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Oct. 1, 2015, 8:03 AM
- The SmartStop acquisition will add 122 stores 43 new managed stores to Extra Space Storage's (NYSE:EXR) portfolio.
- The purchase price was $1.4B, with EXR paying $1.31B, and the sale of certain SmartStop assets right before closing making up the rest.
- EXR has been a sizable outperformer among not just storage REITs, but the whole REIT sector this year, with this purchase likely the major reason.
- Previously: Extra Space Storage makes its case at BAML real estate conference (Sept. 16)
- Previously: Extra Space Storage acquisition well-received by investors (June 17)
Jun. 15, 2015, 4:10 PM
- A non-traded REIT, SmartStop Self Storage is the 7th-largest owner of self-storage facilities in the U.S., with 169 properties in 21 states and Toronto.
- Extra Space (NYSE:EXR) is paying $1.29B, and the remaining money will come from the sale of certain SmartStop assets prior to closing.
- The deal is expected to be accretive to AFFO, and should close in H2.
- Shares +0.2% after hours
Extra Space Storage Inc is a fully integrated, self-administered and self-managed real estate investment trust. It owns, operates, manages, acquires, develops and redevelops professionally managed self-storage facilities.
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