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: Merger Presentation March 16, 2026
1 Merger Presentation March 16, 2026
Slide 2: Transaction Summary
2 Transaction Summary Structure and Consideration Financial Summary Expected Closing ▪ 100% stock acquisition of NSA (NYSE: NSA) by Public Storage (NYSE: PSA) ▪ 0.14 PSA shares issued per NSA share implying a price of $41.68 ▪ Pro forma ownership: ~92% PSA / ~8% NSA ▪ ~$10.5B transaction value, incl
Slide 3: Strategic Rationale – A Win-Win for all stakeholders
3 Strategic Rationale – A Win - Win for all stakeholders Source: Company filings • Wholly - owned portfolio (46% of NSA assets) deepens exposure to Sunbelt and core markets • Immediate integration into best - in - class PS Next operating platform • Majority Gen 1 single - story properties = strong a
Slide 4: Creating a Leading Owned Storage Platform
4 Creating a Leading Owned Storage Platform Source: Company filings 1. Includes wholly - owned, unconsolidated joint ventures and managed stores. 2. Same - store performance based on the trailing twelve months ended December 31, 2025. 3. Weighted average based on same - store net rentable square fee
Slide 5: Growing Sunbelt & Core Markets to Deepen Physical & Digital Presence
5 Growing Sunbelt & Core Markets to Deepen Physical & Digital Presence Property Presence Public Storage only National Storage Affiliates only Public Storage and National Storage Affiliates overlap Increase Combined Company Public Storage +30% 4,596 3,533 Total Properties +27% 328 million 258 million
Slide 6: Complementary Pro Forma Portfolio Composition
6 Complementary Pro Forma Portfolio Composition Source: Company filings Wholly - Owned Growth Markets 100% Interest - (~46% NRSF of portfolio) New High Cash Flow Assets JV 20% Interest - (~28% NRSF of portfolio) Existing Joint Ventures 25% Interest - (~26% NRSF of portfolio) • Portland • Oklahoma Ci
Slide 7: PS4.0 Platform Advantages
7 $21 $20 $19 $19 $13 Same - Store RevPAF (2025) PS4.0 TM Platform Advantages Source: Company filings 1. For comparability purposes, measured versus reported two - year prior pools for peers from 2023 - 2025. Reflects quarterly average s. SmartStop excluded based on limitation of history as a public
Slide 8: Substantial Synergies and Per Share Growth Potential
8 Substantial Synergies and Per Share Growth Potential +$60 - $65M +$15 - $20M +$25 - $30M Industry - leading revenue generation, operating expense efficiency, and PS Next platform Revenue Tenant Reinsurance $110 - $130M Total Public Storage Synergies Year 3+ Run - Rate Synergies Enhanced tenant rei
Slide 9: Strong Track Record of Value Creation
9 Strong Track Record of Value Creation 72.6% 81.8% Pre-Acquisition Two-Year Operated eZ Storage 63.5% 73.1% Pre-Acquisition Two-Year Operated Simply Self Storage 50.9% 68.2% Pre-Acquisition Two-Year Operated All Storage 69.4% 78.2% National Storage Affiliates Public Storage Direct NOI Margin Compar
Slide 10: New Joint Venture Structure Creates Pro Forma Portfolio
10 New Joint Venture Structure Creates Pro Forma Portfolio Source: Company filings, company - provided diligence materials 1. Due to intra period dispositions and recharacterizations of pools, values may not match recorded FY2025 National Storage Affi lia tes results. 2. For reconciliation purposes,
Slide 11: Source & Uses
11 Source & Uses Source: Company filings 1. Includes National Storage Affiliates’ JV share of debt to be assumed by Public Storage. 2. Pro forma capitalization post - bridge financing. National Storage Affiliates Capitalization Transaction Funding 2 • Issuance of common shares and OP units to purcha
Slide 12: Strategic and Accretive Combination
12 Strategic and Accretive Combination x Combines two of the leading self - storage operators x Strategic accretion accelerates financial performance and external growth x Strengthens portfolio and balance sheet while expanding industry - leading platforms x PS4.0 powers it all: • Aligned, motivated
Slide 13: Important Information: Cautionary Statement Regarding Forward-Looking Statements
13 Important Information Cautionary Statement Regarding Forward - Looking Statements This communication contains “forward - looking statements” within the meaning of Section 27 A of the Securities Act of 1933 , as amended (the “Securities Act”), and in Section 21 E of the Securities Exchange Act of
Slide 14: Important Information: Participants in the Solicitation
14 Important Information Participants in the Solicitation NSA, Public Storage, their respective trustees and certain of their respective executive officers may be deemed to be partici pan ts in the solicitation of proxies from NSA’s shareholders in respect of the proposed transaction. Information ab
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