Public Storage has agreed to acquire Public Storage Canada, the country’s third-largest self-storage company, in a transaction valued at approximately US$1.2 billion (about C$1.7 billion.)

Although the two firms bear similar brands, the PS Canada platform was built by Founder Wayne Hughes, described as an “industry visionary,” and has been independently owned and operated by the Hughes family under the Public Storage brand for decades.

The acquisition, expected to close in the second half of 2026 subject to customary conditions, will see Public Storage expand its presence in major Canadian markets including Toronto, Vancouver, Montreal, Calgary and Ottawa.

The portfolio comprises 68 properties with 5.3 million square feet of storage space. Public Storage said the assets were 83.1% occupied in the first quarter of 2026 and offer opportunities to increase revenue and improve operations through the company’s PS Next operating platform.

The purchase consideration will consist of approximately US$889 million in Public Storage operating partnership units and about US$310 million in cash. Sellers led by Tamara Hughes Gustavson, who is Wayne Hughes’ daughter, and her family could receive up to an additional US$288 million in operating partnership units if certain net operating income performance targets are achieved.

Public Storage said the acquisition provides exposure to a growing Canadian self-storage sector characterized by lower supply per capita than the United States and strong demographic fundamentals. The company expects the transaction to generate an initial net operating income yield in the high-5% range and deliver operational and revenue growth through platform enhancements.

“The acquisition of PS Canada represents a strategic opportunity to expand the Public Storage platform into major Canadian markets with attractive long-term fundamentals,” said Public Storage CEO Tom Boyle.

“This portfolio includes high-quality real estate in key markets, carries the Public Storage brand, and offers meaningful upside through our PS Next operating platform. Together with our previously announced National Storage Affiliates Trust transaction, this acquisition demonstrates the momentum of our value creation engine and the opportunity to deploy capital into highly strategic external growth opportunities.

“We are grateful to Tamara Hughes Gustavson and family for the opportunity to acquire this exceptional portfolio, which was thoughtfully built and operated for many decades. We are humbled by their continued confidence in the company through a meaningful further investment as part of this transaction.”

Scotiabank is serving as the financial advisor to Public Storage. Wachtell, Lipton, Rosen & Katz and Torys LLP are providing legal advisory services, and Kekst CNC is serving as strategic communications advisor to Public Storage. Meanwhile, Eastdil Secured is serving as financial advisor, and Allen Matkins Leck Gamble Mallory & Natsis LLP and Osler, Hoskin & Harcourt LLP are serving as legal advisors to the sellers.

In March, Public Storage agreed to acquire Greenwood Village, Colo.-headquartered National Storage Affiliates Trust as part of a massive $10-billion, all-stock merger.

Frisco, Texas-based Public Storage is a publicly listed S&P 500 REIT that primarily acquires, develops, owns and operates self-storage facilities. As of March 31, the company owned and operated 3,546 self-storage facilities located in 40 states, with 259 msf of net rentable space, in the US. Public Storage also held a 35% common equity interested Shurgard Self Storage Limited, which owned 333 self-storage sites across seven Western European countries with about 19 msf of net rentable space operated under the Shurgard brand.

Pictured: Public Storage Canada facility in Vaughan, Ont.

Photo: Public Storage Canada

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