SmartStop Announces Recast of Multi-Currency Credit Facility

Self-storage REIT secures $500M credit facility with expanded borrowing capacity and lower interest rates.

Feb. 23, 2026 at 7:55am

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SmartStop Self Storage REIT, Inc., a leading self-storage owner and operator in the U.S. and Canada, has completed an amended and restated senior unsecured credit facility in the initial amount of $500 million. The new credit facility provides SmartStop with additional flexibility to support its continued growth across North America, including an accordion feature that allows for up to $1.1 billion in additional borrowing capacity.

Why it matters

This financing strengthens SmartStop's balance sheet, lowers its cost of debt, and extends its debt maturities, giving the company more flexibility to execute on its growth strategy. As a major player in the self-storage industry, SmartStop's ability to secure favorable financing terms reflects confidence in the company's platform and portfolio.

The details

The new credit facility was led by a syndicate of banks including KeyBank National Association, Bank of Montreal, JPMorgan Chase Bank, M&T Bank, The Bank of Nova Scotia, Truist Bank and Wells Fargo Bank. It features an interest rate grid that is approximately 30 basis points lower than SmartStop's previous revolving credit facility. The four-year term includes an option for a 12-month extension, allowing the company to align its borrowing capacity with long-term strategic plans. SmartStop can now borrow in both U.S. and Canadian dollars to support its growing portfolio across North America.

  • The new credit facility was completed on February 18, 2026.

The players

SmartStop Self Storage REIT, Inc.

An internally managed real estate investment trust and a premier owner and operator of self-storage facilities in the United States and Canada.

H. Michael Schwartz

Chairman and CEO of SmartStop Self Storage REIT, Inc.

KeyBank National Association

The administrative agent for the credit facility.

Bank of Montreal

A syndication agent for the credit facility.

JPMorgan Chase Bank, N.A.

A syndication agent for the credit facility.

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What they’re saying

“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 of SmartStop

What’s next

SmartStop has the option to extend the credit facility by 12 months at the end of the initial four-year term, allowing the company to further align its borrowing capacity with long-term strategic plans.

The takeaway

This credit facility refinancing positions SmartStop, a leading self-storage REIT, for continued growth and expansion across North America by strengthening its balance sheet, lowering borrowing costs, and providing greater financial flexibility.