Public Storage Expands Canadian Footprint with $1.2B Acquisition — Public Storage

Event summary

Public Storage completed the acquisition of Public Storage Canada for approximately $1.2 billion, including $900 million in OP units and $310 million in cash.
The deal includes an earn-out opportunity of up to $288 million in OP units contingent on NOI performance targets.
The acquisition adds 68 properties totaling 5.3 million square feet across major Canadian markets, including Toronto, Vancouver, and Montreal.
Public Storage now operates 4,647 self-storage facilities in the U.S., 68 in Canada, and holds a 35% stake in Shurgard Self Storage in Europe.

The big picture

This acquisition solidifies Public Storage’s position as a leading global self-storage operator, following its recent deal with National Storage Affiliates Trust. The move underscores the company’s strategy to capitalize on international growth opportunities, particularly in high-density urban markets with strong economic fundamentals. The deal also highlights Public Storage’s focus on operational synergies and financial efficiencies through its PS Next™ model.

What we're watching

Integration Challenges: How Public Storage will integrate PS Canada’s operations under its PS Next™ model and achieve high single-digit NOI growth.
Market Expansion: Whether Public Storage will leverage this acquisition to expand further into other Canadian markets.
Financial Performance: The pace at which the acquisition will contribute to Public Storage’s long-term IRR and FFO per share growth.