Top Self Storage in the U.S. Acquires Competitor for $10 Billion

Public Storage (PSA) has agreed to acquire National Storage Affiliates (NSA) in an all-stock transaction valued at approximately $10.5 billion (₩14 trillion). Under the terms, NSA shareholders will receive 0.14 PSA shares for each NSA share, leaving PSA with roughly 92% of the combined company and NSA shareholders with about 8% upon closing.

The companies will establish a joint venture—“High Cash Flow Assets”—to hold 313 NSA facilities. NSA Operating Partnership unitholders will own 80% of the JV, while PSA will hold the remaining 20%. PSA also plans to assume and refinance NSA’s existing debt and preferred-equity obligations, funding the balance of the purchase price through new secured and unsecured notes.

PSA management expects the deal to be neutral to per-share FFO in 2026 and progressively accretive from 2027. They project annual synergies of $110 million to $130 million (approximately ₩140 billion to ₩170 billion) through revenue optimization and cost efficiencies.

On February 12, PSA reported fourth-quarter and full-year 2025 earnings, provided its 2026 outlook, and unveiled “PS4.0,” a strategy emphasizing franchising and digital capabilities. The company also announced that CEO Joe Russell will retire on March 31, with Tom Boyle named his successor.

Major brokerages, including Barclays and Scotiabank, have since raised their PSA price targets to reflect the updated earnings and strategic plan.

Based in Glendale, California, Public Storage is the largest self-storage REIT in the U.S., owning and operating thousands of warehouse-style facilities nationwide. Driven by population mobility, rising housing costs, and e-commerce growth, the sector is undergoing structural consolidation as large REITs pursue acquisitions to achieve greater economies of scale and meet sustained long-term demand.