Public Storage stock gains as $10.5 billion NSA acquisition reshapes REIT portfolio

Published on 09/19/2026 at 11:34 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Public Storage stock is in focus after agreeing to acquire NSA in an all-stock deal valued at about USD 10.5 billion, as reported on September 18, 2026. The transaction adds a large self-storage portfolio to Public Storage stock and expands its market reach.

Selfstorage-Anlage mit grauen Rolltoren und Umzugswagen bei Tageslicht — Fotorealistisches Selfstorage-Areal veranschaulicht das Kerngeschäft von Public Storage, Aktie ISIN US74460W1099, Immobilien-REIT-Sektor, Illustration mit AI erstellt.

Public Storage stock (ISIN US74460W1099) is drawing investor attention after the real estate investment trust agreed to acquire National Storage Affiliates (NSA) in an all-stock transaction valued at about USD 10.5 billion, as highlighted on September 18, 2026 by Tickeron.

All-stock NSA deal boosts Public Storage scale

According to Tickeron on September 18, 2026, shares of NSA surged roughly 27 percent in premarket trading after the company agreed to be acquired by Public Storage in an all-stock deal valued at around USD 10.5 billion, underlining the strategic significance of the transaction for both parties.

The acquisition, once completed, will fold NSA’s self-storage portfolio into Public Storage’s existing footprint, adding thousands of facilities and strengthening its position as a leading self-storage REIT in the United States. For investors, the deal effectively swaps NSA equity into Public Storage stock, increasing Public Storage’s equity base while broadening its asset mix across key metropolitan markets.

Valuation and cash generation context

In a recent analysis dated September 18, 2026, Simply Wall St noted that Public Storage stock had recently closed at USD 300.76 and suggested the shares could be about 34 percent undervalued relative to estimates of the cash the business can generate over time. This implies an indicated intrinsic value near USD 455 per share, significantly above the recent market price and providing a quantified comparison between market valuation and modeled fair value.

The same overview describes Public Storage as a member of the S&P 500 that primarily acquires, develops, owns and operates self-storage facilities, underscoring that the NSA acquisition fits squarely within the company’s core strategy of scaling its storage platform, according to Simply Wall St.

Preferreds, yield and interest-rate risk

Beyond the common stock, Public Storage’s preferred securities have also attracted attention. As of an analysis published on September 18, 2026, Seeking Alpha highlighted that Public Storage’s preferred stock issues were yielding nearly 7 percent and trading below par value, a level that the author attributed mainly to interest-rate risk rather than credit concerns.

According to Seeking Alpha, these preferreds may offer better relative value than Public Storage’s over-the-counter bonds for conservative income-focused investors seeking REIT exposure, because the higher coupon and discount to par create a buffer if interest rates stabilize or move lower. For holders of Public Storage stock, the preferred yield level is a reminder that the company’s capital structure is currently being priced with a noticeable interest-rate premium across the market.

Stock level and investor takeaway

Public Storage stock most recently closed near USD 300.76 on the New York Stock Exchange, per the valuation overview dated September 18, 2026 from Simply Wall St, a level that sits well below the implied intrinsic value from that analysis and reflects the broader interest-rate pressure on REITs.