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Public Storage to Acquire National Storage for $10.5 Billion

3/17/2026

Summary

Story summary

Public Storage plans to acquire National Storage Affiliates in a $10.5 billion all-stock deal, creating a combined company valued at $57 billion.
This merger will unite the largest and fourth-largest self-storage companies in the U.S., managing 327 million square feet across nearly 4,600 locations.
National Storage shareholders will receive $41.68 per share in Public Storage stock.
The deal has been approved by both companies' boards and awaits approval from National Storage equity holders and regulators, with a closing expected in the third quarter of 2024.

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Story summary

Public Storage plans to acquire National Storage Affiliates in a $10.5 billion all-stock deal, creating a combined company valued at $57 billion.
This merger will unite the largest and fourth-largest self-storage companies in the U.S., managing 327 million square feet across nearly 4,600 locations.
National Storage shareholders will receive $41.68 per share in Public Storage stock.
The deal has been approved by both companies' boards and awaits approval from National Storage equity holders and regulators, with a closing expected in the third quarter of 2024.