SmartStop Self Storage REIT Announces Intent to List on the New York Stock Exchange
April 26, 2022 | Inside Self-Storage
SmartStop Self Storage REIT Inc. (SSSR), a self-managed real estate investment trust, intends to list its common stock on the New York Stock Exchange under the ticker symbol SMST. In a preliminary move, the company filed a registration statement via Form S-11 with the U.S. Securities and Exchange Commission on April 22 for a proposed underwritten public offering, though the price and number of shares to be offered have not been determined, according to a press release.
The registration statement is non-binding and not yet effective. If SSSR moves forward, the offering will be made only through a prospectus. Once available, a preliminary prospectus may be obtained through BMO Capital Markets, Citigroup Inc., KeyBanc Capital Markets and Wells Fargo Securities LLC, which are acting as joint book-running managers of the offering, the release stated.
Last month, SSSR agreed to merge with Strategic Storage Growth Trust II Inc. (SSGT II), a private REIT sponsored by one of its indirect subsidiaries. Under the agreement, SSSR will acquire SSGT II in a $280 million, all-stock transaction. SSGT II will then merge into a new SmartStop subsidiary with a portfolio comprising 150 wholly owned self-storage facilities comprising about 11.5 million rentable square feet. The merger is expected to close by June 30.
SSSR closed a similar merger in 2021 worth $370 million with Strategic Storage Trust IV Inc., a public non-traded REIT it sponsored.
In addition to SSGT II, SSSR sponsors other private programs through its indirect subsidiary SmartStop REIT Advisors LLC. Its owned and managed self-storage portfolio of 165 properties in 20 states and Toronto comprises approximately 12.8 million net rentable square feet.
Source: Bluefield Daily Telegraph, SmartStop Self Storage REIT Inc. Files Registration Statement to Pursue Underwritten Public Offering in Conjunction With the Intended Listing of Its Common Stock on the New York Stock Exchange
