties that could cause actual results to differ materially from such plans, estimates or expectations include but are not limited to: (i) the parties’ ability to complete the proposed transaction on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to NSA’s ability to obtain the required shareholder and unitholder approval, and the parties’ ability to satisfy the other conditions to consummating the proposed transaction; (ii) the inability to realize the anticipated benefits of the proposed transaction, including as a result of delay in completing the proposed transaction; (iii) the risk that NSA’s business will not be integrated successfully with Public Storage’s or that such integration may be more difficult, time-consuming or costly than expected; (iv) significant transaction costs and/or unknown or inestimable liabilities; (v) potential litigation relating to the proposed transaction that could be instituted against NSA or its trustees, managers or officers, including resulting expense or delay and the effects of any outcomes related thereto; (vi) the risk that disruptions from the proposed transaction, including diverting the attention of NSA and Public Storage management from ongoing business operations, will harm NSA’s and Public Storage’s businesses during the pendency of the proposed transaction or otherwise; (vii) certain restrictions during the pendency of the business combination that may impact NSA’s and Public Storage’s ability to pursue certain business opportunities or strategic transactions; (viii) the possibility that the business combination may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (ix) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement, including in circumstances requiring NSA to pay a termination fee; (x) the effect of the announcement of the proposed transaction on the ability of NSA and Public Storage to operate their respective businesses and retain and hire key personnel, and to maintain favorable business relationships; (xi) risks related to the market value of Public Storage common stock to be issued in the proposed transaction; (xii) other risks related to the completion of the proposed transaction and actions related thereto; (xiii) potential business uncertainty, including changes to existing business relationships, during the pendency of the business combination or otherwise that could affect NSA’s or Public Storage’s financial performance; (xiv) other risks related to the completion of the proposed transaction and actions related thereto; (xv) legislative, regulatory and economic developments; (xvi) unpredictability and severity of local, regional, national and international economic, political and catastrophic climates, conditions and events, including but not limited to acts of terrorism, outbreaks of war or hostilities or pandemics, as well as management’s response to any of the aforementioned factors; (xvii) changes in global financial markets, interest rates and foreign currency exchange rates; (xviii) increased or unanticipated competition affecting NSA’s or Public Storage’s properties; (xix) risks associated with acquisitions, dispositions and development of properties, including increased development costs due to additional regulatory requirements related to climate change; (xx) maintenance of Real Estate Investment Trust status, tax structuring and changes in income tax laws and rates; (xxi) risks related to NSA’s and Public Storage’s investments in ventures, including NSA’s and Public Storage’s respective abilities to establish new ventures; (xxii) environmental uncertainties, including risks of natural disasters; (xxiii) those risks and uncertainties set forth in NSA’s and Public Storage’s Annual Reports on Form 10-K for the year ended December 31, 2025 under the headings “Forward-Looking Statements” and “Cautionary Statement Regarding Forward-Looking Statements,” respectively, and “Risk Factors,” as such risk factors may be amended, supplemented or superseded from time to time by other reports filed by NSA or Public Storage, as the case may be, with the Securities and Exchange Commission (the “SEC”) from time to time, which are available via the SEC’s website at www.sec.gov; and (xxiv) those risks that will be described in the Registration Statement and Proxy Statement/Prospectus that will be filed with the SEC in connection with the proposed transaction and available from the sources indicated below. There can be no assurance that the proposed transaction will be completed, or if it is completed, that it will close within the anticipated time period. These factors should not be construed as exhaustive and should be read in conjunction with the other forward-looking statements. Forward-looking statements relate only to events as of the date on which the statements are made. Neither NSA nor Public Storage undertakes any obligation to publicly update or review any forward-looking statement except as required by law, whether as a result of new information, future developments or otherwise. If one or more of these or other risks or uncertainties materialize, or if NSA’s and Public Storage’s underlying assumptions prove to be incorrect, NSA’s, Public Storage’s and the combined company’s actual results may vary materially from what NSA or Public Storage may have expressed or implied by these forward-looking statements. NSA and Public Storage caution not to place undue reliance on any of NSA’s or Public Storage’s forward-looking statements. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect NSA or Public Storage.
No Offer or Solicitation
This communication is for informational purposes only and is not intended to, and shall not, constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.
Important Additional Information and Where to Find It
In connection with the proposed transaction between NSA and Public Storage, Public Storage intends to file with the SEC a registration statement on Form S-4 (the “Registration Statement”) that will include a proxy statement of NSA that also constitutes a prospectus of Public Storage (the “Proxy Statement/Prospectus”). A definitive Proxy Statement/Prospectus will be mailed to NSA’s shareholders seeking their approval of the proposed transaction and other related matters. Each of NSA and Public Storage may also file other relevant documents with the SEC regarding the proposed transaction. This communication is not a substitute for the Registration Statement, Proxy Statement/Prospectus or any other document that NSA or Public Storage (as applicable) may file with the SEC in connection with the proposed transaction. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF NSA AND PUBLIC STORAGE ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS WHEN THEY BECOME AVAILABLE WITH THE SEC BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders will be able to obtain free copies of the Registration Statement and the Proxy Statement/Prospectus (when they become available) and other documents filed with the SEC by NSA and/or Public Storage, which contain important information, through the website maintained by the SEC at www.sec.gov. Investors and security holders will be able to obtain free copies of the documents filed by NSA with the SEC on NSA’s website at https://ir.nsastorage.com/sec-filings/all-sec-filings or by contacting NSA Investor Relations at ghoglund@nsareit.net. Security holders will also be able to obtain free copies of the documents filed by Public Storage with the SEC on Public Storage’s website at https://investors.publicstorage.com/financial-reports/sec-filings or by contacting Public Storage Investor Relations at investorrelations@publicstorage.com.
Participants in the Solicitation
NSA, Public Storage, their respective trustees and certain of their respective executive officers may be deemed to be participants in the solicitation of proxies from NSA’s shareholders in respect of the proposed transaction. Information about the trustees and executive officers of NSA, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in NSA’s proxy statement for its 2025 Annual Meeting of Shareholders under the headings “Our Board,” “How We Are Paid,” “Compensation Discussion and Analysis,” “Summary Compensation and Other Tables,” “Severance and Change in Control Arrangements,” “Certain Relationships and Related Transactions” and “Shareholder Ownership Information,” which was filed with the SEC on March 28, 2025, and in NSA’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the SEC on February 26, 2026. To the extent holdings of NSA’s securities by its trustees or executive officers have changed since the amounts set forth in NSA’s definitive proxy statement for its 2025 Annual Meeting of Shareholders, such changes have been or will be reflected on an Initial Statement of Beneficial Ownership of Securities on Form 3, Statement of Changes in Beneficial Ownership on Form 4 or Annual Statement of Changes in Beneficial Ownership on Form 5, in each case filed with the SEC, and available on the SEC’s website at www.sec.gov. Information about the trustees and executive officers of Public Storage, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in Public Storage’s proxy statement for its 2025 Annual Meeting of Shareholders under the headings “2024 Trustee Compensation,” “Our Named Executive Officers,” “Compensation Discussion and Analysis,” “Executive Compensation Tables,” “Potential Payments Upon Termination or Change in Control,” “Outstanding Equity Awards at 2024 Fiscal Year End,” “Related Person Transactions” and “Share Ownership of Trustees and Management,” which was filed with the SEC on March 28, 2025, in Public Storage’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the SEC on February 12, 2026, in Public Storage’s Form 8-K filed with the SEC on July 30, 2025, and in Public Storage’s Form 8-K filed with the SEC on February 12, 2026. To the extent holdings of Public Storage’s securities by its trustees or executive officers have changed since the amounts set forth in Public Storage’s definitive proxy statement for its 2025 Annual Meeting of Shareholders, such changes have been or will be reflected on an Initial Statement of Beneficial Ownership of Securities on Form 3, Statement of Changes in Beneficial Ownership on Form 4, or Annual Statement of Changes in Beneficial Ownership on Form 5, in each case filed with the SEC and available on the SEC’s website at www.sec.gov. Other information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Registration Statement, the Proxy Statement/Prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction when such materials become available. Investors and security holders should read the Registration Statement and the Proxy Statement/Prospectus carefully when they become available before making any voting or investment decisions. You may obtain free copies of these documents from NSA or Public Storage using the sources indicated above.
Contacts
Public Storage Investors
Brandon Reagan
breagan@publicstorage.com
Public Storage Media
Nick Capuano / Mark Fallati
Kekst CNC
nicholas.capuano@kekstcnc.com / mark.fallati@kekstcnc.com
National Storage Affiliates Trust Investors
George Hoglund, CFA
Vice President – Investor Relations
(720) 630-2160
ghoglund@nsareit.net
National Storage Affiliates Trust Media
Andrew Siegel / Mahmoud Siddig
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
Exhibit 99.2
1 Merger Presentation March 16, 2026
2 Transaction Summary Structure and Consideration Financial Summary Expected Closing ▪ 100% stock acquisition of NSA (NYSE: NSA) by Public Storage (NYSE: PSA) ▪ 0.14 PSA shares issued per NSA share implying a price of $41.68 ▪ Pro forma ownership: ~92% PSA / ~8% NSA ▪ ~$10.5B transaction value, including debt ▪ Newly formed High Cash Flow Assets JV creates a win - win for OP unit holders and PSA ▪ FFO/share: Neutral in 2026 → $0.10 - $0.20 in 2027 → $0.35 - $0.50 at stabilization in 2028 – 2029 x Revenue growth via brand strength and revenue management x Margin expansion through PS Next x Overhead efficiencies x External growth potential via higher retained cash flow ▪ Q3 2026 , subject to NSA equity holder approval and customary closing conditions Strategic Combination ▪ Combines #1 and #5 self - storage owners and operators — driving scale, brand, and customer experience ▪ Positions company to outperform as self storage fundamentals improve from cycle lows ▪ PS4.0 leadership, competitive advantages, and incentives in place to drive growth ▪ Strategically establish a single brand strategy to simplify customer experience and enhance operating performance through PS4.0 omnichannel digital - first platform Source: Company filings Credit ▪ Minimal leverage impact expected ▪ Increased enterprise size, liquidity, and diversification to benefit stakeholders
3 Strategic Rationale – A Win - Win for all stakeholders Source: Company filings • Wholly - owned portfolio (46% of NSA assets) deepens exposure to Sunbelt and core markets • Immediate integration into best - in - class PS Next operating platform • Majority Gen 1 single - story properties = strong access and efficiency Complementary Markets & Assets • New JV formed with 313 wholly - owned NSA properties at closing • OP unit holders own 80% of new High Cash Flow Assets JV; PSA owns 20 % • Balances yield for NSA holders with PSA's long - term growth focus in core markets Creative Joint Venture Structure • Increased enterprise scale, diversification and liquidity • Best - in - class credit profile maintained • Enhanced free cash flow supports continued external growth Exceptional Balance Sheet • $110 – 130M in identified, actionable synergies • ~900bps margin differential between overlapping markets presents material upside • ~11 – 15% revenue lift via PS Next platform Synergy & Margin Upside • FFO/share Impact: Neutral in ‘26 → $0.35 - $0.50 (2% - 3%) per share run - rate in Year 3+ • Expanded platform for acquisitions, development, lending, 3 rd party management and tenant reinsurance Accelerated Growth & Profitability • Further advances leading owned + operated self - storage platform • Unifies multiple brands under the #1 recognized name in storage • Expands industry's deepest datasets Category Leading Scale & Brand
4 Creating a Leading Owned Storage Platform Source: Company filings 1. Includes wholly - owned, unconsolidated joint ventures and managed stores. 2. Same - store performance based on the trailing twelve months ended December 31, 2025. 3. Weighted average based on same - store net rentable square feet. 4. Pro forma same - store margin excluding synergies is calculated based on combined total same - store NOI for the twelve months ended December 31, 2025. $77.1 $10.5 $66.6 Enterprise Value (billions) 4,596 / 328 1,063 / 69 3,533 / 258 Number of Stores 1 / NRSF (millions) 42 38 40 Number of States (including Puerto Rico) Composition of Stores (Store Count) 3,336 / 225 771 / 49 2,565 / 175 Same - Store Property Count / NRSF (millions) 90.3% 3 84.3% 2 92.0% 2 Same - Store Average Occupancy $21.04 3 $15.71 2 $22.54 2 Same - Store Rent per Occupied Square Feet 77% 4 69% 2 78% 2 Same - Store Net Operating Income Margin JV Structures Third Party Management Development and Expansion Platform Lending Program + = Pro Forma Combination 88% 12% Wholly - Owned Consolidated Joint Ventures 3 rd Party Managed 75% 25% 78% 12% 10%
5 Growing Sunbelt & Core Markets to Deepen Physical & Digital Presence Property Presence Public Storage only National Storage Affiliates only Public Storage and National Storage Affiliates overlap Increase Combined Company Public Storage +30% 4,596 3,533 Total Properties +27% 328 million 258 million Total Square Feet +15% 3,659 3,171 Wholly - Owned Properties 2 +14% 260 million 229 million Wholly - Owned Square Feet 2 Overlapping Coverage and New Markets Across 42 States 1 Added Size in an Industry with Benefits of Coverage and Scale Source: Company filings 1. Includes Puerto Rico. Reflects consolidated portfolio overlapping coverage (i.e. Wholly - Owned + Joint Venture). 2. Wholly - Owned reflects the 488 properties acquired not under a Joint Venture structure. Wholly - Owned Portfolio (Pro Forma NOI) Change Combined Company Public Storage Regions +1.0% 38.0% 37.0% Sunbelt (0.6%) 48.9% 49.5% Coastal (0.4%) 13.1% 13.5% Midwest
6 Complementary Pro Forma Portfolio Composition Source: Company filings Wholly - Owned Growth Markets 100% Interest - (~46% NRSF of portfolio) New High Cash Flow Assets JV 20% Interest - (~28% NRSF of portfolio) Existing Joint Ventures 25% Interest - (~26% NRSF of portfolio) • Portland • Oklahoma City • New England • New Orleans • Wichita • Puerto Rico • South Texas • Atlanta • Las Vegas • Albuquerque x Provides higher yield and higher leverage exposure for participating NSA OP unit holders x Brand, scale and 3 rd party management & tenant reinsurance fee opportunity • Philadelphia • Houston • Nashville • Ft. Myers • Minneapolis • Detroit • Atlanta • New York • Cincinnati • Cleveland x Existing Joint Venture platform provides brand, scale and 3 rd party management & tenant reinsurance fee opportunity x Incremental potential capital sources over time • Portland • Tampa • Orlando • Austin • NW Florida • Inland Empire • Houston • Phoenix • Dallas Ft. Worth • Raleigh x Complementary with existing Public Storage portfolio x Attractive higher growth Sun Belt exposure x Scale efficiencies across markets x Potential disposition and asset recycling opportunity over time NSA Operating Portfolio Market Mix
7 $21 $20 $19 $19 $13 Same - Store RevPAF (2025) PS4.0 TM Platform Advantages Source: Company filings 1. For comparability purposes, measured versus reported two - year prior pools for peers from 2023 - 2025. Reflects quarterly average s. SmartStop excluded based on limitation of history as a public REIT. 2. Top - Markets defined as the aggregation of “top” peer - reported MSAs that overlap with Public Storage MSAs. 3. For the 2025 same - store pools based on the trailing twelve months ended December 31, 2025. 4. Reflects general & administrative costs and indirect property costs for Public Storage only. 5. Total shareholder returns (cumulative) measured over the past 1 - , 3 - , and 5 - years as of March 13, 2026. SmartStop excluded based on limitation of history as a public REIT. $0.74 $0.99 $1.20 $1.26 $1.43 Most Optimized Labor Hours 3 (payroll costs per square foot) #1 Most Optimized 14 / 20 Top - Market 2 Premium $0.28 $0.43 $0.43 $0.51 $0.51 Most Controlled Utility Usage 3 (utility costs per square foot) #1 Most Controlled 5.4% 5.5% 5.8% 7.5% 13.6% Most Efficient G&A 4 (annual as a percent of 2025 revenue) #1 Most Efficient Net Operating Income Expense Revenue 1.4% 0.5% 0.3% - 1.6% PSA EXR CUBE NSA Same - Store Revenue Growth 1 (2023 - 2025 Average) 0.8% - 0.7% - 0.8% - 3.6% PSA CUBE EXR NSA Same - Store NOI Growth 1 (2023 - 2025 Average) 78% 71% 71% 69% 67% Same - Store Direct NOI Margin (2025) Public Storage CubeSmart Extra Space National Storage Affiliates SmartStop 20 / 20 Top - Market 2 Premium Strong Results Efficient Operator Premium Self - Storage Operations + Corporate efficiency drives FFO growth & shareholder returns 2.2% 0.8% - 0.9% - 7.7% PSA CUBE EXR NSA Core FFO/share Growth 1 (2023 - 2025 Average) 4.9% 16.3% 51.8% 2.4% 2.1% 28.9% 0.0% - 4.3% 26.1% - 7.8% - 8.3% - 0.4% 1-Year 3-Year 5-Year 1 - ,3 - ,5 - Year Total Shareholder Returns 5 Public Storage Extra Space CubeSmart National Storage Affiliates
8 Substantial Synergies and Per Share Growth Potential +$60 - $65M +$15 - $20M +$25 - $30M Industry - leading revenue generation, operating expense efficiency, and PS Next platform Revenue Tenant Reinsurance $110 - $130M Total Public Storage Synergies Year 3+ Run - Rate Synergies Enhanced tenant reinsurance profitability Corporate Consolidation combined with industry - leading G&A Efficiency Source: Company filings +$10 - $15M Expenses G&A Additional Opportunities Scale and Growth: • Brand recognition, customer conversion and cost Operational: • Future PS Next operating initiatives • Increased market knowledge and expertise Capital Allocation: • Increased acquisition, development and lending opportunities • Improved scale and liquidity benefits to shareholders FFO Accretion per Synergy Phasing Breakeven $0.10 - $0.20 Per Share (0.5% - 1%) $0.35 - $0.50 Per Share (2% - 3%) 2026 2027 2028 - 2029
9 Strong Track Record of Value Creation 72.6% 81.8% Pre-Acquisition Two-Year Operated eZ Storage 63.5% 73.1% Pre-Acquisition Two-Year Operated Simply Self Storage 50.9% 68.2% Pre-Acquisition Two-Year Operated All Storage 69.4% 78.2% National Storage Affiliates Public Storage Direct NOI Margin Comparison 2 Case Study: Margin Expansion on Recent Large Acquisitons 1 +960 bps +880 bps +1,730 bps +920 bps Key Areas that Drive Upside x Public Storage margin advantage in like - for - like markets of ~900bps 3 , of which 60% is assumed to be captured in synergy estimates x Premium brand recognition, longest standing data - sets in industry and deep - seated knowledge of pricing and customer behavior x Operational efficiency with specialization of on - site property management roles, vendor management and centralization x ~$300 million of rebranding and technology capital expenditures 2023: $2.2B Portfolio in 20 States 2021: $1.5B Portfolio in Dallas, TX 2021: $1.8B Portfolio in DC & Baltimore NSA Margin Expansion Opportunity under Single Brand on PS4.0 Omnichannel Digital - First Platform Source: Company filings 1. Two - Year Operated NOI margin reflects the achieved margin under two years of Public Storage ownership as compared to the trailin g twelve months ended under seller management pre - acquisition. 2. Based on the trailing twelve months ended December 31, 2025. 3. Equal - weighted calculation based on MSA groupings that closely match in top - markets based on the trailing twelve months ended De cember 31, 2025.
10 New Joint Venture Structure Creates Pro Forma Portfolio Source: Company filings, company - provided diligence materials 1. Due to intra period dispositions and recharacterizations of pools, values may not match recorded FY2025 National Storage Affi lia tes results. 2. For reconciliation purposes, table shows 20% share of New High Cash Flow Assets JV and 25% share of Existing JVs. 3. Based on full stabilization, at - share, with total synergies of $110 - 130 million, including $25 - 30 million of G&A synergies. Consolidated Pro Forma Ownership Pro Forma National Storage Affiliates Reconciliation Table 1 Existing JVs 2 New High Cash Flow Assets JV 2 Wholly - Owned Higher Growth Markets Existing JVs 2 Consolidated ($ millions, unless otherwise stated and based on trailing twelve months ended 12/31/25) 25% 20% 100% 25% 100% Ownership Percentage 1,063 262 313 488 262 801 Property Count 69.3 18.2 19.6 31.5 18.2 51.1 Net Rentable sqft (millions) $ 533 $ 62 $ 52 $ 419 $ 62 $ 679 Rental Revenue $ 360 $ 41 $ 36 $ 283 $ 41 $ 461 NOI $110 – $130 - $ 9 – $10 $ 76 – $90 - - PSA Share of Synergies 3 $ 3.3 $ 0.3 $ 0.6 $ 2.4 $ 0.3 $ 3.8 Debt & Preferred Equity ($ billions) • $110 – $130 million in synergies, at share, after 3+ years of stabilizing acquired properties • Existing NSA portfolio will be segmented into three components: Wholly - Owned, a new Joint Venture and Existing Joint Ventures • The balance of synergies comes from G&A $25 – $30 million
11 Source & Uses Source: Company filings 1. Includes National Storage Affiliates’ JV share of debt to be assumed by Public Storage. 2. Pro forma capitalization post - bridge financing. National Storage Affiliates Capitalization Transaction Funding 2 • Issuance of common shares and OP units to purchase NSA equity and OP units • New unconsolidated High Cash Flow JV owned by existing NSA OP unitholders (80%) and PSA (20%) • Assumption of ~$370M in preferreds, ~$200M existing mortgages and ~$300M existing JV debt at share • Issuance of unsecured debt utilizing sector - leading cost of capital • Secured debt on new joint venture Key Considerations Equity Consideration $4.8B Equity $5.7B Debt 1 $3.7B Preferred Equity $0.4B Secured Debt Assumption $0.5B Preferred Equity Assumption $0.4B New Debt Financing $1.8B New High Cash Flow Assets JV Debt $2.2B Integration Costs $0.6B New High Cash Flow Assets JV Equity (NSA OP 80% share) $0.8B ~$10.5B ~$10.5B
12 Strategic and Accretive Combination x Combines two of the leading self - storage operators x Strategic accretion accelerates financial performance and external growth x Strengthens portfolio and balance sheet while expanding industry - leading platforms x PS4.0 powers it all: • Aligned, motivated and experienced leadership • Customer - first PS Next operating platform • Value Creation Engine • “Own It” Culture aligned with all stakeholders Source: Company filings
13 Important Information Cautionary Statement Regarding Forward - Looking Statements This communication contains “forward - looking statements” within the meaning of Section 27 A of the Securities Act of 1933 , as amended (the “Securities Act”), and in Section 21 E of the Securities Exchange Act of 1934 , as amended, which are based on current expectations, estimates and projections about the industry and markets in which National Storage Affiliates Trust (“NSA”) and Public Storage operate, as well as beliefs and assumptions of NSA and Public Storage . Words such as “anticipate,” “become,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “outlook,” “plan,” “potential,” “possible,” “predict,” “project,” “target,” “seek,” “shall,” “should,” “will,” or “would,” including variations of such words and similar expressions, are intended to identify forward - looking statements . All statements that address operating performance, events or developments that NSA or Public Storage expects or anticipates will occur in the future are forward - looking statements, including statements relating to any possible transaction between NSA and Public Storage, rent and occupancy growth, acquisition and development activity, acquisition and disposition activity, general conditions in the geographic areas where NSA and Public Storage operate, NSA’s and Public Storage’s respective debt, capital structure and financial position and NSA’s and Public Storage’s respective ability to form new ventures . Such forward - looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other factors that are difficult to predict and may cause the actual results to differ materially from future results expressed or implied by such forward - looking statements . Important factors, risks and uncertainties that could cause actual results to differ materially from such plans, estimates or expectations include but are not limited to : ( i ) the parties’ ability to complete the proposed transaction on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to NSA’s ability to obtain the required shareholder and unitholder approval, and the parties’ ability to satisfy the other conditions to consummating the proposed transaction ; (ii) the inability to realize the anticipated benefits of the proposed transaction, including as a result of delay in completing the proposed transaction ; (iii) the risk that NSA’s business will not be integrated successfully with Public Storage’s or that such integration may be more difficult, time - consuming or costly than expected ; (iv) significant transaction costs and/or unknown or inestimable liabilities ; (v) potential litigation relating to the proposed transaction that could be instituted against NSA or its trustees, managers or officers, including resulting expense or delay and the effects of any outcomes related thereto ; (vi) the risk that disruptions from the proposed transaction, including diverting the attention of NSA and Public Storage management from ongoing business operations, will harm NSA’s and Public Storage’s businesses during the pendency of the proposed transaction or otherwise ; (vii) certain restrictions during the pendency of the business combination that may impact NSA’s and Public Storage’s ability to pursue certain business opportunities or strategic transactions ; (viii) the possibility that the business combination may be more expensive to complete than anticipated, including as a result of unexpected factors or events ; (ix) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement, including in circumstances requiring NSA to pay a termination fee ; (x) the effect of the announcement of the proposed transaction on the ability of NSA and Public Storage to operate their respective businesses and retain and hire key personnel, and to maintain favorable business relationships ; (xi) risks related to the market value of Public Storage common stock to be issued in the proposed transaction ; (xii) other risks related to the completion of the proposed transaction and actions related thereto ; (xiii) potential business uncertainty, including changes to existing business relationships, during the pendency of the business combination or otherwise that could affect NSA’s or Public Storage’s financial performance ; (xiv) other risks related to the completion of the proposed transaction and actions related thereto ; (xv) legislative, regulatory and economic developments ; (xvi) unpredictability and severity of local, regional, national and international economic, political and catastrophic climates, conditions and events, including but not limited to acts of terrorism, outbreaks of war or hostilities or pandemics, as well as management’s response to any of the aforementioned factors ; (xvii) changes in global financial markets, interest rates and foreign currency exchange rates ; (xviii) increased or unanticipated competition affecting NSA’s or Public Storage’s properties ; (xix) risks associated with acquisitions, dispositions and development of properties, including increased development costs due to additional regulatory requirements related to climate change ; (xx) maintenance of Real Estate Investment Trust status, tax structuring and changes in income tax laws and rates ; (xxi) risks related to NSA’s and Public Storage’s investments in ventures, including NSA’s and Public Storage’s respective abilities to establish new ventures ; (xxii) environmental uncertainties, including risks of natural disasters ; (xxiii) those risks and uncertainties set forth in NSA’s and Public Storage’s Annual Reports on Form 10 - K for the year ended December 31 , 2025 under the headings “Forward - Looking Statements” and “Cautionary Statement Regarding Forward - Looking Statements,” respectively, and “Risk Factors,” as such risk factors may be amended, supplemented or superseded from time to time by other reports filed by NSA or Public Storage, as the case may be, with the Securities and Exchange Commission (the “SEC”) from time to time, which are available via the SEC’s website at www . sec . gov ; and (xiv) those risks that will be described in the Registration Statement and Proxy Statement/Prospectus that will be filed with the SEC in connection with the proposed transaction and available from the sources indicated below . There can be no assurance that the proposed transaction will be completed, or if it is completed, that it will close within the anticipated time period . These factors should not be construed as exhaustive and should be read in conjunction with the other forward - looking statements . Forward - looking statements relate only to events as of the date on which the statements are made . Neither NSA nor Public Storage undertakes any obligation to publicly update or review any forward - looking statement except as required by law, whether as a result of new information, future developments or otherwise . If one or more of these or other risks or uncertainties materialize, or if NSA’s and Public Storage’s underlying assumptions prove to be incorrect, NSA’s, Public Storage’s and the combined company’s actual results may vary materially from what NSA or Public Storage may have expressed or implied by these forward - looking statements . NSA and Public Storage caution not to place undue reliance on any of NSA’s or Public Storage’s forward - looking statements . Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect NSA or Public Storage . No Offer of Solicitation This communication is for informational purposes only and is not intended to, and shall not, constitute an offer to sell or t he solicitation of an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or appro val , nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or quali fic ation under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectu s m eeting the requirements of Section 10 of the Securities Act. Important Additional Information and Where to Find It n connection with the proposed transaction between NSA and Public Storage, Public Storage intends to file with the SEC a regi str ation statement on Form S - 4 (the “Registration Statement”) that will include a proxy statement of NSA that also constitutes a pr ospectus of Public Storage (the “Proxy Statement/Prospectus”). A definitive Proxy Statement/Prospectus will be mailed to NSA’s shareholders seeking their app rov al of the proposed transaction and other related matters. Each of NSA and Public Storage may also file other relevant documen ts with the SEC regarding the proposed transaction. This communication is not a substitute for the Registration Statement, Proxy Statement/Prospectus or an y o ther document that NSA or Public Storage (as applicable) may file with the SEC in connection with the proposed transaction. B EFO RE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF NSA AND PUBLIC STORAGE ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRE TY THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS WHEN THEY BECOME AVAILABLE W ITH THE SEC BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders will be able to obtain free copies of the Registration Statement and the Proxy Statem ent /Prospectus (when they become available) and other documents filed with the SEC by NSA and/or Public Storage, which contain i mpo rtant information, through the website maintained by the SEC at www.sec.gov. Investors and security holders will be able to obtain free copies of the do cum ents filed by NSA with the SEC on NSA’s website at https://ir.nsastorage.com/sec - filings/all - sec - filings or by contacting NSA In vestor Relations at ghoglund@nsareit.net. Security holders will also be able to obtain free copies of the documents filed by Public Storage with the SEC on Public Storage’s website at https://investors.publicstorage.com/financial - reports/sec - filings or by contacting Public St orage Investor Relations at investorrelations@publicstorage.com.
14 Important Information Participants in the Solicitation NSA, Public Storage, their respective trustees and certain of their respective executive officers may be deemed to be partici pan ts in the solicitation of proxies from NSA’s shareholders in respect of the proposed transaction. Information about the trust ees and executive officers of NSA, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in NSA’s proxy st atement for its 2025 Annual Meeting of Shareholders under the headings “Our Board,” “How We Are Paid,” “Compensation Discussi on and Analysis,” “Summary Compensation and Other Tables,” “Severance and Change in Control Arrangements,” “Certain Relationships and Related Transactio ns” and “Shareholder Ownership Information,” which was filed with the SEC on March 28, 2025 , and in NSA’s Annual Report on Form 10 - K for the fiscal year ended December 31, 2025, which was filed with the SEC on February 26, 2026 . To the extent holdings of NSA’s securities by its trustees or executive officers have changed since the amounts set forth i n N SA’s definitive proxy statement for its 2025 Annual Meeting of Shareholders, such changes have been or will be reflected on an Initial Statement of Beneficial Ownership of Securities on Form 3, Statement of Cha nges in Beneficial Ownership on Form 4 or Annual Statement of Changes in Beneficial Ownership on Form 5, in each case filed w ith the SEC, and available on the SEC’s website at www.sec.gov. Information about the trustees and executive officers of Public Storage, including a descriptio n o f their direct or indirect interests, by security holdings or otherwise, is set forth in Public Storage’s proxy statement for it s 2025 Annual Meeting of Shareholders under the headings “2024 Trustee Compensation,” “Our Named Executive Officers,” “Compensation Discussion and Analysis,” “Exec uti ve Compensation Tables,” “Potential Payments Upon Termination or Change in Control,” “Outstanding Equity Awards at 2024 Fisca l Y ear End,” “Related Person Transactions” and “Share Ownership of Trustees and Management,” which was filed with the SEC on March 28, 2025 , in Public Storage’s Annual Report on Form 10 - K for the fiscal year ended December 31, 2025, which was filed with the SEC on February 12, 2026 , in Public Storage’s Form 8 - K filed with the SEC on July 30, 2025 , and in Public Storage’s Form 8 - K filed with the SEC on February 12, 2026 . To the extent holdings of Public Storage’s securities by its trustees or executive officers have changed since the amounts set forth in Public Storage’s definitive proxy statement for its 2025 Annual Meeting of Shareholders, such changes have been or will be reflected on an Initial Statement of Be neficial Ownership of Securities on Form 3, Statement of Changes in Beneficial Ownership on Form 4, or Annual Statement of Ch ang es in Beneficial Ownership on Form 5, in each case filed with the SEC and available on the SEC’s website at www.sec.gov. Other information regarding the pa rti cipants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwis e, will be contained in the Registration Statement, the Proxy Statement/Prospectus and other relevant materials to be filed with the SEC regarding the proposed transa cti on when such materials become available. Investors and security holders should read the Registration Statement and the Proxy Sta tement/Prospectus carefully when they become available before making any voting or investment decisions. You may obtain free copies of these documents fr om NSA or Public Storage using the sources indicated above.. Non - GAAP Measures This presentation contains non - GAAP measures, including FFO, NOI, and EBITDA . Non - GAAP measures should not be considered as an alternative to, or more meaningful than, net income (determined in accordance with GAAP) or other GAAP financial measures, as an indicator of financial performance and are not an alternative to, or more meaningful than, cash flow from operating activities (determined in accordance with GAAP) as a measure of liquidity . Non - GAAP measures have limitations as they do not include all items of income and expense that affect operations and, accordingly, should always be considered as presentational financial results to those presented in accordance with GAAP . In addition, other REITs may compute these measures differently, so comparisons among REITs may not be helpful . Please refer to Public Storage’s and National Storage Affiliates’ SEC periodic reports and the reconciliations attached to this presentation for definitions of these non - GAAP measures and reconciliations to the nearest GAAP measures .
FAQ
What did Public Storage and National Storage Affiliates (NSA) announce in this 8-K?
What consideration will NSA shareholders receive in the Public Storage acquisition of NSA?
How large will the combined Public Storage and National Storage Affiliates company be?
When is the Public Storage–NSA merger expected to close and what approvals are required?
What synergies and financial benefits do Public Storage and NSA expect from the merger?
What is the new joint venture mentioned in the Public Storage–NSA merger presentation?
How will the Public Storage–NSA merger affect leverage and financing?
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