Buy Rating Affirmed for SmartStop Self Storage REIT, Inc. Despite Q3 2025 Earnings Miss, Strong Core Performance and Resilient Business Model Highlighted3Q25 earnings missed, but core results were above expectations with SSRev +2.5% y/y, leading peers. However, 2025 SSRev guidance was cut -20bps to +2.1% (below Street), albeit above peers (avg. +0.2% excl. NSA). Positively, earnings expectations were unchanged despite G&A (-1¢) and warehouse vacancy (-1¢) headwinds, albeit also below the Street. We look for color on external growth and associated funding plans, as well as on Toronto supply growth and performance expectations.