The transaction includes a cash payment of approximately $310 million alongside 2.76 million operating partnership units valued at $321.98 per share. Sellers stand to gain an additional $288 million in units if specific financial performance benchmarks are met, with those shares pegged at $375 each. This acquisition secures a portfolio spanning 5.3 million square feet of leasable space.
In section Market Quotes
Public Storage Expands North with $1.2 Billion Canadian Acquisition
A $1.2 billion deal will see Public Storage absorb PS Canada, an independent firm originally established by founder Wayne Hughes. The move grants the Glendale-based operator control over 68 properties across Canadian urban centers, marking a significant push to scale its footprint beyond the United States.
Chief Executive Officer Tom Boyle noted that the move provides a platform to integrate high-quality real estate into the company's existing PS Next operating system. By tapping into Canadian markets, the company aims to bolster long-term funds from operations per share, leveraging established brand recognition to drive growth in a new territory.
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