WS Investor
16 Mar 2026, 16:06
Public Storage said it has agreed to acquire National Storage Affiliates in an all-stock transaction valued at about $10.5 billion in enterprise value, significantly expanding its presence in the U.S. self-storage market.
Under the terms of the deal, National Storage Affiliates shareholders will receive 0.14 shares of Public Storage stock for each NSA share, implying a price of $41.68 per share based on Public Storage’s March 13 closing price. The transaction has been unanimously approved by both companies’ boards and is expected to close in the third quarter of 2026, subject to shareholder approval and customary conditions.
The acquisition will add more than 1,000 properties, 69 million rentable square feet, and around 550,000 storage units across 37 states and Puerto Rico. Following completion, the combined company is expected to have a pro forma equity market capitalization of about $57 billion and enterprise value of roughly $77 billion.
As part of the transaction structure, Public Storage and National Storage Affiliates operating partnership unitholders will form a joint venture holding 313 properties valued at approximately $3.3 billion, with NSA unitholders owning about 80% and Public Storage holding the remaining stake. The deal is expected to generate roughly $110–$130 million in annual synergies within three to four years and be accretive to funds from operations per share within the first year after closing.
Under the terms of the deal, National Storage Affiliates shareholders will receive 0.14 shares of Public Storage stock for each NSA share, implying a price of $41.68 per share based on Public Storage’s March 13 closing price. The transaction has been unanimously approved by both companies’ boards and is expected to close in the third quarter of 2026, subject to shareholder approval and customary conditions.
The acquisition will add more than 1,000 properties, 69 million rentable square feet, and around 550,000 storage units across 37 states and Puerto Rico. Following completion, the combined company is expected to have a pro forma equity market capitalization of about $57 billion and enterprise value of roughly $77 billion.
As part of the transaction structure, Public Storage and National Storage Affiliates operating partnership unitholders will form a joint venture holding 313 properties valued at approximately $3.3 billion, with NSA unitholders owning about 80% and Public Storage holding the remaining stake. The deal is expected to generate roughly $110–$130 million in annual synergies within three to four years and be accretive to funds from operations per share within the first year after closing.
