On June 22, 2026, Public Storage, the largest owner of self-storage facilities in the United States, announced that its operating partnership, Public Storage OP, L.P., and Public Storage Operating Company entered into an agreement to acquire Public Storage Canada in a transaction valued at approximately 1.2 billion dollars US, or 1.67 billion dollars Canadian. The acquisition marks Public Storage's strategic entry into major Canadian markets.

Under the terms of the transaction, Public Storage Operating Company will pay consideration worth approximately $1.2 billion at closing, subject to customary purchase price adjustments.

Public Storage Canada is the third-largest self-storage platform in Canada, comprising 68 properties totaling 5.3 million square feet across Toronto, Vancouver, Montreal, Calgary, and Ottawa. The platform was built by Public Storage founder Wayne Hughes and has been independently owned and operated for decades by the Hughes family, led by Tamara Hughes Gustavson, under the Public Storage brand. The transaction is expected to close in the second half of 2026, subject to customary closing conditions.