Bloomberg - All Storage, a closely held owner of self storage facilities, is exploring a sale of the company that could fetch more than $1 billion, according to people with knowledge of the matter.
The company, which operates 50 facilities in Oklahoma and three in Texas, is working with CBRE Group Inc. said the people, who asked not to be identified discussing information that isn't public. The brokerage company has begun soliciting interest from potential buyers, said they.
All Storage, led by Chief Executive Officer Jay Schuminsky, didn t immediately respond to a request for comment. A CBRE spokesman didn t immediately have a comment.
Fundamentals for self-storing real estate investment trusts are favorable, KeyBanc Capital Markets analysts wrote to clients in a note this month with occupancies, rental rates and increased rents at or near record levels.
If demonetization of possessions, death, divorce, dislocation and disaster continue to drive demand, Public Storage CEO Joe Russell said at a recent conference. The mutual fund's shares have risen 42% in the past year, outperforming the 33% gain in the iShares Cohen Steers REIT ETF.
All Storage has long ties to Texas. In 2019, it said it would provide free storage to newly signed Dallas Mavericks players, who included Kristaps Porzingis and Tim Hardaway Jr. for that season.