Public Storage to Acquire National Storage Affiliates in $10.5B All-Stock Deal
Public Storage will acquire National Storage Affiliates in an all-stock deal worth $10.5 billion, issuing 0.14 shares per NSA share. The combined portfolio spans 1,000+ properties, 69 million rentable square feet and 550,000 units, creating a pro forma equity value near $57 billion.
1. Deal Terms and Valuation
Public Storage will purchase National Storage Affiliates in an all-stock transaction valuing the deal at approximately $10.5 billion. NSA unitholders will receive 0.14 Public Storage shares for each NSA share, representing a significant premium on recent NSA trading levels.
2. Combined Assets and Market Impact
The merger creates a combined portfolio of over 1,000 facilities offering 69 million rentable square feet and 550,000 storage units across 37 states and Puerto Rico. Pro forma figures position the combined company with an equity market capitalization near $57 billion and an enterprise value approaching $77 billion.
3. Joint Venture Structure and Financing
Operations will include a joint venture of 313 properties, with NSA unitholders holding 80% and Public Storage 20%, while Public Storage manages the portfolio. The company will assume NSA’s mortgage debt and preferred shares, repay existing bank loans and unsecured notes, and has secured $4 billion in bridge financing from Goldman Sachs and Wells Fargo.
4. Strategic Rationale and Timeline
Management expects the acquisition to deepen market presence in high-growth regions, accelerate digital platform adoption and yield operational efficiencies. The deal is projected to be accretive to funds from operations in year one, with closing targeted for the third quarter of 2026.