While the US and Canada advance to the start of a new trade war, a real estate investment trust that owns and operates 218 self-storage facilities in the two countries has launched an underwritten public offering.
SmartStop Self Storage REIT Inc. has filed a registration statement on Form S-11 with the Securities and Exchange Commission to offer 27 million shares of its common stock to the public. The public offering price is expected to be between $28.00 and $36.00 per share, and it could raise up to $972 million.
SmartStop has been approved to list its common stock on the New York Stock Exchange under the ticker symbol “SMA,” subject to official notice of issuance. The company intends to grant the underwriters a 30-day option to purchase up to an additional 4.05 million shares of its common stock at the public offering price.
The Ladera, California-based company has a 570-person workforce and a portfolio encompassing approximately 156,400 units and 17.6 million rentable square feet.
