Public Storage completed the acquisition of PS Canada Holdings, LLC on September 1, 2026, for an aggregate upfront purchase price of approximately $1.2 billion. The consideration consisted of approximately $900 million in common units of Public Storage Operating Partnership (valuing each unit at $321.98) and approximately $310 million in cash. PS Canada owns 68 self-storage facilities with approximately 5.3 million net rentable square feet across major Canadian metropolitan markets including Toronto, Vancouver, Montreal, Calgary, and Ottawa. The transaction includes potential earn-out consideration of up to 768,000 units valued at $375 per unit, contingent on achieving specific net operating income targets. Concurrently, Public Storage Operating Company fully drew down its previously disclosed $500 million delayed draw term loan facility. Public Storage is a real estate investment trust that primarily acquires, develops, owns, and operates self-storage facilities.

Public Storage Operating Company entered into a Fourth Amended and Restated Credit Agreement with Wells Fargo Bank, National Association, providing a $3.0 billion senior unsecured revolving credit facility and a $500 million senior unsecured delayed draw term loan facility. The company also established a new $1.0 billion unsecured commercial paper program backstopped by its revolving credit facility. Public Storage operates in the self-storage real estate industry.

On June 22, 2026, Public Storage Operating Company (PSOC) entered into an agreement to acquire all outstanding membership interests of PS Canada Holdings, LLC from Grant Gustavson, Greer Gustavson, and 4G Thoroughbreds, LLC. The aggregate upfront purchase price is approximately $1.2 billion, comprising $889 million in 2,762,108 PSA OP units (valued at $321.98 per unit) and approximately $310 million in cash. Sellers may receive additional earn-out consideration of up to 768,000 PSA OP units (valued at $375 per unit) based on net operating income performance targets. The transaction is subject to customary closing conditions and regulatory approvals. Public Storage operates in the real estate investment trust (REIT) industry, specializing in self-storage facilities.