Public Storage Agrees to Buy Rival EzStorage for $1.8 Billion

Public Storage, which owns, develops and operates self-storage properties, agreed to buy competitor ezStorage for $1.8 billion.

Under the deal, Glendale, California-based Public Storage will acquire 48 properties spanning 4.2 million square feet across Washington, D.C., Virginia and Maryland. The markets have strong demand and high barriers for new supply, according to a statement Tuesday.