Public Storage Buys ezStorage for $1.8 Billion
April 13 2021 - 7:43AM
Dow Jones News
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.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
April 13, 2021 08:28 ET (12:28 GMT)
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