Public Storage, a major player in the self-storage industry, has announced a significant acquisition of National Storage Affiliates (NSA) in an all-stock transaction valued at approximately $10.5 billion. This strategic move is set to expand Public Storage’s operational footprint and enhance its market presence across the United States and Puerto Rico.
The acquisition will integrate NSA’s extensive portfolio, which comprises over 1,000 properties, spanning 69 million rentable square feet and 550,000 units across 37 states and Puerto Rico. This move aligns with Public Storage’s strategic vision, PS4.0, aimed at accelerating earnings and cash flow growth per share. Tom Boyle, the incoming CEO of Public Storage, stated that the transaction will allow for a strategic and accretive expansion of their platform with highly complementary assets, thereby deepening their market presence and improving their long-term growth profile.
Prior to the completion of the acquisition, Public Storage and limited partners in NSA’s operating partnership will establish a joint venture. This venture will consist of 313 properties from NSA’s operating platform, encompassing 19.6 million rentable square feet across 28 states and Puerto Rico, with an estimated value of $3.3 billion. NSA’s operating partnership unitholders are expected to hold approximately 80% of this joint venture at its inception, with Public Storage holding the remaining interest. Public Storage will assume NSA’s existing mortgage debt and preferred shares while repaying its bank debt and senior unsecured notes. The company has secured committed financing of $4.0 billion from Goldman Sachs and Wells Fargo, which includes a corporate bridge loan and a JV off-balance sheet bridge loan intended to become permanent secured mortgage financing.
Several financial and legal advisors are involved in this significant transaction. Goldman Sachs, Wells Fargo, and Eastdil Secured are acting as financial advisors to Public Storage, with Wachtell, Lipton, Rosen & Katz serving as legal counsel. DLA Piper is providing real estate financing counsel, and Kekst CNC is the strategic communications advisor for Public Storage. On the NSA side, Morgan Stanley is the exclusive financial advisor, Clifford Chance US LLP is legal counsel, and Joele Frank, Wilkinson Brimmer Katcher is handling strategic communications. The deal is expected to close in the third quarter of 2026, pending customary closing conditions and approval from NSA’s equity holders.