All articles tagged with #public storage
A $10.5 billion deal would merge two of the largest U.S. self-storage operators, creating a single market leader and potentially reshaping competition, pricing, and shareholder value in the growing real estate sector.
For long-term passive income, consider investing in AbbVie, Lowe's Companies, and Public Storage. AbbVie, a biopharmaceutical giant, boasts a strong dividend history and financials. Lowe's, a leading home improvement retailer, has a solid dividend track record and promising long-term prospects. Public Storage, a REIT specializing in self-storage, offers high dividends and growth potential through market expansion.
Public Storage has announced its acquisition of Simply Self Storage from Blackstone Real Estate Income Trust for $2.2 billion, aiming to expand its market presence. The deal will add 127 wholly-owned properties across 18 states to Public Storage's portfolio, with approximately 65% of the properties located in high-growth Sunbelt markets. The sale is expected to generate over $600 million in profit for Blackstone and is set to close in the third quarter of 2023. This acquisition comes as the self-storage sector experiences a decline in demand due to people returning to offices, leading to expectations of further consolidation in the industry.
A fire broke out at a Public Storage facility in South San Jose, causing a large plume of black smoke and explosions. The San Jose Fire Department upgraded the fire to a third alarm and roads in the area are closed with traffic delayed. There are no immediate reports of injuries and the cause of the fire is unknown. Residents are advised to avoid the area and not drive over any fire hoses.
A three-alarm fire broke out at a Public Storage facility in San Jose, causing massive smoke and flame. No injuries have been reported, and everyone is accounted for. The fire department has advised people to avoid the area and obey all directions from fire crews and police officers. Blossom Hill Road is being impacted in both directions, causing traffic delays.
Extra Space Storage has agreed to merge with smaller rival Life Storage in a $12.7 billion deal, after Life Storage rejected a bid from Public Storage. Life Storage shareholders will receive 0.8950 of an Extra Space share for each share they own, or $145.82, which is more than 30% above Life Storage's stock price before Public Storage's unsolicited offer.