Self-storage REITs rise as Public Storage looks to ramp up

CubeSmart

06/02/2023 20:05

** Shares of self-storage REITs rise after Public Storage
 PSA.N  unveiled on Sun an $11 bln hostile bid for Life Storage
Inc  LSI.N 
    ** A deal between largest U.S. self-storage properties
operator PSA and LSI would consolidate a fragmented industry and
create a giant that would have scale to tackle competition in a
post COVID-19 world
    ** Wall Street analysts say LSI's strong portfolio could
prompt higher bid from PSA
    ** LSI's stock jumps 11.5% to $123.32, and on track for
biggest one-day pct gain since Mar 2009. PSA shares dipping 0.3%
to $307.44 on Mon
    ** Extra Space Storage  EXR.N  up 3.0% at $168.00, over
3-mth high. Shares among top performers in S&P 500  .SPX , which
is off 0.6% on the session
    ** Shares of CubeSmart  CUBE.N  up 3.9% to over 5-mth high
$48.34
    ** With moves on Mon, PSA's market cap stands at ~$54 bln,
while LSI's market value vaults to ~$10.5 bln, per Refinitiv
    ** EXR's and CUBE's market values boosted to ~$22.5 bln and
~$11 bln, respectively
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))