Public Storage Announces All-Stock Merger with NSA

An announcement from Public Storage ( (PSA) ) is now available.

On March 16, 2026, Public Storage and National Storage Affiliates announced an all-stock merger agreement that will see Public Storage acquire NSA in a transaction valuing NSA’s enterprise at about $10.5 billion, with NSA shareholders and OP unitholders receiving 0.14 PSA shares or units per NSA share or unit, implying $41.68 per NSA share based on PSA’s March 13, 2026 closing price. The deal, unanimously approved by both boards and expected to close in the third quarter of 2026 pending NSA equity holder approval and customary conditions, would create a combined self-storage giant with a pro forma equity market capitalization of roughly $57 billion and total enterprise value of about $77 billion.

As part of the transaction structure, immediately before closing Public Storage and NSA’s operating partnership investors will form a joint venture holding 313 high cash-flow properties valued at about $3.3 billion, with NSA OP unitholders owning around 80% and PSA 20%, while Public Storage will wholly own 488 of NSA’s more than 1,000 properties concentrated in Sun Belt and other core markets. Public Storage will manage the joint venture portfolio, repay NSA’s bank debt and senior unsecured notes while assuming certain mortgage and preferred obligations, and has secured $4.0 billion of committed bridge and joint venture financing, positioning the combined company for scale-driven efficiencies and supporting its aim for meaningful FFO per-share accretion and leverage-neutral growth over the coming years.

The most recent analyst rating on (PSA) stock is a Buy with a $347.00 price target. To see the full list of analyst forecasts on Public Storage stock, see the PSA Stock Forecast page.

Spark’s Take on PSA Stock

According to Spark, TipRanks’ AI Analyst, PSA is a Outperform.

The score is driven primarily by strong cash generation and profitability, balanced against rising leverage and near-term fundamental headwinds reflected in 2026 guidance (lower core FFO and negative same-store trends). Technicals are supportive with a clear uptrend, while valuation is a notable constraint due to the elevated P/E despite a ~4% dividend yield.

To see Spark’s full report on PSA stock, click here.

More about Public Storage

Public Storage, a Maryland-based real estate investment trust listed on the NYSE under the ticker PSA, is a leading owner and operator of self-storage facilities in the U.S. The company focuses on a large-scale, omnichannel, digital-first platform, with a significant presence in key growth markets such as the Sun Belt and core metropolitan areas, supported by its PS Next operating model and PS4.0 strategic vision. National Storage Affiliates, also a Maryland REIT traded on the NYSE as NSA, operates more than 1,000 self-storage properties comprising 69 million rentable square feet and 550,000 units across 37 states and Puerto Rico, using a Participating Regional Operator model to blend national scale with local market expertise.

Average Trading Volume: 1,208,356

Technical Sentiment Signal: Strong Buy

Current Market Cap: $52.25B

See more data about PSA stock on TipRanks’ Stock Analysis page.