Public Storage Accelerates Growth with Simply Self Storage Acquisition
24 Julho 2023 - 8:00AM
Business Wire
Public Storage (NYSE:PSA) (the “Company”) and Blackstone Real
Estate Income Trust, Inc. (“BREIT”) announced today an agreement
for Public Storage to acquire Simply Self Storage (“Simply”) from
BREIT for $2.2 billion.
The portfolio comprises 127 wholly-owned properties and 9
million net rentable square feet that are geographically
diversified across 18 states and located in markets with population
growth that has been approximately double the national average
since 2018. Approximately 65% of the properties are located in
high-growth Sunbelt markets. During BREIT’s ownership period,
Blackstone made investments into the Simply platform that enabled
the company to enhance the quality of the portfolio and management
team, and ultimately significantly increased Simply’s net operating
income.
Public Storage will deploy its industry-leading brand and
operating platform to drive customer recognition and further
enhance performance. The Company will integrate an additional 25
properties into its PS Advantage® third-party management platform.
By combining the Simply team with Public Storage’s leading
platform, the Company will deepen its presence in fast-growing
markets, bolster its core strengths, and unlock additional
opportunities for growth and value creation.
This acquisition reflects Public Storage’s continued execution
of its opportunistic growth strategy. Since 2019, Public Storage
has expanded its portfolio by approximately 55 million net rentable
square feet, or 34%, through $10.6 billion of acquisitions,
development, and redevelopment, including Simply and additional
properties previously announced as under contract.
“We are pleased to welcome Simply’s team, customers, and
third-party management partners to Public Storage’s
industry-leading brand and platform,” said Joe Russell, Public
Storage’s Chief Executive Officer. “This acquisition reflects the
continued execution of our multi-factor external growth platform,
which includes acquisitions, development, redevelopment, expansion,
and third-party management. We are pleased to complete this
important transaction with Blackstone, which further demonstrates
our position as an acquirer of choice in the industry. Blackstone
has done a tremendous job of growing and improving the quality and
operations of the Simply portfolio over the past few years.”
Nadeem Meghji, Head of Blackstone Real Estate Americas, said,
“Where you invest matters, and this transaction demonstrates the
strong investor demand for the high-quality assets and platforms we
have assembled within BREIT. This sale is a terrific outcome for
BREIT stockholders and enables us to further concentrate BREIT’s
portfolio in its highest growth sectors. Public Storage is a leader
in its space and will be a terrific steward of this portfolio.”
The acquisition is currently expected to close in the third
quarter of 2023, subject to the satisfaction of customary closing
conditions. A detailed presentation is available in the Investor
Relations section of Public Storage’s website.
Eastdil Secured served as financial advisor to Public Storage,
and Wachtell, Lipton, Rosen & Katz and Hogan Lovells US LLP
acted as legal advisors. Wells Fargo and Newmark Group, Inc. served
as lead financial advisors to BREIT, and BMO Capital Markets and
Sumitomo Mitsui Banking Corporation (SMBC) also served as financial
advisors. Simpson Thacher & Bartlett LLP acted as BREIT’s legal
advisor.
About Public Storage
Public Storage, a member of the S&P 500 and FT Global 500,
is a REIT that primarily acquires, develops, owns, and operates
self-storage facilities. At March 31, 2023, we had: (i) interests
in 2,877 self-storage facilities located in 40 states with
approximately 205 million net rentable square feet in the United
States and (ii) a 35% common equity interest in Shurgard Self
Storage Limited (Euronext Brussels:SHUR), which owned 266
self-storage facilities located in seven Western European nations
with approximately 15 million net rentable square feet operated
under the Shurgard® brand. Our headquarters are located in
Glendale, California.
About Blackstone Real Estate Income
Trust
Blackstone Real Estate Income Trust, Inc. (BREIT) is a
perpetual-life, institutional quality real estate investment
platform that brings private real estate to income focused
investors. BREIT invests primarily in stabilized, income-generating
U.S. commercial real estate across asset classes in the United
States and, to a lesser extent, real estate debt investments. BREIT
is externally managed by a subsidiary of Blackstone (NYSE: BX), a
global leader in real estate investing. Blackstone’s real estate
business was founded in 1991 and has approximately $333 billion in
investor capital under management. Further information is available
at www.breit.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All
forward-looking statements speak only as of the date of this
release. These forward-looking statements involve known and unknown
risks and uncertainties, which may cause the Company’s or BREIT’s
actual results and performance to be materially different from
those expressed or implied in the forward-looking statements.
Factors and risks that may impact the Company’s or BREIT’s
respective future results and performance are described in the
Company’s Annual Report on Form 10-K for the year ended December
31, 2022 and BREIT’s Annual Report on Form 10-K for the most recent
fiscal year, its periodic filings with the SEC, as well as under
the section entitled “Risk Factors” in BREIT’s prospectus, each of
which is accessible on the SEC’s website at www.sec.gov. Each of
the Company and BREIT disclaims any obligation to update publicly
or otherwise revise any forward-looking statements, whether as a
result of new information, new estimates, or other factors, events
or circumstances after the date of this release, except where
required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230723803017/en/
Public Storage Ryan Burke (818) 244-8080, Ext. 1141
Blackstone Jeffrey Kauth Jeffrey.Kauth@Blackstone.com
(212) 583-5395
Public Storage (NYSE:PSA)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Public Storage (NYSE:PSA)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024