Street Calls of the Week
LADERA RANCH, Calif. - SmartStop Self Storage REIT, Inc. (NYSE:SMA), a self-storage operator with a market capitalization of $1.42 billion currently trading near its 52-week high of $39.77, announced the pricing of a CAD $200 million Canadian Maple Bond offering through its operating partnership, SmartStop OP, L.P. According to InvestingPro data, the company maintains a solid 8.93% revenue growth over the last twelve months. The series B senior unsecured notes, priced on September 19, will mature on September 24, 2030, and carry an interest rate of approximately 3.888% per annum, payable semi-annually beginning March 24, 2026.
The notes received a BBB (Stable) rating from Morningstar DBRS, according to the company’s press release statement.
SmartStop plans to use the net proceeds to repay existing debt, fund acquisitions, and for general corporate purposes. The transaction is expected to close on September 24, 2025, subject to customary closing conditions.
The offering was made exclusively to Canadian residents through a syndicate of agents on a private placement basis. The notes will not be registered under the U.S. Securities Act of 1933 and cannot be sold to investors outside of Canada.
SmartStop Self Storage REIT is a self-managed real estate investment trust that owns or manages 236 operating properties across 23 states, the District of Columbia, and Canada. The company’s portfolio comprises approximately 170,500 units and 19.1 million rentable square feet, including 49 operating self-storage properties in Canada totaling about 41,800 units and 4.2 million rentable square feet. The REIT offers a notable dividend yield of 4.26%. For detailed financial analysis and additional insights, including exclusive ProTips and comprehensive valuations, visit InvestingPro.
In other recent news, SmartStop Self Storage REIT, Inc. has been the focus of several developments. Truist Securities reaffirmed its Buy rating for SmartStop Self Storage, raising its price target to $39.00. The updated target reflects an enhanced net asset value per share and a discounted cash flow valuation. Raymond James also maintained a Strong Buy rating with a $42.00 target, citing confidence in SmartStop’s value creation strategy. Additionally, SmartStop Self Storage REIT acquired a Class A facility in Rahway, New Jersey, featuring 53,450 square feet of rentable space. Strategic Storage Trust VI, an affiliate of SmartStop, announced a $35 million preferred unit investment agreement with SSSR Preferred Investor, LLC. The initial closing of this agreement saw the issuance of 200,000 Series D Preferred Units for a $5 million investment. These updates reflect ongoing strategic activities and analyst confidence in SmartStop Self Storage’s operations.
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