$PSA (PUBLIC STORAGE) — 8-K: Public Storage closes PS Canada buy for ~$1.2B, adding 68 properties

Public Storage completed its acquisition of Public Storage Canada for approximately $1.2 billion at closing, consisting of about $900 million in OP units and about $310 million in cash. The deal adds 68 properties and 5.3 million net rentable square feet across Toronto, Vancouver, Montreal, Calgary, and Ottawa. Sellers may receive up to $288 million in OP units contingent on NOI performance targets. Public Storage expects near-term compounding NOI growth in the high single-digits off a high-5% going-in yield.

Public Storage completed its acquisition of Public Storage Canada for approximately $1.2 billion at closing, consisting of about $900 million in OP units and about $310 million in cash. The deal adds 68 properties and 5.3 million net rentable square feet across Toronto, Vancouver, Montreal, Calgary, and Ottawa. Sellers may receive up to $288 million in OP units contingent on NOI performance targets. Public Storage expects near-term compounding NOI growth in the high single-digits off a high-5% going-in yield.