One month after announcing it was relocating its headquarters from California to Frisco, self-storage giant Public Storage has agreed to acquire National Storage Affiliates (NSA) in an all-stock deal valued at around $10.5 billion.
Headquartered in the Denver suburb of Greenwood Village, National Storage Affiliates has a portfolio of more than 1,000 properties, 69 million rentable square feet, and 550,000 units across 37 states and Puerto Rico. With the deal, those properties will be integrated under the Public Storage brand. The combined company is expected to have a pro forma equity market cap of around $57 billion and total enterprise value of around $77 billion.
Along with announcing its HQ move last month, Public Storage said it was appointing a new CEO and other executives, along with launching a fresh vision it dubbed “PS4.0,” as a nod to four generations of leadership since the company’s 1972 founding…