Public Storage Completes $1.2 Billion Acquisition of PS Canada

Public Storage completed its acquisition of PS Canada on September 1, 2026, paying approximately $1.2 billion—about $900 million in PSA OP units and $310 million in cash—for 68 Canadian self-storage facilities totaling 5.3 million net rentable square feet. The sellers may receive up to $288 million in additional PSA OP units if certain net operating income targets are met, while Public Storage expects the portfolio to generate near-term NOI growth in the high single digits from a high-5% going-in yield; the company also fully drew its previously disclosed $500 million delayed-draw term loan on August 31, 2026.