SmartStop completes acquisition of Argus Professional Storage Management

LADERA RANCH, Calif. - SmartStop Self Storage REIT, Inc. (NYSE:SMA), a $1.44 billion market cap company trading near its 52-week high of $39.77, announced Wednesday it has completed its previously announced transaction with Argus Professional Storage Management (APSM), creating a combined entity that will own or manage over 460 self-storage properties across North America.

The acquisition brings together SmartStop’s portfolio of 236 operating properties in 23 states, the District of Columbia, and Canada with APSM’s 227 managed stores across 26 states. The combined operation will manage approximately 35.7 million rentable square feet and over 272,500 storage units.

Prior to the transaction, APSM was the second largest exclusively third-party management company in the self-storage industry, generating more than $150 million in annual revenue for its third-party management stores, according to the press release.

SmartStop, which trades on the New York Stock Exchange, is a self-managed real estate investment trust with a team of more than 600 self-storage professionals. The company’s Canadian presence includes 49 operating self-storage properties totaling approximately 41,800 units.

BMO Capital Markets Corp. served as SmartStop’s exclusive financial advisor for the transaction. Nelson Mullins Riley & Scarborough LLP provided legal counsel to SmartStop, while Fennemore Craig, P.C. represented APSM.

Financial terms of the transaction were not disclosed in the company’s statement.

In other recent news, SmartStop Self Storage REIT, Inc. has announced the acquisition of Argus Professional Storage Management, a significant player in the self-storage management sector. This transaction will result in the combined entity owning or managing over 460 properties across North America, with the deal expected to finalize in October 2025. Additionally, SmartStop Self Storage REIT has successfully closed a CAD$200 million Series B Senior Unsecured Notes offering, which will mature in 2030 and has been rated BBB mid with a Stable Outlook by Morningstar DBRS.

In another development, Truist Securities has reaffirmed its Buy rating for SmartStop Self Storage, maintaining a price target of $39.00. The firm noted improvements in the company’s self-storage core operations and demand stabilization. Furthermore, Strategic Storage Trust VI, affiliated with SmartStop, has entered into a $35 million preferred unit investment agreement, with an initial $5 million investment already completed. These recent developments highlight the ongoing strategic activities and financial maneuvers by SmartStop Self Storage REIT.

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