Public Storage expands into Canada with US$1.2 billion buy

U.S. self-storage operator Public Storage said on Monday it would buy Public Storage Canada, a separate company operating under the same brand, in a stock-and-cash deal valued at about US$1.2 billion.

The Canadian company was set up by Public Storage founder Wayne Hughes and has been run separately by his family for many years.

Public Storage will pay about $889 million in equity and $310 million in cash through an off-market deal with the Hughes family.

The company could pay a potential $288 million more in operating partnership units — a form of equity — tied to performance targets.

The move follows its March agreement to buy smaller rival National Storage Affiliates in an all-stock deal valued at about $10.5 billion, as it expands in high-growth U.S. regions.

A broader wave of consolidation is underway in the self-storage sector, with large operators using their balance sheets to acquire smaller or family-owned platforms in underpenetrated markets.

The transaction is expected to close in the second half of 2026.

(Reporting by Apratim Sarkar in Bengaluru; Editing by Sahal Muhammed)