Public Storage closes $430M purchase; sell-side unimpressed


Public Storage (PSA) closed the purchase of 44 properties from Florida-based Stor-All for $430M on December 12 - the largest self-storage acquisition of 2013.

"To the frustration of investors, management remains vague on the initial yield on the $1.1B of activity this year," says BMO Capital, cutting the stock to a Sell with $140 price target. One of the largest REITs with a "pristine" balance sheet, PSA has historically traded at a premium to its peers, but the company's balance sheet and acquisition strategy have begun to look like everyone else's - so why wouldn't its valuation.

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