195. This is Massive - ExtraSpace's $12 Billion Self Storage Merger
Self Storage Income
AJ Osborne
4.9 • 591 Ratings
🗓️ 11 April 2023
⏱️ 27 minutes
🧾️ Download transcript
Summary
There has been a major development in the self storage industry. One of the biggest REITs in the space, ExtraSpace, has merged with Life Storage for a record $12.7 billion, making it the largest merger in the Self Storage industry by FAR. Where will this take us and what does it mean for the self storage world?
For years, we've talked about market consolidation in this space. The sheer market size of this merger can tell us a lot. Public Storage even joined in on the fun.
This is not just some "big news" you seen on the Wall Street Journal. This WILL affect your state, your city, and your market. It's been building up for years - and it's finally come to fruition.
Let's break it down in this episode of Self Storage Income!
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Transcript
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| 0:00.0 | Extra space came in and merged with life storage for a record $12.7 billion. |
| 0:06.7 | The big boys have a big problem. |
| 0:09.7 | If you're trying to grow double digit in one year, that means you have to buy $4 to $5 billion of real estate. |
| 0:20.0 | So even a billion dollars to these guys doesn't really move |
| 0:24.4 | the needle. That's a big problem. Welcome everybody to self storage income. And what a crazy week it has been in the self storage world. |
| 0:40.5 | Little bonkers, man. Big things happening. Things are moving. I'm excited to dive into this because |
| 0:46.7 | I think there's a lot of a lot of takeaways from this at a macro level, things that owners, |
| 0:52.4 | operators and, you know, private individuals should be thinking |
| 0:55.4 | about, investors should be thinking about. And no, I'm just, I'm blown away by it, man. We were |
| 1:00.7 | just talking before the podcast. It's just, it is totally mind-blowing to, to see these big moves being |
| 1:05.6 | made. So it's, uh, in a world right now where acquisitions are down. |
| 1:11.3 | We're not seeing numbers like we used to. |
| 1:14.1 | And the REITs have been posting their guidance for lower acquisitions to have a really big one like this. |
| 1:23.1 | I think it tells us a lot about the environment. |
| 1:26.2 | It tells us a lot about self storage where it's at a lot about self-storage where it's at. |
| 1:28.6 | And it's really interesting to see how extra space views the merger with life storage. |
| 1:35.6 | And a little drama with life storage, seeing how public storage also was trying to get in on this. |
| 1:44.3 | In fact, that's one of the reasons that this whole thing started. |
| 1:50.0 | So to kick it off, I mean, kind of give them a rundown of what just happened for those that may not not have no. |
| 1:56.7 | Yeah. |
| 1:57.0 | So just to catch everybody up, what we're talking about is this merger between life storage and extra space. |
| 2:01.9 | Extra space came in and merged with life storage for a record $12.7 billion, which, again, what was that? |
... |
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