SmartStop Self Storage REIT (SMA) Company Report

SmartStop Self Storage REIT, Inc. (SMA) reported key metrics for its same store facilities as of October 31, 2025.
Physical occupancy for same store facilities increased slightly to 92.5% as of October 31, 2025, compared to 92.3% on October 31, 2024.
Monthly web rates decreased to $0.94 as of October 31, 2025, from $1.09 on October 31, 2024.
Monthly move-in rates decreased to $0.85 as of October 31, 2025, from $1.04 on October 31, 2024.
Monthly in-place rates remained stable at $1.64 for both October 31, 2025, and October 31, 2024.

Nov 17, 2025, 9:43 PM

8-K

SmartStop Reports Q3 2025 Results, Completes Argus Acquisition, and Updates Full-Year Guidance

SMA

Earnings

M&A

Guidance Update

SmartStop reported Q3 2025 FFO as adjusted per share of $0.47, with same-store revenue growth of 2.5% and average occupancy of 92.6%.
The company completed the acquisition of Argus Professional Storage Management on October 1, 2025, which nearly doubles its store count to over 460 properties in North America.
SmartStop raised CAD 200 million in maple bonds at a 3.89% coupon and refinanced joint venture-level debt with a CAD 160 million term loan at 3.87%, reducing the weighted average cost from 5.7%.
For the full year 2025, FFO as adjusted per share guidance was tightened to $1.87-$1.91, and acquisitions guidance was narrowed to $365 million-$385 million.

Nov 6, 2025, 6:00 PM

Transcript

SmartStop Self Storage REIT, Inc. Reports Strong Q3 2025 Results and Strategic Expansion

SMA

Earnings

M&A

Guidance Update

SmartStop Self Storage REIT, Inc. reported Q3 2025 net income attributable to common stockholders of $5.2 million (or $0.09 per share) and total self storage-related revenues of $64.6 million, marking significant increases from the prior year.
FFO, as adjusted, for Q3 2025 reached $27.5 million (or $0.47 per diluted share and OP unit outstanding), reflecting substantial year-over-year growth. For the nine months ended September 30, 2025, FFO, as adjusted, was $63.0 million (or $1.31 per diluted share and OP unit outstanding).
The company executed strategic growth initiatives, including a CAD $200 million Maple Bond offering and the acquisition of Argus Professional Storage Management, which launched SmartStop into the third-party management business. Acquisitions during the quarter included a portfolio of five self-storage facilities for approximately $97.4 million CAD and a New Jersey facility for $15.3 million.
SmartStop updated its full-year 2025 outlook, projecting FFO, as adjusted per diluted share and OP unit outstanding between $1.87 and $1.91, and same-store revenue growth between 1.9% and 2.3%.

Nov 5, 2025, 9:07 PM

8-K

SmartStop Self Storage REIT, Inc. Announces Acquisition of APSM, Q2 2025 Operating Results, and Full Year 2025 Outlook

SMA

M&A

Guidance Update

Earnings

SmartStop Self Storage REIT, Inc. (SMA) is under contract to acquire Argus Professional Storage Management (APSM), the sixth largest self-storage manager in the U.S., for an upfront consideration of $21.0 million and a potential $11.0 million earnout.
For Q2 2025, the company reported a 93.0% ending same-store occupancy and $19.89 annualized same-store RentPOF.
SmartStop maintains an attractive financial profile with $153 million in LQA NOI and an average same-store year-over-year NOI growth of 8.8% over the last three years.
The company holds investment-grade credit ratings of BBB/with Stable Trends from DBRS and BBB/Stable from KBRA, with a total capitalization of $3.1 billion as of June 30, 2025.
For the full year 2025, SmartStop projects diluted FFO, as adjusted per share and OP unit outstanding, to be between $1.85 and $1.93, with same-store revenue growth (USD) between 1.8% and 2.8%.

Sep 24, 2025, 9:16 PM

8-K

SmartStop Self Storage REIT, Inc. Announces Acquisition of Argus Professional Storage Management

SMA

M&A

New Projects/Investments

SmartStop Self Storage REIT, Inc. (SMA) has signed a contribution agreement to acquire Argus Professional Storage Management (Argus), the sixth largest self-storage third-party management company in the U.S..
The total upfront consideration for the acquisition is $21 million, consisting of $8.5 million in cash and 328,343 units of limited partnership interests (OP Units).
The agreement also includes a potential earnout of up to an additional $11 million based on revenues generated during fiscal year 2028, with 75% payable in cash and 25% in OP Units.
The transaction, which was unanimously approved by SmartStop's board of directors, is expected to close in early October 2025.
Following the combination, SmartStop will own or manage over 460 self-storage properties in North America.

Sep 24, 2025, 8:42 PM

8-K

SmartStop Closes CAD$200 Million Canadian Maple Bond Offering

SMA

Debt Issuance

New Projects/Investments

SmartStop Self Storage REIT, Inc. (SMA) closed a CAD$200 million Canadian Maple Bond offering of Series B Senior Unsecured Notes.
These Notes, due September 24, 2030, bear interest at approximately 3.888% per annum, with semiannual payments commencing March 24, 2026.
The proceeds from the offering are intended for repaying outstanding indebtedness, funding acquisitions, and general corporate purposes.
The Notes are rated BBB mid with a Stable Outlook by Morningstar DBRS.

Sep 24, 2025, 8:14 PM

8-K

SmartStop Prices Canadian Maple Bond Offering

SMA

Debt Issuance

New Projects/Investments

SmartStop Self Storage REIT, Inc. announced the pricing of a Canadian Maple Bond offering on September 19, 2025.
SmartStop's affiliated operating partnership will issue CAD $200 million of series B senior unsecured notes due September 24, 2030, bearing interest at approximately 3.888% per annum.
The notes are rated BBB (Stable) by Morningstar DBRS.
The company intends to use the net proceeds to repay outstanding indebtedness, fund acquisitions, and for general corporate purposes.

Sep 22, 2025, 10:00 AM

8-K

SmartStop Self Storage REIT, Inc. Reports Key Same Store Metrics

SMA

Demand Weakening

Revenue Acceleration/Inflection

SmartStop Self Storage REIT, Inc. reported that its same store physical occupancy as of August 31, 2025, increased to 92.7% from 92.4% as of August 31, 2024.
Monthly web rates for same store facilities rose to $1.04 as of August 31, 2025, compared to $1.03 in the prior year.
Monthly in-place rates for same store facilities also increased to $1.66 as of August 31, 2025, up from $1.64 in the prior year.
However, monthly move-in rates for same store facilities decreased to $0.93 as of August 31, 2025, down from $0.97 in the prior year.

Sep 15, 2025, 6:26 PM

8-K

SmartStop Self Storage REIT, Inc. Discloses July 2025 Same-Store Revenue Growth

SMA

Guidance Update

SmartStop Self Storage REIT, Inc. (SMA) filed a Form 8-K on September 2, 2025, announcing its participation in the Self Storage Association's 2025 Fall Conference & Trade Show on September 3, 2025.
The company disclosed that July 2025 year-over-year same-store revenue growth was 2.9%. This metric includes rental income, certain ancillary revenue, administrative and late fees, but excludes tenant protection program revenue.

Sep 2, 2025, 8:30 PM

8-K