07:50 AM EDT, 03/16/2026 (MT Newswires) -- Public Storage ( PSA ) will acquire National Storage Affiliates Trust ( NSA ) in an all-stock deal with an enterprise value of about $10.5 billion, the companies said Monday.

Under the deal, holders of National Storage Affiliates ( NSA ) common shares and operating partnership units will receive 0.14 of a Public Storage ( PSA ) common share for each share or unit held. The companies said the consideration $41.68 per share or unit, based on Public Storage's ( PSA ) Friday closing price.

The companies said their boards approved the transaction, with closing expected in Q3.

Prior to closing, Public Storage ( PSA ) and limited partners in National Storage Affiliates' ( NSA ) operating partnership will form a joint venture, which is expected to be capitalized with $2.2 billion in secured debt, the companies said. Public Storage ( PSA ) will own a 20% stake in the venture, while the partnership's unit holders will hold the remaining stakes.