Public Storage (NYSE:PSA) entered into a definitive agreement to acquire 48 Self-Storage Facilities Portfolio of ezStorage Corporation for $1.8 billion on April 12, 2021.Public Storage will acquire the properties but will not acquire ezStorage's operating platform. The properties are located in sub-markets across Washington D.C. and Baltimore, Maryland and comprise 4.2 million net rentable square feet. Public Storage plans to fund the acquisition with unsecured debt. The acquisition, which is subject to the satisfaction of customary closing conditions, is currently expected to close in May 2021. The transaction will be immediately accretive to FFO and NOI.

Public Storage (NYSE:PSA) completed the acquisition of 48 Self-Storage Facilities Portfolio of ezStorage Corporation on April 28, 2021. Public Storage funded the acquisition by utilizing its growth-oriented balance sheet to issue $2 billion of senior unsecured notes and quickly closed the transaction in a well-coordinated effort with the ezStorage team. Julian Kleindorfer and David Meckler of Latham & Watkins LLP acted as legal advisor to ezStorage Corporation.