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- Public Storage (NYSE:PSA) acquired high-quality All Storage portfolio for $1.5B; portfolio comprises 56 self-storage properties mainly located in the growing Dallas-Fort Worth market.
- The company plans to fund the acquisition with unsecured debt and transaction is expected to be immediately accretive to FFO/share with accretion accelerating through stabilization by 2025.
- 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 15.5M net rentable square feet.
- The additional properties are located in Oklahoma City, Oklahoma (3), and Killeen, Texas (1).
- All Storage is a best-in-class self-storage developer, with many recently built properties in the acquisition portfolio leading to 75% average portfolio occupancy during Q3 providing significant growth opportunity for Public Storage’s industry-leading operating platform.
- PSA beats Q3 FFO and revenue and has appointed new COO.
