LADERA RANCH, Calif., May 29, 2025 –SmartStop Self Storage REIT, Inc. (“SmartStop”) (NYSE: SMA), an internally managed real estate investment trust and a premier owner and operator of self-storage facilities in the United States and Canada, announced that DBRS, Inc. (“Morningstar DBRS”) has assigned an Issuer Rating of BBB with a Stable trend to SmartStop OP, L.P., the operating partnership of SmartStop. The rating was based on the credit risk profile of SmartStop and its subsidiaries (including SmartStop OP, L.P.). Morningstar DBRS also assigned a senior unsecured debt rating on SmartStop’s 2032 Private Placement Notes of BBB with a stable trend.
The rating is supported by information submitted to Morningstar DBRS as of May 21, 2025, including management presentations, financial forecasts, annual reports, and organizational documentation.
Assumptions underlying the rating include the expectation that any future senior unsecured debt issued by SmartStop OP, L.P. will be unsubordinated and rank equally with its other unsecured obligations. These obligations are also expected to be fully guaranteed by SmartStop and its subsidiaries, consistent with the guarantees provided under its existing credit agreement and in accordance with Morningstar DBRS’ Global Corporate Criteria.