Trending Now - Public Storage Agrees to $10.5 Billion Acquisition Deal

WHO:

Public Storage, a self-storage company based in Glendale, California

National Storage Affiliates, based in Greenwood Village, Colorado

Extra Space Storage and CubeSmart, the next two largest self-storage companies in the U.S.

WHAT:

Public Storage is acquiring National Storage Affiliates in an all-stock deal worth about $10.5 billion

The deal will create a company with 327 million square feet of storage across nearly 4,600 locations in the U.S.

Investors holding National Storage common stock will receive 0.14 of a share of Public Storage for each National Storage share owned, equating to $41.68 per share

National Storage's stock jumped nearly 30% at the opening bell, while Public Storage's stock fell less than a percent

A joint venture will be formed that includes 313 properties with 19.6 million rentable square feet valued at approximately $3.3 billion

Operating partnership unitholders are expected to own about 80% of the joint venture

WHERE:

Public Storage is relocating to Frisco, Texas, near Dallas

National Storage is based in Greenwood Village, Colorado, a suburb of Denver

The joint venture will comprise properties across 28 states and Puerto Rico

WHEN:

The deal was announced on Monday, March 16th, 2026

The transaction is expected to close in the third quarter of 2026

WHY:

The acquisition aims to expand Public Storage's presence in growing regions like the Sun Belt and to consolidate the self-storage sector following a pandemic-era boom

HOW:

The acquisition is structured as an all-stock deal, including debt, and requires approval from National Storage equity holders and regulators

Public Storage will exclusively manage the joint venture portfolio and earn customary property management, asset management, and tenant reinsurance income

(UPDATED March 16, 2026 15:17 UTC)

Public Storage has announced it will acquire National Storage Affiliates in an all-stock deal valued at approximately $10.5 billion, a move aimed at expanding its footprint in growing regions like the Sun Belt. This acquisition will create a combined company with 327 million square feet of storage across nearly 4,600 locations in the U.S., and investors holding National Storage stock will receive shares of Public Storage equating to about $41.68 per share. The transaction, which is expected to close in the third quarter of 2026, will also form a joint venture that includes 313 properties across 28 states and Puerto Rico, with operating partnership unitholders anticipated to own around 80% of that venture.