Under the terms of the transaction, Public Storage paid consideration worth approximately $1.2 billion at closing. This consisted of approximately $900 million of Public Storage OP units, comprising 2.76 million units valued at $321.98 per unit, and approximately $310 million in cash, subject to customary purchase price adjustments. The transaction also includes an opportunity for the sellers to receive earn-out consideration of up to $288 million in additional Public Storage OP units, priced at $375 per unit, contingent on PS Canada achieving certain net operating income (NOI) performance targets. All values are presented in USD per the filing.

With the acquisition, Public Storage assumed direct ownership of a portfolio of 68 self-storage properties totaling approximately 5.3 million net rentable square feet, spanning the Canadian markets of Toronto, Vancouver, Montreal, Calgary, and Ottawa. The filing states these assets benefit from "robust population densities, high household income levels, and attractive self-storage supply levels," and that the deal provides "a foundation for potential platform expansion in Canada's leading markets." Following the transaction, Public Storage reported it owns and/or operates 4,647 self-storage facilities across 41 U.S. states and Puerto Rico (approximately 329 million net rentable square feet), the 68 Canadian facilities, and a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owns 335 facilities in seven Western European countries.

Public Storage disclosed that the acquisition is expected to be accretive to its long-term IRR, NOI growth, and FFO per share. The company said that by applying its "PS Next" operating model across the portfolio, realizing operating efficiencies, and strengthening the customer experience, it expects to achieve near-term compounding NOI growth in the "high single-digits," building off an acquired "high-5's" going-in yield. The filing also cites expected benefits from growth opportunities across acquisitions, development, lending, and third-party management, as well as access to lower-cost Canadian borrowing. No specific dollar synergy target, percentage of cost base, or phase-in timeline was disclosed.

Tom Boyle, Chief Executive Officer of Public Storage, said: "Strategic international growth is a value creation opportunity for Public Storage. With an excellent portfolio, leadership in highly attractive markets, and alignment with our brand and culture, PS Canada is a terrific partner for us and reunites the two companies under common ownership. We are grateful for the continued support of Tamara Hughes Gustavson and family, and their thoughtful stewardship of PS Canada. We are excited to work closely with PS Canada's talented and experienced team -- bringing together their domestic expertise with the power of PS Next to deliver meaningful value for our customers and shareholders. Following the recent closing of the National Storage Affiliates Trust transaction, this acquisition marks another important value creation milestone."

Scotiabank served as financial advisor, Wachtell, Lipton, Rosen & Katz and Torys LLP served as legal advisors, and Kekst CNC served as strategic communications advisor to Public Storage. Eastdil Secured served as financial advisor, and Allen Matkins Leck Gamble Mallory & Natsis LLP and Osler, Hoskin & Harcourt LLP served as legal advisors to the sellers.

Because the press release characterizes the transaction as completed ("Public Storage Completes Acquisition of Public Storage Canada"), the deal is treated as closed as of the September 1, 2026 filing date. No merger agreement exhibit, investor presentation, pro forma financial statements, or closing conditions/termination fee disclosures were identified in Public Storage's EDGAR filings in connection with this transaction; it is possible some of this information was disclosed only in non-SEC materials or in a subsequent Form 8-K/A containing pro forma financials under Item 9.01, which was not located as of this review. No EV/EBITDA, cap rate on a GAAP basis beyond the stated going-in yield, or earnings accretion/dilution figures were disclosed.