Public Storage Completes $1.2 Billion Acquisition of Public Storage Canada

Public Storage (NYSE: PSA), which describes itself as the leading owner and operator of self-storage facilities, announced on September 1, 2026 that it has completed its acquisition of Public Storage Canada ("PS Canada"). The company is headquartered in Frisco, Texas.

Under the terms of the transaction, Public Storage paid consideration worth approximately $1.2 billion at closing. That total comprises roughly $900 million in 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 deal also includes an earn-out for the sellers of up to $288 million in OP units priced at $375 per unit, contingent on certain NOI performance targets. All values are stated in USD.

With the deal, Public Storage takes direct ownership of a portfolio of 5.3 million square feet across 68 properties in Toronto, Vancouver, Montreal, Calgary and Ottawa. The Canadian business complements the company's leading U.S. position and its European presence through Shurgard. Public Storage expects the acquisition to be accretive to its long-term IRR, NOI growth and FFO per share by applying its PS Next operating model across the portfolio.

Following completion of the transaction, Public Storage — a member of the S&P 500 — owns and/or operates 4,647 self-storage facilities across 41 states and Puerto Rico, owns 68 facilities in Canada, and holds a 35% common equity interest in Shurgard Self Storage (Euronext Brussels: SHUR). The company noted its statements about expected benefits are forward-looking and subject to risks; as with any investment, markets move and past results do not guarantee future outcomes.