Public Storage is acquiring Public Storage Canada for $1.2 billion, marking a major expansion beyond its core U.S. footprint. The deal gives Public Storage an immediate presence in Toronto, Vancouver, Montreal, Calgary, and Ottawa through a portfolio of 68 properties totaling 5.3 million net rentable square feet, with first-quarter 2026 occupancy of 83.1%. The consideration includes $889 million in Public Storage operating partnership units and $310 million in cash, with sellers eligible for up to $288 million in additional units if certain net operating income targets are met. Public Storage expects a going-in NOI yield in the high-5% range and potential double-digit internal rates of return over the long run, and plans to apply its PS Next operating platform to improve performance. The acquisition comes alongside a pending $10.5 billion deal for National Storage Affiliates Trust, underscoring a focus on scale and market reach.
Public StoragePublic Storage is acquiring Public Storage Canada for $1.2 billion, expanding into Canada with expected high-single-digit NOI yield and double-digit IRR.
National Storage Affiliates Trust
Prologis Inc
Equinix Inc