National Storage Affiliates to be Acquired by Public Storage in $10.5 Billion All-Stock Deal

summarizeSummary

National Storage Affiliates Trust will be acquired by Public Storage in an all-stock transaction valued at $10.5 billion, offering NSA shareholders a premium and participation in a larger, more diversified self-storage REIT.

check_boxKey Events

• Acquisition Agreement

  Public Storage will acquire National Storage Affiliates Trust in an all-stock transaction, with the deal expected to close in Q3 2026, subject to NSA equity holder approval.

• Transaction Value

  The acquisition is valued at an enterprise value of approximately $10.5 billion.

• Shareholder Consideration

  NSA shareholders will receive 0.14 shares of Public Storage common stock or partnership units for each NSA share or unit, implying an offer price of $41.68 per share based on Public Storage's closing price on March 13, 2026.

• Strategic Joint Venture Formed

  A new joint venture will be formed immediately prior to closing, comprising 313 NSA properties. NSA OP unitholders will own approximately 80% of this JV, with Public Storage holding the remaining 20%.

auto_awesomeAnalysis

National Storage Affiliates Trust has entered into a definitive agreement to be acquired by Public Storage in an all-stock transaction valued at approximately $10.5 billion. This represents a significant premium for NSA shareholders, who will receive 0.14 shares of Public Storage common stock for each NSA share, implying a value of $41.68 per share. The deal, which includes the formation of a new joint venture for a portion of NSA's properties, is expected to generate substantial synergies and be accretive to FFO per share for the combined entity. This acquisition provides a strong strategic exit for NSA shareholders, especially following recent declines in net income and FFO per share, and positions them to benefit from Public Storage's larger scale and operational efficiencies.