Public Storage
Acquisitions
4
Major Deals Covered
$13.9B
Disclosed Deal Value
Public Storage's largest disclosed acquisition here is National Storage Affiliates Trust (NSA) for $10.5B in 2026. This page covers 4 major deals from 2006 to 2026, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| Shurgard Storage Centers | 2006 | Undisclosed | Added U.S. facilities and European operations; the European business later became Shurgard, in which Public Storage keeps an equity stake. |
| Simply Self Storage | 2023 | $2.2B | Bought from Blackstone Real Estate Income Trust, adding 127 properties. |
| National Storage Affiliates Trust (NSA) | 2026 | $10.5B | All-stock deal valued at about $10.5 billion including debt, announced in early 2026 and closed July 22, 2026. NSA holders received 0.14 PSA shares per share. |
| Public Storage Canada | 2026 | $1.2B | Agreement announced with Q2 2026 results to buy 68 Canadian properties with 5.3 million square feet for US$1.2 billion. |
2026
$10.5B
All-stock deal valued at about $10.5 billion including debt, announced in early 2026 and closed July 22, 2026. NSA holders received 0.14 PSA shares per share.
Took Public Storage to more than 4,500 U.S. facilities and about 327 million rentable square feet.
Integration underway as of Q3 2026.
2026
$1.2B
Agreement announced with Q2 2026 results to buy 68 Canadian properties with 5.3 million square feet for US$1.2 billion.
2023
$2.2B
Bought from Blackstone Real Estate Income Trust, adding 127 properties.
2006
Added U.S. facilities and European operations; the European business later became Shurgard, in which Public Storage keeps an equity stake.
Under the PS4.0 plan announced in February 2026, Public Storage is pursuing growth through large acquisitions (NSA, closed July 2026; PS Canada, agreed in Q2 2026), smaller property purchases (44 facilities for $454.9 million year to date as of late July 2026), development and expansion of existing sites, and growth of its third-party management platform. On the operating side, it is investing in digital rentals, pricing tools and a new leadership team for operations, marketing and digital transformation.
Public Storage makes money by owning self-storage properties and renting units to households and small businesses, usually on month-to-month agreements. That short lease term lets it adjust move-in rates often and raise rents for existing tenants over time. Self-storage rent is the bulk of revenue. Ancillary income comes from tenant reinsurance on stored goods, locks and packing supplies, and fees for managing storage facilities owned by third parties. Facilities need few on-site staff, so property-level margins are high; the company reported a same-store NOI margin of 77.1% in Q1 2026. As a REIT it pays out most of its taxable income as dividends.
The all-stock purchase of National Storage Affiliates, valued at about $10.5 billion including debt, which closed on July 22, 2026.
$2.2 billion in 2023, adding 127 properties bought from Blackstone Real Estate Income Trust.
Public Storage made an unsolicited offer for Life Storage in early 2023, but Life Storage merged with Extra Space Storage instead.
It agreed to buy Public Storage Canada for US$1.2 billion and, as of late July 2026, had acquired or contracted 44 facilities for $454.9 million year to date.
In September 2023, Public Storage acquired Simply Self Storage from Blackstone Real Estate Income Trust (BREIT) for $2.2 billion in cash, adding 127 properties with 9 million net rentable square feet across high-growth Sunbelt and Midwest markets.
In August 2006, Public Storage completed a $5.5 billion acquisition of rival Shurgard Storage Centers in a stock merger, capturing 622 storage facilities across the US and Europe and solidifying Public Storage’s global leadership.
In May 2021, Public Storage acquired ezStorage for $1.8 billion in cash, absorbing 48 prime infill properties with 4.2 million square feet across the high-barrier Washington DC, Baltimore, and Northern Virginia metropolitan areas.
In December 2021, Public Storage acquired the All Storage portfolio for $1.5 billion, adding 56 modern self-storage properties and 7.5 million square feet primarily located in the booming Dallas-Fort Worth metroplex.
In early 2023, Public Storage launched an unsolicited $11 billion all-stock takeover bid for Life Storage; although Life Storage ultimately accepted a rival merger with Extra Space Storage, the move demonstrated Public Storage’s immense corporate development ambition.
Public Storage immediately implements its dynamic revenue pricing algorithms, connects properties to its national digital marketing platform and eRental app, and introduces high-margin tenant reinsurance, boosting property NOI within 12 months.
Public Storage retains a significant equity ownership stake (approximately 35%) in publicly listed Shurgard Europe, benefiting from dividend distributions and European self-storage market growth without managing local day-to-day operations.
Public Storage continues to evaluate portfolio acquisitions from private operators facing elevated refinancing interest rates, leveraging its fortress A-rated balance sheet to acquire distressed or capital-constrained assets at attractive cap rates.
Compare corporate acquisition records, deal values, and strategic targets
Explore Public Storage
Core profile pages, founders and related research hubs for this company.