Public Storage acquires PS Canada for ~$1.2B, enters Canadian self-storage market

Public Storage

Deal valued at ~$1.2B USD ($1.67B CAD): $889M in OP units (2.76M units at $321.98/ea) plus $310M cash.
Earn-out of up to $288M in OP units at $375/unit contingent on NOI targets over 5 years.
Portfolio of 68 properties (5.3M sq ft) in Toronto, Vancouver, Montreal, Calgary, Ottawa; current occupancy 83.1%.
Acquired off-market via ROFO/ROFR from Tamara Hughes Gustavson and family; expected close 2H 2026.
Going-in NOI yield in high-5’s; high-single-digit NOI growth expected from PS Next platform implementation.

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