Public Storage to acquire Simply Self Storage BREIT for $2.2B

Public Storage (PSA) and Blackstone Real Estate Income Trust (BX) announced an agreement for Public Storage to acquire Simply Self Storage BREIT for $2.2B .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. ..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 $10.6B of acquisitions, development, and redevelopment, including Simply and additional properties previously announced as under contract.