PSA
Public Storage Completes $10.5B NSAT Acquisition
Article Summary
BUY- Public Storage (NYSE: PSA) completed its $10.5B acquisition of National Storage Affiliates Trust (NASDAQ: NSAT) on July 22, adding over 1,000 properties across 37 states and Puerto Rico, strengthening its national footprint to 4,500 facilities with 327 million rentable square feet.
- NSAT shareholders received 0.14 Public Storage shares for each NSAT share, while operating partnership unit holders received equivalent Public Storage OP units.
- The deal is expected to boost earnings by $0.35-$0.50 per share within four years due to $110-130 million in annual synergies, accelerating Public Storage's expansion into Sun Belt markets.
- The transaction also included retiring NSAT's debt and paying preferred shares, with Goldman Sachs and Wells Fargo securing a $4B financing package for the deal.
- The acquisition accelerates Public Storage's expansion into high-growth regions especially the Sun Belt, reflecting broader shift toward growing southern and western metros.
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Growth Stock Scoring Breakdown
| METRIC | VALUE | WEIGHT | ANALYSIS |
|---|---|---|---|
| Sales Growth TTM ? | 2.9% | 25% | 20.0 ptsMinimal (2.9%) - Very weak |
| EPS Growth Next 5Y ? | 5.2% | 25% | 20.0 ptsWeak (5.2%) - Low expectations |
| Target Price Upside ? | 6.0% | 20% | 35.0 ptsBelow Screener (6.0%) - Target: $334.00 vs Current: $315.01 |
| Gross Margin % ? | 49.0% | 15% | 60.0 ptsSolid (49.0%) - Decent margins |
| Drawdown from 52-Wk High ? | -5.1% | 15% | 20.0 ptsBarely a Dip (-5.1%) - Near recent highs |
Disclaimer: This rating is for informational purposes only and is not financial advice.
All data sourced from Finviz.
Always conduct your own research and consult with a financial advisor before making investment decisions.
Past performance does not guarantee future results.
About PSA
- Public Storage, a member of the S&P 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities.
- At March 31, 2026, we: (i) owned and/or operated 3,546 self-storage facilities located in 40 states with approximately 259 million net rentable square feet in the United States and (ii) owned a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 333 self-storage facilities located in seven Western European countries with approximately 19 million net rentable square feet operated under the Shurgard brand.
- Public Storage was incorporated in 1972 in Maryland.