America’s biggest public storage company is about to get even bigger

America’s leading public storage provider, Public Storage (NYSE: PSA), has announced plans to acquire one of its main competitors, National Storage Affiliates Trust (NYSE: NSA), further solidifying its position as the dominant storage provider in the country.

Here’s what you need to know about the proposed merger, and how the news is affecting the companies’ stock prices.

What’s happened?

Yesterday, Public Storage announced plans to acquire one of its main competitors, National Storage Affiliates.

As of December 31, Public Storage operated 3,533 self-storage facilities across 40 states. As of the same date, National Storage Affiliates Trust operated 1,063 self-storage properties across 37 states and Puerto Rico.

As noted by the Associated Press, National Storage Affiliates is currently the fourth-largest storage provider by market cap. After Public Storage’s first-place position, competitors Extra Space Storage and CubeSmart take second and third place.

Under the terms of the proposed merger, the storage assets of the first- and fourth-largest storage companies will combine, making Public Storage’s dominance in the public storage sector even more pronounced. 

Public Storage’s incoming CEO, Tom Boyle, said that the deal will allow the company “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.”

According to the terms of the deal, National Storage Affiliates shareholders “will receive 0.14 of a share of PSA common stock or partnership units for each NSA share or unit they own.”

As of the time of this writing, Public Storage has a market cap of around $51 billion, while National Storage Affiliates’ market cap sits around $6 billion.

Public Storage says that after the merger is complete, the combined company is expected to have aorund a market cap of around $57 billion and a “total enterprise value of approximately $77 billion.”

How have PSA and NSA stock reacted?

When Public Storage announced the proposed merger yesterday, the company’s stock price closed down about 2.7% to just below $290 per share. But while PSA shares were down on the news, NSA shares soared.

As of yesterday’s closing price, NSA shares surged more than 30%, closing at above $40 each.

Currently, in early morning trading today, PSA shares have recouped some losses, gaining about 1% to $292.70 as of the time of this writing. NASA shares are also up slightly, gaining about 1.2% to $40.74.

Year-to-date, PSA shares have climbed more than 13%, and NSA shares have risen 45%. Over the past 12 months, PSA shares are down about 2.2%, and NSA shares are up around 9.8%

What happens next?

The boards of both Public Storage and National Storage Affiliates have already “unanimously approved the transaction,” according to the company.

The deal is currently expected to close in the third quarter of 2026.

However, that closure is still subject to regulatory approvals as well as the approval of National Storage Affiliates’ equity holders.