SmartStop OP, L.P., the operating partnership of SmartStop Self Storage REIT, Inc., completed a Canadian private placement of $200 million aggregate principal amount of Series C senior unsecured notes on August 18, 2026. The notes were issued at par, bear interest at approximately 4.317 percent annually and mature on February 18, 2031. Interest is payable in equal semiannual cash instalments beginning February 18, 2027. The obligations are guaranteed by SmartStop Self Storage REIT and certain subsidiaries. Morningstar DBRS assigned the notes a BBB rating with a Stable Outlook. 

SmartStop used the net proceeds to repay existing indebtedness, including amounts outstanding under its revolving credit facility, and for general corporate purposes. The financing represents SmartStop’s third Canadian Maple Bond offering and supports the refinancing of its 2026 debt maturities. 

The notes were placed through an agency syndicate. BMO Capital Markets and National Bank of Canada Capital Markets acted as bookrunners, while Scotiabank and RBC Capital Markets served as co-managers. Davies Ward Phillips & Vineberg LLP acted as Canadian counsel to the dealers. McMillan LLP served as SmartStop’s Canadian counsel, Nelson Mullins Riley & Scarborough LLP acted as the issuer’s United States counsel, and Venable LLP served as Maryland counsel to SmartStop. The notes were not registered under the United States Securities Act of 1933 and are subject to applicable restrictions on offers and sales in the United States.