Public Storage acquires Public Storage Canada

Torys acted as counsel to Public Storage with a team led by Simon Knowling and that included Andy Gibbons, Alessia Azermadhi, Kayleigh MacPherson, Brianna Pioli and Liane Ali-Hassan (corporate/real estate), Matthew Angelus and Marissa Daniels (Consumer Protection/Litigation), Nina Mansoori and Ben Pan (lending), Darryl Hiscocks and Olivia Mazza (employment), Molly Reynolds and Ramona Sivapathasundaram (Privacy), Dany Assaf and Ian Li (competition), Michael Fortier (environmental) and Gwen Watson, Andrew Wong and Stan Fedun (tax).

On September 1, 2026, Public Storage (NYSE: PSA), the largest owner of self-storage facilities in the US, announced that its operating partnership, Public Storage OP, L.P. (“Public Storage OP”), and Public Storage Operating Company (“PSOC”) completed its previously announced acquisition of Public Storage Canada.

Under the terms of the transaction, announced on June 22, 2026, PSOC paid consideration worth approximately US$1.2 billion at closing, consisting of approximately US$900 million of Public Storage OP units (2.76 million OPUs, valuing each such unit at US$321.98 per unit) and approximately US$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 US$288 million in Public Storage OP units priced at US$375 per unit, contingent on the achievement of certain NOI performance targets.

The PS Canada platform, independently owned and operated by the Hughes family under the Public Storage® brand for decades, consisted of 68 properties totaling 5.3 million square feet across Toronto, Vancouver, Montreal, Calgary, and Ottawa.

Further information can be found on Business Wire’s website.

Public Storage is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At March 31, 2026, it: (i) owned and/or operated 3,546 self-storage facilities located in 40 states with approximately 259 million net rentable square feet in the United States and (ii) owned a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 333 self-storage facilities located in seven Western European countries with approximately 19 million net rentable square feet operated under the Shurgard® brand.