WASHINGTON (dpa-AFX) - Public Storage (PSA) said Monday it has agreed to acquire Public Storage Canada in a transaction valued at approximately $1.2 billion, marking the company's entry into major Canadian self-storage markets.
The acquisition includes a portfolio of 68 properties totaling 5.3 million square feet located across Toronto, Vancouver, Montreal, Calgary and Ottawa.
Public Storage said the Canadian market offers attractive long-term growth potential due to strong population growth, high household incomes and lower self-storage supply per capita compared with the United States.
Under the agreement, Public Storage will pay approximately $889 million in operating partnership units and about $310 million in cash, subject to customary adjustments. Sellers may also receive up to $288 million in additional operating partnership units if certain net operating income targets are achieved.
The company expects the acquisition to generate an initial net operating income yield in the high-5% range and deliver high-single-digit near-term NOI growth through operational improvements and implementation of its PS Next operating platform.
The deal is expected to close in the second half of 2026, subject to customary closing conditions.
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