SmartStop Self Storage REIT, Inc. (“SmartStop” or the “Company”), an internally-managed real estate investment trust and a premier owner and operator of self storage facilities in the United States and Canada, announced today the pricing of its public offering of 27,000,000 shares of common stock at a price to the public of $30.00 per share.
SmartStop has granted the underwriters a 30-day option to purchase up to an additional 4,050,000 shares of its common stock at the public offering price, less underwriting discounts and commissions.
Shares of SmartStop’s common stock are expected to begin trading on April 2, 2025 on the New York Stock Exchange under the ticker symbol “SMA,” and the closing of the offering is expected to occur on April 3, 2025, subject to the satisfaction of customary closing conditions.
SmartStop intends to use the net proceeds from the offering to redeem 100% of its issued and outstanding Series A Preferred Stock, pay down existing debt under its credit facility, repay an acquisition facility, fund external growth with property acquisitions, and fund other general corporate uses.
J.P. Morgan, Wells Fargo Securities, KeyBanc Capital Markets, BMO Capital Markets and Truist Securities are acting as joint book-running managers for the offering. Baird, Stifel, National Bank of Canada Financial Markets, Raymond James and Scotiabank are acting as bookrunners for the offering. BTIG, M&T Securities and Fifth Third Securities are acting as co-managers for the offering.
A registration statement on Form S-11 (File No. 333-264449) relating to these securities was declared effective by the Securities and Exchange Commission on April 1, 2025. The offering is being made only by means of a prospectus. Once available, copies of the final prospectus may be obtained from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com; Wells Fargo Securities, 90 South 7th Street, 5th Floor, Minneapolis, MN 55402, at (800) 645-3751 (option #5) or email a request to WFScustomerservice@wellsfargo.com; KeyBanc Capital Markets, Attention: Equity Syndicate, 127 Public Square, 7th Floor, Cleveland, OH 44114 or by fax at 1.216.689.0845; BMO Capital Markets Corp., Attention: Equity Syndicate Department, 151 W 42nd Street, 32nd Floor, New York, NY 10036 or by email at bmoprospectus@bmo.com; or Truist Securities, Inc., Attention: Equity Capital Markets, 3333 Peachtree Road NE, 9th Floor, Atlanta, GA 30326 at (800) 685-4786 or by email to truistsecurities.prospectus@truist.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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