03:37 PM EDT, 03/16/2026 (MT Newswires) -- Public Storage's ( PSA ) agreement to acquire National Storage Affiliates Trust ( NSA ) for $10.5 billion in stock appears to be a win for both companies, Truist Securities said Monday in a note.

The transaction is accretive to Public Storage ( PSA ) shareholders and implies a 35% premium to National Storage's stock price on Friday, the note said.

"Investors are likely to take notice of this more aggressive" Public Storage ( PSA ) "with new leadership quickly making a bold move," Truist said. The joint venture structure in the deal "is a creative solution to what could have been a complicating factor, " the note said.

Public Storage ( PSA ) shareholders "should be pleased with the push for scale and growth," and National Storage investors "should be pleased with a large premium," the note said.

Truist maintained its buy rating on Public Storage ( PSA ) with a $317 price target.

Public Storage ( PSA ) share fell 2% in Monday trading, and National Storage jumped 30%.

Price: 288.72, Change: -6.00, Percent Change: -2.04