The New York Storage Exchange listed Storage REIT, Cubesmart, has agreed to acquire 26 self storage centres for $223 million (USD).
This transaction follows the other significant portfolio trades by the self storage REIT’s in the last two years.
The properties and spread throughout California, Florida, Illinois, Nevada, New York, Ohio and Rhode Island.
The SEC filing did not disclose trading occupancy, capitalisation rates or asset quality details.
A Snapshot about Cubesmart
• Owns and operates 539 self storage centres across the USA.
• Market Capitalisation: $3.8 billion
• Occupancy grew 390 basis points last year to hit 9.5%.
• Net operating income increased 7% in 2013.
Author: Kennards Self Storage