The self-storage REIT Public Storage has announced it will acquire ezStorage in a $1.8 billion transaction. The company plans to finance the acquisition using unsecured debt and expects it to be immediately accretive to its funds from operations (FFO).
ezStorage’s portfolio includes 48 properties, accounting for 4.2 million net rentable square feet, in the Mid-Atlantic region of the United States. Public Storage will also take over development of one facility and expand eight others following the deal’s closure.
The purchase demonstrates Public Storage’s continued commitment to aggressive growth. The company has added over 20 million net rentable square feet to its portfolio since the beginning of 2019, a date that also marks the beginning of Joseph D. Russell’s tenure as CEO.