Public Storage Buys ezStorage for $1.8 Billion

By Dave Sebastian

Public Storage said it has bought ezStorage for $1.8 billion, expanding the self-storage company's portfolio.

The acquisition adds 48 properties, covering 4.2 million net rentable square feet, in suburban markets with what Public Storage described as strong demand drivers and high barriers for new property development in Washington, D.C.; Virginia; and Maryland, the company said Tuesday.

Public Storage said it will assume responsibility for one property under construction and expand eight additional properties, resulting in a 10% increase in square footage through 2023.

The company said it plans to fund the deal with unsecured debt. The transaction, expected to close in May, will add to Public Storage's funds from operations, it said.

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(END) Dow Jones Newswires

04-13-21 0828ET