The small club of publicly traded self-storage REITS, which outperformed other REIT sectors in 2021, is about to get larger.
SmartStop Self Storage REIT, a self-managed, privately traded trust, has filed with the SEC to form Strategic Storage Trust VI and launch a $1 billion initial public offering. SmartStop, which operates facilities in 18 states and Toronto, will use the funding to mount a major expansion in the red-hot self-storage market.
SmartStop CEO Michael Schwartz told Bloomberg that the company has had record occupancy in the past year and is actively pursuing acquisitions with a full pipeline of possibilities. The REIT's portfolio includes 166 facilities comprising nearly 13 million rentable SF. Headquartered in Ladera Ranch, CA, SmartStop has approximately $1.7 billion of real estate assets under its management.
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