Public Storage closes ~$1.2B acquisition of PS Canada (68 facilities)

Public Storage

• Completed acquisition of PS Canada for ~$1.2B: $900M in PSA OP units (2.76M at $321.98/unit) + $310M cash.
• Earn-out up to $288M in OP units priced at $375/unit, contingent on NOI performance targets.
• Adds 68 self-storage facilities, ~5.3M sq ft across Toronto, Vancouver, Montreal, Calgary, Ottawa.
• Deal expected accretive to FFO/share with high single-digit NOI growth off high-5% going-in yield.
• Funded in part by full draw of $500M delayed draw term loan.