SmartStop Self Storage REIT, Inc. (SMA)
NYSE:SMA
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SmartStop Self Storage REIT, Inc.
(NYSE:SMA)
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Rating:63Neutral
Price Target:
$35.00
▲(5.45% Upside)
Action:ReiteratedDate:05/09/26
The score is primarily supported by resilient cash generation and a constructive, confidence-building earnings update (strong FFO growth, stable occupancy, slightly improved/narrowed guidance, and balance-sheet actions). Offsetting this are uneven profitability/returns and meaningful leverage risk for the financial profile, plus a less supportive valuation backdrop given the high P/E despite an attractive dividend yield. Technically, signals are neutral-to-mildly positive but not strong enough to outweigh the fundamental and valuation constraints.
Positive Factors
Consistent operating cash generation
Sustained positive operating cash flow and improving TTM free cash flow provide durable internal funding for dividends, capex, and acquisitions without constant capital-market reliance. This strengthens liquidity and gives management flexibility to invest in growth or de-lever over the next several quarters.
Negative Factors
Meaningful leverage and inconsistent returns
A historically elevated debt-to-equity ratio and uneven ROE leave limited financial cushion against earnings shocks. Meaningful leverage increases sensitivity to NOI declines, constrains strategic optionality, and raises refinancing risk if operating trends deteriorate over the coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent operating cash generation
Sustained positive operating cash flow and improving TTM free cash flow provide durable internal funding for dividends, capex, and acquisitions without constant capital-market reliance. This strengthens liquidity and gives management flexibility to invest in growth or de-lever over the next several quarters.
Read all positive factors
SmartStop Self Storage REIT, Inc. (SMA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.93B
Dividend Yield3.42%
Average Volume (3M)812.25K
Price to Earnings (P/E)43.7
Beta (1Y)0.62
Revenue Growth19.80%
EPS GrowthN/A
CountryUS
Employees560
SectorReal Estate
Sector Strength53
IndustryREIT - Specialty
Share Statistics
EPS (TTM)0.16
Shares Outstanding55,246,777
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 Cap1.22
Enterprise Value/Revenue15.85
Enterprise Value/Gross Profit109.00
Enterprise Value/Ebitda16.39
Forecast
1Y Price Target
$35.36Price Target Upside6.53% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)0.43
Revenue Forecast (FY)$253.45M
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
SmartStop primarily makes money by renting self-storage units to customers on typically month-to-month agreements, generating recurring rental income. Revenue is driven by (a) occupancy levels (how many units are rented), (b) achieved rental rates...
SmartStop Self Storage REIT, Inc. Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 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 | 59.37M | 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 | 98.82M | 84.97M | 64.03M | 73.19M | 87.91M | 58.76M |
| Operating Cash Flow | 98.82M | 84.97M | 64.03M | 73.19M | 87.91M | 58.76M |
| Investing Cash Flow | -326.86M | -380.75M | -180.94M | 262.00K | -205.15M | -120.21M |
| Financing Cash Flow | 231.85M | 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $4.46B | 15.23 | 11.68% | 7.05% | 2.71% | 96.98% | |
67 Neutral | $2.01B | 12.87 | 9.00% | ― | 19.89% | 62.08% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | $6.20B | -106.41 | 12.76% | 12.79% | -42.41% | -82.14% | |
63 Neutral | $1.93B | 43.67 | 1.09% | 3.42% | 19.80% | ― | |
63 Neutral | $5.97B | 60.87 | 21.63% | 5.02% | 3.17% | -33.22% | |
59 Neutral | $2.70B | -1.44 | -132.88% | ― | 91.49% | 845.94% |
* Real Estate Sector Average
SMA
SmartStop Self Storage REIT, Inc.
32.56
-2.27
-6.53%
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SmartStop Self Storage REIT, Inc. Corporate Events
Dividends
SmartStop Self Storage REIT Declares May 2026 Dividend
Positive
May 4, 2026
On May 1, 2026, SmartStop Self Storage REIT, Inc. announced a monthly dividend for May 2026 that corresponds to a targeted annualized payout of $1.60 per share, continuing its practice of providing recurring cash returns to shareholders. The board...
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...
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.