Public Storage To Buy Simply Self Storage From BREIT For $2.2 Bln

(RTTNews) - Public Storage (PSA) Monday announced a deal to acquire Simply Self Storage from Blackstone Real Estate Income Trust, Inc. or BREIT for $2.2 billion. The transaction is expected to be closed in the third quarter.

The BREIT portfolio comprises of 127 wholly-owned properties and 9 million net rentable square feet spread across 18 states. Around 65 percent of the properties are in high-growth Sunbelt markets.

Joe Russell, Public Storage's CEO, said: "…This acquisition reflects the continued execution of our multi-factor external growth platform, which includes acquisitions, development, redevelopment, expansion, and third-party management."

Since 2019, Public Storage has expanded its portfolio by around 55 million net rentable square feet, or 34 percent, through $10.6 billion of acquisitions, development, and redevelopment, including Simply.