Public Storage announced on November 1 its acquisition of 56 facilities from All Storage for $1.5 billion, accounting for 7.5 million net rentable square feet. 52 of them are in Dallas-Fort Worth, Texas. Public Storage is the largest self storage brand in the US — and the world — and this deal follows hot on the heels of Simply Self Storage’s recent acquisition of storage facilities in Houston and Dallas.
With this purchase, Public Storage increased its Dallas Metro portfolio to 15.5M square feet of rentable storage in 172 locations. Three of the other properties are in Oklahoma City while a fourth is in Killeen, Texas. Many of these properties were built recently, a significant factor contributing to their value. Overall, they had a 75% occupancy rate during the third quarter of 2021, offering tempting growth potential.
“The acquisition is a direct reflection of how the team at Public Storage is committed to driving growth through our four-factor platform, which includes acquisitions, development, redevelopment, and third-party management,” said Joe Russell, Public Storage Chief Executive Officer.
Since the start of 2019, Public Storage spent $6.3B on these factors, growing by 22% and adding approximately 36M square feet of rentable storage to its portfolio. Even in the difficult year of 2020, the company reportedly purchased 46 storage properties amounting to roughly 4.7M square feet — more than any other company bought — spending a total amount of $460M, the second highest sum that year.
According to the latest Yardi Matrix data, Dallas residents have a generous 9.8 square feet of storage per person and the average street rate for a non-climate-controlled storage units in Dallas is $102. The prices for this size unit increased 10% year-over-year for both standard and climate-controlled versions, somewhat more than in the nation’s large coastal cities. This growth pattern fits the company’s aim, stated by Joe Russell, to acquire and develop properties in desirable markets.
Nationally, Public Storage owns 186M net rentable square feet of space in 39 states.
Scuba Gear Storage Guide: Keep Your Kit Dive-Ready
The best way to store scuba gear is in a cool, dry, shaded space where equipment can hang or lie flat without compression. Salt residue, moisture, heat and UV exposure are the main causes of premature breakdown in neoprene, rubber and metal components. Rinsing thoroughly after every dive and allowing everything to dry completely before storage prevents most long-term damage.
Large Storage Units Explained: How to Know What Size You Need
Large storage units start at the 10’x20’ and climb from there. The 10’x20’ is the most common — the familiar lock-up garage you see at nearly every facility. Above it sit the 10’x30’, 20’x20’, and 20’x30’ plus specialist spaces for storing boats, RVs and commercial equipment.
How StorageCafe’s Boat Storage Directory Helps You Find the Right Space
You’d think finding boat storage would be straightforward. Type something into Google, get a list of nearby facilities, pick one. In practice, it rarely works that way. Most search results surface generic self-storage pages where the largest unit tops out at 10’×10’ — fine for a couch, useless for anything on a trailer. You end up calling around just to find out who takes boats.
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Storing a boat in self storage comes down to four decisions: how far the facility is from your launch point, what type of storage suits your climate (outdoor, covered, or indoor), how to prepare the boat before storing it, and whether the facility’s security and access hours fit how you use your boat. First-time owners who think through these factors before signing a lease tend to get significantly more use out of their boat.
Temporary Storage During Emergencies: What to Know Before You Need It
When a hurricane’s bearing down, a wildfire is closing in, or floodwater has already reached your front door, the last thing you want to be doing is figuring out where to put your stuff – but that’s exactly when people find themselves scrambling for temporary storage.
How to Store Sweaters
Knowing how to store sweaters correctly — folded flat, kept in breathable containers and away from moisture — is what separates a knit that lasts a decade from one that pills or gets eaten alive by moths after a single season.
Before You Store Your Car in Self Storage: What Documents You Actually Need
Most self storage facilities require four main things before allowing a vehicle onto the property: a valid photo ID, current vehicle registration, proof of insurance, and a signed rental agreement. Requirements beyond these vary by facility and state, particularly around insurance levels, registration status and whether the vehicle is financed
A Smarter Way to Start Your Storage Search: Inside the StorageCafe Resource Center
Renting a storage unit usually begins with a practical need. You may be preparing for a move, clearing space at home, renovating, downsizing or simply trying to bring more order into a crowded living situation. In many cases, the first instinct is to consider renting immediately.