Public Storage to Create $77B Industry Giant via $10.5B Acquisition of National Storage Affiliates

Public Storage (PSA) has entered an all-stock agreement to acquire National Storage Affiliates Trust (NSA) for $10.5 billion, creating a $77B self-storage giant.

By: AXL Media

Published: Mar 17, 2026, 9:28 AM EDT

Source: Bisnow

Transaction Structure and Financial Terms

The deal is structured as an all-stock exchange, emphasizing long-term value for shareholders of both REITs.

Exchange Ratio: NSA common shareholders and operating partnership unitholders will receive 0.14 shares of Public Storage common stock for each share or unit owned.

Implied Offer Price: Based on Public Storage’s closing price as of March 13, 2026, the offer values NSA at $41.68 per share, representing a significant premium over NSA's Friday closing price of $30.94.

Financing: Goldman Sachs and Wells Fargo have committed $4 billion in bridge financing to support the merger and the formation of a secondary joint venture.

Portfolio Expansion and Joint Venture Strategy