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Public Storage to acquire National Storage Affiliates in $10.5B deal
Merger would create a self-storage giant overseeing 327 million square feet across nearly 4,600 locations.
Mar. 16, 2026 at 5:57pm
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Public Storage announced plans to acquire National Storage Affiliates in an all-stock deal worth about $10.5 billion. The merger would create a self-storage company with 327 million square feet of storage space across nearly 4,600 locations in the U.S., making it one of the largest players in the industry.
Why it matters
The deal would combine the largest and fourth-largest self-storage companies in the U.S. by market capitalization, allowing the combined entity to expand its presence in high-growth Sun Belt and other regions. It reflects ongoing consolidation in the fragmented self-storage market as companies seek to gain scale and efficiency.
The details
Under the terms of the agreement, National Storage shareholders will receive 0.14 shares of Public Storage stock for each National Storage share they own, valuing National Storage at $41.68 per share. Prior to the deal closing, Public Storage and National Storage's operating partners will form a $3.3 billion joint venture that will include 313 National Storage properties across 28 states and Puerto Rico.
- The deal is expected to close in the third quarter of 2026.
- Public Storage announced the acquisition on March 16, 2026.
The players
Public Storage
The largest self-storage company in the U.S. by market capitalization, Public Storage is relocating its headquarters from Glendale, California to Frisco, Texas.
National Storage Affiliates
The fourth-largest self-storage company in the U.S. by market capitalization, National Storage Affiliates is based in Greenwood Village, Colorado.
Extra Space Storage
The second-largest self-storage company in the U.S. by market capitalization.
CubeSmart
The third-largest self-storage company in the U.S. by market capitalization.
What’s next
The deal still needs approval from National Storage equity holders as well as regulators before it can be finalized.
The takeaway
This acquisition reflects the ongoing consolidation in the self-storage industry as companies seek to gain scale and expand their geographic footprint, particularly in high-growth Sun Belt markets. The combined entity will become one of the largest players in the fragmented self-storage market.
