SmartStop Self Storage REIT has completed an amended and restated senior unsecured credit facility for an initial amount of $500 million, enhancing its financial flexibility as it continues to expand across the United States and Canada.
The new multi-currency facility was arranged with a syndicate of banks led by KeyBank National Association, Bank of Montreal, JPMorgan Chase Bank, N.A., M&T Bank, The Bank of Nova Scotia, Truist Bank, and Wells Fargo Bank, N.A. According to the company, the financing strengthens its balance sheet and supports its long-term growth strategy in both markets.
The agreement includes an accordion feature that allows SmartStop to request up to an additional $1.1 billion in borrowing capacity. Initial advances under the credit facility bear interest at a pricing grid approximately 30 basis points lower than the company’s previous revolving credit facility.
The facility has a four-year term and includes an option for a 12-month extension, subject to customary conditions. SmartStop may borrow in either U.S. or Canadian dollars, providing added flexibility as it continues to expand its portfolio across North America.
As of February 18, 2026, SmartStop had an owned or managed portfolio of more than 460 operating properties across 35 states, the District of Columbia and Canada, totaling over 270,000 units and more than 35 million rentable square feet. The company and its affiliates own or manage 49 operating self-storage properties across four Canadian provinces, representing approximately 42,200 units and 4.3 million rentable square feet.
In announcing the transaction, management said the refinancing caps a 12-month effort to transform the company’s investment-grade balance sheet and positions it for continued expansion.
KeyBanc Capital Markets, Inc., BMO Capital Markets Corp, JPMorgan Chase Bank, N.A., Manufacturers and Traders Trust Company, Scotia Bank, Truist Securities, Inc., and Wells Fargo Securities acted as joint book runners and joint lead arrangers. Bank of Montreal, JPMorgan Chase Bank, N.A., Manufacturers and Traders Trust Company, The Bank of Nova Scotia, Truist Bank and Wells Fargo Bank, N.A. served as syndication agents, while The Huntington National Bank, Royal Bank of Canada and U.S. Bank National Association acted as documentation agents. KeyBank National Association served as administrative agent for the credit facility.
KEY QUOTES
“We are extremely pleased to close this new credit facility, capping off a 12-month process to transform our investment-grade balance sheet. This financing further strengthens our balance sheet, lowers our cost of debt, ladders out our debt maturities, and provides the flexibility we need to drive our growth strategy across the U.S. and Canada. The strong support from our banking partners reflects their confidence in our platform, the quality of our portfolio, and our team’s exceptional dedication.”
H. Michael Schwartz, Chairman and CEO, SmartStop Self Storage REIT, Inc.
