Frisco-based Public Storage completed the acquisition of National Storage Affiliates Trust (NSA), headquartered in the Denver suburb of Greenwood Village. When the agreement was signed in March, the deal had a reported value of about $10.5 billion.

The transaction adds to Public Storage’s position as the world’s largest self-storage platform. It has more than 4,500 properties offering 327 million rentable square feet across the United States. Internationally, it has a long-standing presence in Europe with Shurgard and last month announced an agreement to acquire Public Storage Canada.

Public Storage is a newcomer to North Texas. The company relocated from Glendale, California, in February.

A ‘value creation milestone’

Under the terms of the NSA merger agreement, at the closing of the transaction, holders of NSA common shares were entitled to receive 0.14 of a Public Storage common share for each NSA common share held, which translates to $41.68 per share based on Public Storage’s closing share price on March 13, 2026.

Public Storage CEO Tom Boyle said the acquisition is a pivotal step in the company’s PS4.0 strategic plan to drive shareholder value while improving customer experience with PS Next. PS Next offers an omnichannel digital-first platform with advanced data science, exceptional store managers and responsive customer care agents to give customers what they need when they need it.

PS4.0 also aims to capture external growth opportunities, such as the NSA merger, and incentivize employees.

“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,” Boyle said in a statement. “Our team is hard at work deploying our proven integration playbook to realize the transaction’s full potential, applying PS Next to a large-scale portfolio that offers significant value creation opportunities.”

Delivering ‘what customers want’

With the addition of NSA’s more than 1,000 properties and 550,000 units, Public Storage said it expects to drive further growth and profitability through strategic market diversification and economies of scale. The NSA family of brands will immediately begin transitioning to the iconic Public Storage branding.

“We are thrilled to officially welcome NSA’s customers and team members to Public Storage and the industry’s leading platform,” Boyle said. “We thank the NSA organization for their significant efforts as we worked through this important transaction together.”

More details on the deal and a side joint venture

Public Storage said it expects 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.

In addition to Public Storage’s full ownership of key growth properties, shareholders of the combined company will benefit from participation in a newly created joint venture. As a part of the closing of the transaction, Public Storage and certain legacy limited partners in NSA’s operating partnership formed a joint venture consisting of 313 properties previously owned by NSA across 28 states and Puerto Rico, with legacy limited partners owning approximately 80% of the joint venture and Public Storage holding the remaining interest.

As previously announced, Public Storage will exclusively manage the joint venture portfolio, earning customary property management, asset management and tenant reinsurance income. As part of the closing, the joint venture obtained about $2 billion in secured mortgage financing from Goldman Sachs Bank USA and Wells Fargo Bank, National Association and $237 million in mezzanine financing from Public Storage.

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