Public Storage Acquires National Storage Affiliates Trust in a $10.5 Billion Stock Deal

Public Storage (PSA) entered a merger agreement on March 16, 2026, to acquire National Storage Affiliates Trust (NSA) in an all-stock deal valued at $10.5 billion.

Deal Structure:

Holders of National Storage common shares and operating partnership (OP) units will receive 0.14 of a share of Public Storage common stock or partnership units, representing a total consideration of $41.68 per share, representing a premium of 34.71% from the stock’s last close.

Company Profile:

National Storage Affiliates Trust is a U.S. real estate investment trust that owns, operates, and acquires self-storage properties, mainly in the top 100 metropolitan areas in the United States. It operates over 1,000 storage facilities totaling about 69 million rentable square feet across 37 states and Puerto Rico.

Public Storage is a U.S. real estate investment trust that owns, develops, and operates self-storage facilities. It operates more than 3,500 storage properties across the United States and holds a 35% stake in Shurgard Self Storage Limited, which runs storage facilities across Western Europe.

Deal Details and Timeline:

The deal is expected to close in the third quarter of 2026.

Right before the deal closes, Public Storage and some limited partners from National Storage’s OP will create a joint venture. This joint venture will include 313 storage properties from National Storage’s platform.

These properties total 19.6 million rentable square feet and are located across 28 U.S. states and Puerto Rico. The properties are estimated to be worth about $3.3 billion.

At the start, the OP unitholders will own about 80% of the joint venture, while Public Storage will own the remaining 20%. The joint venture will take on about $2.2 billion in secured debt tied to the properties. This includes a mezzanine loan of about $240 million provided by Public Storage. Overall, the joint venture will operate with about 70% leverage.

Public Storage will manage the properties in the joint venture. In return, it will earn typical fees such as property management fees, asset management fees, and income from tenant reinsurance services.

Public Storage will repay National Storage’s existing bank loans and senior unsecured notes. At the same time, Public Storage will take over National Storage’s existing mortgage debt, along with its Series A, Series B, and Series A-1 preferred shares and units.

To help fund the deal, Public Storage has secured $4 billion in committed financing from Goldman Sachs and Wells Fargo. The financing package includes a $2 billion corporate bridge loan and a $2 billion joint venture bridge loan.

National Storage was advised by Morgan Stanley as its financial advisor and Clifford Chance US as its legal advisor for the deal. Public Storage received financial advice from Goldman Sachs, Wells Fargo, and Eastdil Secured, while Wachtell, Lipton, Rosen & Katz served as its legal advisor.

Public Storage’s acquisition cost equates to 16.5 times the adjusted funds from operations (AFFO) for National Storage.

Deal Metrics:

To delve into more details regarding this M&A transaction, please visit the Deal Metrics page here:
Deal Metrics for the acquisition of National Storage Affiliates Trust (NSA) by Public Storage (PSA)

The Deal Metrics page includes:

– A spread history chart of the merger from announcement through eventual completion or failure.
– Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
– News and SEC filings.
– A history of deal updates.
– And much more.

Disclaimer: Please conduct your own due diligence before buying or selling any securities mentioned in this article. We do not guarantee the completeness or accuracy of the content or data provided in this article.

Editor’s Note: Baranjot Kaur contributed to this article