Public Storage buys $1.2B Canada storage portfolio
Rhea-AI Filing Summary
Public Storage (PSA) completed the acquisition of PS Canada Holdings, LLC, gaining 68 self-storage facilities with approximately 5.3 million net rentable square feet across major Canadian markets. The aggregate upfront purchase price was about $1.2 billion, consisting of approximately $900 million in Public Storage OP units (2,762,108 units at $321.98 per unit) and approximately $310 million in cash, subject to customary adjustments.
The sellers may receive additional earn-out consideration of up to 768,000 OP units valued at $375 per unit (up to $288 million) if specified net operating income targets are met. In connection with closing, Public Storage Operating Company fully drew its previously disclosed $500 million delayed draw term loan facility. The company states that the acquisition is expected to be accretive to long-term IRR, NOI growth, and FFO per share, supported by a high-5% going-in yield and an expectation of high single-digit near-term NOI growth on this portfolio.
Positive
- $1.2 billion PS Canada acquisition adds 68 facilities and approximately 5.3 million net rentable square feet in major Canadian markets, expanding Public Storage’s international footprint and, according to the company, is expected to be accretive to long-term IRR, NOI growth, and FFO per share.
- The PS Canada portfolio has a high-5% going-in yield, and Public Storage expects high single-digit near-term NOI growth by applying its PS Next operating model and efficiencies, indicating attractive return potential on the acquired assets.
Negative
- To fund the transaction, Public Storage Operating Company fully drew a $500 million delayed draw term loan facility, increasing the company’s debt and financial leverage.
Filing Explained
At the completed PS Canada acquisition, the approximately
8-K Event Classification
Key Figures
Key Terms
earn-out consideration financial
net operating income financial
going-in yield financial
real estate investment trust financial
delayed draw term loan facility financial
FAQ
What transaction did Public Storage (PSA) announce in this Form 8-K?
How much did Public Storage (PSA) pay to acquire PS Canada?
Is there additional earn-out consideration in the PS Canada deal for PSA?
How did Public Storage (PSA) finance the PS Canada acquisition?
What impact does the PS Canada acquisition have on Public Storage’s overall portfolio (PSA)?
What financial benefits does Public Storage (PSA) expect from the PS Canada acquisition?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 7.01 | Regulation FD Disclosure. |
On September 1, 2026, Public Storage (the “Company”) issued a press release announcing the completion of the Company’s acquisition of PS Canada Holdings, LLC, a Delaware limited liability company (“PS Canada”), as described in Item 8.01 below, a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in this Item 7.01, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability of that section. The information in this Item 7.01 shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.
| Item 8.01 | Other Events. |
On September 1, 2026, the Company completed the previously announced acquisition of all of the outstanding membership interests of PS Canada from Grant Gustavson, Greer Gustavson and 4G Thoroughbreds, LLC, a Delaware limited liability company (collectively, the “Sellers”), pursuant to that certain Transaction Agreement, dated as of June 22, 2026 (the “Transaction Agreement”), by and among Public Storage OP, L.P. (“PSA OP”), a Delaware limited partnership and the operating partnership of the Company, Public Storage Operating Company, a Maryland real estate investment trust (“PSOC”), PS Canada and the Sellers (the “Transaction”). PS Canada owns 68 self-storage facilities with approximately 5.3 million net rentable square feet across major Canadian metropolitan markets.
Pursuant to the terms and subject to the conditions set forth in the Transaction Agreement, PSOC acquired all of the outstanding membership interests of PS Canada from the Sellers for an aggregate upfront purchase price of approximately $1.2 billion, consisting of (a) approximately $900 million worth of common units of PSA OP (“PSA OP Units”) (2,762,108 PSA OP Units, valuing each such unit at $321.98 per unit) and (b) approximately $310 million in cash, subject to customary purchase price adjustments (including for the indebtedness of PS Canada). Pursuant to the terms and subject to the conditions set forth in the Transaction Agreement, the Sellers will also have an opportunity to receive additional earn-out consideration of up to 768,000 PSA OP Units, valuing each such unit at $375 per unit, contingent on the achievement by PS Canada of certain net operating income performance targets. Subject to certain restrictions, PSA OP Units are redeemable by the holders on a one-for-one basis for common shares of the Company or cash at the option of the Company.
In connection with the closing of the Transaction, on August 31, 2026, PSOC fully drew down its previously disclosed $500.0 million delayed draw term loan facility.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit |
Description | |
| 99.1 | Press Release, dated September 1, 2026. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
Cautionary Statement Regarding Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this Current Report on Form 8-K, other than statements of historical fact, are forward-looking statements, which may be identified using the words “outlook,” “guidance,” “expects,” “believes,” “anticipates,” “should,” “estimates,” and similar expressions. These forward-looking statements involve known and unknown risks and uncertainties, which may cause actual events to be materially different from those expressed or implied in the forward-looking statements. Factors and risks that may impact future results and performance include, but are not limited to, risks relating to the Transaction, including the ability to realize the anticipated benefits of the Transaction. Additional factors that could affect future results of the Company can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (the “SEC”) on February 12, 2026, in the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2026, filed with the SEC on July 29, 2026, and in the Company’s other filings with the SEC. The Company does not undertake any obligation to publicly update or review any forward-looking statement except as required by law, whether as a result of new information, future developments or otherwise.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PUBLIC STORAGE | ||
| By: | /s/ Joseph D. Fisher | |
| Joseph D. Fisher | ||
| President and Chief Financial Officer | ||
Date: September 1, 2026
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Exhibit 99.1
Public Storage Completes Acquisition of Public Storage Canada
FRISCO, Texas, September 1, 2026 — Public Storage (NYSE: PSA, the “Company”), the leading owner and operator of self-storage facilities, today announced that the Company completed its acquisition of Public Storage Canada (“PS Canada”).
Under the terms of the transaction, the Company paid consideration worth approximately $1.2 billion at closing, consisting of approximately $900 million of Public Storage OP units (2.76 million units, valuing each such unit at $321.98 per unit) and approximately $310 million in cash, subject to customary purchase price adjustments. The transaction also includes an opportunity for the sellers to receive earn-out consideration of up to $288 million in Public Storage OP units priced at $375 per unit, contingent on the achievement of certain NOI performance targets. All values are presented in USD.
With this milestone, Public Storage assumes direct ownership of a portfolio that has operated under the Public Storage® brand in Canada for decades, adding major Canadian markets alongside its leading position in the United States and its presence in Europe through Shurgard®. Public Storage now owns and operates a high-quality portfolio of 5.3 million square feet across 68 properties spanning Toronto, Vancouver, Montreal, Calgary, and Ottawa. These assets will benefit from compelling market dynamics including robust population densities, high household income levels, and attractive self-storage supply levels, and provide a foundation for potential platform expansion in Canada’s leading markets.
The acquisition is expected to be accretive to Public Storage’s long-term IRR, NOI growth, and FFO per share. By applying the PS Next™ operating model across the portfolio, realizing operating efficiencies, and strengthening the customer experience, Public Storage expects to achieve near-term compounding NOI growth in the high single-digits – building off an attractive high-5’s going-in yield. The Company will further benefit from growth opportunities across acquisitions, development, lending and third-party management, as well as access to lower-cost Canadian borrowing.
“Strategic international growth is a value creation opportunity for Public Storage. With an excellent portfolio, leadership in highly attractive markets, and alignment with our brand and culture, PS Canada is a terrific partner for us and reunites the two companies under common ownership,” said Tom Boyle, Chief Executive Officer of Public Storage. “We are grateful for the continued support of Tamara Hughes Gustavson and family, and their thoughtful stewardship of PS Canada. We are excited to work closely with PS Canada’s talented and experienced team – bringing together their domestic expertise with the power of PS Next to deliver meaningful value for our customers and shareholders. Following the recent closing of the National Storage Affiliates Trust transaction, this acquisition marks another important value creation milestone.”
Scotiabank served as financial advisor, Wachtell, Lipton, Rosen & Katz and Torys LLP served as legal advisors, and Kekst CNC served as strategic communications advisor to Public Storage. Eastdil Secured served as financial advisor, and Allen Matkins Leck Gamble Mallory & Natsis LLP and Osler, Hoskin & Harcourt LLP served as legal advisors to the sellers.
About Public Storage
Public Storage, a member of the S&P 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. Following completion of the PS Canada transaction, we: (i) own and/or operate 4,647 self-storage facilities located in 41 states and Puerto Rico with approximately 329 million net rentable square feet, (ii) own 68 self-storage facilities located in Canada with approximately 5.3 million net rentable square feet, and (iii) own a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owns 335 self-storage facilities located in seven Western European countries with approximately 19 million net rentable square feet operated under the Shurgard® brand. Our headquarters are located in Frisco, Texas.
Cautionary Statement Regarding Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this communication, other than statements of historical fact, are forward-looking statements, which may be identified using the words “outlook,” “guidance,” “expects,” “believes,” “anticipates,” “should,” “estimates,” and similar expressions. These forward-looking statements involve known and unknown risks and uncertainties, which may cause actual events to be materially different from those expressed or implied in the forward-looking statements. Factors and risks that may impact future results and performance include, but are not limited to, risks relating to the transaction, including the ability to realize the anticipated benefits of the transaction. Additional factors that could affect future results of the Company can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (the “SEC”) on February 12, 2026, in the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2026, filed with the SEC on July 29, 2026, and in the Company’s other filings with the SEC. Public Storage does not undertake any obligation to publicly update or review any forward-looking statement except as required by law, whether as a result of new information, future developments or otherwise.
Investor Contact
InvestorRelations@publicstorage.com
Media Contact
Nick Capuano / Mark Fallati
Kekst CNC
nicholas.capuano@kekstcnc.com /mark.fallati@kekstcnc.com
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