Public Storage (PSA) closes initial phase of $528 million portfolio acquisition.

Public Storage (PSA) announced today that it has closed the first phase of the $528 million Beyond Self Storage portfolio acquisition.  The total portfolio consists of 36 properties (3.6 million square feet) and includes a mix of stabilized units, properties in lease-up, and properties under construction.  The first phase comprises 24 properties (2.3 million square feet) with an average occupancy rate of 35%.  The second phase of 12 properties are in various stages of development and are expected to be acquired upon completion in 2021.

Established in 1972, Public Storage is the largest owner/operator of self-storage properties in the U.S. and a member of the S&P 500 and FT Global 500 equity indexes. As of September 30, 2020, PSA had a total market capitalization of approximately $45 billion.