The REIT’s second Maple Bond issuance supports debt repayment and expansion across North America.

September 25, 2025

SmartStop Raises $200M in Canadian Bond Offering

SmartStop Self Storage REIT has completed its latest Canadian bond raise—a CAD $200 million issuance of Series B Senior Unsecured Notes, due in 2030. This is SmartStop’s second entry into the Maple Bond market and another step in strengthening its capital structure across North America.

The Notes were issued through SmartStop’s operating partnership and come with a fixed annual interest rate of approximately 3.888%, with payments starting in March 2026. Morningstar DBRS rated the Notes BBB mid with a stable outlook. For SmartStop, this isn’t just a capital raise—it’s a way to reduce near-term debt, finance growth, and build long-term financial flexibility.

Proceeds from the issuance will be used to:

• Pay down existing obligations


• Support acquisitions


• Fund general operations

The move also completes the company’s FX cash flow hedging plan for its current portfolio and helps spread out future debt maturities. In a volatile interest rate environment, that kind of planning matters.

SmartStop has been active in the Canadian market for over 15 years, particularly in the Greater Toronto Area. Today, it owns or manages 49 self-storage properties across Canada, totaling 4.2 million rentable square feet. This deal further anchors that position.

The offering was managed by a Canadian syndicate, with BMO Capital Markets and National Bank Capital Markets leading as bookrunners. Scotia Capital and RBC Dominion Securities came in as co-managers. Legal counsel included firms across Canada and the U.S., supporting the transaction’s cross-border structure.

As of September 24, SmartStop’s total footprint includes 236 properties across the U.S., D.C., and Canada—covering roughly 170,500 units and 19.1 million rentable square feet. It also manages additional programs through its affiliate, SmartStop REIT Advisors.

This raise shows how SmartStop is navigating today’s market: taking advantage of capital availability, managing currency exposure, and positioning itself for continued growth. Investors looking at SmartStop see a platform that’s moving with intention—and using every tool available to do it.