SmartStop Self Storage REIT, a self storage REIT with 171 owned and managed properties across the US and Canada, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
The company owns and operates self storage facilities in the US and Canada, primarily in MSAs across 19 states and the Greater Toronto Area. Its pro forma portfolio consists of 159 owned properties, comprising approximately 108,200 units and 12.3 million net rentable square feet, as well as 12 managed properties. According to the Inside Self Storage Top-Operators List for 2021, SmartStop Self Storage REIT is the eleventh largest owner and operator of self storage properties in the US based on number of properties, units, and rentable square footage.
The Ladera Ranch, CA-based company was founded in 2013 and earned $169 million in revenue for the fiscal year ended December 31, 2021. SmartStop Self Storage REIT plans to list on the NYSE under the symbol SMST. Citi, Wells Fargo Securities, KeyBanc Capital Markets, and BMO Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.