Public Storage (NYSE: PSA) has agreed to acquire Public Storage Canada from Tamara Hughes Gustavson and family in a transaction valued at approximately $1.2 billion, expanding the self-storage REIT’s presence across major Canadian markets.
The consideration includes approximately $889 million in Public Storage OP units and $310 million in cash, with sellers also eligible for up to $288 million in additional earn-out consideration tied to future NOI performance targets. Public Storage Canada operates a portfolio of 68 self-storage properties totaling 5.3 million square feet across Canada’s largest metropolitan markets, including Toronto, Vancouver, Montreal, Calgary, and Ottawa. The portfolio reported same-store occupancy of 83.1 percent and same-store rents of $23.24 per occupied square foot in the first quarter of 2026.
Scotiabank served as financial advisor to Public Storage, while Wachtell, Lipton, Rosen & Katz and Torys LLP acted as legal advisors and Kekst CNC served as strategic communications advisor. The sellers were advised by Eastdil Secured as financial advisor and Allen Matkins Leck Gamble Mallory & Natsis LLP and Osler, Hoskin & Harcourt LLP as legal counsel.