BUZZ-SmartStop Self Storage REIT shares fall after launching stock offering

November 9 - ** SmartStop Self Storage REIT (SMA.N) shares fell 4.3% in after-hours trading to $38 after reports that the company will conduct an equity offering

** The California-based SMA, headquartered in Ladera Ranch, launched (link) a 7 million share stock offering

** The company expects to enter into forward sale agreements with affiliates of JPMorgan and Wells Fargo

** SMA said that after the settlement of the agreements (expected to be completed no later than September 30, 2028), the company plans to use the net proceeds to invest in a Canadian joint venture fund and ongoing acquisitions, repay its credit facility and Canadian term loan, as well as for other purposes

** JPMorgan, Wells Fargo, KeyBanc, BMO and Truist Securities are serving as joint book-running managers for this offering

** On Monday, SMA shares closed up 2% at $39.69, hitting an all-time high and gaining 21% over the past month

** The company went public in April 2025 through an $810 million initial public offering (IPO) (link) at a price of $30 per share, with approximately 55.37 million shares outstanding

** According to data from London Stock Exchange Group (LSEG), the average rating from 11 analysts is "Buy," with a median target price of $37

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