Life Storage Rejects $11B Bid From Public Storage

Public Storage (NYSE: PSA) has agreed to acquire Public Storage Canada from Tamara Hughes Gustavson and family in a transaction valued at approximately $1.2 billion, expanding the self-storage REIT’s presence across major Canadian markets. The consideration includes approximately $889 million in Public Storage OP units and $310 million in cash, with sellers also eligible for up to $288 million in […]

National Storage Affiliates Trust operates a portfolio of more than 1,000 self-storage properties totaling approximately 69 million rentable square feet and about 550,000 units.

The industry is recession-resistant, and buyers usually pick up a large portfolio with low rent instead of taking on risks in retail or office buildings.