Public Storage completes $3.5B NSA acquisition, adding 1,000+ properties and 500K customers

Filed July 22, 2026 · Period ending July 21, 2026 · ~2 min read

Key Changes

• high

  Closed acquisition of National Storage Affiliates Trust on July 21, 2026. NSA shareholders received 0.14 Public Storage shares per NSA share. Combined company now operates 4,500+ properties with 327M rentable sq ft in the U.S.

  Item 2.01 verify on EDGAR →
• high

  Expects $0.35-$0.50 FFO per share accretion over 3-4 years as company realizes $110-$130M in run-rate synergies. Transaction expected to be accretive to FFO in first year following closing.

  Exhibit 99.1 view on EDGAR →
• high

  Formed joint venture with legacy NSA limited partners holding 313 properties valued at ~$3.2B. Legacy partners own 80%, Public Storage holds 20% and serves as exclusive manager earning management and reinsurance fees.

  Item 2.01 verify on EDGAR →