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SmartStop Self Storage REIT, Inc.
(NYSE:SMA)
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Rating:62Neutral
Price Target:
$36.00
▲(3.63% Upside)
Action:Reiterated
Date:08/06/26
SMA scores as moderately attractive: resilient and improving cash-flow profile and a constructive earnings-call outlook (FFO growth, balance-sheet actions, narrowed guidance) support the score, while earnings volatility/leverage and especially the very high P/E limit upside despite a solid dividend yield and generally stable technical setup.
Positive Factors
Consistent operating cash generation
Sustained positive operating cash flow and rising TTM free cash flow provide durable funding for monthly dividends, maintenance capex, and opportunistic acquisitions. This cash generation reduces reliance on volatile capital markets and supports multi-quarter execution of growth and capital-allocation programs.
Negative Factors
Move-in rate weakness on new leases
Sustained pressure on move-in rates per square foot signals weakening front-end pricing power, which can compress future same-store revenue and NOI as new leases roll into the portfolio. Even with in-place rate resilience, prolonged new-lease discounting erodes long-term revenue growth and margin expansion prospects.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent operating cash generation
Sustained positive operating cash flow and rising TTM free cash flow provide durable funding for monthly dividends, maintenance capex, and opportunistic acquisitions. This cash generation reduces reliance on volatile capital markets and supports multi-quarter execution of growth and capital-allocation programs.
Read all positive factors
SmartStop Self Storage REIT, Inc. (SMA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.99B
Dividend Yield4.77%
Average Volume (3M)812.25K
Price to Earnings (P/E)207.5
Beta (1Y)0.52
Revenue Growth19.80%
EPS GrowthN/A
CountryUS
Employees1,000
SectorGeneral
Sector StrengthN/A
IndustryREIT - Industrial
Share Statistics
EPS (TTM)0.16
Shares Outstanding55,365,295
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$35.75Price Target Upside2.91% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)0.53
Revenue Forecast (FY)$253.24M
SmartStop Self Storage REIT, Inc. Business Overview & Revenue Model
Company Description
As a self-managed real estate investment trust (REIT), SmartStop heavily incorporates technology into its operations. The company is supported by a comprehensive, integrated team of roughly 570 self-storage professionals. Recognized as one of Nort...
How the Company Makes Money
SmartStop Self Storage REIT, Inc. primarily makes money by renting self-storage space to customers on short-term, typically month-to-month, leases. Its main revenue stream is rental income generated from occupancy of storage units across its portf...
SmartStop Self Storage REIT, Inc. Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Positive
The call conveyed a generally positive operational and financial tone: meaningful FFO growth (+19.3% YoY), solid occupancy near historical levels, margin expansion, a stronger liquidity/capital position (lower-cost credit facility, high fixed-rate debt, FX hedging), and strategic growth initiatives (land acquisition, SmartCentres JV, and Axxess bridge lending JV). Offsetting these positives were rate pressure on move-in rents per square foot, a March demand pullback with increased vacates, localized underperformance (Asheville) and regulatory headwinds in LA; guidance still allows for modest near-term declines in revenue and NOI. Overall, the company appears to be navigating cyclical and idiosyncratic pressures while delivering operational resilience and positioning for growth.Positive Updates
Solid Same-Store Operating Performance
Same-store revenue growth of 1.5% year-over-year, same-store NOI growth of 2%, and a 30 basis point increase in same-store operating margins (first YOY margin increase since 2023). 10 of the top 15 markets posted positive same-store NOI growth.
Negative Updates
Pressure on Move-In Rates per Square Foot
Achieved move-in rates per square foot were down ~7% on average for Q1, and down ~6.5% year-over-year in April, indicating rate pressure on a per-area basis despite unit-level improvements.
Read all updates
Q1-2026 Updates
Positive
Negative
Solid Same-Store Operating Performance
Same-store revenue growth of 1.5% year-over-year, same-store NOI growth of 2%, and a 30 basis point increase in same-store operating margins (first YOY margin increase since 2023). 10 of the top 15 markets posted positive same-store NOI growth.
Read all positive updates
Company Guidance
Management narrowed 2026 guidance, tightening same-store revenue to -0.25% to +1.75% (from -0.5% to +2.0%) and reducing OpEx growth to 1.75%–3.75% (from 2.0%–4.0%), which raises the NOI-growth midpoint from -40 bps to -25 bps and narrows FFO as adjusted per share to $1.94–$2.04 (from $1.93–$2.05). They expect occupancy roughly flat to slightly positive vs. 2025 (Asheville to underperform through Q3 despite improvement to ~92.2%–93.1% in April in some markets), forecast move‑in $/sq ft to normalize to roughly neutral by Aug/Sept (Q1 move‑in $/sq ft down ~7%, April down ~6.5%; move‑in per unit +2% in Q1, +1% in April), assume LA ECRI restrictions remain for 2026, model ECRI performance at or better than 2025, expect supply pressure to ease through the year, and note balance-sheet supports including 94% fixed debt and a recast $500M bank facility maturing Feb 2030.SmartStop Self Storage REIT, Inc. Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
58
Neutral
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 148.05M | 281.14M | 237.01M | 232.99M | 206.32M | 168.76M |
| Gross Profit | 21.52M | 26.07M | 157.69M | 158.50M | 148.91M | 114.91M |
| EBITDA | 143.11M | 133.26M | 124.03M | 131.09M | 127.25M | 65.38M |
| Net Income | 12.98M | -1.55M | -5.62M | 9.75M | 18.82M | -16.90M |
Balance Sheet | ||||||
| Total Assets | 2.42B | 2.43B | 2.04B | 1.90B | 1.95B | 1.62B |
| Cash, Cash Equivalents and Short-Term Investments | 43.86M | 54.22M | 23.11M | 45.08M | 39.49M | 37.25M |
| Total Debt | 1.09B | 1.10B | 1.32B | 1.09B | 1.07B | 873.87M |
| Total Liabilities | 1.15B | 1.15B | 1.37B | 1.13B | 1.11B | 943.22M |
| Stockholders Equity | 1.17B | 1.18B | 584.10M | 671.97M | 740.29M | 610.42M |
Cash Flow | ||||||
| Free Cash Flow | 98.66M | 84.97M | 64.03M | 73.19M | 87.91M | 58.76M |
| Operating Cash Flow | 98.66M | 84.97M | 64.03M | 73.19M | 87.91M | 58.76M |
| Investing Cash Flow | -326.47M | -380.75M | -180.94M | 262.00K | -205.15M | -120.21M |
| Financing Cash Flow | 231.62M | 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 (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $6.59B | 7.19 | 15.36% | 11.42% | -42.41% | -82.14% | |
74 Outperform | $4.76B | 19.77 | 11.34% | 5.67% | 4.53% | 52.99% | |
70 Outperform | $2.96B | 24.51 | 9.00% | ― | 19.89% | 62.08% | |
62 Neutral | $1.99B | 207.55 | 1.09% | 4.61% | 19.80% | ― | |
60 Neutral | $5.61B | 29.51 | 27.72% | 3.75% | 3.17% | -33.22% | |
60 Neutral | $2.36B | 1.94 | 270.16% | ― | 199.70% | 2008.88% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
SMA
SmartStop Self Storage REIT, Inc.
33.85
0.59
1.77%
CXW
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31.23
11.63
59.34%
RYN
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22.02
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EPR
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61.13
11.02
21.99%
OUT
Outfront Media
32.01
15.19
90.29%
UNIT
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9.69
2.53
35.34%
SmartStop Self Storage REIT, Inc. Corporate Events
Dividends
SmartStop Self Storage REIT Declares August 2026 Dividend
Positive
Aug 5, 2026
On August 4, 2026, SmartStop Self Storage REIT, Inc.’s board declared a monthly dividend for August 2026 targeting an annualized rate of $1.60 per share. The August dividend of $0.13589041 per share will be paid on September 15, 2026 to comm...
Business Operations and StrategyDividendsFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
SmartStop Self Storage Outlines Long-Term Deca Growth Strategy
Positive
Jul 21, 2026
In a July 21, 2026 letter to shareholders, SmartStop Self Storage REIT detailed how its two decades of experience through multiple economic and sector cycles underpin its current strategy and capital allocation discipline. Management highlighted t...
Dividends
SmartStop Self Storage REIT Declares July 2026 Dividend
Positive
Jul 1, 2026
On July 1, 2026, SmartStop Self Storage REIT, Inc. announced that its board of directors declared a monthly dividend for July 2026, targeting an annualized payout of $1.60 per share as part of its regular cash distribution strategy to shareholders...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
SmartStop Simplifies Equity Structure, Confirms Governance Decisions
Positive
Jun 25, 2026
On June 25, 2026, SmartStop Self Storage REIT reclassified all previously authorized but unissued Class A and Class T common shares into a single pool of undesignated common stock, leaving its overall authorization at 225 million shares, including...
Business Operations and StrategyFinancial Disclosures
SmartStop Self Storage REIT Reports Mixed May 2026 Metrics
Neutral
Jun 2, 2026
On June 2, 2026, SmartStop Self Storage REIT reported operating metrics for its same-store portfolio, showing physical occupancy of 92.4% as of May 31, 2026, slightly down from 93.1% a year earlier, while monthly web rates and move-in rates also d...
Dividends
SmartStop Self Storage REIT Declares June 2026 Dividend
Positive
Jun 1, 2026
On May 29, 2026, SmartStop Self Storage REIT, Inc. announced that its Board of Directors declared a June 2026 monthly dividend targeting an annualized rate of $1.60 per share. The June dividend of $0.13150685 per share will be paid on July 15, 202...
Business Operations and StrategyFinancial Disclosures
SmartStop Self Storage Reports Slight Occupancy, Rate Softness
Negative
May 12, 2026
On May 12, 2026, SmartStop Self Storage REIT reported operating metrics for its same-store facilities, showing that physical occupancy slipped slightly year over year, from 93.0% to 92.3% as of March 31 and from 93.0% to 92.6% as of April 30. Over...
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.