SmartStop Self Storage REIT, Inc. SMA

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived 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 35.64 2026-10-23
Market cap $1.97B 2026-06-30 share count
52-week range 29.41 - 37.97

Valuation FY2025 figures against the last close

P/S7.0x
P/E—
P/FCF23.2x
EV/EBITDA16.1x
Dividend yield3.8%
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.) ———92.1M79.4M59.6M————

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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -100M 0 100M 200M 300M Revenue, FY2016: 45.2M Gross profit, FY2016: 29.2M Net income, FY2016: -26.1M Revenue, FY2017: 76.1M Gross profit, FY2017: 51.6M Net income, FY2017: -15M Revenue, FY2018: 80.4M Gross profit, FY2018: 55.2M Net income, FY2018: -3.7M Revenue, FY2019: 109.5M Net income, FY2019: -25.1M Revenue, FY2020: 124M Net income, FY2020: -51.2M Revenue, FY2021: 168.8M Net income, FY2021: -19.6M Revenue, FY2022: 212.6M Gross profit, FY2022: 147.1M Net income, FY2022: 21.7M Revenue, FY2023: 233M Gross profit, FY2023: 158.5M Net income, FY2023: 11.6M Revenue, FY2024: 237M Gross profit, FY2024: 155.7M Net income, FY2024: -5.9M Revenue, FY2025: 281.1M Gross profit, FY2025: 172.5M Net income, FY2025: -1.7M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $45.2M $76.1M $80.4M $109.5M $124.0M $168.8M $212.6M $233.0M $237.0M $281.1M
Gross profit $29.2M $51.6M $55.2M — — — $147.1M $158.5M $155.7M $172.5M
Net income -$26.1M -$15.0M -$3.7M -$25.1M -$51.2M -$19.6M $21.7M $11.6M -$5.9M -$1.7M

Recent filings and events

  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Regulation FD disclosure Item 7.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Other event Item 8.01
  • Regulation FD disclosure Item 7.01
  • Other event Item 8.01
  • Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Regulation FD disclosure Item 7.01
  • Other event Item 8.01
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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