SmartStop Self Storage REIT Announces Its Flip to Fully Unsecured on Its Senior Credit Facility and Private Placement Notes
April 17 2025 - 7:10PM
Business Wire
SmartStop Self Storage REIT, Inc. (“SmartStop”) (NYSE:SMA), an
internally managed real estate investment trust and a premier owner
and operator of self-storage facilities in the United States and
Canada, announced today that it has achieved the Security Interest
Termination Conditions for its Credit Facility and 2032 Private
Placement Notes (as defined in the Credit Facility Loan Agreement
and Note Purchase Agreement), which resulted in both facilities
becoming fully unsecured. Accordingly, the credit spread pricing
grid associated with Revolving Commitments under the Credit
Facility was immediately reduced by 25 basis points, and the unused
fees on the Credit Facility were reduced by five basis points.
In addition, the Company elected to reduce the Revolving
Commitments under the Credit Facility by $100 million. As a result
of this election, the Total Commitments under the Credit Facility
have been reduced to $600 million.
"This is a significant milestone just a few weeks after becoming
a publicly traded company," stated H. Michael Schwartz, Chairman
and Chief Executive Officer of SmartStop. "It truly is a testament
to the strength of our balance sheet post-IPO, and it will help us
to execute on our future growth strategy.”
About SmartStop Self Storage REIT, Inc. (SmartStop):
SmartStop Self Storage REIT, Inc. (“SmartStop”) (NYSE:SMA) is a
self-managed REIT with a fully integrated operations team of
approximately 590 self-storage professionals focused on growing the
SmartStop® Self Storage brand. SmartStop, through its indirect
subsidiary SmartStop REIT Advisors, LLC, also sponsors other
self-storage programs. As of April 17, 2025, SmartStop has an owned
or managed portfolio of 220 operating properties in 23 states, the
District of Columbia, and Canada, comprising approximately 157,200
units and 17.7 million rentable square feet. SmartStop and its
affiliates own or manage 41 operating self-storage properties in
Canada, which total approximately 34,400 units and 3.5 million
rentable square feet. Additional information regarding SmartStop is
available at www.smartstopselfstorage.com
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version on businesswire.com: https://www.businesswire.com/news/home/20250417983488/en/
David Corak SVP of Corporate Finance & Strategy
SmartStop Self Storage REIT, Inc. IR@smartstop.com
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