Public Storage to acquire National Storage Affiliates in $10.5B stock deal, closing Q3 2026.

Public Storage has agreed to acquire National Storage Affiliates in a $10.5 billion all-stock deal, with NSA shareholders receiving 0.14 PSA shares per share, valued at $41.68 based on PSA’s March 13 closing price. The transaction, expected to close in the third quarter of 2026, creates a combined entity with a pro forma equity market cap of $57 billion and enterprise value of $77 billion. NSA’s portfolio includes over 1,000 properties across 37 states and Puerto Rico. A joint venture will hold 313 properties, with NSA OP unitholders owning 80%. Public Storage anticipates $110–130 million in annual synergies and expects the deal to be accretive to funds from operations per share by 35 to 50 cents. The deal is subject to regulatory approval and shareholder votes.