Public Storage Acquires Simply Self Storage Portfolio For $2.2B

Public Storage, the largest owner and operator of self-storage facilities in the US, has reached a $2.2 billion deal to acquire Simply Self Storage from Blackstone Real Income Trust, Inc. The acquisition includes 127 properties spanning 18 states, totaling 9 million square feet. The portfolio of self-storage assets will be a valuable addition to Public Storage's extensive holdings. The properties are strategically located throughout the United States and offer significant growth potential.

Summary of transaction details:

• Property Type: Retail
• Sale Price: $2,200,000,000
• Square Footage: 9,000,000
• Price Per Square Foot: $244
• Address: Self Storage Portfolio
• Market: United States

In this significant deal, Public Storage emerges as the buyer, while Blackstone Real Income Trust, Inc serves as the seller. Public Storage's extensive experience and expertise in the self-storage industry make them a natural fit for this acquisition. The transaction solidifies Public Storage's position as a leader in the market and allows them to expand their footprint across 18 US states. Additionally, Public Storage will provide its third-party management platform for 25 of the properties, demonstrating its commitment to delivering exceptional service and value to customers.