FRISCO: Public Storage (NYSE: PSA), the largest U.S. owner of self-storage facilities, has agreed to acquire Public Storage Canada from the family of its founder in a transaction valued at approximately $1.2 billion, the company announced Monday.
The acquisition marks the company’s entry into the Canadian market, adding 68 properties totaling 5.3 million square feet across Toronto, Vancouver, Montreal, Calgary and Ottawa. The portfolio reported first-quarter 2026 same-store occupancy of 83.1% .
The PS Canada platform was built by industry visionary and Public Storage founder Wayne Hughes and has been independently owned and operated by the Hughes family under the Public Storage brand for decades .
The transaction was entered into with Tamara Hughes Gustavson and family pursuant to the company’s existing Right-of-First-Offer and Right-of-First-Refusal provisions, which Public Storage said provided attractive pricing due to the off-market purchase .
Under the terms of the deal, Public Storage will pay approximately $889 million in operating partnership units and about $310 million in cash at closing, subject to customary purchase price adjustments . Sellers may also receive up to $288 million in additional operating partnership units if certain net operating income performance targets are achieved . All values are represented in U.S. dollars.
Public Storage expects the acquisition to deliver a going-in NOI yield in the high-5% range and high-single-digit compounding NOI growth near-term as it implements its PS Next operating platform to improve customer experience, rental revenue and operating expense efficiencies .
The company said the Canadian markets offer attractive long-term fundamentals driven by high household incomes, strong relative population growth and lower self-storage supply per capita compared with the U.S. .
“The acquisition of PS Canada represents a strategic opportunity to expand the Public Storage platform into major Canadian markets with attractive long-term fundamentals,” Tom Boyle, CEO, said in a statement. “This portfolio includes high-quality real estate in key markets, carries the Public Storage brand, and offers meaningful upside through our PS Next operating platform” .
Boyle noted the transaction, combined with the company’s previously announced National Storage Affiliates Trust acquisition, “demonstrates the momentum of our value creation engine and the opportunity to deploy capital into highly strategic external growth opportunities” .
The deal is expected to close in the second half of 2026, subject to customary closing conditions .
Scotiabank served as financial advisor to Public Storage, with Wachtell, Lipton, Rosen & Katz and Torys LLP as legal advisors. Kekst CNC served as strategic communications advisor. Eastdil Secured served as financial advisor to the sellers, with Allen Matkins Leck Gamble Mallory & Natsis LLP and Osler, Hoskin & Harcourt LLP as legal advisors .
Public Storage is a member of the S&P 500 and, as of March 31, 2026, owned and/or operated 3,546 self-storage facilities in 40 states totaling approximately 259 million net rentable square feet. The company also owns a 35% common equity interest in Shurgard Self Storage Limited, which operates 333 facilities in seven Western European countries. Public Storage is headquartered in Frisco, Texas .
