Public Storage announces closing of Simply Self Storage acquisition

Public Storage announced that it has completed the previously announced acquisition of Simply Self Storage from Blackstone Real Estate Income Trust for $2.2 billion.

The portfolio comprises 127 wholly-owned properties and 9 million net rentable square feet across 18 states and located in markets with population growth about double the national average since 2018. Approximately 65 percent of the properties are in high-growth Sunbelt markets.

Public Storage is deploying its industry-leading brand and operating platform to drive customer recognition and enhance performance. The company has integrated 25 other properties into its PS Advantage® third party-management platform. By combining the Simply team with Public Storage’s leading platform, the company hopes to deepen its presence in fast-growing markets, bolster its core strengths and unlock additional opportunities for growth and value creation.

Public Storage funded the acquisition by utilizing its growth-oriented balance sheet to issue $2.2 billion of senior unsecured notes and closed the transaction. The company expects the transaction will be accretive to FFO per share, with accretion accelerating through stabilization. A presentation with further detail is available on the Investor Relations section of PublicStorage.com.

Eastdil Secured served as financial advisor to Public Storage. Wells Fargo and Newmark Group  served as lead financial advisors to BREIT, and BMO Capital Markets, Citigroup Global Markets and Sumitomo Mitsui Banking Corporation also served as financial advisors.