AcquisitionsJun 22, 2026, 04:38 PM
Public Storage to Acquire Public Storage Canada for $1.2B
AI Summary
Public Storage announced that its operating partnership, Public Storage OP, L.P., and Public Storage Operating Company (PSOC) have entered into an agreement to acquire Public Storage Canada (PS Canada) for approximately $1.2 billion. The acquisition will be funded primarily with $889 million in Public Storage OP Units and $310 million in cash, with potential for an additional $288 million in earn-out consideration. This strategic move expands Public Storage's platform into major Canadian markets, adding 68 properties totaling 5.3 million square feet, and is expected to provide an attractive going-in NOI yield in the high-5's with significant operational upside.
Key Highlights
- Public Storage Operating Company (PSOC) to acquire PS Canada for approximately $1.2 billion.
- Consideration includes $889 million in Public Storage OP Units (2.76 million units at $321.98/unit) and $310 million in cash.
- Sellers may receive up to $288 million in additional earn-out consideration (768,000 OP units at $375/unit) based on NOI targets.
- The acquired portfolio consists of 68 properties totaling 5.3 million square feet across major Canadian markets.
- PS Canada had Q1 2026 same-store occupancy of 83.1% and same-store rents of $23.24 (USD) per occupied square foot.
- The acquisition is expected to provide an attractive going-in NOI yield in the high-5's.
- The transaction is expected to close in the second half of 2026, subject to customary closing conditions.
Price Impact
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