Top Self-Storage REIT Launches Acquisition in 10 Trillion Won Industry

Public Storage (PSA) has signed a definitive agreement to acquire National Storage Affiliates (NSA) in an all-stock transaction valued at approximately $10.5 billion (about KRW 14 trillion). Under the deal, NSA shareholders will receive 0.14 shares of PSA for each NSA share owned, resulting in a post-closing ownership split of roughly 92 percent PSA shareholders and 8 percent NSA shareholders.

The companies will form a joint venture called “High Cash Flow Assets,” comprising 313 properties. PSA will assume or refinance NSA’s debt and preferred equity and raise new financing to fund the purchase, targeting a 2–3 percent per-share FFO synergy by 2028–2029.

Last month, PSA reported its fourth-quarter and full-year 2025 results, noting a slight year-over-year increase in core FFO while guiding 2026 core FFO to a low-single-digit percentage decline. Concurrently, the company reaffirmed its commitment to bolster its medium- to long-term growth foundation through portfolio expansion and continued investment in its digital operating platforms, PS4.0 and PS Next.

Public Storage is the world’s largest self-storage REIT, operating thousands of facilities across the U.S. and Europe. The company recently relocated its headquarters from Glendale, California, to Frisco, Texas, to strengthen its presence in the fast-growing Sun Belt region. Following a post-pandemic boom, the U.S. self-storage market has entered a normalization phase marked by rising supply and moderating demand, intensifying economies of scale and M&A competition among top REITs such as PSA, Extra Space Storage, CubeSmart and NSA.