PSA - Public Storage buys ezStorage for $1.8B

Headquartered in Columbia, Maryland, ezStorage is the largest self-storage company in Maryland, Virginia, and Washington DC.ezStorage portfolio comprises 48 properties (4.2M net rentable sq. ft.) located in submarkets with strong demand drivers and high barriers for new property development across Washington DC, Virginia, and Maryland.Public Storage (PSA) intends to fund the acquisition with unsecured debt.The transaction will be immediately accretive to FFO following an anticipated closing in May 2021.Joe Russell, Public Storage Chief Executive Officer. “The acquisition is a direct reflection of Public Storage’s unique positioning for growth through acquisitions, development, redevelopment, and third-party management.”Press Release

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Public Storage buys ezStorage for $1.8B