Public Storage Acquired Simply Self Storage from Blackstone Real
Estate Income Trust, Inc.
NEW
YORK, Sept. 15, 2023 /PRNewswire/ -- Newmark
Group, Inc. (Nasdaq: NMRK) ("Newmark" or "the Company"), a
leading commercial real estate adviser and service provider to
large institutional investors, global corporations, and other
owners and occupiers, announces it served as the Co-Lead Advisor to
Blackstone Real Estate Income Trust, Inc. ("BREIT") on its sale of
Simply Self Storage ("Simply") to Public Storage for $2.2 billion. Newmark's Capital Markets National
Self Storage practice leader Vice Chairman Aaron A. Swerdlin and team advised BREIT on the
transaction.
The portfolio comprises 127 wholly-owned properties and 9
million net rentable square feet that are geographically
diversified across 18 states and located in markets with population
growth that has been approximately double the national average
since 2018. Approximately 65% of the properties are located in
high-growth Sunbelt markets.
"Self-storage is an asset class that continues to perform, even
amidst the current challenging capital markets environment,"
Swerdlin said. "In fact, the asset class, bolstered by its strong
historical performance across business cycles, continues to garner
a disproportionate share of overall commercial real estate
transaction activity. We're thrilled to have been able to advise
our client on this sale."
Public Storage funded the acquisition by utilizing its
growth-oriented balance sheet to issue $2.2
billion of senior unsecured notes and quickly closed the
transaction in a well-coordinated effort with the Simply and
Blackstone teams. Public Storage expects the transaction will be
accretive to FFO per share, with accretion accelerating through
stabilization. A presentation with further detail is available on
the Investor Relations section of PublicStorage.com.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its
subsidiaries ("Newmark"), is a world leader in commercial real
estate, seamlessly powering every phase of the property life cycle.
Newmark's comprehensive suite of services and products is uniquely
tailored to each client, from owners to occupiers, investors to
founders, and startups to blue-chip companies. Combining the
platform's global reach with market intelligence in both
established and emerging property markets, Newmark provides
superior service to clients across the industry spectrum. For
the year ending December 31, 2022,
Newmark generated revenues of approximately $2.7 billion. As of June
30, 2023, Newmark's company-owned offices, together with its
business partners, operate from approximately 170 offices with over
7,400 professionals around the world. To learn more,
visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements
about Newmark
Statements in this document regarding Newmark that are not
historical facts are "forward-looking statements" that involve
risks and uncertainties, which could cause actual results to differ
from those contained in the forward-looking statements. These
include statements about the effects of the COVID-19 pandemic on
the Company's business, results, financial position, liquidity and
outlook, which may constitute forward-looking statements and are
subject to the risk that the actual impact may differ, possibly
materially, from what is currently expected. Except as required by
law, Newmark undertakes no obligation to update any forward-looking
statements. For a discussion of additional risks and uncertainties,
which could cause actual results to differ from those contained in
the forward-looking statements, see Newmark's Securities and
Exchange Commission filings, including, but not limited to, the
risk factors and Special Note on Forward-Looking Information set
forth in these filings and any updates to such risk factors and
Special Note on Forward-Looking Information contained in subsequent
reports on Form 10-K, Form 10-Q or Form 8-K.
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SOURCE Newmark Group, Inc.