Public Storage (NYSE: PSA) has entered into a definitive agreement to acquire National Storage Affiliates (NYSE: NSA) in an all‑stock transaction valued at an enterprise value of approximately $10.5 billion. The deal will be executed at a 0.14‑share exchange ratio, valuing each NSA share at $41.68 based on PSA’s closing price on March 13, 2026.
Under the terms of the agreement, PSA will assume NSA’s existing mortgage debt and preferred shares while repaying NSA’s bank debt and unsecured notes. The transaction will add more than 1,000 properties, 69 million rentable square feet, and 550,000 units across 37 states and Puerto Rico to PSA’s portfolio. PSA and NSA’s operating partnership unitholders will form a joint venture comprising 313 properties, representing nearly 20 million rentable square feet in 28 states and Puerto Rico. NSA operating partnership units will retain an 80% ownership stake in the joint venture, while PSA will hold the remaining 20% and will manage the portfolio and provide related management services.
The acquisition is expected to be accretive to PSA’s funds from operations per share in the first year and to deliver further earnings growth over the next three to four years through run‑rate synergies of $110 million to $130 million. PSA’s higher same‑store direct operating margin of 78% versus NSA’s 69% is attributed to PSA’s industry‑leading revenue and expense management capabilities, which management believes will lift NSA’s portfolio performance once the PS Next operating model is applied.
Strategically, the deal expands PSA’s presence in high‑growth Sun Belt markets, strengthens its digital‑first platform, and positions the combined entity as the largest self‑storage operator in the United States. The transaction also aligns with PSA’s PS 4.0 vision, which focuses on accelerated per‑share earnings and cash‑flow growth. The merger will create a dominant player that combines the largest and fourth‑largest self‑storage companies by market capitalization, with competitors such as Extra Space Storage and CubeSmart remaining as the second and third largest operators.
Tom Boyle, incoming CEO of Public Storage, said, “With the launch of the PS 4.0 strategic vision focused on accelerated per‑share earnings and cash‑flow growth, this 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.” He added, “By applying our PS Next operating model to NSA’s portfolio, we see meaningful opportunity to enhance the customer experience, drive financial upside, and create significant value for shareholders over the near and long term as our industry emerges from the bottom of the self‑storage operating cycle. We look forward to welcoming NSA’s team and customers to our industry‑leading platform.” David Cramer, CEO of National Storage Affiliates, commented, “This outcome reflects the incredible transformation we have undertaken over the past few years to refocus our portfolio, enhance operations, and drive growth. This transaction with Public Storage follows a thorough process overseen by our Board of Trustees and will deliver a meaningful premium to NSA investors and enable… Public Storage is the ideal strategic fit for our company given their best‑in‑class brand, operating platform and future growth profile. By joining PSA, we ensure that the entrepreneurial spirit of our regional partners is preserved within a global platform capable of driving unprecedented scale.”
Public Storage has secured committed financing of $4.0 billion from Goldman Sachs and Wells Fargo to support the transaction. The deal is expected to close in the third quarter of 2026. NSA shareholders will receive a premium of $41.68 per share, reflecting a significant premium over the pre‑announcement price, while PSA investors are awaiting integration details and the realization of projected synergies.
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