Public Storage Buys EzStorage for $1.8 Billion

Public Storage will acquire ezStorage, a chain of self-storage properties in the Washington, D.C. region, for $1.8 billion, the company announced Tuesday.The Glendale owner and operator of self-storage assets will get a portfolio of 48 properties with 4.2 million net rentable square feet in Virginia, Maryland and Washington, D.C. Public Storage also will assume responsibility for one property under construction.After the acquisition, Public Storage will have a Mid-Atlantic portfolio with 163 properties and 11.3 million net rentable square feet. The company plans to fund the acquisition with unsecured debt.“We thank the Manganaro family and the ezStorage team for their integrity through our long-standing relationship. Their properties reflect unparalleled local-market knowledge and a focus on location and property quality,” Mike McGowan, Public Storage senior vice president of acquisitions, said in a statement. “Looking ahead, we see a wide range of opportunities to acquire and develop properties in desirable markets as part of Public Storage’s broader growth initiatives.”Shares of Public Storage (PSA) closed Tuesday up $6.03, or 2.3 percent, to $266.95 on the New York Stock Exchange.