SmartStop Self Storage closed a CAD 200 million senior unsecured notes offering, its third such Canadian bond issuance, according to regulatory filings.
The Series C notes, issued by SmartStop OP, L.P., mature on February 18, 2031, and carry an annual coupon of approximately 4.317%. Semiannual cash interest payments will begin February 18, 2027. The issuance was rated BBB with a stable outlook by Morningstar DBRS.
Net proceeds will be used to repay existing debt obligations, including amounts drawn under the company’s revolving credit facility, and for general corporate purposes. The transaction follows a strategic push to refinance near-term maturities and extend the weighted average debt maturity profile.
H. Michael Schwartz, chairman and CEO of SmartStop, said the bonds substantially complete the refinance of 2026 debt maturities while materially terming out the balance on the senior revolver and laddering debt maturities.
BMO Capital Markets and National Bank of Canada Capital Markets served as joint bookrunners, with Scotiabank and RBC Capital Markets as co-managers. The offering underscores continued access to Canadian capital markets for the self-storage operator.
As of the latest update, SmartStop’s portfolio includes more than 460 operating properties across 36 U.S. states, the District of Columbia, and Canada, comprising over 275,000 units and 35 million rentable square feet. In Canada, the company and its affiliates own or manage 53 properties across four provinces, with over 15 years of operating experience in the Greater Toronto Area.
