Public Storage said it has completed its all-stock acquisition of National Storage Affiliates Trust, a deal valued at approximately $10.5 billion in enterprise value when it was announced in March. The closing, effective July 22, 2026, combines two of the self-storage industry’s largest real estate investment trusts into a company with more than 4,500 properties nationwide.
Under the terms of the deal, first announced March 16, 2026, National Storage Affiliates (NSA) shareholders received 0.14 of a Public Storage common share for each NSA share they held, a ratio that valued NSA stock at $41.68 per share based on Public Storage’s closing price on March 13. NSA shareholders approved the merger on July 14, according to Public Storage’s announcement of the closing.
NSA brought more than 1,000 properties and over 550,000 storage units to the combined company, Public Storage said. The Frisco, Texas-based company said the merged platform now spans more than 4,500 properties and 327 million rentable square feet in the United States, in addition to Public Storage’s existing 35% stake in Shurgard Self Storage, which operates 333 facilities across seven European countries.
As part of the transaction, Public Storage and NSA’s operating partnership unit holders formed a new joint venture holding 313 properties across 28 states and Puerto Rico. Legacy NSA limited partners own about 80% of the venture, with Public Storage holding the remainder and managing the portfolio. Public Storage said the venture was financed with roughly $2 billion in secured mortgage debt from Goldman Sachs Bank USA and Wells Fargo, plus $237 million in mezzanine financing provided by Public Storage itself.
What the Public Storage-National Storage Affiliates deal means for the self-storage sector
Public Storage said it expects the acquisition to add to funds from operations per share within its first year, with $110 million to $130 million in annual run-rate synergies projected over three to four years from operating efficiencies, revenue enhancements and lower overhead. Full realization of those synergies is projected to add $0.35 to $0.50 per share, according to the company.
“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,” Public Storage Chief Executive Tom Boyle said in the company’s statement announcing the closing.
NSA Chief Executive David Cramer, in the companies’ March announcement of the deal, said the transaction followed “a thorough process overseen by our Board of Trustees” and would “deliver a meaningful premium to NSA investors.” The deal follows a broader wave of REIT consolidation this year, including Berkshire Hathaway’s $8.5 billion acquisition of homebuilder Taylor Morrison.
Public Storage was advised by Goldman Sachs and Wells Fargo as financial advisers and by Wachtell, Lipton, Rosen & Katz and DLA Piper as legal counsel. NSA was advised by Morgan Stanley, with Clifford Chance serving as legal counsel and Joele Frank handling communications, according to the companies’ announcements.
What it means
The deal’s completion date, exchange ratio, portfolio statistics and joint-venture financing terms are drawn directly from Public Storage’s and NSA’s own announcements. The projected synergies and per-share accretion figures are the companies’ own forecasts, not independently verified outcomes, and are presented here as such. RealtyWire’s analysis: the merger further consolidates the self-storage sector under a smaller number of large operators, but its effect on rental rates or availability for consumers has not been established and is not predicted here. Read more commercial real estate coverage from RealtyWire.
