America’s biggest public storage company is about to get even bigger

Public Storage announced plans to acquire one of its main competitors, National Storage Affiliates, to create a $57 billion storage giant.

[Photo: Getty Images]

America’s leading public storage provider, Public Storage (NYSE: PSA), has announced plans to acquire one of its main competitors, National Storage Affiliates Trust (NYSE: NSA), further solidifying its position as the dominant storage provider in the country.

Here’s what you need to know about the proposed merger, and how the news is affecting the companies’ stock prices.

Yesterday, Public Storage announced plans to acquire one of its main competitors, National Storage Affiliates.

As of December 31, Public Storage operated 3,533 self-storage facilities across 40 states. As of the same date, National Storage Affiliates Trust operated 1,063 self-storage properties across 37 states and Puerto Rico.

As noted by the Associated Press, National Storage Affiliates is currently the fourth-largest storage provider by market cap. After Public Storage’s first-place position, competitors Extra Space Storage and CubeSmart take second and third place.

Under the terms of the proposed merger, the storage assets of the first- and fourth-largest storage companies will combine, making Public Storage’s dominance in the public storage sector even more pronounced. 

Public Storage’s incoming CEO, Tom Boyle, said that the deal will allow the company “to strategically and accretively expand our platform with assets that are highly complementary with our portfolio, deepen our significant market presence, and enhance our long-term per share growth profile.”

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