Public Storage Completes $10.5B Acquisition of National Storage Affiliates Trust
Public Storage has closed its $10.5 billion all-stock acquisition of National Storage Affiliates Trust (NSAT), one of the largest self-storage mergers on record. The deal, finalized on July 22, 2026, adds over 1,000 properties across 37 states and Puerto Rico, bringing Public Storage's total to more than 4,500 facilities and 327 million rentable square feet. NSAT shareholders received 0.14 Public Storage shares per NSAT share. The acquisition is expected to generate $110–130 million in annual synergies within four years, boosting earnings by $0.35–$0.50 per share. The deal accelerates Public Storage's expansion into the Sun Belt, where self-storage occupancy has consistently exceeded national averages. Goldman Sachs and Wells Fargo provided a $4 billion financing package. Public Storage's equity market cap now reaches $57 billion, solidifying its lead among self-storage REITs.
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