(Il Sole 24 Ore Radiocor) - Milano, 16 mar - Public Storage, a US owner and operator of self storage facilities, said that it has reached an agreement to buy National Storage Affiliates (NSA) in an all-stock transaction valued at an enterprise value of approximately 10.5 billion dollars.

NSA's portfolio includes more than 1,000 properties, 69 million rentable square feet and 550,000 units across 37 US states and Puerto Rico.

The combined company is expected to have a pro forma equity market capitalization of approximately 57 billion dollars and total enterprise value of approximately 77 billion, it added.

Under the terms of the agreement, holders of NSA common shares and operating partnership (OP) units will receive 0.14 of a share of Public Storage common stock or partnership units for each share or unit owned, representing a total consideration of 41.68 dollars per share based on Public Storage's closing share price on March 13.

Immediately prior to closing, Public Storage and limited partners in NSA's OP will form a joint venture consisting of 313 properties on NSA's operating platform comprising 19.6 million rentable square feet across 28 states and Puerto Rico with an estimated value of approximately 3.3 billion dollars.

OP unitholders are expected to own approximately 80% of the joint venture at inception, with PSA holding the remaining.

interest.

(RADIOCOR) 16-03-26 13:48:39 (0342) 5 NNNN