Opening a 4 Trillion Won Credit Line to Canada: North America's Self-Storage Giant's Expansion Bet

Public Storage (NYSE: PSA) has agreed to acquire Public Storage Canada, the country’s third-largest self-storage operator, for approximately $1.2 billion. To reduce financial strain, PSA will pay most of the purchase price in operating limited partnership units, immediately adding 68 properties in key markets such as Toronto and Vancouver to its portfolio.

Concurrently, the company has enhanced its liquidity and lowered its cost of capital to support future growth through acquisitions, development and redevelopment. PSA replaced its $1.5 billion revolving credit facility with a new $3 billion unsecured revolver, arranged a $500 million delayed-draw term loan and established a $1 billion commercial paper program.

Truist Securities recently raised its price target on Public Storage to $338 per share and maintained a buy rating, reflecting expectations for a $10.5 billion all-stock merger with National Storage Affiliates. Truist cited expansion into non–like-kind asset classes and continued M&A activity as the company’s primary growth drivers.

In the first quarter of 2026, Public Storage delivered adjusted earnings of $4.22 per share, surpassing market forecasts, and declared its regular quarterly dividend for the second quarter—underscoring its stable cash-generation profile and commitment to expansion.

As the world’s largest self-storage REIT, Public Storage owns thousands of facilities across the United States and Europe. Since its founding in the 1970s, the company has grown through strategic acquisitions and development, earning a place in the S&P 500 index.

While the self-storage sector has faced headwinds from elevated interest rates and softer leasing demand, Wall Street analysts expect a full recovery by around 2027, supported by renewed residential mobility and constrained new supply.