SmartStop Self Storage REIT Completes First Day on NYSE, Closes at $33.09
SmartStop Self Storage REIT, Inc., a self-managed and formerly non-traded real estate investment trust focused on self-storage assets, debuted on the New York Stock Exchange today under the ticker symbol “SMA,” and began trading at a price of $30.00 per share.
The company raised $810 million in its initial public offering, pricing its shares in the bottom half of the REIT’s estimated range of $28.00 to $36.00 per share, or $756 million to $972 million.
At the close of trading, shares finished at $33.09, up 10.3%.
In addition to its public offering of 27 million shares of common stock, the REIT granted underwriters a 30-day option to purchase up to an additional 4.05 million shares of its common stock at the public offering price, less underwriting discounts and commissions.
The closing of the offering is expected to occur on April 3, 2025, subject to the satisfaction of customary closing conditions.
As previously reported by AltsWire, SmartStop said the proceeds from the public offering are intended for several corporate purposes, including the redemption of all issued and outstanding Series A Preferred Stock, repayment of existing debt under the company’s credit facility, repayment of an acquisition facility, funding of property acquisitions, and other general corporate uses.
J.P. Morgan, Wells Fargo Securities, KeyBanc Capital Markets, BMO Capital Markets, and Truist Securities are acting as joint book-running managers; Baird, Stifel, National Bank of Canada Financial Markets, Raymond James, and Scotiabank are acting as bookrunners; and BTIG, M&T Securities and Fifth Third Securities are acting as co-managers.
SmartStop’s stock market debut followed the company’s recent one-for-four reverse stock split announced last month. As a result of the reverse split, every four shares of common stock were automatically converted into one share, effectively reducing the number of outstanding shares. The reverse split did not impact the total value of shareholders’ investments, voting rights, or ownership percentages.
Just prior to the reverse stock split, the REIT declared an estimated net asset value per share of $14.50 as of March 12, 2025. Adjusting for the one-for-four reverse split, the post-split estimated NAV per share was approximately $58.00.
SmartStop has long eyed an NYSE listing, having filed a registration statement with the U.S. Securities and Exchange Commission in April 2022 for an underwritten public offering that would have been listed under the ticker symbol “SMST.” That registration was never declared effective.
The company joined American Healthcare REIT (NYSE: AHR) and Sila Realty Trust (NYSE: SILA) – two formerly non-traded REITs that listed on the NYSE in 2024. AR Global’s Healthcare Trust, now known as National Healthcare Properties Inc., has also declared its intention to pursue a listing. In October 2024, National Healthcare internalized management and also completed a reverse stock split in preparation for such an event.
SmartStop’s portfolio comprises 218 operating properties across 23 states, the District of Columbia, and Canada, totaling approximately 156,400 units and 17.6 million rentable square feet. This extensive footprint positions the company as a significant player in the self-storage sector.
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