Public Storage (PSA) Expands Into Canada With the Acquisition of Public Storage Canada

Public Storage (NYSE:PSA) ranks among the best real estate and realty stocks to invest in according to hedge funds. On June 22, UBS restated its Neutral rating on Public Storage (NYSE:PSA), with a $314 price objective. Given present-day sluggish demand circumstances, the firm anticipates that the company’s non-same-store pool will be the key growth catalyst in the near future.

UBS stated that if Public Storage (NYSE:PSA) is unable to improve its external expansion in NSA markets, the integration could be a significant undertaking with limited potential for upside. The firm cited prior REIT mergers as evidence that integration initiatives do not necessarily succeed.

Moreover, on June 23, Public Storage (NYSE:PSA) stated that its operating partners, Public Storage OP and Public Storage Operating Company, had decided to acquire Public Storage Canada for about $1.2 billion (CAD1.67 billion).

The acquisition is projected to broaden Public Storage’s network into major Canadian markets while also creating sustainable internal and external development potential.

Public Storage (NYSE:PSA) is a REIT that primarily acquires, develops, owns, and operates self-storage facilities.

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