Public Storage Acquires National Storage Affiliates Trust

By Chris Stiles • Monday, March 16 11:36 • Permanent Link

Public Storage (PSA) has announced its acquisition of National Storage Affiliates (NSA) in an all-stock transaction valued at approximately $10.5 billion. NSA's portfolio includes over 1,000 properties, 69 million rentable square feet, and 550,000 units across 37 states and Puerto Rico. The combined company is expected to have a pro forma equity market capitalization of approximately $57 billion and a total enterprise value of approximately $77 billion.

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

Following the closing of the transaction, Public Storage will wholly-own 488 of the over 1,000 properties on the balance sheet, focusing on key Sun Belt and core markets.

The acquisition is expected to result in immediate and long-term benefits for stakeholders of both companies, including enhanced scale and leading brand, expanded presence in high-growth geographies, complementary assets and markets, a new joint venture, accelerated growth and profitability, meaningful earnings growth, a fortress balance sheet, and positioning for future growth.

Public Storage expects the transaction to be accretive to FFO per share within the first year of closing and approximately $0.35-$0.50 per share accretive upon the full realization of synergies in three to four years. The company anticipates generating approximately $110 to $130 million of run-rate synergies within the next three to four years from revenue enhancements, operating efficiencies, tenant reinsurance uplift, and G&A savings.

The acquisition of NSA reflects Public Storage's first value creation milestone since the recent debut of PS4.0, the strategic vision to capitalize on industry leadership in a landscape of meaningful growth opportunities in self-storage.

The transaction is expected to close in the third quarter of 2026, subject to the approval of NSA equity holders and satisfaction of other customary closing conditions. The market has reacted to these announcements by moving the company's shares 0.78% to a price of $33.80. Check out the company's full 8-K submission here.

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