Public Storage has agreed to acquire Public Storage Canada in a transaction valued at approximately $1.2 billion USD. The deal will be funded with roughly $889 million in Public Storage Operating Partnership units and about $310 million in cash, with an additional earn-out of up to $288 million in OP units tied to performance targets. The portfolio includes 68 properties totaling 5.3 million square feet across Toronto, Vancouver, Montreal, Calgary, and Ottawa, and was 83.1% occupied in the first quarter of 2026. Public Storage expects the acquisition to deliver a going-in net operating income yield in the high-5% range and double-digit internal rate of return potential. The transaction is expected to close in the second half of 2026.
Public StoragePublic Storage acquires Public Storage Canada for $1.2B, expected to deliver high-5% NOI yield and double-digit IRR.