SmartStop Self Storage REIT, Inc. Reports Third Quarter 2026 Results
SmartStop Self Storage REIT, Inc. (SMA) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 November 4, 2026 SmartStop Self Storage REIT, Inc. Reports Third Quarter 2026 Results LADERA RANCH, CA – November 4, 2026 – SmartStop Self Storage REIT, Inc. (“SmartStop” or “the Company”), a self-managed and fully-integrated self storage company, announced its overa
How this was made
The 30-second read
Why it matters
The company posted higher net income, revenue, and same‑store NOI growth, and explicitly raised its full‑year same‑store NOI guidance for the fourth time this year, signaling continued operational momentum.
Market read
Strong earnings and raised guidance are likely to boost SMA and may positively influence peer REITs, while broader market impact remains limited.
What to watch
Potential headwinds from higher interest rates on REIT financing and currency effects on Canadian properties.
SmartStop reported higher third-quarter GAAP earnings, FFO as adjusted, same-store NOI and total revenue, and raised its full-year same-store NOI outlook.
Third-quarter same-store NOI increased 4.9%, supported by 2.0% same-store revenue growth and a 3.8% reduction in same-store property operating expenses. GAAP net income attributable to common stockholders increased to $8,989 (in thousands), FFO as adjusted per diluted share and OP unit increased to $0.51, and the company raised its full-year same-store NOI outlook.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenues, three months ended September 30, 2026GAAP | $81.78M | – | – |
| Self storage rental revenue, three months ended September 30, 2026GAAP | $65.06M | – | – |
| Ancillary operating revenue, three months ended September 30, 2026GAAP | $3.11M | – | – |
| Managed Platform revenue, three months ended September 30, 2026GAAP | $6.68M | – | – |
| Reimbursable costs from Managed Platform, three months ended September 30, 2026GAAP | $6.92M | – | – |
| Total self storage-related revenues, three months ended September 30, 2026other | approximately $68.2 million | – | increase of approximately $3.6 million |
| Property operating expenses, three months ended September 30, 2026GAAP | $21.59M | – | – |
| Managed Platform expenses, three months ended September 30, 2026GAAP | $3.77M | – | – |
| General and administrative expenses, three months ended September 30, 2026GAAP | $9.70M | – | – |
| Depreciation, three months ended September 30, 2026GAAP | $16.51M | – | – |
| Total operating expenses, three months ended September 30, 2026GAAP | $62.07M | – | – |
| Income from operations, three months ended September 30, 2026GAAP | $19.95M | – | – |
| Interest expense, three months ended September 30, 2026GAAP | $13.35M | – | – |
| Net income, three months ended September 30, 2026GAAP | $9.64M | – | – |
| Net income attributable to SmartStop Self Storage REIT, Inc. common stockholders, three months ended September 30, 2026GAAP | $8.99M | – | increase of approximately $3.8 million |
| Net income per Common Stock, Class A & Class T share, basic, three months ended September 30, 2026GAAP | $ 0.16 | – | increase of approximately $0.07 per share |
| Net income per Common Stock, Class A & Class T share, diluted, three months ended September 30, 2026GAAP | $ 0.16 | – | increase of approximately $0.07 per share |
| FFO, three months ended September 30, 2026non-GAAP | $28.23M | – | – |
| FFO, as adjusted, three months ended September 30, 2026non-GAAP | $30.31M | – | increase of approximately $2.9 million |
| FFO, as adjusted per share & OP unit outstanding, diluted, three months ended September 30, 2026non-GAAP | $ 0.51 | – | increase of approximately $0.04 per share |
| Same-store revenue, three months ended September 30, 2026other | $56.65M | – | 2.0 % |
| Same-store property operating expenses, three months ended September 30, 2026other | $18.13M | – | (3.8 )% |
| Same-store net operating income, three months ended September 30, 2026non-GAAP | $38.51M | – | 4.9 % |
| Same-store average physical occupancy, three months ended September 30, 2026other | 92.2 % | – | (0.4 )% |
| Same-store annualized rent per occupied square foot, three months ended September 30, 2026other | $ 20.99 | – | 2.6 % |
| Total revenues, nine months ended September 30, 2026GAAP | $239.4M | – | – |
| Self storage rental revenue, nine months ended September 30, 2026GAAP | $189.9M | – | – |
| Ancillary operating revenue, nine months ended September 30, 2026GAAP | $8.97M | – | – |
| Managed Platform revenue, nine months ended September 30, 2026GAAP | $20.04M | – | – |
| Income from operations, nine months ended September 30, 2026GAAP | $54.05M | – | – |
| Net income attributable to SmartStop Self Storage REIT, Inc. common stockholders, nine months ended September 30, 2026GAAP | $29.81M | – | increase of approximately $41.4 million |
| Net income per Common Stock, Class A & Class T share, diluted, nine months ended September 30, 2026GAAP | $ 0.53 | – | increase of approximately $0.80 per share |
| FFO, as adjusted, nine months ended September 30, 2026non-GAAP | $88.40M | – | increase of approximately $25.4 million |
| FFO, as adjusted per share & OP unit outstanding, diluted, nine months ended September 30, 2026non-GAAP | $ 1.49 | – | increase of approximately $0.18 per share |
| Same-store net operating income, nine months ended September 30, 2026non-GAAP | $111.4M | – | 3.6 % |
| Cash and cash equivalents as of September 30, 2026GAAP | $30.99M | – | – |
| Debt, net, as of September 30, 2026GAAP | $1.14B | – | – |
| Total assets as of September 30, 2026GAAP | $2.46B | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Self storage rental revenue, three months ended September 30, 2026Same-store revenue increased by approximately $1.1 million, or 2.0%, primarily due to an approximately 2.6% increase in annualized rent per occupied square foot and, to a lesser extent, increased administrative and late fees, slightly offset by a decrease in occupancy of approximately 0.4%. | $65.06M | – | – |
| Ancillary operating revenue, three months ended September 30, 2026No separate driver disclosed. | $3.11M | – | – |
| Managed Platform revenue, three months ended September 30, 2026SmartStop managed approximately 230 stores representing approximately 17.0 million net rentable square feet on its third-party platform as of the quarter ended September 30, 2026. | $6.68M | – | – |
| Reimbursable costs from Managed Platform, three months ended September 30, 2026No separate driver disclosed. | $6.92M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Full Year 2026, updated November 4, 2026 outlook
- NoteSame-store revenue growth, as translated in U.S. dollars: 1.25% to 1.75%.
- NoteSame-store operating expense growth, as translated in U.S. dollars: -0.25% to 0.25%.
- NoteSame-store net operating income growth, as translated in U.S. dollars: 2.00% to 2.50%.
- NoteSame-store revenue growth, constant currency: 1.20% to 1.70%.
- NoteSame-store operating expense growth, constant currency: -0.30% to 0.20%.
- NoteSame-store net operating income growth, constant currency: 1.95% to 2.45%.
- NoteFFO, as adjusted per share & OP unit outstanding - diluted: $ 2.01 to $ 2.05.
- NoteWeighted average share count: 59,425,000.
- NoteNon same-store net operating income: $ 20,100 to $ 20,500.
- NoteTenant Protection Program net margin: $ 9,700 to $ 9,850.
- NoteManaged REIT adjusted EBITDA: $ 13,900 to $ 14,200.
- NoteThird-party management adjusted EBITDA: $ 1,700 to $ 1,900.
- NoteGeneral and administrative expenses: $ 33,900 to $ 34,300.
- NoteInterest expense: $ 54,300 to $ 54,900.
- NoteInvestment income, net: $ 10,150 to $ 10,450.
- NoteAcquisitions, loans, bridge loans & preferred investments: $ 200,000 to $ 220,000.
- NoteSolar spend: $ 3,050 to $ 3,150.
- NoteDevelopment spend: $ 9,250 to $ 9,750.
- NoteRedevelopment and expansion spend: $ 13,500 to $ 14,500.
- NoteGAAP net income per share: $ 0.67 to $ 0.71.
- NoteGAAP net income: $ 39,520 to $ 41,900.
- NoteTotal same-store net operating income: $ 147,340 to $ 148,070.
Capital returns
- For the months of September, October and November 2026, the board approved a distribution amount such that all holders of outstanding common stock will receive a distribution equivalent to an annualized distribution of $1.60 per share.
- Each monthly distribution was paid, or will be paid, on or about October 15, 2026, November 13, 2026 and December 15, 2026, respectively.
- SmartStop utilized its at-the-market equity program to sell approximately 2.4 million shares on a forward basis at an initial gross average price of $32.01 per share for gross proceeds of up to approximately $78.1 million.
What drove it
- Same-store revenue increased 2.0%, driven primarily by an approximately 2.6% increase in annualized rent per occupied square foot and increased administrative and late fees, partly offset by occupancy.
- Same-store property operating expenses decreased 3.8%, primarily due to decreased property insurance costs, property taxes, and repairs and maintenance expense.
- Same-store NOI increased 4.9%, while constant-currency same-store NOI increased 5.1%.
- Managed Platform revenue was $ 6,680 (in thousands), compared with $ 3,841 (in thousands) in the prior-year period.
- The company closed two preferred investments with AXCS Capital totaling $18.2 million and one bridge loan totaling $16.7 million. The weighted average yield between the investments was approximately 17.6%, before accounting for AXCS Capital’s management fee and promoted interest.
- SmartStop is under contract to acquire two stabilized properties for approximately $37 million, comprising more than 186,000 net rentable square feet and approximately 1,600 units, with expected closing in the fourth quarter of 2026.
Concerns
- Same-store average physical occupancy was 92.2%, a decrease of approximately 0.4% from the same period in 2025.
- Interest expense was $ 13,353 (in thousands) for the quarter, compared with $ 12,521 (in thousands) in the prior-year period.
- Debt, net increased to $ 1,137,847 (in thousands) at September 30, 2026 from $ 1,098,248 (in thousands) at December 31, 2025.
- The Strategic Storage Canada investment is subject to approval under the Canadian Competition Act and other customary closing conditions, and SmartStop stated it cannot assure the investment and related transactions will occur.
- The Strategic Storage Canada portfolio is in early lease-up and is approximately 50% physically occupied.
- The company expects to make additional investments of up to $228.0 million CAD during the three years following the closing of the Strategic Storage Canada transaction, subject to the stated conditions and approvals.
What to watch
- Closing of the pending approximately $74.3 million CAD investment in Strategic Storage Canada, which SmartStop anticipates completing in the fourth quarter of 2026.
- Settlement of the approximately 2.4 million forward shares, which SmartStop anticipates settling in the fourth quarter of 2026.
- Closing of the two under-contract acquisitions in Las Vegas, Nevada, and Asheville, North Carolina, expected in the fourth quarter of 2026.
- Execution of the strategic asset management program, initially targeting $75 million to $125 million of property sales beginning in early 2027.
- Same-store occupancy, which was 92.2% for the third quarter, and the balance between rent growth and occupancy.
- Delivery against the updated full-year same-store NOI growth outlook of 2.00% to 2.50% as translated in U.S. dollars.
Balance sheet and cash flow
- Cash and cash equivalents were $ 30,989 (in thousands) as of September 30, 2026, compared with $ 54,224 (in thousands) as of December 31, 2025.
- Debt, net was $ 1,137,847 (in thousands) as of September 30, 2026, compared with $ 1,098,248 (in thousands) as of December 31, 2025.
- Total assets were $ 2,456,037 (in thousands) as of September 30, 2026.
- SmartStop closed $200 million CAD aggregate principal amount of Series C senior unsecured notes due February 18, 2031, approximately $140.8 million USD as of September 30, 2026.
- The 2031 Canadian Notes bear interest at a rate of approximately 4.32% per annum, payable in cash in equal semiannual installments commencing on February 18, 2027.
- Operating cash flow and free cash flow were not reported in the filing.
Analysis
SmartStop reported a stronger third quarter, with total revenues of $ 81,779 (in thousands), income from operations of $ 19,947 (in thousands), and net income attributable to common stockholders of $ 8,989 (in thousands), compared with $ 70,429 (in thousands), $ 12,776 (in thousands), and $ 5,227 (in thousands), respectively, in the prior-year quarter. Diluted GAAP earnings per share were $ 0.16, compared with $ 0.09. FFO, as adjusted increased to $ 30,314 (in thousands), and FFO, as adjusted per diluted share and OP unit increased to $ 0.51 from $ 0.47.
Property fundamentals improved through expense control as well as rental rate growth. Same-store revenue increased 2.0% to $ 56,645 (in thousands), while same-store property operating expenses declined 3.8% to $ 18,134 (in thousands). This produced 4.9% same-store NOI growth to $ 38,511 (in thousands). Same-store annualized rent per occupied square foot increased 2.6% to $ 20.99, but same-store average physical occupancy declined to 92.2% from 92.6%. On a constant-currency basis, same-store NOI increased 5.1%.
The Managed Platform was a material contributor to consolidated revenue growth, with Managed Platform revenue of $ 6,680 (in thousands) versus $ 3,841 (in thousands) a year earlier. SmartStop managed approximately 230 stores representing approximately 17.0 million net rentable square feet on its third-party platform at quarter end. The company also reported $ 18.2 million of preferred investments and a $16.7 million bridge loan during the quarter, with a weighted average yield of approximately 17.6% before AXCS Capital’s management fee and promoted interest.
Capital activity expanded SmartStop's Canadian platform and funding capacity. The company agreed to invest approximately $74.3 million CAD into Strategic Storage Canada, with a commitment for potential additional investments of up to $228.0 million CAD over the three years following closing. It also issued $200 million CAD of 4.32% senior unsecured notes due February 18, 2031, and sold approximately 2.4 million forward shares for gross proceeds of up to approximately $78.1 million. Debt, net was $ 1,137,847 (in thousands) at September 30, 2026, while cash and cash equivalents were $ 30,989 (in thousands).
Management raised its full-year same-store NOI growth outlook, as translated in U.S. dollars, to 2.00% to 2.50% from 1.15% to 2.15% in the prior outlook presented in the release. The company also raised the low end of FFO, as adjusted per diluted share and OP unit guidance to $ 2.01 from $ 1.99, while retaining the $ 2.05 high end. The updated outlook embeds same-store revenue growth of 1.25% to 1.75% and same-store operating expense growth of -0.25% to 0.25%.
Management, verbatim
SmartStop delivered another strong quarter, with sector-leading same-store NOI growth of 4.9% and FFO as adjusted per share growth of over 9%, even with a currency headwind.
H. Michael Schwartz, Founder, Chairman and Chief Executive Officer of SmartStop
2.0% same-store revenue growth and a 3.8% reduction in same-store operating expenses expanded our operating margin by 190 basis points, our third consecutive quarter of margin improvement. These results allowed us to raise our full-year same-store NOI guidance for the fourth time this year.
H. Michael Schwartz, Founder, Chairman and Chief Executive Officer of SmartStop
We are expanding our Canadian platform by over 30% through our pending investment in Strategic Storage Canada, launched a programmatic investment partnership, and issued a $200 million CAD Maple Bond at attractive long term pricing, all while reducing our leverage.
H. Michael Schwartz, Founder, Chairman and Chief Executive Officer of SmartStop
Not in the filing
stated, not guessed- Gross profit and gross margin were not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Share repurchases were not reported.
- A tax rate was not reported.
- Prior-quarter comparisons were not reported for the presented operating metrics.
- Previous-release outlook was not provided; therefore, no actual-versus-prior-guidance comparison is included.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
The filing is a standard SEC Form 8‑K reporting quarterly results for SmartStop Self Storage REIT, a US‑listed REIT (ticker SMA).
Ticker impact
SmartStop Self Storage REIT reported Q3 2026 results with higher net income, revenue, and raised full-year same-store NOI guidance.
likely upward pressure as the market prices in the raised guidance
The 8‑K filing is the first public disclosure of the quarterly numbers and the raised full‑year NOI guidance, a material update for a mid‑cap REIT.
Market effects
Positive earnings may lift other self‑storage REITs and related real‑estate stocks.
North American REIT market could see modest gains.
Limited to the REIT sector; no broad market impact.
Counterpoint
If the raised guidance is already priced in, the stock could face a short‑term pullback.
Key entities
- companySmartStop Self Storage REIT, Inc.
US‑listed self‑storage REIT (ticker SMA) reporting Q3 2026 results.
