GLENDALE, Calif.--(BUSINESS WIRE)--
Public Storage (NYSE:PSA) announced today that it has entered into an
agreement to acquire 30 self-storage facilities for $189 million,
subject to customary closing conditions, including debt assumption of up
to $126 million. Twenty-eight of the facilities (1.8 million square
feet) are located in the Los Angeles area and the surrounding
communities of Southern California, expanding our market presence by
approximately 20%. The other two facilities (107,000 square feet) are
located in the Chicago area. The properties averaged just over 80%
occupancy at January 31, 2010.
"This acquisition represents a unique opportunity to acquire well
located, urban infill properties throughout the Los Angeles basin. These
facilities complement our existing portfolio and will further enhance
our market presence throughout this key market," said David F. Doll,
Senior Vice President for Public Storage. "We will immediately begin to
rebrand them as Public Storage properties upon completion of the
transaction."
The transaction is expected to close in stages during the next several
months, with the first closing of one property in Los Angeles,
California, having occurred on April 1st.
Company Information
Public Storage, a member of the S&P 500 and The Forbes Global 2000, is a
fully integrated, self-administered and self-managed real estate
investment trust that primarily acquires, develops, owns and operates
self-storage facilities. The Company's headquarters are located in
Glendale, California. At December 31, 2009, the Company had interests in
2,010 self-storage facilities located in 38 states with approximately
127 million net rentable square feet in the United States and 188
storage facilities located in seven Western European nations with
approximately ten million net rentable square feet operated under the
"Shurgard" brand. The Company also owns a 41% common equity interest in
PS Business Parks (NYSE:PSB) which owned and operated approximately 19.8
million rentable square feet of commercial space, primarily flex,
multi-tenant office and industrial space.
Additional information about Public Storage is available on the
Internet. The Company's web site is www.publicstorage.com.
Source: Public Storage
Contact: Public Storage
Clemente Teng
(818) 244-8080