On June 16, 2025, SmartStop Self Storage REIT, Inc. successfully closed its inaugural Canadian Maple Bond offering, issuing CAD $500 million in Series A Senior Unsecured Notes due June 16, 2028. The notes bear an interest rate of approximately 3.91 percent per annum, payable semiannually starting December 16, 2025, with an effective rate of 3.85 percent after accounting for an interest rate hedge.

This offering marks SmartStop’s entry into the senior unsecured Canadian bond market. This transaction, which was 4.5x oversubscribed, represents the first ever Maple Bond offering by a self-storage company and achieved the lowest spread on a three-year fixed-rate term in the Canadian real estate sector in the last decade.

The offering was conducted by a syndicate of agents led by BMO Nesbitt Burns Inc. and National Bank Financial Inc. as co-bookrunners, and including Scotia Capital Inc. and RBC Dominion Securities Inc.

SmartStop is a self-managed real estate investment trust (“REIT”) and a premier owner and operator of self-storage facilities in the United States and Canada.

McMillan acted as lead counsel to SmartStop, and directed all aspects of the Note offering. Todd Miller led the national and multidisciplinary team which included Paul Barbeau, Alex Grigg and Chris Osei-Kusi (Capital Markets & Securities), Andrew Stirling (Tax), and Samantha Morden (Banking).