SmartStop Self Storage REIT, Inc. SMA
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | -0.13 | 0.26 | -0.37 | -0.91 | — | — | — | — |
| EPS, diluted | — | -0.78 | -0.13 | 0.26 | -0.37 | -0.91 | — | — | — | — |
| Shares, diluted (wtd. avg.) | — | — | — | $92.1M | $79.4M | $59.6M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
Others in SIC 6798
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| WELL | WELLTOWER INC. | $166.72B | 169.9x | 40.2% |
| PLD | Prologis, Inc. | $128.05B | 38.6x | 7.2% |
| EQIX | EQUINIX INC | $102.22B | 75.3x | 5.4% |
| AMT | AMERICAN TOWER CORP /MA/ | $81.93B | 32.6x | 20.8% |
| SPG | SIMON PROPERTY GROUP INC. | $67.86B | 14.8x | 6.7% |
| DLR | DIGITAL REALTY TRUST, INC. | $66.20B | 52.6x | 10.0% |
| O | REALTY INCOME CORP | $57.96B | 52.4x | 9.1% |
| PSA | Public Storage | $53.04B | 33.5x | 2.7% |