{"id":484444,"date":"2021-04-29T09:03:57","date_gmt":"2021-04-29T13:03:57","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/public-storage-announces-closing-of-the-ezstorage-portfolio-acquisition\/"},"modified":"2021-04-29T09:03:57","modified_gmt":"2021-04-29T13:03:57","slug":"public-storage-announces-closing-of-the-ezstorage-portfolio-acquisition","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/public-storage-announces-closing-of-the-ezstorage-portfolio-acquisition\/","title":{"rendered":"Public Storage Announces Closing of the ezStorage Portfolio Acquisition"},"content":{"rendered":"

<\/p>\n

Public Storage Announces Closing of the ezStorage Portfolio Acquisition<\/b><\/p>\n

GLENDALE, Calif.–(BUSINESS WIRE<\/a>)–
\nPublic 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.\n<\/p>\n

\nThe transaction adds 48 properties (4.2 million net rentable square feet) located in submarkets with strong demand and high barriers for new property development across Washington DC, Virginia, and Maryland. In combination with Public Storage\u2019s existing market presence, the Company\u2019s Mid-Atlantic portfolio is unmatched in coverage and quality with 163 properties and 11.3 million net rentable square feet.\n<\/p>\n

\nThe acquisition highlights Public Storage\u2019s unique operating, property development, and balance sheet advantages. The Public Storage operations team will optimize performance through the industry\u2019s leading brand and platform. Public Storage\u2019s in-house development team, the only one amongst the self-storage REIT peer group, will expand the portfolio\u2019s square footage by 10% through development opportunity at eight of the sites. 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<\/a> section of PublicStorage.com\n<\/p>\n

\n\u201cWe 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,\u201d said Joe Russell, Public Storage Chief Executive Officer. \u201cI am also very proud of the Public Storage team\u2019s 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.\u201d\n<\/p>\n

Company Information<\/span><\/b><\/p>\n

\nPublic Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At March 31, 2021, we had: (i) interests in 2,563 self-storage facilities located in 38 states with approximately 176 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self-Storage SA (Euronext Brussels:SHUR) which owned 243 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the \u201cShurgard\u201d brand, and (iii) an approximate 42% common equity interest in PS Business Parks, Inc. (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at March 31, 2021. Our headquarters are located in Glendale, California.\n<\/p>\n

\nAdditional information about Public Storage is available on the Company\u2019s website at PublicStorage.com.\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210429005666\/en\/<\/a><\/span><\/p>\n

\nRyan Burke
\n
(818) 244-8080, Ext. 1141\n<\/p>\n

KEYWORDS:<\/b> United States North America California Maryland<\/p>\n

INDUSTRY KEYWORDS:<\/b> Commercial Building & Real Estate Construction & Property REIT<\/p>\n

MEDIA:<\/b><\/p>\n\n","protected":false},"excerpt":{"rendered":"

Public Storage Announces Closing of the ezStorage Portfolio Acquisition 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. The transaction adds 48 properties (4.2 million net rentable square feet) located in submarkets with strong demand and high barriers for new property development across Washington DC, Virginia, and Maryland. In combination with Public Storage\u2019s existing market presence, the Company\u2019s Mid-Atlantic portfolio is unmatched in coverage and quality with 163 properties and 11.3 million net rentable square feet. The acquisition highlights Public Storage\u2019s unique operating, property development, and balance sheet … <\/p>\n

Continue reading “Public Storage Announces Closing of the ezStorage Portfolio Acquisition”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-484444","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nPublic Storage Announces Closing of the ezStorage Portfolio Acquisition - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/public-storage-announces-closing-of-the-ezstorage-portfolio-acquisition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Public Storage Announces Closing of the ezStorage Portfolio Acquisition - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Public Storage Announces Closing of the ezStorage Portfolio Acquisition 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. The transaction adds 48 properties (4.2 million net rentable square feet) located in submarkets with strong demand and high barriers for new property development across Washington DC, Virginia, and Maryland. In combination with Public Storage\u2019s existing market presence, the Company\u2019s Mid-Atlantic portfolio is unmatched in coverage and quality with 163 properties and 11.3 million net rentable square feet. 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