Public Storage Acquires
Agreement to acquire Public Storage Canada in a transaction valued at approximately $1.2B USD ($1.67B CAD). - - Consideration at closing: about $889M in Public Storage OP units (2.76M OPUs at $321.98 per unit) and about $310M cash, subject to purchase price adjustments. - - Earn-out up to $288M in Public Storage OP units priced at $375 per unit, contingent on NOI performance targets. - - Portfolio: 68 properties totaling 5.3M square feet; Q1 2026 same-store occupancy of 83.1% and same store rents of $23.24 (USD) per occupied square foot; markets include Toronto, Vancouver, Montreal, Calgary, and Ottawa.
Agreement to acquire Public Storage Canada in a transaction valued at approximately $1.2B USD ($1.67B CAD). - - Consideration at closing: about $889M in Public Storage OP units (2.76M OPUs at $321.98 per unit) and about $310M cash, subject to purchase price adjustments. - - Earn-out up to $288M in Public Storage OP units priced at $375 per unit, contingent on NOI performance targets. - - Portfolio: 68 properties totaling 5.3M square feet; Q1 2026 same-store occupancy of 83.1% and same store rents of $23.24 (USD) per occupied square foot; markets include Toronto, Vancouver, Montreal, Calgary, and Ottawa.