By Haci Eren Sidar, Mustafa Arda Sis, Muthu Ramanathan, Josh Lai (University of Nottingham) Photo: Vida Huang (Unsplash) Overview of the deal Acquirer: Public Storage (NYSE: PSA) Target: National Storage Affiliates Trust (NYSE: NSA) Implied Equity Value: $8.1 billion Total Transaction Size: $10.5 billion Closed date: Announced March 16, 2026. Expected to close Q3 2026 Target advisor: Morgan Stanley (financial), Clifford Chance US LLP (legal) Acquirer advisor: Goldman Sachs,