Public Storage to Acquire Public Storage Canada in Strategic Entry into Major Canadian Markets

Public Storage to Acquire Public Storage Canada in Strategic Entry into Major Canadian Markets

Strategic acquisition of 3rd largest self-storage platform in Canada expected to create long-term internal and external growth opportunities

Transaction valued at $1.2 billion and primarily funded with Public Storage Operating Partnership Units (“OPUs”)

Acquisition to provide attractive going-in NOI yield in the high-5’s, significant operational upside on 83% occupied portfolio, and double-digit IRR potential

Public Storage (NYSE: PSA) (“Public Storage” or the “Company”), the largest owner of self-storage facilities, today announced that its operating partnership, Public Storage OP, L.P. (“Public Storage OP”), and Public Storage Operating Company (“PSOC”) have entered into an agreement to acquire Public Storage Canada (“PS Canada”) in a transaction valued at approximately $1.2 billion USD ($1.67 billion CAD). The PS Canada platform was built by industry visionary and Public Storage founder Wayne Hughes and has been independently owned and operated by the Hughes family under the Public Storage® brand for decades. The acquisition is expected to expand Public Storage’s platform in major Canadian markets with long-term growth driven by high household incomes, strong relative population growth, and low supply per capita compared to the U.S.