Truist positive on Public Storage acquisition of Simply Self Storage

Truist keeps a Buy rating on Public Storage after the company entered into an agreement to buy Simply Self Storage from Blackstone Real Estate Income Trust for $2.2B. The analyst is positive on the deal, saying Simply’s assets are of comparable quality to Public Storage’s own portfolio, with significant upside via margin enhancement. In addition, the acquisition does not take off the table any potential larger scale acquisition opportunities, the analyst tells investors in a research note.