National Storage Affiliates Trust · NYSE:NSA
National Storage Affiliates Trust — Merger or Acquisition (March 2026)
14 slides from National Storage Affiliates Trust's merger presentation, Mar 16, 2026
Slide 1: March 2026 Corporate Town Hall Presentation
March 2026 Corporate Town Hall Presentation
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
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 ame nded (the “Securities Act”), and in Section 21E of the Securities Exchange Act of 1934, as amended, which are
Slide 3: Creating a Strong and Efficient Self-Storage Leader with Increased Scale
Creating a Strong and Efficient Self - Storage Leader with Increased Scale 3
Slide 4: Transaction brings together complementary portfolios to create a stronger operating platform
Transaction brings together complementary portfolios to create a stronger operating platform with greater reach across key markets 4 NSA has entered into a definitive agreement to be acquired by Public Storage in an all - stock transaction What We Announced
Slide 5: Strategic Combination and Structure and Consideration
• 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 establis
Slide 6: Category Leading Scale, Complementary Markets, Creative JV Structure
• 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 • Wholly - owned portfolio (46% of NSA assets) deepens exposure to Sunbelt and core markets • Imm
Slide 7: How We Got Here
How We Got Here 7 NOW IS THE RIGHT TIME TO TAKE THE NEXT STEP FORWARD WITH PUBLIC STORAGE We’ve executed a meaningful transformation to become a leader in self - storage This took focus, resilience and sustained effort across the organization. Today, we are operating with STRENGTH thanks to YOUR har
Slide 8: Public Storage is the Right Partner for NSA's Future
Public Storage Brings SCALE. RESOURCES. GLOBAL EXPERTISE. Together, we will be a stronger company better positioned to serve our customers and communities Public Storage is the Right Partner for NSA’s Future 8 Shared Culture and Values • Public Storage and NSA value integrity, accountability and cus
Slide 9: Growing Sunbelt & Core Markets to Deepen Physical & Digital Presence
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 Increase Combined Company Public Storage +30% 4,596 3,533 Total Properties +27% 328 million 258 million Total Square Feet +15% 3,659
Slide 10: What This Means For You
Nothing is changing today. It is business as usual. Your roles and responsibilities remain the same Transaction is expected to close in the third quarter of 2026, subject to approvals NSA and Public Storage will continue to operate as separate, independent companies You should not expect changes to
Slide 11: Your Role
Your Role 11 Stay focused on delivering for our customers, providing the local care and commitment we’re known for Avoid speculation. Only share approved information Refrain from posting about the deal on any social media platforms or other public forums Follow our guidance to comply with SEC commun
Slide 12: Transaction Milestones
Transaction Milestones Transaction Announcement MARCH 16, 2026 File Definitive Proxy Statement Regulatory review process and approval Special Shareholder Meeting to vote Transaction Close Q3 2026 Shareholder and OP Unitholder Consent Solicitation Period Satisfaction of other customary closing condit
Slide 13: Q&A
Q&A
Slide 14: rk NSA
rk NSA STORAGE
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