Clifford Chance advises National Storage Affiliates in its agreement to be acquired by Public Storage

March 16, 2026

• Chang-Do Gong, Robert Chung , Andrew Epstein, Jay Bernstein , Jeanne Roig-Irwin, Tae Ho Cho (He/Him), Zoya Afridi, Jed Tifft (He/Him), Paul Lakkis, Marina Livingston, Edward Vaunder, Vicki Ye, , Felicia Siegel, Tanecia Vasquez Britt, Michael Seaton, Sharon Yu, Reuven Falik, Meghan E. Fox, David Walsh, Emma Himes (She/Her), Gary Brooks, Brian Concklin, Lauren Rackow
• New York

Clifford Chance advises National Storage Affiliates in its agreement to be acquired by Public Storage

Global law firm Clifford Chance has advised National Storage Affiliates (NYSE: NSA) in its agreement to be acquired by Public Storage (NYSE: PSA), in an all-stock transaction valued at an enterprise value of approximately US$10.5 billion.

Under the terms of the agreement, holders of NSA common shares and operating partnership units will receive 0.14 of a share of PSA common stock or partnership unit for each NSA share or unit they own, representing a total consideration of US$41.68 per share based on PSA’s closing share price on March 13, 2026.

The transaction was led by M&A partners Chang-Do Gong and Robert Chung; Capital Markets partner Andrew Epstein and senior counsel Jay Bernstein; and Real Estate partner Jeanne Roig-Irwin. They were supported by counsel Tae Ho Cho, associates Zoya Afridi, Jed Tifft and Paul Lakkis and law clerk Cormac O’Halloran on capital markets matters, and associates Marina Livingston, Ed Vaunder, and Vicki Ye, and foreign lawyer Ariel Cohen, and law clerk Danielle Mimeles on M&A matters. The wider team included:

• Real estate: associates Felicia Siegel and Tanecia Britt
• Tax: partner Michael Seaton, associate Sharon Yu
• Employment and benefits: partner Reuven Falik, counsel Meghan Fox, associates David Walsh and Emma Himes
• Debt capital market: partner Gary Brooks
• Antitrust: Partner Brian Concklin, counsel Lauren Rackow.