'Self Storage Leader' Expands U.S. Market with $14 Trillion Acquisition of Competitor

Public Storage (PSA) has confirmed a roughly $10.5 billion stock‐for‐stock acquisition of National Storage Affiliates (NSA), offering NSA shareholders 0.14 shares of PSA for each NSA share. Under the deal, PSA will assume or refinance NSA’s debt and certain preferred equity, then form a new joint venture holding 313 high‐cash‐flow properties—80% owned by NSA equity holders and 20% by PSA. Once closed, the combined company will operate 4,596 self‐storage locations across 42 U.S. states and Puerto Rico, making it the largest operator in the sector. Management expects the transaction to be neutral to 2026 FFO per share, with over $100 million in annual synergies contributing to FFO per share beginning in 2027.

On April 1, PSA priced $500 million of 5.00% senior notes due 2035 to refinance debt and fund self‐storage investments, a financing confirmed in its Form 8-K filing the same day. In fiscal 2025, PSA reported record revenue of $4.8 billion—the highest in its history—and on April 1, 2026, appointed Tom Boyle as CEO, further strengthening its governance and growth strategy.

As the largest self‐storage operator among U.S.-listed REITs, Public Storage generates long-term rental income from thousands of warehouse storage facilities across the U.S. and Europe. The self-storage REIT sector is viewed as a structurally growing segment of the U.S. REIT market, thanks to its relatively stable cash flows through economic cycles, ongoing population mobility and rising storage demand driven by e-commerce expansion.