Mar. 16 at 9:34 PM
$PSA to acquire smaller self-storage facilities operator
$NSA in an all-stock deal worth about
$10.5B
Owners of National Storage's shares & operating partnership units will receive 0.14 of Public Storage's shares, representing a consideration of
$41.68 per share
National Storage's portfolio includes more than 1,000 properties & 550,000 units across 37 states & Puerto Rico.
Combined = ~4,500 properties
The combined company is expected to have a total EV of about
$77B & 13–15% of total US self-storage rentable square feet at 327M NRSF
Transaction to be accretive to funds from operations on a per-share basis within the 1st year of completion & add
$0.35 to
$0.50 within 3-4 years.
The combined entity expects to generate about
$110M-
$130M in run-rate synergies.
