WS Investor
01 Sep 2026, 15:38
Public Storage Completes $1.2 Billion Acquisition of Public Storage Canada
Public Storage (NYSE: PSA) announced Tuesday that it has completed its acquisition of Public Storage Canada, significantly expanding the self-storage REIT’s presence outside the United States.
Public Storage paid approximately $1.2 billion at closing, consisting of about $900 million in operating partnership units and $310 million in cash. Sellers could receive an additional $288 million in OP units if certain net operating income performance targets are achieved.
The acquisition adds 68 properties totaling approximately 5.3 million square feet across Toronto, Vancouver, Montreal, Calgary and Ottawa. The portfolio has operated under the Public Storage brand for decades but will now come under the company’s direct ownership.
Public Storage expects the transaction to be accretive to long-term internal rate of return, NOI growth and funds from operations per share. The acquired portfolio has a going-in yield in the high-5% range, while the company expects its PS Next operating model and efficiency improvements to drive near-term NOI growth in the high single digits.
The deal also gives Public Storage a platform for further Canadian expansion through acquisitions, development, lending and third-party management, while providing access to potentially lower-cost Canadian financing.
Coming shortly after the closing of its National Storage Affiliates Trust transaction, the Canadian acquisition represents another major step in Public Storage’s expansion strategy and further diversifies its portfolio across North America.
Public Storage (NYSE: PSA) announced Tuesday that it has completed its acquisition of Public Storage Canada, significantly expanding the self-storage REIT’s presence outside the United States.
Public Storage paid approximately $1.2 billion at closing, consisting of about $900 million in operating partnership units and $310 million in cash. Sellers could receive an additional $288 million in OP units if certain net operating income performance targets are achieved.
The acquisition adds 68 properties totaling approximately 5.3 million square feet across Toronto, Vancouver, Montreal, Calgary and Ottawa. The portfolio has operated under the Public Storage brand for decades but will now come under the company’s direct ownership.
Public Storage expects the transaction to be accretive to long-term internal rate of return, NOI growth and funds from operations per share. The acquired portfolio has a going-in yield in the high-5% range, while the company expects its PS Next operating model and efficiency improvements to drive near-term NOI growth in the high single digits.
The deal also gives Public Storage a platform for further Canadian expansion through acquisitions, development, lending and third-party management, while providing access to potentially lower-cost Canadian financing.
Coming shortly after the closing of its National Storage Affiliates Trust transaction, the Canadian acquisition represents another major step in Public Storage’s expansion strategy and further diversifies its portfolio across North America.
