Public Storage (NYSE:PSA) entered into an agreement to acquire Simply Storage Management, LLC from Blackstone Real Estate Income Trust, Inc. (OTCPK:BSTT) for $2.2 billion on July 24, 2023. Public Storage will fund this acquisition with unsecured debt. The transaction is subject to the satisfaction of customary closing conditions and expected to close in the third quarter of 2023. The transaction is expected to be accretive to 2024 Core FFO per share with accretion accelerating to 1% through stabilization.

Eastdil Secured acted as financial advisor to Public Storage and Wachtell, Lipton, Rosen & Katz and Hogan Lovells US LLP acted as legal advisors to Public Storage. Wells Fargo, Newmark Group, Inc., BMO Capital Markets and Sumitomo Mitsui Banking Corporation acted as financial advisor to Blackstone Real Estate Income. Matt Rogers, Davis Coen, Nancy Mehlman, Andrew Blau, Kristy Fields, Lori Lesser and Ben Wells of Simpson Thacher & Bartlett LLP acted as legal advisor to Blackstone Real Estate Income.