Public Storage Completes Phase I of $528-million Acquisition

Public Storage, the Glendale-based developer and operator of self-storage properties, has closed the first phase of its acquisition of the Beyond Self Storage portfolio for $528 million. In total, this portfolio is comprised of 36 properties totaling 3.6 million net rentable square feet. The first phase of the purchase includes 24 existing properties (2.3 million net rentable square feet) that has been built since 2016, with an average occupancy of approximately 35 percent, according to a Public Storage statement. The second phase includes the transfer of 12 properties (1.3 million net rentable square feet), now in various stages of development, to Public Storage next year as the sites reach completion. “We are pleased to welcome the Beyond Self Storage customers to Public Storage’s industry-leading brand and platform,” said Public Storage CEO Joe Russell in a statement. “The addition of these high-quality assets enhances our strong and diversified portfolio, and we are committed to further building on our industry leadership through organic and external growth.” The transaction reflects Public Storage’s continued growth plan as the company has been expanding its portfolio through acquisitions ranging from raw land to operating properties.  Since early last year, Public Storage has expanded its holdings by approximately 13.9 million net rentable square feet, or 9 percent, through $1.9 billion of acquisitions, development, and redevelopment, including all properties currently under contract. “We thank the Beyond Self Storage team for their partnership and integrity, and compliment them on the quality of the portfolio,” said Public Storage Senior Vice President of Acquisitions Mike McGowan. “Looking ahead, we continue to see a wide range of opportunities to acquire and develop properties in desirable markets, enabling us to accelerate Public Storage’s broader growth initiatives.”