Public Storage to Buy PS Canada in $1.2 Billion Deal
The self-storage operator will take direct ownership of 68 Canadian properties, extending its platform beyond the U.S. and Shurgard Europe.
Public Storage (PSA) agreed to acquire Public Storage Canada in a transaction valued at approximately $1.2 billion at closing, taking direct ownership of a Canadian self-storage portfolio it had previously operated under the Public Storage brand.
The deal, entered through Public Storage OP, L.P. and Public Storage Operating Company, is funded with about $900 million of Public Storage OP units — 2.76 million units valued at $321.98 each — and about $310 million in cash, subject to customary purchase-price adjustments.
The Canadian platform was built by Public Storage founder Wayne Hughes and has been independently owned and operated by the Hughes family for decades. The transaction was entered into with Tamara Hughes Gustavson and her family under an existing right of first offer and right of first refusal, providing attractive pricing through an off-market purchase.
Sellers also have an option to receive earn-out consideration of up to $288 million in Public Storage OP units priced at $375 per unit, contingent on the Canadian portfolio meeting certain NOI performance targets.
The acquisition adds major Canadian markets alongside Public Storage’s U.S. and Shurgard Europe presence and is expected to be accretive to long-term IRR, NOI growth, and FFO per share.
“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,” said Tom Boyle, Chief Executive Officer of Public Storage.
The PS Canada platform comprises 68 properties across four provinces, including Toronto, Vancouver, Montreal, Calgary, and Ottawa, with 5.3 million square feet of net rentable space, 83% occupancy, and 65% NOI margins.
The Canadian market has 2.5 square feet of supply per capita versus 9.7 in the U.S., recent and expected population growth exceeding that of other major countries, and stable GDP and employment.
The acquisition is expected to generate high-single-digit compounding NOI growth in the near term as Public Storage applies its PS Next operating platform to the 83% occupied portfolio, while an initial real-estate yield in the high-5s supports that outlook.
The deal creates the ability to finance recently announced external growth with low-cost Canadian debt, and the Public Storage-branded portfolio reduces upfront capital expenditure and minimizes customer impact.
Closing is expected in the second half of 2026, subject to customary closing conditions.
The Canada deal follows Public Storage’s completed acquisition of National Storage Affiliates Trust, which closed in July 2026 and left the company with more than 4,500 properties and 327 million rentable square feet across the United States and a long-standing Shurgard presence in Europe.
The PS Canada purchase is another step in Public Storage’s Value Creation Engine, which had already been applied to roughly $12 billion of acquisition volumes year-to-date.