Nelson Mullins Riley & Scarborough LLP advised SmartStop Self Storage REIT, Inc., a real estate investment trust, on its recently completed underwritten public offering of common stock and related initial listing on the New York Stock Exchange (NYSE). The offering closed on April 3, 2025, with the company’s stock now trading under the ticker symbol “SMA”.
Nelson Mullins attorneys have served as legal counsel to SmartStop since its formation in 2013. The team was led by partners Michael Rafter, Howard Hirsch, Gary Brown and Jonathan Talcott.
SmartStop sold approximately 31.05 million shares at an offering price of $30 per share, with the offering raising approximately $931.5 million in gross offering proceeds. The net proceeds are expected to be used to redeem preferred stock, repay existing debt and fund external growth initiatives, including potential future property acquisitions by SmartStop.
J.P. Morgan, Wells Fargo Securities, KeyBanc Capital Markets, BMO Capital Markets and Truist Securities acted as joint book-running managers for the offering. Baird, Stifel, National Bank of Canada Financial Markets, Raymond James and Scotiabank acted as bookrunners for the offering. BTIG, M&T Securities and Fifth Third Securities acted as co-managers for the offering.
SmartStop is one of the premier owners and operators of self-storage facilities in the U.S. and Canada, with a portfolio of 218 owned and managed operating properties serving residential and commercial customers.
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