10:22 AM EDT, 03/16/2026 (MT Newswires) -- Public Storage ( PSA ) agreed to acquire smaller self-storage facilities operator National Storage Affiliates Trust ( NSA ) in an all-stock deal worth about $10.5 billion, expanding its presence in high-growth markets.

Owners of National Storage's shares and operating partnership units will receive 0.14 of Public Storage's ( PSA ) shares, representing a consideration of $41.68 per share based on the latter's closing price on Friday, the companies said in a joint statement on Monday.

Public Storage's ( PSA ) stock declined 2.9% in Monday trading, while National Storage jumped 28%.

National Storage's portfolio includes more than 1,000 properties and 550,000 units across 37 states and Puerto Rico. The combined company is expected to have a total enterprise value of about $77 billion, according to the statement.

"This transaction will enable us to strategically and accretively expand our platform with assets that are highly complementary with our portfolio, deepen our significant market presence, and enhance our long-term per share growth profile," incoming Public Storage ( PSA ) Chief Executive Tom Boyle said in the statement. "We see meaningful opportunity to enhance the customer experience, drive financial upside, and create significant value for shareholders over the near and long term."

The deal expands Public Storage's ( PSA ) exposure to markets with strong growth prospects, including the Sun Belt region, the companies said. The transaction, which requires approval from National Storage's equity holders, is expected to complete in the third quarter.

The companies estimate the transaction to be accretive to funds from operations on a per-share basis within the first year of completion, and add $0.35 to $0.50 within three to four years. The combined entity expects to generate about $110 million to $130 million in run-rate synergies.

"This transaction with Public Storage ( PSA ) follows a thorough process overseen by our Board of Trustees and will deliver a meaningful premium to (National Storage) investors and enable our shareholders and (operating partnership) unitholders to participate in the significant value creation upside of this combination," according to National Storage CEO David Cramer.

Before the deal completes, Public Storage ( PSA ) and limited partners in National Storage's operating partnership aim to form a joint venture with an estimated value of roughly $3.3 billion. Unitholders in the operating partnership are expected to own about 80% of the venture, while Public Storage ( PSA ) will exclusively manage the joint venture portfolio.

Price: 287.86, Change: -6.90, Percent Change: -2.34