DBRS, Inc. (Morningstar DBRS) assigned a credit rating of BBB with a Stable trend to SmartStop OP, L.P.'s (SmartStop or the Issuer) $200 Million 4.317% Series C Senior Unsecured Notes, Due February 18, 2031 (the Series C Notes).
The assigned credit rating is based upon the credit rating of an already-outstanding series of the Senior Unsecured Notes.
The Series C Notes are direct senior unsecured obligations of SmartStop and rank equally and ratebly with all other unsecured and unsubordinated indebtedness of SmartStop, except to the extent prescribed by law. The Series C Notes are guaranteed by SmartStop Self Storage REIT, Inc. and any other Wholly-Owned Subsidiaries of SmartStop. Morningstar DBRS understands that SmartStop intends to use the net proceeds to repay existing indebtedness and for general corporate purposes.
ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS
There were no Environmental, Social, or Governance factors that had a significant or relevant effect on the credit analysis.
A description of how Morningstar DBRS considers ESG factors within the Morningstar DBRS analytical framework can be found in the Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Factors in Credit Ratings (May 16, 2025): https://dbrs.morningstar.com/research/454196
Further details on the Issuer's Intrinsic Assessment can be found at: https://dbrs.morningstar.com/research/482430.
Notes:
All figures are in Canadian dollars unless otherwise noted.
Morningstar DBRS applied the following principal methodology:
Global Methodology for Rating Entities in the Real Estate Industry (April 6, 2026) https://dbrs.morningstar.com/research/478181
Morningstar DBRS credit ratings may use of one or more sections of the Morningstar DBRS Global Corporate Criteria (December 19, 2025) https://dbrs.morningstar.com/research/470156 which covers, for example, topics such as holding companies and parent/subsidiary relationships, guarantees, recovery, and common adjustments to financial ratios.
The following methodologies have also been applied:
Morningstar DBRS Global Corporate Criteria (December 19, 2025), https://dbrs.morningstar.com/research/470156
The credit rating methodologies used in the analysis of this transaction can be found at: https://dbrs.morningstar.com/about/methodologies.
A description of how Morningstar DBRS analyzes corporate finance transactions and how the methodologies are collectively applied can be found at: https://dbrs.morningstar.com/research/431153.
The credit rating was initiated at the request of the rated entity.
The rated entity or its related entities did participate in the credit rating process for this credit rating action.
Morningstar DBRS had access to the accounts, management, and other relevant internal documents of the rated entity or its related entities in connection with this credit rating action.
This is a solicited credit rating.
The conditions that lead to the assignment of a Negative or Positive trend are generally resolved within a 12-month period. Morningstar DBRS trends and credit ratings are under regular surveillance.
Information regarding Morningstar DBRS credit ratings, including definitions, policies, and methodologies, is available on https://dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.
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