Public Storage (NYSE: PSA) has announced its acquisition of National Storage Affiliates (NYSE: NSA) in an all-stock transaction valued at approximately $10.5 billion. The transaction is expected to provide immediate and long-term benefits for stakeholders of both companies.
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.
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.
Upon closing, a new joint venture consisting of 313 properties on NSA’s operating platform, with an estimated value of approximately $3.3 billion, will be owned 80% by NSA OP unitholders and 20% by PSA.
The acquisition is expected to be accretive to funds from operations (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.
Public Storage has arranged committed financing of $4.0 billion, to be provided by Goldman Sachs Bank USA and Wells Fargo Bank, National Association, to facilitate the transaction.
Tom Boyle, incoming CEO of Public Storage, stated that the transaction will enable the company to strategically and accretively expand its platform with assets that are highly complementary to its portfolio.
David Cramer, CEO of National Storage Affiliates, expressed excitement about the transaction, highlighting the significant premium it delivers to NSA investors and the value creation upside of the combination.
The strategic and financial rationale behind the acquisition includes enhanced scale and leading brand, expanded presence in high-growth geographies, complementary assets and markets, a new joint venture structure, accelerated growth and profitability, meaningful earnings growth, a fortress balance sheet, and positioning for future growth.
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.
Goldman Sachs & Co. LLC, Wells Fargo, and Eastdil Secured are serving as financial advisors to Public Storage, while Wachtell, Lipton, Rosen & Katz is serving as legal advisor.
Morgan Stanley & Co. LLC is acting as exclusive financial advisor to National Storage Affiliates Trust, with Clifford Chance US LLP serving as legal advisor.
Public Storage, a member of the S&P 500, primarily acquires, develops, owns, and operates self-storage facilities, with 3,533 self-storage facilities located in 40 states in the United States.
National Storage Affiliates Trust, headquartered in Greenwood Village, Colorado, focuses on the ownership, operation, and acquisition of self-storage properties predominantly located within the top 100 metropolitan statistical areas throughout the United States. As of December 31, 2025, the company held ownership interests in and operated 1,063 self-storage properties. As a result of these announcements, the company's shares have moved 0.29% on the market, and are now trading at a price of $293.89. For the full picture, make sure to review Public Storage's 8-K report.
