Public Storage to pay $2.2 billion to buy Simply Self Storage from Blackstone's BREIT

Public Storage (PSA) announced Monday an agreement to buy Simply Self Storage for $2.2 billion from Blackstone Inc. (BX) subsidiary Blackstone Real Estate Income Trust Inc. (BREIT) The purchase by the self-storage facilities real estate investment trust (REIT) comprises 127 properties and 9 million rentable square feet across 18 states, with 65% of the properties located in Sunbelt markets. Blackstone said the sale of Simply Self Storage will generate more than $600 million in profit. The deal is expected to close in the third quarter of 2023. "This acquisition reflects the continued execution of our multi-factor external growth platform, which includes acquisitions, development, redevelopment, expansion, and third-party management," said Public Storage Chief Executive Joe Russell. Public Storage's stock was little changed in premarket trading, while Blackstone shares edged up 0.6% and futures for the S&P 500 tacked on 0.1%.

-Tomi Kilgore

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07-24-23 0825ET

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