National Storage Affiliates (NSA), a Greenwood Village-based self-storage company, has agreed to an all-stock deal to be bought by Maryland-based Public Storage, a 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 a 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, 2026. Both companies’ Boards of Trustees have unanimously approved the transaction, which is expected to close in the third quarter of 2026, subject to the approval of NSA equity holders, and satisfaction of other customary closing conditions.
Immediately prior to closing, Public Storage and limited partners in NSA’s OP will form a joint venture (the “JV”) consisting of 313 properties on NSA’s operating platform comprising 19.6 million rentable square feet across 28 states and Puerto Rico with an estimated value of approximately $3.3 billion. OP unitholders are expected to own approximately 80% of the JV at inception, with PSA holding the remaining interest. The joint venture is expected to be capitalized with $2.2 billion of property-level secured debt, including a mezzanine loan investment from PSA of approximately $240 million, and operate at approximately 70% leverage. Public Storage will exclusively manage the joint venture portfolio and will earn customary property management, asset management and tenant reinsurance income.
PSA will repay NSA’s existing bank debt and senior unsecured notes while assuming its existing mortgage debt and Series A, B and A-1 preferred shares and units. Public Storage has arranged committed financing of $4.0 billion, to be provided by Goldman Sachs Bank USA and Wells Fargo Bank, National Association, comprised of a $2.0 billion corporate bridge loan and a $2.0 billion joint venture off-balance sheet bridge loan, which will become permanent secured mortgage financing.
“This outcome reflects the incredible transformation we have undertaken over the past few years to refocus our portfolio, enhance operations, and drive growth,” said David Cramer, CEO of National Storage Affiliates. “This transaction with Public Storage follows a thorough process overseen by our Board of Trustees and will deliver a meaningful premium to NSA investors and enable our shareholders and OP unitholders to participate in the significant value creation upside of this combination. Public Storage is the ideal strategic fit for our company given their best-in-class brand, operating platform, and future growth profile. We could not be more excited to partner with the Public Storage team to take our platform to the next level. This combination is a testament to the visionary leadership of Arlen Nordhagen and the entire NSA leadership team, who pioneered the Participating Regional Operator (PRO) model to build a national platform through local expertise. By joining PSA, we ensure that the entrepreneurial spirit of our regional partners is preserved within a global platform capable of driving unprecedented scale. Together, we will provide our investors a highly compelling opportunity to participate in the growth and outperformance we expect to realize together.”
“With the launch of the PS4.0 strategic vision focused on accelerated per share earnings and cash flow growth, this transaction will enable us to strategically and accretively expand our platform with assets that are highly complementary with our portfolio, deepen our significant market presence, and enhance our long-term per share growth profile,” said Tom Boyle, incoming CEO of Public Storage. “By applying our PS Next operating model to NSA’s portfolio, we see meaningful opportunity to enhance the customer experience, drive financial upside, and create significant value for shareholders over the near and long term as our industry emerges from the bottom of the self-storage operating cycle. We look forward to welcoming NSA’s team and customers to our industry-leading platform.”
