Public Storage has agreed to acquire Public Storage Canada in a transaction valued at approximately $1.2 billion, marking its entry into major Canadian self-storage markets. The acquisition includes a portfolio of 68 properties totaling 5.3 million square feet across Toronto, Vancouver, Montreal, Calgary and Ottawa. Under the agreement, Public Storage will pay about $889 million in operating partnership units and roughly $310 million in cash, with sellers eligible for up to $288 million in additional units if certain net operating income targets are met. The company expects an initial net operating income yield in the high-5% range and high-single-digit near-term NOI growth through operational improvements and its PS Next platform. The deal is expected to close in the second half of 2026, subject to customary conditions.
Public StoragePublic Storage acquires a large Canadian portfolio for $1.2B, expanding into new markets with expected high-single-digit NOI growth.