SmartStop Self Storage REIT (SMA) Q1 2026 earnings summary

Executive summary

• Achieved same-store revenue growth of 1.5% and NOI growth of 2% year-over-year, with average occupancy at 92.5% despite challenging comps and geopolitical headwinds.

• Net income attributable to common stockholders was $9.6 million, up $18 million from Q1 2025; EPS was $0.17, up $0.52 year-over-year.

• FFO as adjusted per share was $0.49, up 19.3% year-over-year, and FFO, as adjusted, rose to $28.8 million.

• Managed Platform revenues grew due to the Argus acquisition, expanding third-party management and exceeding expectations.

• Focus remains on maximizing cash flow, expanding through acquisitions, joint ventures, and lending to managed REITs.

Financial highlights

• Total revenues for Q1 2026 were $78.3 million, up from $65.4 million in Q1 2025.

• Same-store pool posted 1.5% YoY revenue growth and 2% NOI growth, with operating expense growth of 60 basis points.

• Net operating income for same-store facilities rose 2.0%; same-store annualized rent per occupied square foot increased 1.2% to $20.10.

• FFO (Funds from Operations) attributable to common stockholders and OP unit holders was $29.3 million, up from $7.9 million in Q1 2025.

• Canadian same-store assets posted 4.1% revenue growth, but negative 50 basis points on a constant currency basis.

Outlook and guidance

• Narrowed same-store revenue growth guidance to -0.25% to 1.75% and NOI growth guidance to -1.25% to 0.75%.

• FFO as adjusted per share and OP unit guidance for 2026 is $1.94 to $2.04.

• Reduced overall OpEx growth range to 1.75%-3.75%.

• Capital deployment for 2026 expected at $45–65 million for acquisitions and investments.

• Expect rental season to positively impact annual results, with demand rebounding after a March slowdown.