Public Storage's Strategic Acquisition and Market Performance

Font: Financial Modeling Prep  • Mar 16, 2026

• Public Storage (NYSE:PSA) maintains its "Market Perform" rating from BMO Capital, indicating a stable market performance expectation.
• The acquisition of National Storage Affiliates (NYSE:NSA) by PSA is valued at approximately $10.5 billion, aiming to strengthen PSA's market position.
• Post-acquisition, the combined entity is projected to have a pro forma equity market capitalization of about $57 billion and a total enterprise value of roughly $77 billion.

Public Storage (NYSE:PSA) is a leading self-storage company in the United States, operating thousands of storage facilities across the country. It provides secure and convenient storage solutions for individuals and businesses, competing with other major players in the industry such as Extra Space Storage and CubeSmart.

On March 16, 2026, BMO Capital reiterated its "Market Perform" rating for PSA, advising investors to hold the stock. At that time, PSA's stock price was $287.56. This rating suggests that the stock is expected to perform in line with the market, neither outperforming nor underperforming significantly.

Recently, PSA announced its acquisition of National Storage Affiliates (NYSE:NSA) in an all-stock transaction valued at approximately $10.5 billion. NSA shareholders will receive 0.14 shares of PSA stock for each NSA share, implying a price of $41.68 per share. Following this announcement, NSA shares surged nearly 28% to just under $40, while PSA shares declined by 3.6%, settling at $284.

The acquisition will merge over 1,000 properties, encompassing 69 million rentable square feet and 550,000 units across 37 states and Puerto Rico. The combined entity is projected to have a pro forma equity market capitalization of approximately $57 billion and a total enterprise value of roughly $77 billion. This strategic move aims to strengthen PSA's market position and expand its footprint.

Additionally, PSA and NSA's operating partnership unitholders will establish a joint venture, including 313 properties, representing nearly 20 million rentable square feet across 28 states and Puerto Rico. NSA OP unitholders are anticipated to own 80% of this joint venture. This collaboration is expected to enhance operational efficiencies and drive future growth for both companies.