Public Storage Announces Closing of the ezStorage Portfolio Acquisition
Summary
GLENDALE, Calif.--(BUSINESS WIRE)--Public Storage (NYSE:PSA), the leading owner, acquirer, developer, and operator of self-storage properties, announced today that it has closed on the acquisition of ezStorage, one of the highest quality self-storage portfolios in the United States, for $1.8 billion. In combination with Public Storage’s existing market presence, the Company’s Mid-Atlantic portfolio is unmatched in coverage and quality with 163 properties and 11.3 million net rentable square feet. The Company funded the acquisition by utilizing its growth-oriented balance sheet to issue $2 billion of senior unsecured notes and quickly closed the transaction in a well-coordinated effort with the ezStorage team. The acquisition is immediately accretive to FFO, and a presentation with further detail is available on the Investor Relations section of PublicStorage.com “We are pleased to acquire such an irreplaceable portfolio and, once again, thank the Manganaro family and the entire ezStorage team for their partnership through this process,” said Joe Russell, Public Storage Chief Executive Officer. Since the start of 2019, we have expanded our portfolio by 22 million net rentable square feet, or 13%, through $4.3 billion of acquisitions, development, and redevelopment.