SmartStop Self Storage REIT, Inc. successfully concluded a highly successful underwritten public offering with $875.6 million in net proceeds.
Listed Shares were offered at $30 per share and have traded as high as $37.79 since trading on the NYSE under the ticker symbol SMA.
The company founder and largest individual beneficial owner expressed disappointment at the initial offering price but emphasized the importance of providing stockholder liquidity.
Strengthening the Balance Sheet
Paid off acquisition facility, paid down credit facility, redeemed Series A Convertible Preferred Stock, transitioned Credit Facility and Private Placement Notes to unsecured, and issued private placement notes in Canada.
Business Achievements
Received credit rating upgrades, acquired properties, scaled Managed REIT Platform, opened new development properties in Canada, added new expertise to the board of directors, and gained recognition in the Russell 3000 Index.
Stockholder Liquidity Event
Pre-existing Class A and Class T shares will automatically convert into Listed Shares on October 1, 2025, providing stockholders with liquidity opportunities.
- The Offering and NYSE listing enabled SmartStop Self Storage REIT, Inc. to undertake transformative transactions and events, positioning the company for future growth.
- The company's efforts in strengthening the balance sheet, acquiring properties, expanding the Managed REIT Platform, and enhancing board expertise showcase a strategic vision for achieving positive results in the future.
SmartStop Self Storage REIT, Inc. has set a solid foundation for future growth and has demonstrated a commitment to enhancing stockholder value through strategic initiatives and acquisitions.