National Storage shares surge 29.80% after-hours after Public Storage announces $10.5B all-stock acquisition with joint venture.

National Storage Affiliates (NSA) surged 29.80% in after-hours trading following the announcement that Public Storage (PSA) agreed to acquire it in an all-stock deal valued at $10.5 billion, including debt. The transaction, expected to close in Q3 2026, creates a joint venture holding 313 properties valued at $3.3 billion, with NSA unitholders owning 80% of the venture. PSA will manage the portfolio and assumes NSA’s debt, supported by $4 billion in committed financing from Goldman Sachs and Wells Fargo. The deal is projected to generate $110–$130 million in annual synergies and enhance scale in key markets, including the Sun Belt. The acquisition aligns with PSA’s PS4.0 strategy to accelerate growth and underscores a tax-efficient, leverage-neutral structure, positioning NSA shareholders to benefit from PSA’s operational expertise and expanded market reach.