Public Storage Acquisition of National Storage Affiliates Trust

United States

Deal value: $10,500,000,000

Public Storage closed its all-stock acquisition of National Storage Affiliates Trust on July 22, 2026, uniting the two largest publicly traded self-storage operators in the United States. The deal was announced March 16, 2026 and structured as an exchange of 0.14 Public Storage shares for each NSA share.

Consolidation of the publicly traded self-storage sector, adding scale in Sun Belt markets where NSA was concentrated.