Top U.S. Self-Storage REIT to Acquire $10 Billion Competitor

Public Storage (“PSA”) has signed a definitive agreement to acquire National Storage Affiliates (“NSA”) in a stock‐for‐stock transaction valued at approximately $10.5 billion (KRW 14 trillion). Under the terms, NSA shareholders will receive 0.14 PSA shares for each NSA share held. The two companies will also form a joint venture called “High Cash Flow Assets” to hold NSA’s 313 properties, with NSA shareholders owning 80 percent and PSA 20 percent.

Management expects the deal to be neutral to PSA’s 2026 FFO (funds from operations) per share and to drive incremental per-share FFO growth from 2027 onward, based on synergies of $110 million to $130 million in the 2028–2029 period. Once closed, the combined portfolio will include about 4,600 self-storage facilities across 42 states and Puerto Rico, making it the largest self-storage operator in the United States.

In parallel with this acquisition, PSA is expanding its portfolio in the population-growing Sun Belt region and has relocated its headquarters from Glendale, California, to Frisco, Texas, to strengthen its medium- and long-term growth platform.

Founded in 1972 and a member of the S&P 500, Public Storage is the largest self-storage REIT in the U.S. by rentable square footage. The self-storage REIT sector is noted for its relatively stable cash flows and dividend profile through economic cycles, with Public Storage, Extra Space Storage and CubeSmart leading the U.S. market.