M&A · Financials · Real Estate Investment Trusts
Public Storage to acquire National Storage Affiliates Trust
Announced Mar 16, 2026 · Closed Jul 22, 2026
Deal value$10.50BEV $10.50B
Premium34.7%To unaffected price
EV / Adj. EBITDA21.4x13.9x EV / Revenue
ConsiderationAll stock$41.68 per share
Transaction
- Acquirer
- Public Storage (PSA)
- Target
- National Storage Affiliates Trust (NSA)
- Buyer type
- Strategic
- Offer price per share
- $41.68
- Enterprise value
- $10.50B
- Status
- Closed Jul 22, 2026
Deal protections
- Break fee (target pays)
- $202M · 1.9%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · Goldman Sachs, Wells Fargo, Morgan Stanley
Advisors
- To the acquirer
- Goldman Sachs, Wells Fargo, Eastdil Secured
- To the target
- Morgan Stanley
Sector context · Financials
- Comparable deals
- 72 in the prior 24 months
- Premium
- 34.7% vs. 40.0% sector median
- EV / Adj. EBITDA
- 21.4x vs. 13.6x sector median
- Break fee
- 1.9% vs. 3.7% sector median
Timeline
- AnnouncedMar 16, 2026
- Proxy filedJun 12, 2026
- Definitive proxyJun 12, 2026
- Shareholder voteJul 14, 2026
- ClosedJul 22, 2026
Valuation · fairness opinions
Trading comparables$32.93$38.59
Trading comparables$254.09$290.35
Trading comparables$32.21$39.22
Discounted cash flow$45.15$53.89
Analyst price targets$35.65$45.17
Offer $41.68
Implied value per National Storage Affiliates Trust share by analysis, from Morgan Stanley.