Public Storage to Buy Competitor National Storage Affiliates

Public Storage is buying out a competitor just weeks after announcing its move to Texas.

The self-storage giant said it will acquire National Storage Affiliates Trust in a $5.6 billion all-stock deal that is valued at $10.5 billion including debt, a transaction that will significantly expand its national holdings and deepen its presence in high-growth Sun Belt markets. The Dallas Business Journal reported that once the deal closes — expected in the third quarter — the combined company will carry a market capitalization of roughly $57 billion and an enterprise value of about $77 billion.

The acquisition folds a massive portfolio into Public Storage. The Greenwood Village, Colorado-based National Storage Affiliates owns more than 1,000 properties totaling roughly 69 million rentable square feet and about 550,000 storage units across 37 states and Puerto Rico, according to the outlet.

Under the deal structure, Public Storage will take full ownership of 488 NSA properties. Another 313 properties will be placed into a joint venture between Public Storage and NSA’s limited partners, a portfolio valued at roughly $3.3 billion, according to the publication. The joint venture will be financed with about $2.2 billion in secured property level debt and operate at roughly 70 percent leverage, with Public Storage retaining management of the properties.

The deal marks an aggressive growth move for Public Storage, as the company relocates its headquarters to Frisco, Texas from California — its first headquarters shift since the company was founded in 1972. Financing for the deal includes $4 billion in committed bridge loans from Goldman Sachs Bank USA and Wells Fargo, which will later convert to long-term secured mortgage financing, according to the outlet.

Public Storage CFO Tom Boyle, who is set to become CEO on April 1, said the acquisition will help expand the firm’s market reach as the self-storage sector emerges from a cyclical slowdown.

Following the transaction, Public Storage will operate nearly 4,600 properties across the country, including more than 3,600 wholly owned facilities. The deal boosts the company’s property count by about 30 percent and increases its rentable square footage by 27 percent to roughly 328 million square feet.

The Sun Belt is a major focus, as about 38 percent of the combined portfolio will be across the fast-growing southern U.S.

Texas already plays an outsized role for both companies. At the end of 2025, National Storage Affiliates owned 174 facilities in the state, while Public Storage controlled 477 — making Texas the top market for each operator, according to the outlet.

Houston is among Public Storage’s strongest metros, with 128 facilities totaling about 10.4 million rentable square feet and average occupancy above 90 percent.

Executives expect the acquisition to generate between $110 million and $130 million in cost savings over the next several years through operational efficiencies, revenue enhancements and administrative reductions.

— Eric Weilbacher