SmartStop Self Storage REIT, Inc. (SMA) AI Stock Analysis

• Market Cap: $1.91B
• Dividend Yield: 3.42%
• Average Volume (3M): 812.25K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.45
• Revenue Growth: 12.57%
• EPS Growth: 4.92%
• Country: US
• Employees: 560
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Specialty
• EPS (TTM): 0.09
• Shares Outstanding: 55,363,743
• 10 Day Avg. Volume: 973,087
• 30 Day Avg. Volume: 812,252
• PEG Ratio: -1.08
• Price to Book (P/B): 5.41
• Price to Sales (P/S): 13.34
• P/FCF Ratio: 49.39
• Enterprise Value/Market Cap: 0.00
• Enterprise Value/Revenue: 0.00
• Enterprise Value/Gross Profit: 0.00
• Enterprise Value/Ebitda: 0.00
• 1Y Price Target: $39.57
• Price Target Upside: 21.87% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): -0.06
• Revenue Forecast (FY): $240.26M

• Rating: 50 Neutral
• Price Target: $31.00 ▼(-4.53% Downside)

SmartStop's overall score of 50 reflects a balanced but cautious outlook. Financial performance, the most significant factor, is mixed with strong cash flow offset by profitability issues. Technical indicators suggest bearish momentum, and valuation concerns due to negative earnings further weigh on the score. Positive earnings call highlights provide some optimism but are not enough to lift the overall assessment.

Positive Factors

Revenue Growth

Consistent revenue growth and strong free cash flow indicate a robust business model and effective operational management, supporting long-term financial health.

Strategic Acquisitions

The acquisition of Argus enhances market presence and operational scale, positioning SmartStop for growth in the self-storage industry.

Inclusion in MSCI U.S. REIT Index

Inclusion in the MSCI U.S. REIT Index enhances visibility and credibility among investors, potentially attracting more investment and supporting growth.

Negative Factors

Profitability Challenges

Negative profitability metrics indicate challenges in cost management and return generation, which could hinder long-term financial performance.

Market Challenges in Toronto

Increased supply in the Toronto market may pressure occupancy rates and pricing, potentially impacting revenue growth and profitability in the region.

Tenant Default Impact

Tenant defaults can disrupt cash flow and occupancy rates, posing risks to revenue stability and operational efficiency.

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 high-growth markets in the U.S.

How the Company Makes Money

SmartStop generates revenue primarily through the rental of storage units to customers, which constitutes its main revenue stream. The company offers various types of storage options, including climate-controlled units, traditional storage units, and vehicle storage, catering to both individual and commercial clients. Additionally, SmartStop may earn income from ancillary services such as the sale of moving supplies and insurance options for stored items. The company's revenue model is supported by a strategic focus on acquiring and developing high-demand storage properties in key markets, enhancing its portfolio and operational efficiency. Partnerships with local businesses and online platforms for marketing can also contribute to increased customer acquisition and higher occupancy rates, further bolstering its earnings.

SmartStop Self Storage REIT, Inc. Financial Statement Overview

Summary

SmartStop Self Storage REIT, Inc. demonstrates solid revenue growth and improved leverage management. However, profitability remains a challenge, with negative net income impacting overall financial health. The strong cash flow position provides a buffer, but operational efficiency needs improvement to enhance margins and shareholder returns.

Income Statement

SmartStop Self Storage REIT, Inc. has shown consistent revenue growth, with a 4.06% increase in the TTM period. However, profitability remains a concern, as indicated by the negative net profit margin of -5.11% in the TTM. The gross profit margin is healthy at 64.18%, but the declining EBIT and EBITDA margins suggest pressure on operational efficiency.

Balance Sheet

The company's debt-to-equity ratio has improved to 0.78 in the TTM period, indicating better leverage management compared to previous years. However, the return on equity remains negative at -1.74%, reflecting challenges in generating returns for shareholders. The equity ratio stands at 50.28%, showing a balanced capital structure.

Cash Flow

The cash flow position is strong, with a significant 59.86% growth in free cash flow in the TTM period. The operating cash flow to net income ratio is robust at 1.17, indicating efficient cash generation relative to net income. The free cash flow to net income ratio is stable at 1.0, suggesting consistent cash flow management.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	263.34M	237.01M	232.99M	206.32M	168.76M	124.02M
Gross Profit	148.08M	157.69M	158.50M	148.91M	114.91M	77.11M
EBITDA	125.08M	124.03M	131.09M	127.25M	65.38M	21.09M
Net Income	-4.79M	-5.62M	9.75M	18.82M	-16.90M	-44.30M
Balance Sheet
Total Assets	2.39B	2.04B	1.90B	1.95B	1.62B	1.28B
Cash, Cash Equivalents and Short-Term Investments	54.21M	23.11M	45.08M	39.49M	37.25M	72.71M
Total Debt	1.04B	1.32B	1.09B	1.07B	873.87M	724.38M
Total Liabilities	1.10B	1.37B	1.13B	1.11B	943.22M	785.29M
Stockholders Equity	1.20B	584.10M	671.97M	740.29M	610.42M	436.93M
Cash Flow
Free Cash Flow	81.38M	64.03M	73.19M	87.91M	58.76M	26.77M
Operating Cash Flow	81.38M	64.03M	73.19M	87.91M	58.76M	26.77M
Investing Cash Flow	-452.07M	-180.94M	262.00K	-205.15M	-120.21M	-28.96M
Financing Cash Flow	380.81M	94.82M	-66.10M	120.07M	25.67M	13.74M

SmartStop Self Storage REIT, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EPR	75 Outperform	$3.99B	22.84	8.44%	7.05%	2.93%	-0.87%
CXW	73 Outperform	$2.12B	20.14	7.41%	―	5.72%	47.75%
RYN	72 Outperform	$3.79B	9.66	38.06%	12.79%	8.88%	131.78%
OUT	69 Neutral	$4.07B	35.52	17.74%	5.02%	-1.48%	-50.05%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
UNIT	61 Neutral	$1.80B	1.54	―	―	38.93%	952.55%
SMA	50 Neutral	$1.91B	-111.89	-0.58%	3.42%	12.57%	4.92%

SmartStop Self Storage REIT, Inc. Corporate Events

SmartStop Self Storage Reports Stable Occupancy, Softer New Rates

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 locations, physical occupancy was essentially flat year over year at 92.1% as of December 31, 2025, compared with 92.3% a year earlier, while monthly web and move-in rates declined from $0.97 to $0.91 and from $0.94 to $0.88, respectively, over the same period; however, monthly in-place rental rates held steady at $1.63, suggesting that while pricing for new and online customers eased, revenue from existing tenants remained stable going into year-end 2025.

The most recent analyst rating on (SMA) stock is a Hold with a $33.00 price target. To see the full list of analyst forecasts on SmartStop Self Storage REIT, Inc. stock, see the SMA Stock Forecast page.

SmartStop Self Storage REIT Declares January 2026 Dividend

On December 22, 2025, SmartStop Self Storage REIT, Inc., a REIT specializing in self-storage properties, announced that its Board of Directors had declared a monthly dividend for January 2026 corresponding to a targeted annualized dividend rate of $1.60 per share. The company set January 30, 2026 as the record date for the January 2026 common stock dividend of $0.13589041 per share, which is scheduled to be paid on February 13, 2026 to stockholders of record, signaling the continuation of regular cash returns to shareholders.

The most recent analyst rating on (SMA) stock is a Buy with a $39.00 price target. To see the full list of analyst forecasts on SmartStop Self Storage REIT, Inc. stock, see the SMA Stock Forecast page.

SmartStop Self Storage Reports Stable In-Place Rates

On December 8, 2025, SmartStop Self Storage REIT, Inc. reported metrics for its same store facilities, showing a slight increase in physical occupancy from 92.2% in 2024 to 92.4% in 2025. However, the company experienced a decrease in monthly web and move-in rates over the same period, while monthly in-place rates remained stable.

The most recent analyst rating on (SMA) stock is a Hold with a $35.00 price target. To see the full list of analyst forecasts on SmartStop Self Storage REIT, Inc. stock, see the SMA Stock Forecast page.

SmartStop Announces December 2025 Dividend Plan

On November 20, 2025, SmartStop Self Storage REIT, Inc. announced a dividend for December 2025, targeting an annualized dividend of $1.60 per share. This decision reflects the company’s commitment to providing returns to its stockholders, with the dividend payable on January 15, 2026, to those recorded by December 31, 2025.

The most recent analyst rating on (SMA) stock is a Buy with a $40.00 price target. To see the full list of analyst forecasts on SmartStop Self Storage REIT, Inc. stock, see the SMA Stock Forecast page.

SmartStop Reports Slight Occupancy Increase in 2025

On November 17, 2025, SmartStop Self Storage REIT, Inc. reported its same store metrics, showing a slight increase in physical occupancy from 92.3% in 2024 to 92.5% in 2025. However, the company experienced a decrease in monthly web and move-in rates over the same period, indicating potential pricing pressures in the market.

The most recent analyst rating on (SMA) stock is a Hold with a $34.00 price target. To see the full list of analyst forecasts on SmartStop Self Storage REIT, Inc. stock, see the SMA Stock Forecast page.

SmartStop Announces November 2025 Dividend Plan

On October 29, 2025, SmartStop Self Storage REIT, Inc. announced a dividend for November 2025, targeting an annualized dividend of $1.60 per share. This decision reflects the company’s commitment to providing returns to its shareholders, with the dividend payable on December 15, 2025, to stockholders of record as of November 28, 2025.

The most recent analyst rating on (SMA) stock is a Buy with a $41.00 price target. To see the full list of analyst forecasts on SmartStop Self Storage REIT, Inc. stock, see the SMA Stock Forecast page.