Strategic expansion accelerates with NSA merger, Canadian acquisition proposal, strong growth, and materially expanded financing capacity

Key Facts

• Public Storage closed its all-stock merger with National Storage Affiliates Trust on July 22, 2026. NSA shareholders received 0.1400 Public Storage common shares per NSA share, expanding the Public Storage brand portfolio to more than 4,500 locations and 327 million operating square feet.
• At the NSA merger closing, Public Storage formed a joint venture holding 313 properties valued at approximately $3.3 billion; former NSA operating partnership unitholders own approximately 80% and Public Storage owns the remaining 20%.
• Public Storage agreed on June 22, 2026 to acquire PS Canada for US$1.2 billion, comprising approximately $889 million of Public Storage OP units and $310 million in cash. The portfolio includes 68 properties totaling 5.3 million square feet.
• The PS Canada acquisition is expected to close in the third quarter of 2026.
• During the quarter, Public Storage acquired 20 self-storage facilities totaling 1.5 million net rentable square feet for $222.5 million. Including activity after June 30, year-to-date acquisitions and contracts covered 44 facilities totaling 3.2 million square feet for $454.9 million.

Source

View the source SEC filing