Public Storage announced the execution of a Merger Agreement dated March 16, 2026, to acquire National Storage Affiliates (NSA) in an all-stock transaction with an enterprise value of approximately $10.5 billion, issuing 0.14 shares of PSA common stock per NSA share or OP unit (implied $41.68 per share). The transaction includes forming a joint venture for 313 NSA properties and is expected to close in Q3 2026 subject to NSA equity holder approval and customary conditions.
Key takeaways
All-stock acquisition of NSA with $10.5 billion enterprise value
Exchange ratio of 0.14 PSA shares per NSA share/OP unit, implying $41.68 based on PSA closing price March 13, 2026
New joint venture of 313 NSA properties valued at $3.3 billion, with PSA owning 20% and NSA OP unitholders 80%
Public Storage to wholly-own 488 NSA properties focusing on Sun Belt and core markets
Committed financing of $4.0 billion from Goldman Sachs Bank USA and Wells Fargo Bank
Expected FFO per share accretion of $0.35-$0.50 upon full synergies in 3-4 years