Public Storage to Buy National Storage Affiliates for $10.5B

Public Storage has agreed to acquire National Storage Affiliates Trust in a $10.5 billion all-stock transaction. The portfolio encompasses more than 550,000 units totaling 69 million square feet across 1,000 properties in 37 states and Puerto Rico. The deal will close in the third quarter of this year, the company announced on Monday.

As part of the deal, Public Storage will be repaying NSA’s existing bank debt, senior notes and assuming existing mortgage debt. Goldman Sachs and Wells Fargo are providing a $2 billion corporate bridge loan and an additional $2 billion in joint venture off-balance bridge financing for the transaction.

Goldman Sachs, Wells Fargo and Eastdil Secured are serving as financial advisors to Public Storage on the transaction, while Wachtell, Lipton, Rosen & Katz is acting as legal advisor and DLA Piper as real estate financing counsel.

Morgan Stanley is acting as the financial advisor to NSA with Clifford Chance US LLP as legal advisor for the transaction.

Context behind the deal

The acquisition comes as Public Storage is looking to expand its platform as well as its presence in significant markets, according to Tom Boyle, the company’s incoming CEO.

Before the deal closes, Public Storage will form a joint venture with limited partners in NSA’s operating partnership, which includes 313 properties. The platform spans 19.6 million square feet with an approximate value of $3.3 billion.

According to the latest Self Storage report from Yardi Matrix, demand for self storage has declined. The average rent per square foot decreased 0.2 percent year-over-year to $16.27. Development has also slowed; as of January of this year, there were 2,759 self storage in different stages of development, a 0.1 percent drop from December 2025, the same report shows.