SmartStop Self Storage REIT, Inc. has filed for an initial public offering on the New York Stock Exchange (NYSE), where it plans to trade under the ticker symbol "SMA". The offering includes 27 million shares of common stock at an expected price range of $28.00 to $36.00 per share. SmartStop is a self-managed and fully integrated real estate investment trust (REIT) focused on the acquisition, ownership, and operation of self-storage properties across the United States and Canada.
The company intends to use the net proceeds from the IPO for multiple purposes. These include the repayment of approximately $90 million in debt, the funding of new acquisitions and property developments (approximately $105 million), and for general corporate purposes. All shares offered in the IPO are primary shares issued by the company; no existing shareholders are selling shares in this offering.
SmartStop operates a portfolio of over 218 properties across 23 U.S. states, the District of Columbia, and Canada, encompassing approximately 17.6 million rentable square feet. Its business model incorporates a blend of direct ownership and third-party management, underpinned by proprietary revenue management and customer service platforms. These systems are designed to enhance operational efficiency and customer acquisition, particularly in strategic segments such as student and military housing markets.
From a financial perspective, SmartStop has demonstrated consistent revenue growth over the past three years. Revenue increased from $175.2 million in 2022 to $208.1 million in 2024, representing a compound annual growth rate (CAGR) of over 9%. Gross margins remained stable at approximately 64%, and net income improved from $12.6 million to $21.7 million over the same period. Operating income rose from $25.2 million to $42.4 million, reflecting increased efficiency and scale.
The company aims to continue growing its footprint through a combination of acquisitions and expansion of its third-party management platform. It also plans to leverage data analytics, centralized support infrastructure, and automated pricing tools to enhance portfolio performance and drive future value. SmartStop is expected to price the week of March 31st, 2025.