Public Storage, an owner, acquirer, developer, and operator of self-storage properties, has closed on the acquisition of EzStorage, a self-storage portfolios in the United States, for $1.8 billion. The transaction adds 48 properties located in Washington DC, Virginia, and Maryland.
“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. “I am also very proud of the Public Storage team’s execution of our opportunistic growth strategy. 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. We continue to see broad opportunity for growth across the property acquisition and development spectrum.”