Public Storage Strikes $10.5 Billion Deal for National Storage

Public Storage Corp. agreed to acquire National Storage Affiliates Trust in an all-stock deal worth about $10.5 billion, including debt, expanding the self-storage giant’s footprint across the US as the sector consolidates following a pandemic-era boom. National Storage gained as much as 32%.

Under the terms of the agreement announced Monday, holders of National Storage common shares and operating partnership units will receive 0.14 shares of Public Storage stock for each share or unit they own, valuing the company at about $41.68 per share based on Public Storage’s closing price on March 13, the companies said Monday.

The transaction comes ...