Public Storage (NYSE: PSA) announced a $10.5 billion all‑stock acquisition of National Storage Affiliates Trust (NYSE: NSA). The deal will combine more than 1,000 self‑storage properties, 69 million rentable square feet, and 550,000 units across 37 states and Puerto Rico, creating a combined company with a pro‑forma equity market capitalization of roughly $57 billion and an enterprise value near $77 billion.
Under the terms, NSA shareholders will receive 0.14 PSA shares for each NSA share, which translates to an implied purchase price of $41.68 per NSA share based on PSA’s March 13, 2026 closing price of $297.72. The transaction is valued at an enterprise value of approximately $10.5 billion, consistent with market estimates.
The acquisition includes a joint‑venture portfolio of 313 properties, representing 19.6 million rentable square feet and an estimated value of $3.3 billion. NSA’s operating‑partnership unitholders will hold an 80% stake in the joint venture, while PSA will manage the portfolio and receive related management fees.
Strategically, the deal expands PSA’s presence in high‑growth Sun Belt markets and strengthens its digital‑first platform. PSA expects run‑rate synergies of $110 million to $130 million within three to four years, and the transaction is projected to be accretive to PSA’s funds‑from‑operations per share within the first year, with additional accretion of $0.35 to $0.50 per share once synergies are fully realized.
Management highlighted the complementary nature of the two companies. Incoming PSA CEO Tom Boyle said the transaction “will enable us to strategically and accretively expand our platform with assets that are highly complementary with our portfolio, deepen our significant market presence, and enhance our long‑term per‑share growth profile.” NSA CEO David Cramer noted the deal “provides a meaningful premium to NSA investors and preserves the entrepreneurial spirit of our regional partners within a global platform.”
The transaction is financed with $4.0 billion of committed debt from Goldman Sachs and Wells Fargo, and PSA’s same‑store direct operating margin of 78% is expected to lift NSA’s 69% margin through operational efficiencies and scale. The combined entity will benefit from PSA’s industry‑leading revenue and expense management capabilities and its PS Next operating model, which are projected to drive organic growth and profitability across the portfolio.
The deal is expected to close in the third quarter of 2026, subject to customary regulatory approvals and shareholder consent. The transaction represents a significant consolidation move in the self‑storage industry, positioning PSA as the largest operator and reinforcing its competitive advantage in a market that is experiencing modest demand headwinds but strong growth potential in Sun Belt regions.
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