SmartStop Closes Canadian Maple Bond Offering for CAD $200 Million
SmartStop Self Storage REIT Inc. (NYSE:SMA), an internally managed real estate investment trust that focuses on self-storage facilities in the United States and Canada, announced that it has closed its previously announced CAD $200 million aggregate principal amount of Series B senior unsecured notes, due Sept. 24, 2030.
As of Sept. 25, CAD $200 million was equal to nearly $143.48 million in the United States.
SmartStop, through its subsidiaries, remains an active sponsor of self-storage-focused non-traded REIT and Delaware statutory trust programs available to retail investors.
The notes were issued by SmartStop’s operating partnership, SmartStop OP, L.P. The notes – rated BBB mid with a Stable Outlook by Morningstar DBRS – bear interest at a rate of approximately 3.888% per annum, payable in cash in equal semi-annual installments beginning in March 24, 2026.
According to the company, the maple bond marks its second senior unsecured Canadian bond offering, an example of SmartStop’s growing presence in the Canadian market with more than 15 years of experience in the greater Toronto area. SmartStop intends to use the net proceeds from the offering to repay outstanding indebtedness, fund acquisitions, and for general corporate purposes.
“Coming back to the maple bond market is a representation of SmartStop’s ability to be opportunistic, raising capital at an attractive cost and reinforcing our position in this particular space,” said H. Michael Schwartz, Chairman and chief executive officer of SmartStop. “With these bonds, we have completed our FX cash flow hedging strategy for the current portfolio, while further laddering out our debt maturities.”
The notes were offered on an agency basis by a syndicate of agents that included BMO Capital Markets and National Bank Capital Markets who served as bookrunners, and Scotia Capital Inc. and RBC Dominion Securities Inc. who served as co-managers.
This week, SMA also announced it had completed an agreement to acquire Argus Professional Storage Management, i.e., APSM, for $21 million. Together, SmartStop and APSM will own or manage more than 460 self-storage properties in North America.
SmartStop Self Storage REIT is a self-managed REIT with an operations team of more than 600 self-storage professionals. As of Sept. 25, 2025, SmartStop had an owned or managed portfolio of 236 operating properties in 23 states, the District of Columbia, and Canada, comprising approximately 170,500 units and 19.1 million rentable square feet. SmartStop and its affiliates own or manage 49 operating self-storage properties in Canada, which total approximately 41,800 units and 4.2 million rentable square feet.
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