SmartStop Self Storage REIT (SMA) said Tuesday it has raised roughly $874.4 million in net proceeds after closing a public offering of nearly 31.1 million common shares priced at $30 each, including about 4.1 million shares issued from the full exercise of the underwriters' overallotment option.

The company said it used the net proceeds to redeem all outstanding Series A preferred stock, reduce credit facility and acquisition-related debt.

The remaining proceeds will be used to support property acquisitions and other corporate needs, SmartStop Self Storage REIT added.

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