On March 16, 2026, Public Storage, a Maryland real estate investment trust, announced its entry into a definitive merger agreement with National Storage Affiliates Trust (NSA). This strategic move involves a merger where NSA will merge with and into a wholly owned subsidiary of Public Storage, with the latter being the surviving entity. The agreement outlines that each common share of NSA will be converted into the right to receive 0.1400 of a Public Storage common share, along with cash for any fractional shares. Additionally, NSA's preferred shares will be converted into corresponding preferred shares of Public Storage, maintaining similar rights and privileges. The merger is expected to enhance Public Storage's market position and operational capabilities, leveraging NSA's assets and customer base. The transaction is subject to customary closing conditions, including shareholder approvals from both companies. The board of trustees of NSA has already recommended the merger to its shareholders, indicating strong support for the transaction. This merger is anticipated to create significant value for shareholders and strengthen Public Storage's portfolio in the competitive self-storage market.

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