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SmartStop Self Storage REIT slips after launching stock offering

By Reuters News

** Shares of SmartStop Self Storage REIT SMA.N down 4.3% to $38 in extended trading after equity offering news

** Ladera Ranch, California-based SMA commences 7 mln share offering

** Co expects to enter into forward sale agreements with affiliates of JP Morgan and Wells Fargo

** SMA says upon settlement of the agreements, anticipated to occur no later than Sept 30, 2028, it intends to use net proceeds to fund its investment in a Canadian joint venture fund and pending acquisitions, repay credit facility and Canadian term loan, among other purposes

** JP Morgan, Wells Fargo, KeyBanc, BMO and Truist Secs are joint bookrunners for offering

** SMA stock finished up 2% at record high close of $39.69 on Mon, up 21% over the past month

** Co, which went public in Apr 2025 after $810 mln IPO priced at $30, has ~55.37 mln shares outstanding

** Avg rating of 11 analysts is "buy'; median PT $37, per LSEG data

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