Frisco-based Public Storage has acquired National Storage Affiliates Trust.
A Public Storage news release states the transaction enhances Public Storage’s position as the world’s largest owner and operator of self-storage facilities. The move comes just over five months after Public Storage announced the relocation of its headquarters to Frisco’s Hall Park.
What it means
With the acquisition, Public Storage now operates more than 4,500 self-storage properties totaling 327 million square feet of rentable space across the U.S., including the 1,061 facilities in 37 states acquired from National Storage Affiliates, the release states.
When the agreement was first announced in March, Public Storage said the deal had a reported value of approximately $10.5 billion.
What they’re saying
Public Storage CEO Tom Boyle said the National Storage Affiliates acquisition demonstrates “the company’s focus on disciplined and accelerated investment activity that grows earnings and cash flow per share for our shareholders.”
“We are thrilled to officially welcome NSA’s customers and team members to Public Storage and the industry’s leading platform,” Boyle said in the release. “We thank National Storage Affiliates for their significant efforts as we worked through this important transaction together.”
Zooming out
Public Storage expects the acquisition to boost its earnings within the first year, with even greater financial benefits expected over the next three to four years as the company realizes $110 million to $130 million in cost savings, the release states.
The acquisition of National Storage Affiliates marks another chapter of recent growth for Public Storage, which acquired Public Storage Canada for $1.2 billion in June.
