PSA - Public Storage acquires All Storage portfolio for $1.5B

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.

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Public Storage acquires All Storage portfolio for $1.5B