Nadeem Meghji, Head of Blackstone Real Estate Americas, said, “This sale represents a terrific outcome for BREIT investors and enables us to further concentrate BREIT’s portfolio in its highest growth sectors. Public Storage is a leader in its space and will be an excellent steward of this portfolio.”
Eastdil Secured served as financial advisor to Public Storage, and Wachtell, Lipton, Rosen & Katz and Hogan Lovells US LLP acted as legal advisors.
Wells Fargo and Newmark Group, Inc. served as lead financial advisors to BREIT, and BMO Capital Markets, Citigroup Global Markets Inc. and Sumitomo Mitsui Banking Corporation (SMBC) also served as financial advisors. Simpson Thacher & Bartlett LLP acted as BREIT’s legal advisor.
Contacts
Public Storage
Ryan Burke
(818) 244-8080, Ext. 1141
Blackstone
Jeffrey Kauth
Jeffrey.Kauth@Blackstone.com
(212) 583-5395
About Public Storage
Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At June 30, 2023, we had: (i) interests in 2,888 self-storage facilities located in 40 states with approximately 206 million net rentable square feet in the United States and (ii) a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels:SHUR), which owned 266 self-storage facilities located in seven Western European nations with approximately 15 million net rentable square feet operated under the Shurgard® brand. Our headquarters are located in Glendale, California.
Additional information about Public Storage is available on the Company’s website at PublicStorage.com.
About Blackstone Real Estate Income Trust
Blackstone Real Estate Income Trust, Inc. (BREIT) is a perpetual-life, institutional quality real estate investment platform that brings private real estate to income focused investors. BREIT invests primarily in stabilized, income-generating U.S. commercial real estate across key property types and to a lesser extent in real estate debt investments. BREIT is externally managed by a subsidiary of Blackstone (NYSE: BX), a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has approximately $333 billion in investor capital under management. Further information is available at www.breit.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on the beliefs and assumptions of the Company’s and BREIT’s management made based on information currently available to them and may be identified by the use of the words “outlook,” “guidance,” “expects,” “believes,” “anticipates,” “should,” “estimates,” and similar expressions. These forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company’s or BREIT’s respective actual results and performance to be materially different from those expressed or implied in the forward-looking statements. Risks and uncertainties that may impact the Company’s or BREIT’s respective future results and performance include, but are not limited to those described in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 21, 2023, BREIT’s Annual Report on Form 10-K filed with the SEC on March 17, 2023 as well as under the section entitled “Risk Factors” in BREIT’s prospectus and in the Company’s and BREIT’s other filings with the SEC, each of which is accessible on the SEC’s website at www.sec.gov. These include changes in demand for the Company’s and BREIT’s facilities, impacts of natural disasters, adverse changes in laws and regulations including governing property tax, evictions, rental rates, minimum wage levels, and insurance, adverse economic effects from the COVID-19 Pandemic, international military conflicts, or similar events impacting public health and/or economic activity, adverse impacts from inflation, unfavorable foreign currency rate fluctuations, changes in federal or state tax laws related to the taxation of REITs, security breaches, including ransomware, or a failure of networks, systems, or technology. These forward-looking statements are not guarantees of future plans and speak only as of the date of this press release or as of the dates indicated in the statements. Actual plans and operating results may differ materially from what is expressed or forecasted in this press release. All forward-looking statements, including those in this press release, are qualified in their entirety by this cautionary statement. The Company and BREIT expressly disclaim any obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, new estimates, or other factors, events, or circumstances after the date of these forward-looking statements, except when expressly required by law. Given these risks and uncertainties, you should not rely on any forward-looking statements in this press release, or which the Company’s or BREIT’s management may make orally or in writing from time to time, neither as predictions of future events nor guarantees of future performance.
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