SmartStop Self Storage REIT, Inc. (NYSE: SMA) has closed a CAD 200 million senior unsecured bond offering, adding Canadian-dollar denominated debt maturing in 2030 to its capital structure. The notes were issued by the company's principal operating subsidiary, SmartStop OP, L.P., and carry an investment-grade BBB rating with a stable outlook from KBRA, which affirmed the rating on the new issuance in July 2026.
The offering follows the REIT's April 2025 initial public offering, which raised $875.6 million in net proceeds and enabled a shift toward a primarily unsecured financing strategy. Morningstar DBRS assigned its initial BBB rating with stable trends in May 2025, citing the strengthened balance sheet after the IPO proceeds were used to repay a $175 million acquisition facility, a $472.1 million credit facility, and redeem $200 million of Series A convertible preferred stock. Both KBRA and DBRS rate the combined entity on a consolidated basis given the guaranty structure.
As of June 30, 2026, SmartStop operated a platform of 460 owned and managed self-storage properties totaling 35.4 million square feet across the United States and Canada, with significant exposure to the Greater Toronto Area. The owned portfolio comprised 191 properties and 15.1 million square feet, while the managed REIT platform oversaw approximately $1.0 billion in assets across 220 stores and 15.7 million net rentable square feet. The company also maintains a bridge-lending joint venture targeting 10–16% yields, with $22.7 million currently invested against an initial $100 million target.