Public Storage Acquires BREIT’s Simply Self Storage Platform for $2.2 Billion

Public Storage Acquires BREIT’s Simply Self Storage Platform for $2.2 Billion

Public Storage, a member of the S&P 500 and FT Global 500 headquartered in California, has entered into an agreement on Monday to acquire the US-based Blackstone Real Estate Income Trust’s (BREIT) ‘Simply Self Storage platform’ for $2.2 billion.

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.

The portfolio comprises 127 wholly owned properties and 9 million net rentable s ft that are geographically diversified across 18 states in the US and located in markets with population growth that has been approximately double the national average since 2018.

Approximately 65% of the properties are in high-growth Sunbelt markets. During BREIT’s ownership period, Blackstone made investments into the ‘Simply Self Storage platform’ that enabled the company to enhance the quality of the portfolio and management team, and ultimately significantly increased the platform’s net operating income.

Integrates More Properties

Public Storage will deploy its industry-leading brand and operating platform to drive customer recognition and further enhance performance. It 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.

Joe Russell, Public Storage’s Chief Executive Officer, said that this acquisition reflects the continued execution of their company’s 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,” Russel added.

Nadeem Meghji, Head of Blackstone Real Estate Americas, said that the transaction demonstrated the strong investor demand for the high-quality assets and platforms they 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,” Meghji added.

About Public Storage

Public Storage is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. On March 31, 2023, the company had interests in 2,877 self-storage facilities located in 40 states in the US with approximately 205 million net rentable square feet and a 35% common equity interest in Shurgard Self Storage Limited, 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.


BREIT is a perpetual-life, institutional quality real estate investment platform that brings private real estate to income focused investors. BREIT invests primarily in stabilised, income-generating US commercial real estate across asset classes in the US and, to a lesser extent, real estate debt investments.

BREIT is externally managed by a subsidiary of Blackstone, 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.

Global Business Magazine

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