---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-107159"
form_type: "8-K"
ticker: "PSA"
cik: "0001393311"
company_name: "Public Storage"
filed_at: "2026-03-16T23:59:59+00:00"
generated_at: "2026-05-15T11:29:38.836587+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.95
calibrated_materiality_score: 0.95
confidence: "high"
source: SEC EDGAR
---

# Public Storage to acquire National Storage Affiliates in $10.5B all-stock deal

## Summary
- All-stock transaction: NSA shareholders receive 0.14 PSA shares per NSA share, valued at $41.68 per NSA share.
- Enterprise value ~$10.5B; combined pro forma equity market cap ~$57B, total EV ~$77B.
- Public Storage to wholly own 488 NSA properties; new JV (80% NSA OP unitholders, 20% PSA) holds 313 properties.
- Joint venture capitalized with $2.2B secured debt; PSA provides $240M mezzanine loan; ~70% leverage.
- Transaction unanimously approved by both boards; expected close Q3 2026, subject to NSA equity holder approval.

## SEC filing metadata
- accession: 0001193125-26-107159
- form_type: 8-K
- ticker: PSA
- cik: 0001393311
- company_name: Public Storage
- filed_at: 2026-03-16T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.95
- calibrated_materiality_score: 0.95
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1393311/000119312526107159/0001193125-26-107159-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1393311/000119312526107159/d121595d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-107159
- JSON: https://secwatch.observer/filing/0001193125-26-107159.json
- Plain text: https://secwatch.observer/filing/0001193125-26-107159.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.