Public Storage announced it has entered into an agreement to acquire National Storage Affiliates in an all-stock transaction valued at approximately $10.5 billion in enterprise value, combining two major U.S. self-storage operators and significantly expanding Public Storage’s national footprint.
The transaction will give Public Storage access to National Storage Affiliates’ portfolio of more than 1,000 self-storage properties totaling approximately 69 million rentable square feet and about 550,000 units across 37 states and Puerto Rico. Once completed, the combined company is expected to have a pro forma equity market capitalization of about $57 billion and a total enterprise value of roughly $77 billion.
Under the terms of the agreement, holders of National Storage Affiliates common shares and operating partnership units will receive 0.14 shares of Public Storage common stock or partnership units for each National Storage Affiliates share or unit owned. The exchange ratio represents an implied offer price of $41.68 per share based on Public Storage’s closing share price on March 13, 2026.
Both companies’ boards unanimously approved the transaction. The deal is expected to close in the third quarter of 2026, subject to approval by National Storage Affiliates equity holders and customary closing conditions.
As part of the transaction structure, Public Storage and certain National Storage Affiliates operating partnership unitholders will form a joint venture consisting of 313 properties spanning approximately 19.6 million rentable square feet across 28 states and Puerto Rico. The joint venture is estimated to be valued at about $3.3 billion, with operating partnership unitholders expected to hold roughly 80% at inception and Public Storage holding the remaining interest.
Public Storage will exclusively manage the joint venture portfolio and expects to earn property management, asset management and tenant reinsurance income from the venture. The company will also repay National Storage Affiliates’ existing bank debt and senior unsecured notes while assuming its mortgage debt and certain preferred shares and units.
To support the transaction, Public Storage has secured $4 billion in committed financing from Goldman Sachs Bank USA and Wells Fargo Bank, National Association, including a $2.0 billion corporate bridge loan and a $2.0 billion joint venture off-balance-sheet bridge loan expected to convert to permanent secured mortgage financing.
Public Storage expects the combination to generate approximately $110 million to $130 million in run-rate synergies within three to four years through revenue enhancements, operating efficiencies, tenant reinsurance improvements and general and administrative savings.
The company also expects the transaction to be accretive to funds from operations per share within the first year after closing and approximately $0.35 to $0.50 per share accretive once synergies are fully realized.
Support: Goldman Sachs, Wells Fargo, and Eastdil Secured are serving as financial advisors, Wachtell, Lipton, Rosen & Katz is serving as legal advisor, DLA Piper is serving as real estate financing counsel, and Kekst CNC is serving as strategic communications advisor to Public Storage. Morgan Stanley is acting as exclusive financial advisor, Clifford Chance US LLP is serving as legal advisor, and Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to National Storage Affiliates Trust.
KEY QUOTES:
“With the launch of the PS4.0 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. 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.”
Tom Boyle, incoming CEO of Public Storage
“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 our shareholders and OP unitholders to participate in the significant value creation upside of this combination. Public Storage is the ideal strategic fit for our company given their best-in-class brand, operating platform, and future growth profile. We could not be more excited to partner with the Public Storage team to take our platform to the next level. This combination is a testament to the visionary leadership of Arlen Nordhagen and the entire NSA leadership team, who pioneered the Participating Regional Operator (PRO) model to build a national platform through local expertise. By joining PSA, we ensure that the entrepreneurial spirit of our regional partners is preserved within a global platform capable of driving unprecedented scale. Together, we will provide our investors a highly compelling opportunity to participate in the growth and outperformance we expect to realize together.”
David Cramer, CEO of National Storage Affiliates
