Public Storage to acquire National Storage Affiliates, creating a $77B self-storage giant with 4,600 facilities.

Public Storage (PSA), a leading self-storage REIT with over 3,500 facilities, announced an all-stock acquisition of National Storage Affiliates Trust (NSA), which adds more than 1,000 properties and expands its presence in the Sunbelt region. The deal, approved unanimously by both companies' boards, is expected to close in Q3 2026, forming a combined enterprise valued at $77 billion with 4,600 facilities. PSA offers attractive preferred securities, with some series providing high current yields, appealing to income-focused investors. This acquisition significantly boosts PSA's scale and market reach in the self-storage industry.