National Storage Affiliates Proposed Sale to Public Storage Under Investigation
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 24 2026
0mins
Source: PRnewswire
- Investigation Launched: Former Louisiana Attorney General Charles C. Foti and his law firm Kahn Swick & Foti are investigating the proposed sale of National Storage Affiliates (NYSE:NSA) to Public Storage (NYSE:PSA), indicating concerns over the transaction's fairness.
- Shareholder Return Analysis: Under the proposed terms, shareholders of National Storage will receive 0.14 shares of Public Storage common stock or partnership units for each share they own, raising questions about the company's valuation and adequacy of the offer.
- Legal Rights Consultation: KSF encourages shareholders who believe the transaction undervalues the company to contact them for legal advice, highlighting their commitment to protecting shareholder interests and the potential for legal action.
- Firm Background: Kahn Swick & Foti, led by a former Louisiana Attorney General, focuses on safeguarding shareholder rights, underscoring their expertise and influence in such transactions.
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Analyst Views on PSA
Wall Street analysts forecast PSA stock price to fall
14 Analyst Rating
5 Buy
9 Hold
0 Sell
Moderate Buy
Current: 329.640
Low
276.00
Averages
311.58
High
349.00
Current: 329.640
Low
276.00
Averages
311.58
High
349.00
About PSA
Public Storage is a real estate investment trust. Its principal business activities include the ownership and operation of self-storage facilities that offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, and other related operations, such as tenant reinsurance, merchandise sales, third party management, and bridge lending to third-party self-storage owners, as well as the acquisition and development of additional self-storage space. Its Self-Storage Operations segment includes the aggregated rental operations from the self-storage facilities it owns from same store facilities, acquired facilities, newly developed and expanded facilities, and other non-same store facilities. Its Ancillary Operations segment includes the combined operations of its tenant reinsurance, merchandise sales, and third-party property management operating segments. It owned interests in over 3,085 self-storage facilities located in 40 states in the United States.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Credit Facility Update: The new revolving credit facility replaces the previous $1.5 billion facility set to mature in 2027, with the new facility maturing in 2030 and extension options available until 2031, ensuring the company has access to funds in the coming years.
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- Shareholder Return Analysis: Under the proposed terms, shareholders of National Storage will receive 0.14 shares of Public Storage common stock or partnership units for each share they own, raising questions about the company's valuation and adequacy of the offer.
- Legal Rights Consultation: KSF encourages shareholders who believe the transaction undervalues the company to contact them for legal advice, highlighting their commitment to protecting shareholder interests and the potential for legal action.
- Firm Background: Kahn Swick & Foti, led by a former Louisiana Attorney General, focuses on safeguarding shareholder rights, underscoring their expertise and influence in such transactions.
See More
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See More
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- Green Building Certifications: The company has reached 263 certified green buildings and successfully scaled the Arc Performance Certificates, which enhances the effectiveness of its green building initiatives, showcasing its leadership in sustainable construction practices.
- Solar Project Expansion: Public Storage has installed rooftop solar systems on over 1,060 properties and is on track to reach 1,300 by the end of 2026, indicating ongoing investment and growth potential in renewable energy utilization.
- Employee Development Initiatives: The company continues to invest in its “Preparing the Path” leadership accelerator program for the third year, earning its fourth consecutive Great Place to Work™ certification, reflecting its commitment to employee development and enhancing corporate culture.
See More
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- Capital Structure Optimization: Public Storage has announced a $4.5 billion capital plan, which includes a $3 billion unsecured revolving credit facility and a $500 million delayed draw term loan, aimed at enhancing the company's financial flexibility and operational capacity.
- Credit Facility Update: The new revolving credit facility replaces the previous $1.5 billion facility set to mature in 2027, with the new facility maturing in 2030 and extension options available until 2031, ensuring the company has access to funds in the coming years.
- Loan Terms Advantage: The term loan can be drawn in up to four advances before December 22, 2026, with an interest rate of SOFR plus 70 basis points, providing relatively low financing costs that help the company remain competitive in a rising interest rate environment.
- Commercial Paper Program: The company has also established a $1 billion unsecured commercial paper program, which will rank pari passu with all other senior unsecured debt, further enhancing the company's capital structure and liquidity management capabilities.
See More
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- Investigation Launched: Former Louisiana Attorney General Charles C. Foti and his law firm Kahn Swick & Foti are investigating the proposed sale of National Storage Affiliates (NYSE:NSA) to Public Storage (NYSE:PSA), indicating concerns over the transaction's fairness.
- Shareholder Return Analysis: Under the proposed terms, shareholders of National Storage will receive 0.14 shares of Public Storage common stock or partnership units for each share they own, raising questions about the company's valuation and adequacy of the offer.
- Legal Rights Consultation: KSF encourages shareholders who believe the transaction undervalues the company to contact them for legal advice, highlighting their commitment to protecting shareholder interests and the potential for legal action.
- Firm Background: Kahn Swick & Foti, led by a former Louisiana Attorney General, focuses on safeguarding shareholder rights, underscoring their expertise and influence in such transactions.
See More
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- Acquisition Scale: Public Storage announced its agreement to acquire Public Storage Canada for approximately $1.2 billion, marking its entry into major Canadian self-storage markets and expected to significantly enhance its market share in North America.
- Portfolio Overview: The acquisition includes a portfolio of 68 properties totaling 5.3 million square feet located across cities such as Toronto, Vancouver, Montreal, Calgary, and Ottawa, demonstrating the company's deep commitment to the Canadian market.
- Market Potential Analysis: Public Storage believes that the Canadian market offers attractive long-term growth potential due to strong population growth, high household incomes, and lower self-storage supply per capita compared to the U.S., which is expected to yield substantial returns for the company.
- Financial Arrangement and Expected Returns: Under the agreement, Public Storage will pay approximately $889 million in operating partnership units and about $310 million in cash, with an expected initial net operating income yield in the high 5% range, and future high-single-digit NOI growth anticipated through operational improvements.
See More
Public Storage Acquires Canadian Operations for $1.2B
- Acquisition Value: Public Storage announced its acquisition of Public Storage Canada for approximately $1.2 billion, comprising about $889 million in operating partnership units and roughly $310 million in cash, with sellers eligible for up to $288 million in additional earn-out based on future net operating income targets.
- Portfolio Expansion: The acquisition adds 68 properties totaling 5.3 million square feet across major markets including Toronto, Vancouver, Montreal, Calgary, and Ottawa, significantly enhancing the company's footprint in the Canadian self-storage sector.
- Expected Income Yield: Public Storage anticipates the transaction will deliver a going-in net operating income yield in the high-5% range, while also providing operational upside through its PS Next platform, thereby bolstering profitability and competitive positioning.
- Closing Timeline: The deal is expected to close in the second half of 2026, marking a strategic expansion for Public Storage into international markets and reflecting its commitment to capturing future growth opportunities.
See More
Public Storage Acquires 3rd Largest Self-Storage Platform in Canada
- Acquisition Scale: Public Storage announced the acquisition of PS Canada, the third-largest self-storage platform in Canada, for approximately $1.2 billion, primarily funded through Public Storage Operating Partnership Units (OPUs), which is expected to create long-term internal and external growth opportunities for the company.
- Financial Benefit Expectations: The acquisition is anticipated to provide an attractive going-in NOI yield in the high-5’s, with significant operational upside on an 83% occupied portfolio, and a potential double-digit internal rate of return (IRR), enhancing the company's financial performance.
- Market Expansion Strategy: This acquisition will allow Public Storage to expand its platform in key markets such as Toronto and Vancouver, leveraging high household incomes and strong population growth to capitalize on low supply ratios, thereby solidifying its leadership position in the self-storage industry.
- Operational Platform Integration: The acquisition enables Public Storage to utilize the PS Next™ operating platform, focusing on customer experience, rental revenue, and operational expense efficiencies, which is expected to drive high-single-digit NOI growth and enhance long-term investment returns and funds from operations (FFO) per share.
See More
