Public Storage Acquires Of EzStorage For $1.8 Bln - Quick Facts

(RTTNews) - REIT Public Storage (PSA), the leading owner, acquirer, developer, and operator of self-storage properties, announced Tuesday the acquisition of ezStorage, one of the highest quality self-storage portfolios in the U.S., for $1.8 billion.

The portfolio comprises 48 properties (4.2 million net rentable square feet) located in submarkets with strong demand drivers and high barriers for new property development across Washington DC, Virginia, and Maryland.

Public Storage's industry-leading development team will assume responsibility for one property that is under construction and expand eight additional properties, resulting in a 10% increase in square footage through 2023.

In combination with its existing market presence, the Company's Mid-Atlantic portfolio will be unmatched in coverage and quality with 163 properties and 11.3 million net rentable square feet.

The Company plans to fund the acquisition with unsecured debt. The transaction will be immediately accretive to FFO following an anticipated closing in May 2021.