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Public Storage Snaps Up Simply Self Storage for $2.2B
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Public Storage Snaps Up Simply Self Storage for $2.2B

Real Estate Investment Trust (REIT) Public Storage (NYSE:PSA) has agreed to acquire Simply Self Storage from Blackstone Real Estate Income Trust (BREIT) for a consideration of $2.2 billion.

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The deal includes 127 wholly-owned properties and 9 million square feet of rentable space across 18 states. Further, 65% of the portfolio is located in key sunbelt markets, and PSA plans to leverage its brand and operating platform to boost performance.

The strategic move is also expected to boost PSA’s footprint in fast-growth markets while also unlocking further opportunities for driving value and growth.  PSA continues to deploy an opportunistic growth strategy and has expanded its portfolio by nearly 34% since 2019, with an outlay of $10.6 billion.

The transaction is anticipated to close in the third quarter of this year and remains subject to closing conditions.

Overall, the Street has a $337.25 consensus price target on PSA alongside a Strong Buy consensus rating. This points to a potential 15.6% gain in the stock on top of a nearly 6.4% rise so far this year.

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