Public Storage announced it has completed the previously announced acquisition of PS Canada Holdings, LLC, expanding its footprint into major Canadian markets. The transaction adds a portfolio of 68 self-storage facilities with approximately 5.3 million net rentable square feet.

Key Details

  • Transaction Value: The aggregate upfront purchase price was approximately $1.2 billion, comprised of ~$900 million in Public Storage operating partnership (PSA OP) units and ~$310 million in cash.
  • Earn-Out Provision: The sellers are eligible for an additional earn-out of up to 768,000 PSA OP Units (valued at up to ~$288 million) contingent on achieving specific net operating income targets.
  • Financing & Closing: The acquisition closed on September 1, 2026. In connection with the closing, a subsidiary drew down a $500 million delayed draw term loan facility on August 31, 2026.