KBRA Publishes BBB- Issuer and Senior Note Ratings to SmartStop OP, L.P.

KBRA is publishing an issuer rating of BBB- with a Stable Outlook to SmartStop OP, L.P. (“SmartStop”), the operating partnership of SmartStop Self Storage REIT, Inc. KBRA is also publishing a BBB- rating to SmartStop’s recently issued $150 million senior notes due April 19, 2032. The ratings were initially assigned in March 2022 on an unpublished basis.

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Related Publications

• Global Equity REIT and REOC Rating Methodology
• ESG Global Rating Methodology

Disclosures

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

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