Public Storage acquires PS Canada for $1.2B, entering Canadian market with 68 properties

Filed June 22, 2026 · Period ending June 22, 2026 · ~2 min read

Key Changes

• high

  Public Storage acquiring all of PS Canada for ~$1.2B: $889M in operating partnership units (2.76M units at $321.98 each) plus $310M cash, with up to $288M additional units contingent on NOI targets over five years.

  Item 3.02 — Unregistered Sales of Equity Securities verify on EDGAR →
• high

  Portfolio comprises 68 properties totaling 5.3M sq ft across Toronto, Vancouver, Montreal, Calgary, and Ottawa; currently 83% occupied with 65% NOI margins and going-in yield in high-5% range.

  Exhibit 99.1 verify on EDGAR →
• medium

  Transaction is off-market purchase from Tamara Hughes Gustavson and family (related to founder Wayne Hughes) pursuant to existing ROFO/ROFR rights; properties already carry Public Storage brand.

  Exhibit 99.1 verify on EDGAR →