Public Storage (PSA) said on Friday that it has entered into an agreement to purchase 30 self-storage facilities for $189 million, subject to customary closing conditions, including debt assumption of up to $126 million.
Public Storage said 28 of the facilities are located in the Los Angeles area and the surrounding communities of Southern California, expanding its market presence by about 20%. The other two facilities are located in the Chicago area. The properties averaged just over 80% occupancy at January 31, 2010.
The company's senior vice president David Doll said, "This acquisition represents a unique opportunity to acquire well located, urban infill properties throughout the Los Angeles basin. These facilities complement our existing portfolio and will further enhance our market presence throughout this key market. We will immediately begin to rebrand them as Public Storage properties upon completion of the transaction."
The transaction is expected to close in stages during the next several months, with the first closing of one property in Los Angeles, California, having occurred on April 1.
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May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.