02:00 PM EDT, 03/16/2026 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

PSA announced a definitive agreement to acquire National Storage Affiliates Trust (NSA) in an all-stock transaction valued at $10.5B today. PSA intends to issue $4B in debt at closing with a cap rate in the low-to-mid 5% range going in. We see this as an expensive acquisition based on NSA's lower occupancy rate and the premium PSA paid even assuming fundamentals improve. PSA is targeting $110M-$130M in synergies over three years, starting in late 2026 when the deal is expected to close. The bulk of these synergies come from closing NSA's 800-bp occupancy gap, with margins improving as well. While we agree the self-storage market is starting to turnaround, its important to note NSA's portfolio is overly exposed to Sun Belt markets that are likely to face further headwinds this year. We maintain our 2026 FFO at $16.99, as the deal is expected to be FFO neutral this year and raise 2027 by $0.40 to $18.02. We maintain our target price at $318 on a forward P/FFO of 18.7x our 2026 estimate.