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Public Storage Acquires National Storage Affiliates for $10.5B → 27% Premium, $0.35-0.50 FFO Accretive

Public Storage announced the acquisition of National Storage Affiliates for approximately $10.5 billion at a 27% premium to the target's unaffected share price, significantly expanding the company's self-storage portfolio across new markets. Management expects the deal to be $0.35-0.50 accretive to funds from operations per share in the first full year following close. Risks include integration complexity of the large transaction, potential cap rate expansion in the self-storage REIT sector, and regulatory review of the significant market consolidation.

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