Public Storage Will Acquire National Storage Affiliates

Public Storage will acquire National Storage Affiliates for $10.5 billion in an all-stock transaction. NSA’s portfolio includes more than 1,000 properties and 69 million rentable square feet.

The board trustees for both companies have unanimously approved the transaction, which is expected to close in the third quarter of 2026, subject to the approval of NSA equity holders. 

Incoming Public Storage CEO Tom Boyle said the transaction is part of Public Storage’s focus on accelerating per-share earnings and cash flow growth, called the PS4.0 strategic vision. 

“By applying our PS Next operating model to NSA’s portfolio, we see meaningful opportunity to enhance the customer experience, drive financial upside, and create significant value for shareholders over the near and long term as our industry emerges from the bottom of the self storage operating cycle,” Boyle said. 

David Cramer, CEO of NSA, said the deal reflects the transformation that NSA has undertaken in the past few years to refocus its portfolio.

“Public Storage is the ideal strategic fit for our company given their best-in-class brand, operating platform and future growth profile,” Cramer said.

In June 2024, NSA internalized its previous PRO (participating regional operating) structure, simplifying its business model. NSA’s eight PROs, which managed 32% of NSAs 1,050 properties, transitioned management to NSA’s platform. Among the previous PROs were Personal Mini Storage, Moove In Self Storage, Hide-Away Storage and others.