Public Storage (NYSE:PSA), the leading owner, acquirer, developer and operator of self storage properties, announced today the acquisition of the high-quality All Storage portfolio for $1.5 billion.
The portfolio comprises 56 self storage properties (7.5 million net rentable square feet) primarily located in the growing Dallas-Fort Worth market. The 52 properties in Dallas-Fort Worth add prominent locations in new, high-growth submarkets in addition to complementary locations in Public Storage’s existing submarkets. With the addition of the acquisition properties, the Company’s Dallas-Fort Worth portfolio will be unmatched in coverage and quality, with 172 locations and 15.5 million net rentable square feet. The additional properties are located in Oklahoma City, Oklahoma (3), and Killeen, Texas (1).
The acquisition is a direct reflection of how the team at Public Storage is committed to driving growth through our four-factor platform, which includes acquisitions, development, redevelopment and third-party management. We continue to see a wide range of opportunities to acquire and develop properties in desirable markets as part of Public Storage’s broader growth initiatives.”
All Storage is a best-in-class self storage developer, with many recently built properties in the acquisition portfolio. The resulting 75% average portfolio occupancy during the third quarter of 2021 provides significant growth opportunity for Public Storage’s industry-leading operating platform. The company plans to fund the acquisition with unsecured debt. The company expects the transaction will be immediately accretive to FFO per share with accretion accelerating through stabilization by 2025. A presentation with further detail is available on the Investor Relations section of PublicStorage.com. CBRE represented All Storage on the transaction.
