SmartStop Self Storage To Raise $972M With NYSE IPO

SmartStop Self Storage REIT, a self storage REIT with 208 owned and managed properties across the US and Canada, is set to raise up to $972 million through an IPO on the NYSE, transitioning from over‐the‐counter trading and targeting a market value in excess of $1.8 billion. The Ladera Ranch, California–based firm plans to offer 27 million shares at a price range of $28 to $36 each, according to its SEC filing.

The company owns and operates self storage facilities in the US and Canada, primarily in MSAs across 22 states and three provinces in Canada. Its portfolio consists of 208 owned or managed properties, comprising approximately 148,275 units and 16.7 million net rentable square feet. According to MSM's 2024 MSM Top Operator list, SmartStop is the eleventh largest owner and operator of self storage properties in the US.

SmartStop Self Storage REIT was founded in 2013 and booked $237 million in revenue for the 12 months ended December 31, 2024. It plans to list on the NYSE under the symbol SMA. J.P. Morgan, Wells Fargo Securities, KeyBanc Capital Markets, BMO Capital Markets, Truist Securities, Baird, Stifel, National Bank of Canada, Raymond James, and Scotia Capital are the joint bookrunners on the deal. It is expected to price during the week of March 31, 2025.