National Storage Affiliates Trust (NSA) common shareholders voted to approve Public Storage’s proposed acquisition of NSA at a special meeting held on July 14, 2026. Public Storage expects the transaction to close on July 22, 2026, subject to the satisfaction of customary closing conditions. The final voting results will be reported in a Form 8-K to be filed by NSA with the U.S. Securities and Exchange Commission.

The acquisition previously secured approval from holders of a majority of the NSA operating partnership units, excluding those held by NSA or its subsidiaries. With the latest shareholder approval, the parties have satisfied the required equity holder conditions to complete the transaction. Public Storage is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. As of March 31, 2026, the company owned and/or operated 3,546 self-storage facilities located in 40 states with approximately 259 million net rentable square feet in the United States.

Transaction Advisors

Public Storage Advisors:

• Financial Advisors: Goldman Sachs & Co. LLC, Wells Fargo, and Eastdil Secured
• Legal Advisor: Wachtell, Lipton, Rosen & Katz
• Real Estate Financing Counsel: DLA Piper
• Strategic Communications Advisor: Kekst CNC

NSA Advisors:

• Exclusive Financial Advisor: Morgan Stanley & Co. LLC
• Legal Advisor: Clifford Chance US LLP
• Strategic Communications Advisor: Joele Frank, Wilkinson Brimmer Katcher

UBS analyst Michael Goldsmith has maintained a Neutral rating on Public Storage (NYSE: PSA) while raising the stock's price target to $326 from the previous $314. The adjustment reflects a revised valuation outlook for the self-storage real estate investment trust. The new target represents an upside potential relative to the current trading levels, though the Neutral stance suggests a balanced risk-reward profile at this stage.

Rating and Price Target Details

The research update specifically addresses the price objective for Public Storage shares. Below are the key figures outlined in the analyst report:

The decision to retain the Neutral rating indicates that while the price target has increased, the analyst does not see a compelling catalyst for a more bullish rating at this time. Public Storage continues to operate as a leading entity in the self-storage sector, and the revised target aligns with updated financial projections or market conditions.