# SmartStop Closes SST VI and SSGT III Merger on November 2, 2026, Creating a $1 Billion Non-Traded Storage REIT > H. Michael Schwartz called the close a milestone for stockholders who gain a distribution rate more than 20% higher. The deal finishes a July merger agreement the same week the big three REITs reported positive Q3 same-store NOI. - URL: https://www.yourcaio.co/news/smartstop-sst-vi-ssgt-iii-merger-closes-november-2026 - Published: 2026-11-04 - Author: David Cartolano (https://www.yourcaio.co/about) - Category: Industry News - Tags: SmartStop, Strategic Storage Trust, Non-Traded REIT, SSGT III, Consolidation - Source: [Strategic Storage Trust VI / Business Wire](https://www.sec.gov/Archives/edgar/data/1852575/000119312526443919/sstvi-ex99_1.htm) ## Key Takeaways - Strategic Storage Trust VI completed its merger with Strategic Storage Growth Trust III on November 2, 2026, in an all-stock deal valuing SSGT III's real estate portfolio at approximately $500 million, per Business Wire and SEC Exhibit 99.1. - The combined SST VI company reports more than $1 billion in total assets, 37 wholly owned operating properties, approximately 29,400 units, and 3.2 million rentable square feet across ten U.S. states and three Canadian provinces. - SSGT III stockholders received one SST VI Class A share for each SSGT III share and a distribution rate more than 20% higher post-merger; legacy ownership splits roughly 59% SST VI, 38% SSGT III, and 3% other OP unitholders. - SST VI added 12 wholly owned facilities, grew unit count about 45%, and entered California, New Jersey, and Texas while gaining Canadian JV interests and DST beneficial interests in eight additional U.S. properties. - SmartStop reports an owned or managed portfolio of approximately 475 operating properties, 288,000+ units, and 36.8 million rentable square feet valued at $3.3 billion as of November 2, 2026, per Inside Self-Storage. **Strategic Storage Trust VI** completed its **all-stock merger** with **Strategic Storage Growth Trust III** on **November 2, 2026**, valuing **SSGT III's real estate at approximately $500 million** and lifting the combined non-traded REIT above **$1 billion in total assets**, per **Business Wire** and **SEC Exhibit 99.1**. **SSGT III** investors receive a **distribution rate more than 20% higher** after exchanging **one SST VI Class A share per SSGT III share**. The close finishes a **[July 14, 2026 merger agreement](https://www.yourcaio.co/news/smartstop-sst-vi-ssgt-iii-1-2-billion-merger-july-2026)** announced the same day **Public Storage's NSA vote** dominated listed-REIT headlines. Four months later, consolidation is still the sector story, but the **non-traded shelf** is where SmartStop stacked **37 wholly owned stores** and **3.2 million square feet** without issuing new equity to external buyers. --- ## What Changed in Portfolio Scale on Close? SST VI absorbed **12 wholly owned SSGT III facilities**, increased unit count by roughly **45%**, and expanded from **seven to ten U.S. states**, entering **California, New Jersey, and Texas** in one transaction. | Metric | Post-merger SST VI (Nov. 2, 2026) | |--------|-----------------------------------| | Wholly owned stores | 37 | | Units (wholly owned) | ~29,400 | | Rentable SF (wholly owned) | 3.2 million | | SSGT III real estate value | ~$500 million | | Total assets (combined) | >$1 billion | | DST + JV add-ons | 8 U.S. properties; 5,370 units; ~0.7M SF | The company also gained **three joint venture interests** in **British Columbia and Québec** and **beneficial interests in three Delaware Statutory Trust programs** covering **eight properties**. Geographic overlap and shared **SmartStop** branding are supposed to drive **G&A and operating efficiencies** without a disruptive property-management migration. > Today is a milestone day for SST VI and SSGT III stockholders, who now share ownership of a larger, stronger company. This merger transforms the size and scale of our company. With 37 wholly-owned facilities and over a billion dollars in total assets, we are positioned to operate more efficiently, borrow on better terms and pursue growth from a position of strength. - **H. Michael Schwartz, President and CEO, Strategic Storage Trust VI** Schwartz noted properties were **already on the SmartStop platform**, framing customer transition as **seamless**. That matters for non-traded investors who fear operational whiplash when sponsors combine programs. --- ## Why Does the Merger Matter Beside Public REIT Earnings? The **November 2** close lands in the same week **[Inside Self-Storage summarized Q3 2026 results](https://www.yourcaio.co/news/iss-big-three-reit-q3-2026-earnings-roundup-november-2026)** for **CubeSmart**, **Extra Space**, and **Public Storage**, with **Extra Space's 4.6% same-store NOI** leading the group. SmartStop's answer is **sponsor-platform scale**, not a single quarterly same-store print. SmartStop (NYSE: **SMA**) reports **approximately 475 operating properties**, **288,000+ units**, and **36.8 million rentable square feet** valued at **$3.3 billion** as of **November 2**, per **[Inside Self-Storage's November 3 coverage](https://www.insideselfstorage.com/self-storage-investing-real-estate/smartstop-sponsored-self-storage-funds-ssgt-iii-and-sst-vi-complete-merger-in-1-2b-all-stock-deal)**. The listed REIT went public in **April 2025** and joined the **Russell 3000** in **June 2025**, while SST VI becomes the **third $1 billion+ REIT** created by Schwartz and affiliates, per the completion release. Compare **[SmartStop's September $140 million strategic investment wave](https://www.yourcaio.co/news/smartstop-140-million-deca-initiative-september-2026)** and **[Canada's Bluebird joint venture](https://www.yourcaio.co/news/canada-self-storage-3-sq-ft-gap-bluebird-october-2026)**: the sponsor is simultaneously **recycling capital in the listed vehicle** and **rolling up non-traded programs** that feed the same operating brain. --- ## How Should Brokers and RIAs Read the Distribution Uplift? SSGT III holders did not just swap tickers. They received a **distribution rate more than 20% higher** post-merger, per the **November 2** filing. In a year when **[SSA members surveyed interest-rate pressure](https://www.yourcaio.co/news/ssa-interest-rate-impact-survey-october-2026)** and **[Capright documented REIT occupancy gains against flat advertised rates](https://www.yourcaio.co/news/capright-october-2026-reit-occupancy-ecri-street-gap-2026)**, yield-sensitive non-traded investors needed a tangible benefit beyond **economies of scale** slide decks. Ownership splits remain transparent: - **59%** legacy SST VI stockholders - **38%** legacy SSGT III stockholders - **3%** other operating partnership unitholders That cap table preserves SST VI as the **surviving entity** while absorbing SSGT III's growth markets. **[Public Storage's July NSA close](https://www.yourcaio.co/news/public-storage-nsa-merger-closes-july-22-2026)** did something analogous at **listed** scale; SmartStop did it inside **affiliate-sponsored** vehicles without a **$10.5 billion** price tag. --- ## What Risks Remain After the Celebration Headline? Forward-looking statements in the **SEC exhibit** flag **integration risk** and the possibility that **anticipated efficiencies or borrowing terms** may not materialize. Non-traded REIT mergers also concentrate **illiquidity**: stockholders still lack a daily exchange exit even when the **combined asset base** crosses **$1 billion**. Operators watching from the outside should note **platform integration**, not **brand fragmentation**. SST VI keeps **SmartStop** operations; it does not become a third-party management experiment. That aligns with **[SmartStop's Canadian third-party growth](https://www.yourcaio.co/news/smartstop-aurora-ontario-canadian-third-party-management-july-2026)** and **[AXCS bridge-lending joint venture](https://www.yourcaio.co/news/self-storage-private-credit-smartstop-axcs-2026)**, which extend the sponsor's reach beyond owned square footage. --- ## The Numbers Worth Writing Down - **November 2, 2026**: merger close date (SST VI / SSGT III) - **~$500 million**: SSGT III real estate valuation in all-stock deal - **>$1 billion**: combined total assets post-close - **37** wholly owned stores; **3.2M SF**; **~29,400 units** - **+45%** unit growth from 12 added wholly owned facilities - **>20%** distribution rate increase for legacy SSGT III holders - **475** SmartStop owned or managed properties; **$3.3B** portfolio value (Nov. 2) --- ## Non-Traded Scale Is the Other Consolidation Trade Public Storage bought **listed** scale with **NSA**. SmartStop bought **sponsor** scale with **SSGT III**. The **November 2** close proves the **July agreement** was not a press-release fantasy: stockholders approved, platforms merged, distributions stepped up. For U.S. operators, the read-through is capital formation. **[Andover's November Napa acquisition](https://www.yourcaio.co/news/andover-storage-star-napa-666-units-storage-king-november-2026)** shows private platforms still paying for **Class A infill**. **[Australia's Roomia fund raise](https://www.yourcaio.co/news/roomia-sia-125-million-fund-australia-november-2026)** shows **international capital** chasing the same demographic tailwinds. SmartStop sits in the middle with **both a NYSE ticker** and a **billion-dollar non-traded survivor** fed by the same operating culture. --- ## Sources - [Strategic Storage Trust VI Completes Merger with Strategic Storage Growth Trust III](https://www.sec.gov/Archives/edgar/data/1852575/000119312526443919/sstvi-ex99_1.htm), SEC Exhibit 99.1, November 2, 2026 - [SmartStop-Sponsored Funds SSGT III and SST VI Complete Merger in $1.2B All-Stock Deal](https://www.insideselfstorage.com/self-storage-investing-real-estate/smartstop-sponsored-self-storage-funds-ssgt-iii-and-sst-vi-complete-merger-in-1-2b-all-stock-deal), Inside Self-Storage, November 3, 2026 - [SmartStop SST VI SSGT III Merger Agreement](https://www.yourcaio.co/news/smartstop-sst-vi-ssgt-iii-1-2-billion-merger-july-2026), Your CAIO, July 2026 - [ISS Big Three REIT Q3 2026 Roundup](https://www.yourcaio.co/news/iss-big-three-reit-q3-2026-earnings-roundup-november-2026), Your CAIO, November 2026 - [SmartStop $140 Million Strategic Investments](https://www.yourcaio.co/news/smartstop-140-million-deca-initiative-september-2026), Your CAIO, September 2026 ## Frequently Asked Questions ### When did SmartStop's SST VI and SSGT III merger close? Strategic Storage Trust VI announced completion on November 2, 2026. The all-stock transaction had been agreed in July 2026 and required SSGT III stockholder approval. SST VI stockholder approval was not required under the merger agreement. ### How large is the combined SST VI after the November 2026 close? The combined company owns 37 wholly owned self-storage facilities with about 29,400 units and 3.2 million rentable square feet, plus joint venture interests and DST beneficial interests in eight additional U.S. properties with 5,370 units and nearly 0.7 million square feet. ### What exchange ratio did SSGT III investors receive? SSGT III stockholders received one share of SST VI Class A common stock for each SSGT III share. Legacy SST VI holders own about 59% of the combined entity, legacy SSGT III holders about 38%, and other operating partnership unitholders about 3%. ### How does the completed merger differ from the July 2026 announcement? The July 14, 2026 agreement described expected portfolio metrics and a Q4 2026 close target. The November 2 close confirms stockholder approval, platform integration on existing SmartStop operations, and a distribution rate increase of more than 20% for legacy SSGT III investors. ### How does SmartStop's listed REIT relate to SST VI? SmartStop Self Storage REIT (NYSE: SMA) sponsors SST VI and SSGT III through affiliates. The November 2 merger consolidates two non-traded vehicles while SmartStop separately owns or manages about 475 operating properties across the U.S. and Canada, per the completion release. --- Cite as: David Cartolano, "SmartStop Closes SST VI and SSGT III Merger on November 2, 2026, Creating a $1 Billion Non-Traded Storage REIT," YourCAIO.co, 2026-11-04, https://www.yourcaio.co/news/smartstop-sst-vi-ssgt-iii-merger-closes-november-2026