SmartStop Self Storage REIT, Inc. (SMA)
NYSE:SMA
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SmartStop Self Storage REIT, Inc.
(NYSE:SMA)
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Rating:56Neutral
Price Target:
$31.00
▼(-3.79% Downside)
Action:ReiteratedDate:03/31/26
The score is driven primarily by middling financial performance: strong top-line growth and resilient cash flow are offset by recent net losses and margin pressure. Technicals weigh heavily on near-term attractiveness due to a clear downtrend and negative momentum. Valuation is supported by a solid dividend yield, while corporate events add flexibility but include potential dilution from the ATM program.
Positive Factors
Revenue Growth
Sustained scaling of revenue, including a sharp 2025 acceleration, indicates durable demand and successful footprint expansion. Higher scale supports operating leverage, strengthens negotiating power on costs, and creates a larger cash-flow base to fund acquisitions, capex, and dividends over the medium term.
Negative Factors
Earnings Volatility
Reverting to net losses despite revenue growth highlights volatile bottom-line performance. Persistent earnings swings reduce retained earnings, strain ability to self-fund growth, and increase the need for external capital or asset dispositions to maintain distributions and meet covenant tests.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Sustained scaling of revenue, including a sharp 2025 acceleration, indicates durable demand and successful footprint expansion. Higher scale supports operating leverage, strengthens negotiating power on costs, and creates a larger cash-flow base to fund acquisitions, capex, and dividends over the medium term.
Read all positive factors
SmartStop Self Storage REIT, Inc. (SMA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.89B
Dividend Yield3.42%
Average Volume (3M)812.25K
Price to Earnings (P/E)―
Beta (1Y)0.57
Revenue Growth12.57%
EPS Growth4.92%
CountryUS
Employees560
SectorReal Estate
Sector Strength53
IndustryREIT - Specialty
Share Statistics
EPS (TTM)0.05
Shares Outstanding55,357,178
10 Day Avg. Volume973,087
30 Day Avg. Volume812,252
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)1.24
Price to Sales (P/S)5.21
P/FCF Ratio17.22
Enterprise Value/Market Cap1.25
Enterprise Value/Revenue17.47
Enterprise Value/Gross Profit90.57
Enterprise Value/Ebitda18.51
Forecast
1Y Price Target
$35.56Price Target Upside10.37% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)0.43
Revenue Forecast (FY)$253.59M
SmartStop Self Storage REIT, Inc. Business Overview & Revenue Model
Company Description
SmartStop is a technology-driven, self-managed REIT with a fully integrated operations team of approximately 570 self-storage professionals. It is one of the largest self-storage companies in North America, with a growing portfolio in Canada and h...
How the Company Makes Money
The company primarily makes money by renting storage units to customers on short-term, typically month-to-month leases, generating recurring rental revenue. Revenue is influenced by occupancy levels, rental rates, unit mix, and customer turnover. ...
SmartStop Self Storage REIT, Inc. Earnings Call Summary
Earnings Call Date:Nov 05, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mix of achievements and challenges. The highlights include sector-leading revenue growth and strategic acquisitions, while lowlights focus on unexpected costs and market challenges. Overall, the positive developments and strategic steps taken by SmartStop position the company well for future growth.Positive Updates
Sector-leading Same-store Revenue Growth
The company posted a strong third quarter with sector-leading same-store revenue growth of 2.5% and average occupancy of 92.6%, both largely in line with expectations.
Negative Updates
FFO as Adjusted Per Share Below Expectations
Reported FFO as adjusted per share of $0.47, which was about $0.02 below expectations due to an unexpected vacate of an industrial tenant and recognition of onetime equity-based compensation expense.
Read all updates
Q3-2025 Updates
Positive
Negative
Sector-leading Same-store Revenue Growth
The company posted a strong third quarter with sector-leading same-store revenue growth of 2.5% and average occupancy of 92.6%, both largely in line with expectations.
Read all positive updates
Company Guidance
During the SmartStop Self Storage's third quarter earnings call, the company highlighted several key performance metrics and strategic initiatives. The company reported sector-leading same-store revenue growth of 2.5% and an average occupancy rate of 92.6%, both aligning with expectations. However, the Adjusted Funds from Operations (FFO) per share came in at $0.47, slightly below projections due to an unexpected tenant vacate and a one-time compensation expense. SmartStop maintained its full-year FFO guidance midpoint and announced raising CAD 200 million in the Canadian Maple bond market with a 3.89% coupon. The company acquired approximately $86 million in storage properties and increased its loans to managed REITs by $20 million in the quarter, deploying a total of $106 million of capital. Additionally, the acquisition of Argus Management doubled SmartStop's store count, enhancing its data sets and market clustering, and paving the way for expansion into the Canadian third-party management market. The call also noted SmartStop's inclusion in the MSCI U.S. REIT Index and discussed the broader strategic vision for growth amid a recovering self-storage market.SmartStop Self Storage REIT, Inc. Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
55
Neutral
Cash Flow
63
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 281.14M | 237.01M | 232.99M | 206.32M | 168.76M |
| Gross Profit | 26.07M | 157.69M | 158.50M | 148.91M | 114.91M |
| EBITDA | 133.26M | 124.03M | 131.09M | 127.25M | 65.38M |
| Net Income | -1.55M | -5.62M | 9.75M | 18.82M | -16.90M |
Balance Sheet | |||||
| Total Assets | 2.43B | 2.04B | 1.90B | 1.95B | 1.62B |
| Cash, Cash Equivalents and Short-Term Investments | 59.37M | 23.11M | 45.08M | 39.49M | 37.25M |
| Total Debt | 1.10B | 1.32B | 1.09B | 1.07B | 873.87M |
| Total Liabilities | 1.15B | 1.37B | 1.13B | 1.11B | 943.22M |
| Stockholders Equity | 1.18B | 584.10M | 671.97M | 740.29M | 610.42M |
Cash Flow | |||||
| Free Cash Flow | 84.97M | 64.03M | 73.19M | 87.91M | 58.76M |
| Operating Cash Flow | 84.97M | 64.03M | 73.19M | 87.91M | 58.76M |
| Investing Cash Flow | -380.75M | -180.94M | 262.00K | -205.15M | -120.21M |
| Financing Cash Flow | 325.23M | 94.82M | -66.10M | 120.07M | 25.67M |
SmartStop Self Storage REIT, Inc. Risk Analysis
SmartStop Self Storage REIT, Inc. disclosed 66 risk factors in its most recent earnings report. SmartStop Self Storage REIT, Inc. reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
SmartStop Self Storage REIT, Inc. Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $4.31B | 13.80 | 11.81% | 7.05% | 2.93% | -0.87% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | $1.96B | 18.58 | 8.00% | ― | 5.72% | 47.75% | |
60 Neutral | $6.33B | 32.50 | 21.80% | 12.79% | 8.88% | 131.78% | |
59 Neutral | $2.64B | 1.02 | -132.88% | ― | 38.93% | 952.55% | |
58 Neutral | $5.12B | 10.44 | 21.63% | 5.02% | -1.48% | -50.05% | |
56 Neutral | $1.89B | -946.00 | -0.58% | 3.42% | 12.57% | 4.92% |
* Real Estate Sector Average
SMA
SmartStop Self Storage REIT, Inc.
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0.82
2.52%
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SmartStop Self Storage REIT, Inc. Corporate Events
Dividends
SmartStop Self Storage REIT Declares April 2026 Dividend
Positive
Mar 31, 2026
On March 29, 2026, SmartStop Self Storage REIT, Inc.’s board declared a monthly cash dividend for April 2026 that equates to a targeted annualized dividend of $1.60 per share. The April dividend of $0.13150685 per share will be paid on May 1...
Business Operations and StrategyPrivate Placements and Financing
SmartStop Self Storage REIT Launches $300M ATM Program
Positive
Mar 19, 2026
On March 19, 2026, SmartStop Self Storage REIT, Inc. and its operating partnership entered into a $300 million at‑the‑market equity distribution agreement with a syndicate of major banks and broker‑dealers, allowing the company t...
Business Operations and StrategyFinancial Disclosures
SmartStop Highlights Stable Occupancy Amid Pricing Headwinds
Neutral
Mar 3, 2026
On March 3, 2026, SmartStop Self Storage REIT reported operating metrics for its same-store portfolio, showing physical occupancy largely stable year over year, with December 31, 2025 at 92.1% versus 92.3% a year earlier, and February 28, 2026 fla...
Dividends
SmartStop Self Storage REIT Declares March 2026 Dividend
Positive
Feb 25, 2026
SmartStop Self Storage REIT, Inc., a self‑storage focused real estate investment trust, continues to serve individual and business storage customers through its portfolio of facilities in the commercial real estate sector. The company operat...
Business Operations and StrategyExecutive/Board Changes
SmartStop Self Storage REIT Reshapes Leadership and Board
Positive
Feb 20, 2026
On Feb. 19, 2026, SmartStop Self Storage REIT expanded its board of directors from five to six members and appointed Chief Investment Officer Wayne Johnson as an employee director, reflecting his long-standing role in driving the company’s g...
Business Operations and StrategyPrivate Placements and Financing
SmartStop Self Storage Expands Revolving Credit Facility Capacity
Positive
Feb 18, 2026
On February 18, 2026, SmartStop Self Storage REIT, Inc. closed a second amended and restated senior unsecured revolving credit facility totaling $500 million with a syndicate of banks led by KeyBank and several major North American lenders. The mu...
Dividends
SmartStop Self Storage REIT Declares February 2026 Dividend
Positive
Jan 30, 2026
On January 29, 2026, SmartStop Self Storage REIT, Inc. announced that its board of directors declared a February 2026 monthly dividend for common stockholders, corresponding to a targeted annualized dividend rate of $1.60 per share. The February d...
Business Operations and StrategyFinancial Disclosures
SmartStop Self Storage Reports Stable Occupancy, Softer New Rates
Neutral
Jan 8, 2026
On January 8, 2026, SmartStop Self Storage REIT, Inc. reported operating metrics for its same-store self-storage facilities that had been included in its consolidated results since January 1, 2024, excluding four properties. For these same-store l...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.