SmartStop Self Storage REIT (SMA) Q2 2025 earnings summary

Executive summary

• Achieved strong Q2 results as a public REIT, raising over $1.3 billion in capital, with same-store revenue growth of 0.4%, average occupancy of 93.1%, and FFO as adjusted per share of $0.42, in line with expectations.

• Completed a $931 million IPO and CAD 500 million Maple bond, improving the balance sheet and reducing debt.

• Board strengthened with the addition of a new independent director, Lora Gotcheva.

• Added to the Russell 3000 Index and listed on the NYSE.

• Owns 171 self storage properties in the US and Canada, with 118,000 units and 13.5 million rentable sq. ft. as of June 30, 2025.

Financial highlights

• Q2 2025 total revenues were $66.8 million, up from $59.2 million in Q2 2024; net loss attributable to common stockholders was $8.4 million.

• FFO as adjusted for Q2 2025 was $22.8 million, up from $10.5 million in Q2 2024; FFO as adjusted per share was $0.42.

• Same-store revenue increased 0.4% for Q2 2025; same-store NOI decreased 1.1%.

• Operating expenses increased 3.5% year-over-year; property operating expenses were $22.1 million (36% of self storage revenue) in Q2 2025.

• Canadian same-store assets posted constant currency revenue growth of 0.5% in Q2, with a 1% NOI decline.

Outlook and guidance

• Full-year same-store revenue growth expected in the 1.75%-2.75% range; NOI growth 0.6%-1.6%; FFO as adjusted per share guidance raised to $1.85-$1.93.

• Acquisitions guidance narrowed to $350 million-$400 million, maintaining a $375 million midpoint.

• Expects moderate supply growth through 2026, with demand returning to historical averages and expense growth from employee costs, insurance, and taxes.

• Guidance reflects stable sector fundamentals and prudent expense management.

• Expecting sequential NOI growth across all pools in the second half of the year.