Public Storage Completes Acquisition of PS Canada

Details

The transaction includes an upfront payment of $900 million in Public Storage OP units and $310 million in cash, with an additional earn-out consideration of up to $288 million contingent on future performance. The acquisition is expected to be accretive to Public Storage's long-term IRR, NOI growth, and FFO per share. Public Storage plans to apply its PS Next operating model to the acquired portfolio to achieve near-term compounding NOI growth in the high single-digits.

Items reported

About Public Storage Common Stock

Public Storage Common Stock represents ownership in Public Storage, a real estate investment trust specializing in self-storage facilities. The company focuses on acquiring, developing, owning, and operating properties that provide storage units to individuals and businesses for personal, household, and commercial use. Public Storage operates across multiple U.S. states and is recognized as one of the largest self-storage providers by rentable square footage, giving it broad geographic and customer diversification. Its core business is supported by additional services, including the sale of storage-related merchandise, third-party property management for other self-storage owners, and insurance products that help customers protect stored goods. These activities position Public Storage as a significant participant in the real estate sector, particularly within the storage-focused REIT segment. The company is headquartered in Frisco, Texas, and was founded in 1972, serving a wide range of customers who seek flexible, short- and long-term storage solutions.