Self-storage REIT Public Storage has acquired ezStorage in a deal valued at $1.8 billion.
The portfolio consists of 48 properties of 4.2 million net rentable square feet across submarkets in Washington D.C., Virginia, and Maryland. Public Storage's development team will assume responsibility for one property currently under construction and will expand another eight properties to yield an estimated 10% increase in square footage through 2023.
Public Storage is funding the deal with unsecured debt, and the transaction is slated to close in May 2021. The deal marks the latest in a string of portfolio expansions by Public Storage, which says it's increased its footprint by approximately 21 million net rentable square feet, or 13%, since the beginning of 2019. Since that time, the company has engaged in $4.1 billion worth of acquisitions, development, and redevelopment.
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