Public Storage has acquired ezStorage, one of the highest-quality self-storage portfolios in the United States, for $1.8 billion.
The portfolio comprises 48 properties (4.2 million net rentable square feet) located in submarkets with strong demand drivers and high barriers for new property development across Washington, D.C.; Virginia; and Maryland. Public Storage’s industry-leading development team will assume responsibility for one property that is under construction and expand eight additional properties, resulting in a 10 percent increase in square footage through 2023. In combination with its existing market presence, the company’s Mid-Atlantic portfolio will be unmatched in coverage and quality, with 163 properties and 11.3 million net rentable square feet.
Since the start of 2019, Public Storage has expanded its portfolio by approximately 21 million net rentable square feet, or 13 percent, through $4.1 billion of acquisitions, development and redevelopment,
