Public Storage (NYSE: PSA, the “Company”), the leading owner and operator of self-storage facilities, today announced that it has completed the acquisition of National Storage Affiliates Trust (“NSA”). The transaction enhances Public Storage’s leadership as a premier global self-storage platform, with over 4,500 properties spanning 327 million rentable square feet across the United States, a significant and long-standing presence in Europe with Shurgard, and an announced strategic entry into Canada with Public Storage Canada. Under the terms of the merger agreement, at the closing of the transaction, holders of NSA common shares were entitled to receive 0.14 of a Public Storage common share for each NSA common share held.
“The NSA acquisition represents the first major PS4.0 Value Creation Engine milestone, demonstrating the Company’s focus on disciplined and accelerated investment activity that grows earnings and cash flow per share for our shareholders,” said Tom Boyle, Chief Executive Officer of Public Storage. “Our team is hard at work deploying our proven integration playbook to realize the transaction’s full potential, applying PS Next to a large-scale portfolio that offers significant value creation opportunities. We are thrilled to officially welcome NSA’s customers and team members to Public Storage and the industry’s leading platform. We thank the NSA organization for their significant efforts as we worked through this important transaction together.”
With the addition of NSA’s more than 1,000 properties and over 550,000 units, Public Storage expects to fuel further growth and profitability through strategic market diversification and economies of scale. Nearly 500,000 nationwide customers of NSA, whose family of brands will immediately begin transitioning to the iconic Public Storage® branding, will benefit from the industry’s first omnichannel digital-first platform and premier operating model that delivers what customers want, when and how they want it.
Public Storage continues to expect the acquisition to be accretive to FFO per share within the first year following closing. Accretion is expected to increase to approximately $0.35 to $0.50 per share upon realization of approximately $110 to $130 million in run-rate synergies over three to four years.
In addition to Public Storage’s full ownership of key growth properties, shareholders of the combined company will benefit from exposure to a newly created joint venture. In connection with the closing of the transaction, Public Storage and certain legacy limited partners in NSA’s operating partnership formed a joint venture consisting of 313 properties previously owned by NSA across 28 states and Puerto Rico, with such legacy limited partners owning approximately 80% of the joint venture and Public Storage holding the remaining interest.
As previously announced, Public Storage will exclusively manage the joint venture portfolio and earn customary property management, asset management, and tenant reinsurance income from the joint venture. As part of the closing, the joint venture obtained approximately $2 billion in secured mortgage financing from Goldman Sachs Bank USA and Wells Fargo Bank, National Association and $237 million in mezzanine financing from Public Storage.
Goldman Sachs & Co. LLC, Wells Fargo, and Eastdil Secured served as financial advisors, Wachtell, Lipton, Rosen & Katz served as legal advisor, DLA Piper served as real estate financing counsel, and Kekst CNC served as strategic communications advisor to Public Storage.
Morgan Stanley & Co. LLC served as exclusive financial advisor, Clifford Chance US LLP served as legal advisor, and Joele Frank, Wilkinson Brimmer Katcher served as strategic communications advisor to National Storage Affiliates Trust.
About Public Storage
Public Storage, a member of the S&P 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At March 31, 2026, the Company: (i) owned and/or operated 3,546 self-storage facilities located in 40 states with approximately 259 million net rentable square feet in the United States and (ii) owned a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 333 self-storage facilities located in seven Western European countries with approximately 19 million net rentable square feet operated under the Shurgard® brand. Public Storage’s headquarters is located in Frisco, Texas.