Public Storage will acquire National Storage Affiliates in an all-stock transaction valued at an enterprise value of approximately $10.5 billion. NSA’s portfolio includes more than 1,000 properties, 69 million rentable square feet, and 550,000 units across 37 states and Puerto Rico. The combined company is expected to have a pro forma equity market capitalization of approximately $57 billion and total enterprise value of approximately $77 billion.
Under the terms of the agreement, holders of NSA common shares and operating partnership (OP) 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 March 13. Both companies’ boards of trustees have unanimously approved the transaction, which is expected to close in third quarter 2026, subject to the approval of NSA equity holders, and satisfaction of other customary closing con
