SmartStop Self Storage REIT, Inc. SMA

Real estate SIC 6798 - Real Estate Investment Trusts NYSE

SmartStop Self Storage REIT, Inc., a Maryland corporation (the "Company"), is a self-managed and fully-integrated self storage real estate investment trust ("REIT"), formed on January 8, 2013 under the Maryland General Corporation Law. Our year-end is December 31. As used in this report, "we," "us," "our," and "Company" refer to SmartStop Self Storage REIT, Inc. and each of our subsidiaries. Our Common Stock began trading on the New York Stock Exchange (the "NYSE") under the ticker symbol "SMA" on April 2, 2025.

We focus on the acquisition, ownership, and operation of self storage properties located primarily within the top 100 metropolitan statistical areas, or MSAs, throughout the United States and Canada. Based on the Inside Self Storage Top-Operators List ranking for 2025, and after accounting for recent market transactions, we are the 10th largest owner and operator of self storage properties in the United States based on rentable square footage. As of December 31, 2025, our wholly-owned portfolio consisted of 177 operating self storage properties diversified across 19 states, the District of Columbia, and Canada comprising approximately 122,000 units and 13.9 million net rentable square feet. Additionally, we owned a 50% equity interest in 13 unconsolidated real estate ventures located in Canada, which consisted of 10 operating self storage properties and three properties which were being developed into self storage properties as of December 31, 2025.

Last close 32.58 2026-09-04
Market cap $1.80B 2026-06-30 share count
52-week range 29.41 - 39.77

Valuation FY2025 figures against the last close

P/S6.4x
P/E
P/FCF21.2x
EV/EBITDA14.7x
Dividend yield4.1%
Diluted EPS

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $281.1M$237.0M$233.0M$212.6M$168.8M$124.0M$109.5M$80.4M$76.1M$45.2M
Cost of revenue $25.2M$24.5M$16.0M
Gross profit $172.5M$155.7M$158.5M$147.1M$55.2M$51.6M$29.2M
SG&A $38.2M$29.9M$27.5M$28.3M$23.3M$16.5M$10.5M$4.8M$3.5M$2.9M
Total operating expenses $222.3M$167.8M$162.4M$162.9M$152.4M$145.2M$101.9M$64.3M$72.5M$60.3M
Operating income $59.1M$69.2M$70.6M$65.9M$16.5M-$21.1M$11.6M$16.2M$3.6M-$14.9M
Interest expense $59.9M$72.3M$61.8M$41.5M$33.4M$36.1M$37.6M$18.0M$16.4M$7.4M
Pre-tax income $164.0K-$4.4M$9.1M$21.1M-$21.4M-$45.4M
Income tax $1.9M$1.5M$2.6M$555.0K$1.8M$5.8M
Net income -$1.7M-$5.9M$11.6M$21.7M-$19.6M-$51.2M-$25.1M-$3.7M-$15.0M-$26.1M
EPS, basic -0.78-0.130.26-0.37-0.91
EPS, diluted -0.78-0.130.26-0.37-0.91
Shares, diluted (wtd. avg.) $92.1M$79.4M$59.6M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $54.2M$23.1M$45.1M$39.5M$37.3M$72.7M$62.3M$10.3M$7.4M$15.0M
Goodwill $70.0M$53.6M$53.6M$53.6M$53.6M$53.6M$78.4M
Other intangibles $18.4M$6.8M$1.2M$15.6M$14.3M$12.4M$30.0M$1.6M$4.1M$13.1M
Total assets $2.43B$2.04B$1.90B$1.95B$1.62B$1.28B$1.31B$796.4M$817.5M$752.6M
Long-term debt $320.8M
Total liabilities $1.15B$1.37B$1.13B$1.11B$943.2M$785.3M$775.8M$418.9M$410.1M$331.2M
Retained earnings -$194.4M-$185.6M-$167.3M-$164.5M-$170.8M-$141.4M-$87.1M-$62.3M-$58.6M-$43.8M
Total equity $1.18B$325.7M$495.9M$561.8M$407.4M$243.2M$345.8M$345.3M$382.9M$410.6M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $85.0M$64.0M$73.2M$87.9M$58.8M$26.8M$9.8M$18.4M$19.9M-$874.5K
Depreciation and amortisation $63.2M$55.2M$53.6M$49.4M$40.9M$32.3M$29.6M$20.4M$19.9M$11.2M
Stock-based compensation $16.6M$5.3M$5.3M$4.0M$2.9M$1.7M$404.5K$75.3K$34.0K
Capital expenditure $2.0M$4.2M$8.3M
Investing cash flow -$380.8M-$180.9M$262.0K-$205.2M-$120.2M-$29.0M-$347.8M-$3.2M-$57.5M-$508.4M
Financing cash flow $325.2M$94.8M-$66.1M$120.1M$25.7M$13.7M$392.2M-$12.5M$31.3M$498.9M
Dividends paid $74.8M$37.4M$40.6M$49.4M$26.2M$19.2M$18.2M$17.6M$16.7M$11.4M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-170634.

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