Frisco-Based Public Storage Agrees to $10.5 Billion Deal to Acquire National Storage Affiliates

Public Storage wasted little time making its presence felt in North Texas. Less than a month after announcing it was moving its corporate headquarters from Glendale, California to Frisco, the self-storage giant agreed March 16 to acquire Greenwood Village, Colorado-based National Storage Affiliates Trust in an all-stock transaction valued at roughly $10.5 billion.

Under the deal's terms, holders of NSA common shares and operating partnership units will receive 0.14 of a Public Storage share or partnership unit for each NSA share or unit they hold, translating to $41.68 per share based on Public Storage's closing price of $297.72 on March 13, 2026. Both companies' boards of trustees unanimously approved the transaction, which is expected to close in the third quarter of 2026, pending approval from NSA equity holders and satisfaction of other customary closing conditions.

The acquisition brings a substantial portfolio under the Public Storage umbrella. NSA currently operates more than 1,000 properties spanning 69 million rentable square feet and 550,000 units across 37 states and Puerto Rico. After closing, Public Storage will wholly own 488 of those NSA properties. Separately, immediately prior to closing, Public Storage and limited partners in NSA's operating partnership will form a joint venture consisting of 313 properties comprising 19.6 million rentable square feet across 28 states and Puerto Rico, with an estimated value of approximately $3.3 billion.

The combined company is projected to hold almost 4,600 properties, with more than 3,600 wholly owned and a total footprint of 328 million square feet, representing a 30% increase in property count and a 27% increase in square footage. About 38% of that combined footprint will sit in Sun Belt markets.

To finance the transaction, Public Storage has secured $4 billion in debt financing commitments from lenders including Goldman Sachs and Wells Fargo. The company will also repay NSA's existing bank debt and senior unsecured notes while assuming NSA's existing mortgage debt. The combined entity is expected to carry a pro forma equity market capitalization of around $57 billion and a total enterprise value of around $77 billion.

"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.

David Cramer, CEO of National Storage Affiliates, framed the deal as a natural fit. "Public Storage is the ideal strategic fit for our company given their best-in-class brand, operating platform and future growth profile," Cramer said. "By joining PSA, we ensure that the entrepreneurial spirit of our regional partners is preserved within a global platform capable of driving unprecedented scale."

The acquisition arrives as Public Storage is reshaping itself more broadly. Alongside last month's headquarters announcement, the company said it was appointing a new CEO and other executives and unveiled a strategic initiative it called "PS4.0," a reference to four generations of leadership since the company's 1972 founding. The deal now positions Frisco as the home base for what would become one of the largest real estate investment trusts in the country.