Self Storage Leaders Announce $10.5B Merger

Self Storage giants Public Storage and National Storage Affiliates merge in $10.5B deal, expanding the self storage footprint nationwide.

March 17, 2026

Jordan B.

Public Storage to acquire National Storage Affiliates in a $10.5B all-stock deal.
The combined company will control over 1,000 self storage properties and 69M rentable SF.
Expected pro forma equity market cap of $57B and enterprise value of $77B post-merger.
Transaction expected to close in Q3 2026, pending approvals.

Key Takeaways

Deal Details and Structure

Public Storage will acquire National Storage Affiliates (NSA) in a $10.5B all-stock transaction, according to IREI. The deal values NSA at $41.68 per share based on the recent closing price. NSA shareholders and operating partnership unitholders will receive 0.14 Public Storage shares for each NSA share. Both companies’ boards unanimously approved the merger. The companies expect to close the transaction in the third quarter of 2026. However, the deal still requires NSA shareholder and regulatory approvals.

Portfolio Expansion and Joint Venture Plans

The merger will combine Public Storage and NSA’s self storage portfolios into a nationwide platform. Together, the companies will control more than 1,000 properties and 69M rentable SF. The portfolio spans 37 states and Puerto Rico.

Before closing, the companies will also create a joint venture. The venture will include 313 properties totaling about 19.6M rentable SF. NSA partners will hold an 80% ownership stake, while Public Storage will hold the remaining 20%.

Public Storage will manage the venture and collect management fees tied to operations. The venture will carry $2.2B in secured debt at launch. This financing includes a $240M mezzanine loan provided by Public Storage. Overall leverage for the venture will sit near 70%.

Financing and Integration Strategy

Public Storage has secured $4.0B in committed financing from Goldman Sachs Bank USA and Wells Fargo Bank. The package includes a $2.0B corporate bridge loan and a $2.0B property-level loan. Public Storage will later replace the property loan with permanent mortgage financing.

Public Storage will also assume NSA’s existing mortgage debt and preferred shares. At the same time, it will repay NSA’s bank debt and senior unsecured notes. The integration comes as the self storage sector shows early signs of stabilization after a period of softer rents and rising supply.

The company will roll out its PS Next operating model across the NSA portfolio. The strategy aims to improve operations and increase long-term shareholder value.