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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.
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!
Kennards Self Storage Baringa boasts a range of storage unit sizes to suit diverse requirements, from small lockers to large spaces perfect for furniture, equipment, or inventory.
Read on to find out how to protect your furniture from damage, how to maximize space, and how to keep your favourite sweater from disappearing forever in your storage unit’s sea of moving boxes.
Last week, I was visiting my parents’ house (the place I grew up). They are reaching pensioner age, and it dawned on me that their home is becoming too large for them.