Public Storage and limited partners in National Storage Affiliates’ operating partnership plan to form a joint venture of 313 self-storage properties valued at about USD 3.3 billion. The venture is expected to hold 19.6 million rentable square feet across 28 states and Puerto Rico. Operating partnership unitholders are expected to own about 80% of the joint venture at inception, with $Public Storage(PSA-N)$ holding the remaining interest. The joint venture is expected to be financed with about USD 2.2 billion of property-level secured debt, including a mezzanine loan investment from Public Storage of about USD 240 million. Public Storage is expected to exclusively manage the joint venture portfolio.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Public Storage published the original content used to generate this news brief via Business Wire (Ref. ID: 20260316066217) on March 16, 2026, and is solely responsible for the information contained therein.