Announcement • Jul 23
Public Storage (NYSE:PSA) completed the acquisition of National Storage Affiliates Trust (NYSE:NSA) from a group of shareholders.
Public Storage (NYSE:PSA) agreed to acquire National Storage Affiliates Trust (NYSE:NSA) from a group of shareholders for $8.6 billion on March 16, 2026. Under the terms of the agreement, holders of NSA common shares and operating partnership units will receive 0.14 of a share of PSA common stock or partnership units for each NSA share or unit they own. PSA will repay NSA’s existing bank debt and senior unsecured notes while assuming its existing mortgage debt and Series A, B and A-1 preferred shares and units. Immediately prior to closing, Public Storage and limited partners in NSA’s OP will form a joint venture consisting of 313 properties on NSA’s operating platform comprising 19.6 million rentable square feet across 28 states and Puerto Rico. OP unitholders are expected to own approximately 80% of the JV at inception, with PSA holding the remaining interest. The joint venture is expected to be capitalized with $2.2 billion of property-level secured debt, including a mezzanine loan investment from PSA of approximately $240 million, and operate at approximately 70% leverage. Public Storage has arranged committed financing of $4.0 billion, to be provided by Goldman Sachs Bank USA and Wells Fargo Bank, National Association, comprised of a $2.0 billion corporate bridge loan and a $2.0 billion joint venture off-balance sheet bridge loan which will become permanent secured mortgage financing. In case of termination of transaction, National Storage Affiliates Trust will pay a termination fee of approximately $202 million to Public Storage.
Public Storage will continue to be led by our incoming Chief Executive Officer Tom Boyle, as well as newly appointed Presidents Joe Fisher, Natalia Johnson and Chris Sambar and guided by a board led by non-executive Chairman, Shankh Mitra.
The transaction has been approved by both the company boards. The transaction is subject to the approval of NSA equity holders, and satisfaction of other customary closing conditions. The expected completion of the transaction in the third quarter of 2026. Public Storage expects this transaction to be accretive to FFO per share within the first year of closing and approximately $0.35-$0.50 per share accretive upon the full realization of synergies in three to four years. As of July 10, 2026, the holders of a majority of the outstanding NSA OP units, excluding NSA OP units held, directly or indirectly, by NSA or any of its subsidiaries, consented to the transaction. As a result, the approval of NSA’s common shareholders at the special meeting of NSA’s common shareholders on July 14, 2026 is the only remaining approval of NSA’s equity holders that is a condition to the completion of the transaction. NSA expects the transaction to be completed on or about July 22, 2026. Public Storage (NYSE:PSA) agreed to acquire National Storage Affiliates Trust (NYSE:NSA) from a group of shareholders for $8.6 billion on March 16, 2026. Under the terms of the agreement, holders of NSA common shares and operating partnership units will receive 0.14 of a share of PSA common stock or partnership units for each NSA share or unit they own. PSA will repay NSA’s existing bank debt and senior unsecured notes while assuming its existing mortgage debt and Series A, B and A-1 preferred shares and units. Immediately prior to closing, Public Storage and limited partners in NSA’s OP will form a joint venture consisting of 313 properties on NSA’s operating platform comprising 19.6 million rentable square feet across 28 states and Puerto Rico. OP unitholders are expected to own approximately 80% of the JV at inception, with PSA holding the remaining interest. The joint venture is expected to be capitalized with $2.2 billion of property-level secured debt, including a mezzanine loan investment from PSA of approximately $240 million, and operate at approximately 70% leverage. Public Storage has arranged committed financing of $4.0 billion, to be provided by Goldman Sachs Bank USA and Wells Fargo Bank, National Association, comprised of a $2.0 billion corporate bridge loan and a $2.0 billion joint venture off-balance sheet bridge loan which will become permanent secured mortgage financing. In case of termination of transaction, National Storage Affiliates Trust will pay a termination fee of approximately $202 million to Public Storage.
Public Storage will continue to be led by our incoming Chief Executive Officer Tom Boyle, as well as newly appointed Presidents Joe Fisher, Natalia Johnson and Chris Sambar and guided by a board led by non-executive Chairman, Shankh Mitra.
The transaction has been approved by both the company boards. The transaction is subject to the approval of NSA equity holders, and satisfaction of other customary closing conditions. The expected completion of the transaction in the third quarter of 2026. Public Storage expects this transaction to be accretive to FFO per share within the first year of closing and approximately $0.35-$0.50 per share accretive upon the full realization of synergies in three to four years. As of July 10, 2026, the holders of a majority of the outstanding NSA OP units, excluding NSA OP units held, directly or indirectly, by NSA or any of its subsidiaries, consented to the transaction. As a result, the approval of NSA’s common shareholders at the special meeting of NSA’s common shareholders on July 14, 2026 is the only remaining approval of NSA’s equity holders that is a condition to the completion of the transaction. NSA expects the transaction to be completed on or about July 22, 2026. On July 15, 2026, National Storage Affiliates Trust, announced today that NSA's common shareholders have approved the previously announced acquisition of NSA by Public Storage at the special meeting of NSA's common shareholders held on July 14, 2026.
Andrew Jonas, Mathew Harris, Aekloveya Shyam and Andrew Tsukamoto of Goldman Sachs & Co. LLC, Jeffrey N. Hogan and Scott A. Levin of Fargo Securities, LLC and Stephen Silk of Eastdil Secured, L.L.C. acted as financial advisors for Public Storage. Adam O. Emmerich, Meng Lu and Kyle M. Diamond of Wachtell, Lipton, Rosen & Katz LLP acted as legal advisor for Public Storage. Seth Weintrob, Matthew S. Johnson and Olivier Jacque of Morgan Stanley & Co. LLC acted as financial advisor and fairness opinion provider; and agreed to pay a fee of up to approximately $58.8 million for its services, $5 million of which was payable upon the rendering of its opinion, Chang-Do Gong, Robert Chung, Andrew Epstein, Jay Bernstein, Jeanne Roig-Irwin, Tae Ho Cho, Cormac O’Halloran, Ariel Cohen and Danielle Mimeles of Clifford Chance US LLP acted as legal advisor for National Storage Affiliates Trust. Amy Carbins and Viktor Sapezhnikov of DLA Piper LLP (US) acted as real estate financing counsel to Public Storage. Georgeson LLC acted as information agent for NSA for a base fee of $25,000. Computershare Trust Company, National Association acted as transfer agent for Public Storage.
Andrew Jonas, Mathew Harris, Aekloveya Shyam and Andrew Tsukamoto of Goldman Sachs & Co. LLC, Jeffrey N. Hogan and Scott A. Levin of Fargo Securities, LLC and Stephen Silk of Eastdil Secured, L.L.C. acted as financial advisors for Public Storage. Adam O. Emmerich, Meng Lu and Kyle M. Diamond of Wachtell, Lipton, Rosen & Katz LLP acted as legal advisor for Public Storage. Seth Weintrob, Matthew S. Johnson and Olivier Jacque of Morgan Stanley & Co. LLC acted as financial advisor and fairness opinion provider; and agreed to pay a fee of up to approximately $58.8 million for its services, $5 million of which was payable upon the rendering of its opinion, Chang-Do Gong, Robert Chung, Andrew Epstein, Jay Bernstein, Jeanne Roig-Irwin, Tae Ho Cho, Cormac O’Halloran, Ariel Cohen and Danielle Mimeles of Clifford Chance US LLP acted as legal advisor for National Storage Affiliates Trust. Amy Carbins and Viktor Sapezhnikov of DLA Piper LLP (US) acted as real estate financing counsel to Public St
Public Storage (NYSE:PSA) completed the acquisition of National Storage Affiliates Trust (NYSE:NSA) from a group of shareholders on July 22, 2026. 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.
Kekst CNC served as strategic communications advisor to Public Storage. Joele Frank, Wilkinson Brimmer Katcher served as strategic communications advisor to National Storage Affiliates Trust. Amy Carbins, Thanos Matthai and Skyler Anderson of DLA Piper LLP (US) acted as real estate financing legal advisor for Public Storage.
