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169 Storage Centres Trade in $1.4 Billion Transaction
Clearly the largest self storage transaction in over 10 years, Extra Space have agreed to acquire the SmartStop Self Storage Portfolio in the U.S.A.
Comprising 169 locations across 21 U.S. states and Toronto Canada. Extra Space will pay $1.29 billion (USD), with the balance of the proceeds coming from surplus asset disposal. 121 locations are fully owned while another 43 are managed properties. Extra Space will assume management of these. 5 locations will be sold by SmartStop separately.
The acquisition is said to be accretive to Extra Space funds from operations (FFO) and with an annual dividend yield of just 2.8% this should not be too difficult.
SmartStop is the 7th largest self storage owner in the U.S.A.
After the acquisition Extra Space will boast over 1,200 storage centres, with a market capitalisation of over $7.6 billion.
Self storage trading performance has been exceptional in the U.S.A. in recent years with all four established Storage REIT’s occupancies exceeding 90% in the first quarter of 2015.
Kennards Self Storage
As a proud Family Business you can feel comfortable in storing with People Who Care. We have storage locations everywhere! And space for everyone! Personal and Business Space, Wine Cellars, RV and Boat, Gun Storage and Deposit Boxes. Keep it at Kennards, the People Who Care!
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Currently offering a grand opening special of 30% off selected units, there’s no better time to declutter your home, office or garage.
At Kennards Self Storage Baringa, we understand that accessibility is key. That’s why our facility offers 24/7 access, allowing you to retrieve or store your belongings whenever it suits your schedule.
Kennards Self Storage Waterloo has 3,050 storage spaces and over 25,000 metres of space. We can even provide 24 hour access to the space you need.