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The deal is expected to be accretive to key metrics and expands PSA's platform, supporting higher visibility for FFO/NOI growth; integration and earn-out risk exist but are mitigated by the scale and financing structure.
What happened, with direct paths to the underlying reporting
Public Storage completed the PS Canada acquisition for $1.2B, funded with $900M in PSOP units and $310M cash, plus a potential $288M earn-out. The 68-property, 5.3M NR sq ft portfolio spans Canada's top markets and expands PSA's platform alongside Shurgard, leveraging the PS Next operating model to drive high-single-digit NOI growth and accretive FFO over time.
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