Public Storage to Acquire National Storage in $10.5B Megadeal

Public Storage announced plans to acquire National Storage Affiliates in an all-stock transaction valued at approximately $10.5 billion. The combined entity would operate nearly 4,600 locations with 327 million square feet of storage space across the United States, creating a dominant force in the self-storage industry. Key Details National Storage shareholders will receive 0.14 shares of Public Storage stock for each share held, equaling $41.68 per share. The deal unites the largest and fourth-largest self-storage companies by market capitalization, with Extra Space Storage and CubeSmart following as the next two largest competitors. Why It Matters Public Storage plans to leverage the acquisition to expand aggressively in high-growth regions, particularly the Sun Belt and other areas experiencing population increases. The company recently relocated its headquarters from California to Frisco, Texas, signaling a strategic shift toward emerging markets. Next Steps Before closing, the companies will form a joint venture involving 313 National Storage properties valued at $3.3 billion. The transaction requires approval from National Storage equity holders and regulators, with an expected close in the third quarter. Market reaction was positive, with National Storage shares jumping nearly 30% on the announcement, while Public Storage stock declined slightly.