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SmartStop Self Storage REIT Announces Public Offering of Common Stock

SMA
  • SmartStop Self Storage REIT, Inc. (NYSE: SMA) announced a public offering of 7,000,000 shares of common stock with a par value of $0.001 per share.
  • J.P. Morgan, Wells Fargo Securities, KeyBanc Capital Markets, BMO Capital Markets, & Truist Securities are acting as joint book-running managers.
  • SmartStop expects to enter into forward sale agreements with affiliates of J.P. Morgan & Wells Fargo Securities covering the 7,000,000 shares.
  • Underwriters have a 30-day option to purchase up to 1,050,000 additional shares, potentially raising the total offering size to 8,050,000 shares.
  • Forward purchasers are expected to borrow shares from third parties to sell to underwriters, though they are not required to do so if borrowing costs exceed thresholds or conditions are not met.
  • If forward purchasers fail to deliver shares, SmartStop will issue and sell an equal number of shares directly to underwriters.
  • SmartStop intends to physically settle forward sale agreements by September 30, 2028, in exchange for cash proceeds adjusted for underwriting discounts.
  • SmartStop will not receive initial proceeds from the forward purchasers' sales but will use funds upon settlement for pending investments, acquisitions, debt repayment, & general corporate purposes.
  • The offering is made pursuant to an effective shelf registration statement filed with the SEC.
  • As of September 30, 2026, SmartStop operates a portfolio of approximately 475 properties across 36 U.S. states, the District of Columbia, & five Canadian provinces.