---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-277592"
form_type: "8-K"
ticker: "PSA"
cik: "0001393311"
company_name: "Public Storage"
filed_at: "2026-06-22T20:34:11+00:00"
generated_at: "2026-06-22T20:35:09.240075+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Public Storage acquires PS Canada for ~$1.2B, enters Canadian self-storage market

## Summary
- Deal valued at ~$1.2B USD ($1.67B CAD): $889M in OP units (2.76M units at $321.98/ea) plus $310M cash.
- Earn-out of up to $288M in OP units at $375/unit contingent on NOI targets over 5 years.
- Portfolio of 68 properties (5.3M sq ft) in Toronto, Vancouver, Montreal, Calgary, Ottawa; current occupancy 83.1%.
- Acquired off-market via ROFO/ROFR from Tamara Hughes Gustavson and family; expected close 2H 2026.
- Going-in NOI yield in high-5’s; high-single-digit NOI growth expected from PS Next platform implementation.

## SEC filing metadata
- accession: 0001193125-26-277592
- form_type: 8-K
- ticker: PSA
- cik: 0001393311
- company_name: Public Storage
- filed_at: 2026-06-22T20:34:11+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1393311/000119312526277592/0001193125-26-277592-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1393311/000119312526277592/d28234d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-277592
- JSON: https://secwatch.observer/filing/0001193125-26-277592.json
- Plain text: https://secwatch.observer/filing/0001193125-26-277592.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.