M&A Deal Summary

Public Storage Acquires Morningstar Properties - 43 Sites

On October 8, 2013, Public Storage acquired real estate company Morningstar Properties - 43 Sites from Morningstar Properties for 315M USD

Acquisition Highlights
  • This is Public Storage’s 2nd transaction in the Real Estate sector.
  • This is Public Storage’s 6th largest (disclosed) transaction.
  • This is Public Storage’s 2nd transaction in the United States.

M&A Deal Summary
Date 2013-10-08
Target Morningstar Properties - 43 Sites
Sector Real Estate
Buyer(s) Public Storage
Sellers(s) Morningstar Properties
Deal Type Divestiture
Deal Value 315M USD

Target

Morningstar Properties - 43 Sites

United States
The properties involved comprise more than 2.9 million square feet in Morningstar Mini-Storage branded sites located in North Carolina, South Carolina, Texas, Virginia and Georgia.

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Buyer(S) 1

Buyer

Public Storage

Glendale, California, United States

website

Category Company
Founded 1971
Sector Real Estate
Employees5,900
Revenue 4.2B USD (2022)
DESCRIPTION
Public Storage's corporate headquarters in Glendale, California.
Public Storage's corporate headquarters in Glendale, California.

Public Storage is a real estate investment trust. Public Storage acquires, develops, owns, and operates self-storage facilities which offer storage spaces for lease on a month-to-month basis, for personal and business use. Public Storage is the largest owner and operator of self-storage facilities in the United States. Public Storage also offers reinsure policies against losses to goods stored by customers in its self-storage facilities, sells merchandise at its self-storage facilities and manages self-storage facilities owned by third-party owners. Public Storage was founded in 1971 and is based in Glendale, California.

DEAL STATS #
Overall 2 of 7
Sector (Real Estate) 2 of 7
Type (Divestiture) 1 of 2
Country (United States) 2 of 7
Year (2013) 1 of 2
Size (of disclosed) 6 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-22 Shurgard Storage Centers

Seattle, Washington, United States

Shurgard Storage Centers, Inc.provides self-storage real estate investment trust.

Buy $5.5B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-17 Stor-All Storage 44 Properties

United States

Buy $430M

Seller(S) 1

SELLER

Morningstar Properties

Matthews, North Carolina, United States

website

Category Company
Sector Real Estate
DESCRIPTION

Morningstar Properties is a vertically integrated real estate developer, owner, and operator of specialty real estate products focused primarily on self-storage in the Southeast United States.

DEAL STATS #
Overall 1 of 1
Sector (Real Estate) 1 of 1
Type (Divestiture) 1 of 1
Country (United States) 1 of 1
Year (2013) 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-03-26 Vinings Landing Marina

Norfolk, Virginia, United States

Vinings Landing Marina offers slips for both sail and powerboats as well as dry storage accommodations. The company is a kindred community of boaters in the top boating destinations across the Southeast and mid-Atlantic known for our exceptional people, services and facilities.

Buy -
Mergr

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