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Which self-managed nontraded REIT recently sold $150 million in convertible preferred stock to a listed REIT in the same industry sector?

December 5, 2019

Which self-managed nontraded REIT recently sold $150 million in convertible preferred stock to a listed REIT in the same industry sector?

Answer: SmartStop Self Storage REIT Inc. entered into a preferred stock purchase agreement with a subsidiary of Extra Space Storage, Inc.  (NYSE: EXR) in which EXR committed to purchase up to $200 million in a new Series A Convertible Preferred Stock. On October 29, 2019, EXR purchased $150 million of the Series A Preferred.

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