Public Storage has announced the closing of ezStorage portfolio acquisition comprising of 48 facilities for $1.8B. The transaction is significant in that it brings up Public Storage’s facility count in Virginia and Maryland to 114 from 105 and 95 from 58, respectively. With the acquisition, Public Storage currently has the highest coverage in Maryland, leaving a wide gap to the next two runner-ups U-Haul and Extra Space Storage, which operate 42 and 39 facilities in the state, respectively.
Post-closing, Public Storage plans to expand the portfolio’s square footage by 10% through development opportunities at eight of the sites. The company will also integrate the assets into the Public Storage brand and operating platform.
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