WASHINGTON (dpa-AFX) - Public Storage (PSA) Monday announced a deal to
acquire Simply Self Storage from Blackstone Real Estate Income Trust, Inc. or
BREIT for $2.2 billion. The transaction is expected to be closed in the third
quarter.

The BREIT portfolio comprises of 127 wholly-owned properties and 9 million net
rentable square feet spread across 18 states. Around 65 percent of the
properties are in high-growth Sunbelt markets.

Joe Russell, Public Storage's CEO, said: '.This acquisition reflects the
continued execution of our multi-factor external growth platform, which includes
acquisitions, development, redevelopment, expansion, and third-party
management.'

Since 2019, Public Storage has expanded its portfolio by around 55 million net
rentable square feet, or 34 percent, through $10.6 billion of acquisitions,
development, and redevelopment, including Simply.



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