Public Storage Prices $2.2B Debt Offering To Fund Simply Self Storage Buyout
Portfolio Pulse from Lekha Gupta
Public Storage (NYSE:PSA) has priced a public offering of senior notes worth $2.2 billion to fund the buyout of Simply Self Storage from Blackstone Inc's (NYSE:BX) Blackstone Real Estate Income Trust, Inc. (BREIT). The offering, which includes an inaugural 30-year senior note, is expected to close on July 26, 2023.
July 25, 2023 | 9:39 am
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POSITIVE IMPACT
Public Storage's stock may see short-term positive impact due to the strategic acquisition funded by the debt offering.
The acquisition of Simply Self Storage is a strategic move for Public Storage, which could strengthen its market position and potentially lead to increased revenues. This could have a positive impact on its stock price in the short term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Blackstone's stock may experience a neutral short-term impact as it sells Simply Self Storage to Public Storage.
While the sale of Simply Self Storage will bring in $2.2 billion for Blackstone, it's unclear how this will affect the company's overall strategy and financial health in the short term, hence a neutral impact is expected on its stock.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50