FRISCO, TEXAS AND GREENWOOD VILLAGE, COLO. — Public Storage (NYSE: PSA) has entered into an agreement to acquire National Storage Affiliates (NYSE: NSA) in an all-stock transaction valued at approximately $10.5 billion.
Under the terms of the agreement, which is expected to close in the third quarter, NSA shareholders will receive 0.14 of a share of Public Storage common stock for each NSA share they own. The same arrangement applies to shareholders of operating partnership (OP) units of NSA. The price represents a total consideration of $41.68 per share based on Public Storage’s closing per-share price of $297.72 on March 13, 2026.
“Public Storage is the ideal strategic fit for our company given their best-in-class brand, operating platform and future growth profile, said David Cramer, CEO of NSA. “By joining PSA, we ensure that the entrepreneurial spirit of our regional partners is preserved within a global platform capable of driving unprecedented scale.”
Immediately prior to closing, Public Storage and limited partners in NSA’s OP will form a joint venture that will consist of 313 properties on NSA’s operating platform comprising 19.6 million rentable square feet across 28 states and Puerto Rico. The estimated value of this joint venture is approximately $3.3 billion.
Public Storage will also repay NSA’s existing bank debt and senior unsecured notes while assuming its existing mortgage debt. The owner-operator, which recently relocated its headquarters from California to North Texas, has also received $4 billion in debt financing commitments from various lenders, including Goldman Sachs and Wells Fargo.
As of Dec. 31, 2025, Public Storage owned and/or operated 3,533 self-storage facilities totaling roughly 258 million net rentable square feet across 40 states. The company’s stock price opened at $291.33 per share on Monday, March 16, down slightly from $298.93 per share a year ago.
Based in Greenwood Village, NSA currently has a portfolio that includes more than 1,000 properties totaling some 69 million net rentable square feet, and 550,000 units across 37 states and Puerto Rico. The company’s brands include iStorage, SecurCare Self Storage, Move It Storage, Northwest Self Storage and Right Space Storage, among others. The stock price of NSA debuted at $40.20 per share this morning, also relatively unchanged from its mark of $36.68 per share on March 17, 2025.
- Taylor Williams