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SmartStop Self Storage REIT, Inc.
(NYSE:SMA)
Select Model
Select Model
Rating:70Outperform
Price Target:
$38.00
▲(9.38% Upside)
Action:Reiterated
Date:08/19/26
SMA scores well primarily on improving financial quality (strong cash generation and a significantly strengthened balance sheet) and a bullish earnings update (raised 2026 guidance and notable margin/FFO growth). The overall score is held back by valuation (high P/E) and only moderate technical momentum.
Positive Factors
Strong and rising cash generation
Sustained operating and free cash flow provides internal funding for investment and dividends, while resilience during loss years supports earnings quality and reduces reliance on external capital to maintain the portfolio.
Negative Factors
Inconsistent profitability and gross-margin quality concerns
Profit volatility makes recurring earnings harder to assess and may reflect cost pressure or reporting classification issues. Clarification is needed before investors can treat current operating margins as fully sustainable.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong and rising cash generation
Sustained operating and free cash flow provides internal funding for investment and dividends, while resilience during loss years supports earnings quality and reduces reliance on external capital to maintain the portfolio.
Read all positive factors
SmartStop Self Storage REIT, Inc. (SMA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.01B
Dividend Yield4.7%
Average Volume (3M)812.25K
Price to Earnings (P/E)66.2
Beta (1Y)0.52
Revenue Growth21.10%
EPS GrowthN/A
CountryUS
Employees1,000
SectorGeneral
Sector StrengthN/A
IndustryREIT - Industrial
Share Statistics
EPS (TTM)0.51
Shares Outstanding55,368,904
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
$36.10Price Target Upside3.91% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)0.57
Revenue Forecast (FY)$253.45M
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:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Positive
The call emphasized solid operational execution with meaningful margin expansion, strong FFO per share growth (+17.6% YoY), raised guidance across revenue/NOI/FFO and an articulated multi‑year DECA strategy. Management highlighted accretive acquisitions, growth in managed/JV platforms and a promising bridge-lending pipeline. Near-term headwinds include negative move-in rate comps for the quarter, localized disruptions (LA fire restrictions, eminent domain, a flood-related loss) and Canada facing tougher comps; AI and regulatory risks were noted but not viewed as immediate material drags. Overall, the positives (margin expansion, FFO growth, raised guidance and strategic initiatives) outweigh the lowlights, though several challenges remain that management is addressing.Positive Updates
Same-Store Operating Performance
Same-store revenue +1.3% year-over-year, operating expenses down 3.4% YoY, resulting in same-store NOI +3.7% YoY; quarter-ending occupancy ~92.4–92.5%.
Negative Updates
Weak Move-In and Web Rate Trends in Quarter
Web rates were down ~3.8% during the quarter and achieved move-in rates per square foot were down ~4.4% YoY for the quarter (move-in rates remained negative into July, ~-5% YoY).
Read all updates
Q2-2026 Updates
Positive
Negative
Same-Store Operating Performance
Same-store revenue +1.3% year-over-year, operating expenses down 3.4% YoY, resulting in same-store NOI +3.7% YoY; quarter-ending occupancy ~92.4–92.5%.
Read all positive updates
Company Guidance
Management raised 2026 guidance, boosting same‑store revenue to a new range of 0.5%–1.5% (from −0.25%–1.75%), narrowing operating expense growth to 0.25%–1.25% (from 1.75%–3.75%), which lifted the NOI growth midpoint to about +1.15%, and increasing FFO as adjusted per share guidance to $1.98–$2.04 (from $1.94–$2.04); they also raised capital deployment guidance to $55M–$75M. Management said roughly one quarter of the same‑store revenue upgrade (≈5–7 bps) reflects the lift of LA County ECRI restrictions and pointed to Q2 results underpinning the outlook — Q2 same‑store revenue +1.3%, same‑store NOI +3.7%, same‑store operating margin 67.3% (+150 bps YoY), average occupancy ~92.4–92.5%, and Q2 FFOa/unit $0.49 (+17.6% YoY) — while July showed web rates ~+1%, rentals +7.2% and in‑place rates +2%; they also noted cash‑flow leverage reduced to 6.2x and a bridge lending book of ~$20M (plus $3M post‑quarter) with blended yield ~11% and a >$100M pipeline targeting 10%–14% yields.SmartStop Self Storage REIT, Inc. Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
74
Positive
Cash Flow
83
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 160.51M | 281.14M | 237.01M | 232.99M | 206.32M | 168.76M |
| Gross Profit | -9.92M | 26.07M | 157.69M | 158.50M | 148.91M | 114.91M |
| EBITDA | 155.47M | 133.26M | 124.03M | 131.09M | 127.25M | 65.38M |
| Net Income | 28.83M | -1.55M | -5.62M | 9.75M | 18.82M | -16.90M |
Balance Sheet | ||||||
| Total Assets | 2.44B | 2.43B | 2.04B | 1.90B | 1.95B | 1.62B |
| Cash, Cash Equivalents and Short-Term Investments | 38.19M | 54.22M | 23.11M | 45.08M | 39.49M | 37.25M |
| Total Debt | 1.12B | 1.10B | 1.32B | 1.09B | 1.07B | 873.87M |
| Total Liabilities | 1.18B | 1.15B | 1.37B | 1.13B | 1.11B | 943.22M |
| Stockholders Equity | 1.16B | 1.18B | 584.10M | 671.97M | 740.29M | 610.42M |
Cash Flow | ||||||
| Free Cash Flow | 110.33M | 84.97M | 64.03M | 73.19M | 87.91M | 58.76M |
| Operating Cash Flow | 110.33M | 84.97M | 64.03M | 73.19M | 87.91M | 58.76M |
| Investing Cash Flow | -193.59M | -380.75M | -180.94M | 262.00K | -205.15M | -120.21M |
| Financing Cash Flow | 85.31M | 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 | $4.64B | 19.29 | 11.34% | 5.67% | 4.53% | 52.99% | |
71 Outperform | $6.35B | 43.28 | 2.02% | 11.42% | -12.83% | -80.73% | |
70 Outperform | $2.01B | 66.18 | 2.45% | 4.61% | 21.10% | ― | |
69 Neutral | $3.35B | 27.51 | 8.96% | ― | 24.35% | 32.67% | |
62 Neutral | $2.39B | 2.01 | 270.16% | ― | 199.70% | 2008.88% | |
60 Neutral | $5.36B | 21.42 | 35.88% | 3.75% | 7.62% | 122.49% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
SMA
SmartStop Self Storage REIT, Inc.
34.04
-0.35
-1.03%
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21.25
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EPR
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19.10%
OUT
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30.66
13.01
73.71%
UNIT
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10.10
3.61
55.62%
SmartStop Self Storage REIT, Inc. Corporate Events
Business Operations and StrategyPrivate Placements and Financing
SmartStop Self Storage REIT Completes Maple Bond Offering
Positive
Aug 18, 2026
On August 18, 2026, SmartStop Self Storage REIT, Inc. announced that its operating partnership had closed a CAD $200 million Series C Senior Unsecured Maple Bond offering in Canada, bearing a 4.317% coupon and maturing on February 18, 2031. Rated ...
Business Operations and StrategyFinancial Disclosures
SmartStop Highlights Ongoing Growth and Expansion Strategy
Positive
Aug 13, 2026
SmartStop Self Storage REIT, Inc. is an NYSE-listed self-storage owner and operator with a high-quality, diversified portfolio across the U.S. and Canada, including strong exposure to high-growth markets such as the Greater Toronto Area. Over the ...
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...
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.