SmartStop Self Storage REIT May Launch an IPO According to Bloomberg
August 24, 2021 | James Sprow | Blue Vault
SmartStop Self Storage REIT (OTC:STSFF) is in talks with underwriters for a possible initial public offering that could occur as soon as this year, Bloomberg reports, citing people familiar with the matter.
The non-publicly traded REIT manages $1.8B of assets, including a portfolio of 155 properties in 19 U.S. states and Toronto, Canada.
The REIT expects to use any proceeds from an IPO for future growth, one of the people told Bloomberg. No decisions have been made yet and it could decide to keep its over-the-counter status, the article said.
In Q2, SmartStop’s total revenue increased to $42.3M from $29.5M in the year-ago quarter, and same-store revenue increased 21.5% Y/Y.
Q2 adjusted FFO attributable to common stockholders and OP unit holders rose to $9.42M from $1.73M in Q2 2020.
If the company does proceed with the IPO, it would join a number of other publicly traded self-storage REITS, including Public Storage (NYSE:PSA), National Storage Affiliates (NYSE:NSA), CubeSmart (NYSE:CUBE), Extra Space Storage (NYSE:EXR).
Earlier this month, Raymond James turned more positive on self-storage REITs after they posted record Q2 earnings
Source: Bloomberg
