Public Storage agreed on 16 March to acquire National Storage Affiliates in an all-stock transaction valuing the self-storage landlord at an enterprise value of about $10.5bn.
Why Public Storage is buying National Storage Affiliates Trust
Public Storage said the deal deepens its presence in key Sun Belt and core US markets and is the first major step in its PS4.0 plan to accelerate per-share earnings growth. It intends to move NSA's customers onto its own brand and digital operating platform.
Deal terms and financing
NSA shareholders and operating-partnership unitholders receive 0.14 Public Storage shares or units for each NSA share or unit, worth $41.68 based on Public Storage's 13 March close. Public Storage wholly owns 488 of NSA's properties, while 313 properties worth about $3.3bn went into a joint venture roughly 80% owned by NSA's OP unitholders and managed by Public Storage. Public Storage repays NSA's bank debt and unsecured notes and assumes its mortgage debt and preferred securities.
Regulatory approvals and timing
The deal required approval by NSA equity holders and customary conditions. Public Storage completed the acquisition in July 2026, adding more than 1,000 properties and lifting its platform to more than 4,500 properties.
Market context
The combined company was expected to have a total enterprise value of about $77bn. Public Storage said after completion that it expects $110m to $130m of run-rate synergies over three to four years.
