SmartStop Self Storage REIT slips from record on nearly $302 mln stock offering

** Shares of SmartStop Self Storage REIT SMA.N down 5% at $37.70 before the bell on Tues after overnight follow-on priced

** SMA late Mon announced 8.15 mln shares at $37 for ~$301.6 mln with forward sale component

** Offering size boosted from 7 mln shares and priced at 6.8% discount to stock's last sale; stock on Mon rose 2% to $39.69, highest close since co's 2025 debut

** Co entered into forward sale agreements with affiliates of JP Morgan and Wells Fargo

** SMA said 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

** Ladera Ranch, California-based firm, which went public in Apr 2025 after $810 mln IPO priced at $30, has ~55.37 mln shares outstanding

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

** Through Mon, SMA stock rose 21% over the past month

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