SmartStop Self Storage REIT (SMA) priced its lPO at $30.00 – below the $31.50 mid-point of its $28.00-to-$35.00 price range – and sold 27.0 million shares – the number of shares in the prospectus – on Tuesday night, April 1st. Shares of SmartStop Self Storage REIT opened at $32.40 – up 8 percent from their IPO price – in their debut today – Wednesday, April 2, 2025 – on the New York Stock Exchange. In late afternoon trading, SmartStop Self Storage REIT’s stock hit an intraday high above $33.00 on NYSE volume of about 7.7 million shares. At the closing bell, SmartStop Self Storage REIT’s stock was at $32.75 – up $2.75 for a gain of 9.17 percent from its IPO price – on NYSE volume of about 9.9 million shares.
At pricing, SmartStop Self Storage REIT had a market cap of about $1.5 billion. The Laguna Beach, California-based company is a real estate investment trust (REIT) incorporated in Maryland.
J.P. Morgan and Wells Fargo Securities served as the lead joint book-runners. The joint book-running team included another eight investment banks: KeyBanc Capital Markets, BMO Capital Markets, Truist Securities, Baird, Stifel, National Bank of Canada Financial Markets, Raymond James and Scotiabank.
SmartStop Self Storage REIT Inc. owned or managed 208 properties in 22 states, the District of Columbia and three provinces in Canada, as of Dec. 31, 2024, according to the prospectus. The company said in the prospectus that it is the 10th-largest owner and operator of self-storage properties in the United States, according to the Inside Self Storage Top-Operators List for 2024 – and it was the largest in the Greater Toronto Area, based on rentable square footage, according to Colliers.
In the prospectus, SmartStop Self Storage REIT Inc. said it intends to use the IPO proceeds to pay down some debt, redeem its outstanding Series A Preferred Stock, repay the 2025 KeyBank Acquisition Facility, fund external growth with property acquisitions, and provide funds for other general corporate purposes.
The real estate investment trust company is not profitable, according to financial statements in the prospectus. For the 12 months that ended Dec. 31, 2024, SmartStop Self Storage REIT reported a net loss of $18.38 million on revenue of $237.01 million.
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