Public Storage closes on $2.3B of property purchases in Q4'21

Public Storage bought 106 self-storage facilities for $2.3 billion during the fourth quarter of 2021, the company said in its latest earnings release.

The facilities, totaling 11.5 million net rentable square feet, are spread across the U.S. with 79 in Texas, five in Colorado; four in North Carolina; three each in Missouri and Oklahoma; two each in Minnesota, Oregon and Tennessee; and one each in Florida, Georgia, Kansas, Michigan, Ohio and Washington.

The acquired properties included a portfolio of 56 properties totaling 7.5 million net rentable square feet primarily in the Dallas-Fort Worth, Texas, market. The company paid $1.5 billion for these facilities, which are operated under the All Storage brand name.

Subsequent to the end of 2021, the self-storage real estate investment trust purchased or was under contract to purchase 15 self-storage facilities across 10 states in the U.S. for $212.4 million. The facilities offer 1.2 million net rentable square feet of space.