Public Storage in its $1.2 billion acquisition of Public Storage Canada

On June 22, 2026, Public Storage (NYSE: PSA), the largest owner of self-storage facilities, announced that its operating partnership, Public Storage OP, L.P., and its subsidiary, Public Storage Operating Company (“PSOC”), have entered into an agreement to acquire Public Storage Canada in a transaction valued at approximately $1.2 billion USD ($1.67 billion CAD).

Under the terms of the transaction, PSOC will pay consideration worth approximately $1.2 billion at closing, consisting of approximately $889 million of Public Storage OP units (2.76 million OPUs, valuing each such unit at $321.98 per unit) and approximately $310 million in cash.  The transaction will also include an opportunity for the sellers to receive earn-out consideration of up to $288 million in Public Storage OP units priced at $375 per unit, contingent on the achievement of certain NOI performance targets.

The portfolio consists of 68 properties totaling 5.3M square feet and is located in the key Canadian markets of Toronto, Vancouver, Montreal, Calgary, and Ottawa.

Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Public Storage