One of the country’s largest private self-storage operators is planning for a potential IPO, according to sources familiar with the matter.
Ladera Ranch, CA-based SmartStop Self Storage REIT is in talks with underwriters in regards to a potential listing, Bloomberg reported August 18. Such a listing could take place as soon as this year, however the report noted that the operator may still choose to remain a privately traded firm. SmartStop officials did not provide comment.
Should it pursue an IPO, the company would join the ranks of other publicly-traded storage REITs: Public Storage, Extra Space Storage, Life Storage, Cube Smart, and National Storage Affiliates. SmartStop is ranked as the country’s 11th largest self-storage operator by rentable square feet by Inside Self Storage.
The company owns a portfolio of 155 properties in the United States and in Toronto, which together offer 11.9 million square feet inside of 105,000 storage units. The current portfolio was largely assembled in recent years following the company’s sale of a 165-unit portfolio to Extra Space for $1.4 billion in 2015.