AcquisitionsJul 22, 2026, 05:21 PM
Public Storage Completes NSA Acquisition; Expects $0.35-0.50 FFO Accretion
AI Summary
Public Storage announced the completion of its acquisition of National Storage Affiliates Trust (NSA), significantly expanding its self-storage portfolio to over 4,500 properties. The transaction is expected to be accretive to FFO per share within the first year, with projected accretion increasing to $0.35-$0.50 per share upon realizing $110-$130 million in run-rate synergies. In connection with the closing, a joint venture was formed for 313 properties, and Public Storage OP, L.P. designated new preferred units, including 10,229,928 Series T Preferred Units with a 6.000% annual priority return.
Key Highlights
- Public Storage completed the acquisition of National Storage Affiliates Trust (NSA).
- NSA shareholders received 0.14 Public Storage common shares for each NSA common share.
- Acquisition expected to be accretive to FFO per share within the first year.
- Accretion projected to increase to $0.35-$0.50 per share with $110-$130 million in synergies.
- A joint venture was formed for 313 properties, with Public Storage holding a minority interest.
- The joint venture secured $2 billion in mortgage financing and $237 million in mezzanine financing from Public Storage.
- PSA OP designated 6.000% Series T, Series U, and Series T-1 Cumulative Redeemable Preferred Units.
- 10,229,928 Series T Preferred Units were established, with a 6.000% annual priority return ($1.50 per unit).
Price Impact
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