SmartStop Self Storage Looks to Raise $972M for NYSE Debut

SmartStop Self Storage is looking to put itself on the New York Stock Exchange (NYSE) through a roughly $972 million underwritten public offering.

The California-based SmartStop, which operates more than 215 storage properties across the U.S. and Canada, plans to put 27 million shares up for sale at $28 to $36 each, according to a filing with the U.S. Securities and Exchange Commission on Monday.

That would leave SmartStop with a maximum market value of more than $1.8 billion, according to Bloomberg, which first reported the news.

SmartStop plans to debut on the NYSE under the symbol “SMA,” the filing shows.

A spokesperson for SmartStop did not immediately respond to a request for comment.

The self-storage company also said it plans to give the underwriters of the stock offering — which include J.P. Morgan Chase and Wells Fargo (WFC) — a 30-day option to purchase as many as 4.05 million shares of its stock at the public offering price, according to the filing.

The news comes after SmartStop reported relatively positive earnings at the end of 2024.

Last year, the company’s total self-storage revenues reached $219 million, an increase of $3.7 million compared to 2023, according to its fourth-quarter earnings report.

However, SmartStop also reported a net loss attributable to common stockholders of $18.4 million, a decrease in earnings of $15.6 million from the same period in 2023, the report found.

Isabelle Durso can be reached at idurso@commercialobserver.com.