16 March 2026
DLA Piper acts as Public Storage’s real estate financing counsel in US$10.5 billion acquisition of National Storage Affiliates
DLA Piper acted as real estate financing counsel to Public Storage as part of its announced agreement to acquire National Storage Affiliates (NSA) in an its all-stock transaction valued at US$10.5 billion.
NSA’s portfolio includes more than 1,000 properties, 69 million rentable square feet, and 550,000 units across the United States. The combined company is expected to have a pro forma equity market capitalization of approximately US$57 billion and total enterprise value of approximately US$77 billion.
The DLA Piper deal team is led by Partners Amy Carbins (Washington, DC) and Viktor Sapezhnikov (New York).
With more than 1,000 corporate lawyers globally, DLA Piper helps clients execute complex transactions seamlessly while supporting clients across all stages of development. The firm has been rated number one in global M&A volume for 16 consecutive years by Mergermarket and ranked number one in VC, PE, and M&A in combined global deal volume by PitchBook.
With more than 200 lawyers in our real estate sector in the US and 500 globally, DLA Piper's market-leading practice offers a full range of real estate services, including acquisitions and sales, single asset, programmatic and operating company joint ventures, real estate fund formation, public and private REITs, financing, zoning and development, construction and design, leasing and restructuring, and workouts. The firm executes hundreds of transactions every year, ranging from billion-dollar-plus transactions to acquisition, financing, joint venture formation, leasing and sale of individual properties.
NSA’s portfolio includes more than 1,000 properties, 69 million rentable square feet, and 550,000 units across the United States. The combined company is expected to have a pro forma equity market capitalization of approximately US$57 billion and total enterprise value of approximately US$77 billion.
The DLA Piper deal team is led by Partners Amy Carbins (Washington, DC) and Viktor Sapezhnikov (New York).
With more than 1,000 corporate lawyers globally, DLA Piper helps clients execute complex transactions seamlessly while supporting clients across all stages of development. The firm has been rated number one in global M&A volume for 16 consecutive years by Mergermarket and ranked number one in VC, PE, and M&A in combined global deal volume by PitchBook.
With more than 200 lawyers in our real estate sector in the US and 500 globally, DLA Piper's market-leading practice offers a full range of real estate services, including acquisitions and sales, single asset, programmatic and operating company joint ventures, real estate fund formation, public and private REITs, financing, zoning and development, construction and design, leasing and restructuring, and workouts. The firm executes hundreds of transactions every year, ranging from billion-dollar-plus transactions to acquisition, financing, joint venture formation, leasing and sale of individual properties.