BY Fraser Tennant
In a move that creates a massive self-storage entity, self-storage company Public Storage (PSA) is to acquire its smaller rival National Storage Affiliates (NSA) in an all-stock transaction valued at approximately $10.5bn.
Under the terms of the agreement, holders of NSA common shares and operating partnership units will receive 0.14 of a share of PSA common stock or partnership units for each NSA share or unit they own, representing a total consideration of $41.68 per share based on PSA’s closing share price on 13 March 2026.
The acquisition of NSA is fuelled by PS Next, PSA’s next-generation operating model, and aided by the combination of PSA’s scaled omnichannel digital-first platform, advanced data science and exceptional talent to improve the financial profile of NSA’s assets.
The combined company is expected to have a pro forma equity market capitalisation of approximately $57bn and total enterprise value of approximately $77bn.
“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,” said Tom Boyle, incoming chief executive of PSA. “We look forward to welcoming NSA’s team and customers to our industry-leading platform.”
A real estate investment trust headquartered in Greenwood Village, Colorado, NSA is one of the largest owners and operators of self-storage properties among public and private companies in the US. Its portfolio includes more than 1000 properties, 69 million rentable square feet, and 550,000 units across 37 states and Puerto Rico.
“This outcome reflects the incredible transformation we have undertaken over the past few years to refocus our portfolio, enhance operations and drive growth,” said David Cramer, chief executive of NSA. “This transaction with PSA follows a thorough process overseen by our board of trustees and will deliver a meaningful premium to NSA investors and enable our shareholders and operating partnership unitholders to participate in the significant value creation upside of this combination.”
Both companies’ boards of trustees have unanimously approved the transaction, which is expected to close in the third quarter of 2026, subject to the approval of NSA equity holders and satisfaction of other customary closing conditions.
Mr Boyle concluded: “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.”
News: Public Storage to buy National Storage Affiliates in $10.5 billion deal