SmartStop Self Storage REIT (SMA) Q3 2025 earnings summary

Executive summary

• Achieved sector-leading same-store revenue growth of 2.5% and average occupancy of 92.6% for Q3 2025, with FFO as Adjusted per share at $0.47, slightly below expectations due to one-time items.

• Completed the Argus Professional Storage Management acquisition, nearly doubling the property count and expanding third-party management to over 460 properties in North America.

• Closed a $931.5M underwritten public offering, listed common stock on NYSE, and redeemed all Series A Convertible Preferred Stock, reducing preferred distributions.

• Raised CAD 200 million in the Canadian maple bond market at a 3.89% coupon with a five-year maturity.

• Included in the MSCI US REIT Index (RMZ), enhancing market visibility.

Financial highlights

• Q3 2025 total revenues were $70.4M, up 17% year-over-year; net income was $5.5M, compared to a net loss of $3.4M in Q3 2024.

• FFO, as adjusted, was $27.5M for Q3, up $15.8M year-over-year; FFO, as adjusted per share and OP unit (diluted) was $0.47.

• Same-store revenue grew 2.5% year-over-year; operating expenses rose 4.5%, resulting in NOI growth of 1.5%.

• Managed REIT platform ended Q3 with $972 million in AUM and recognized $3.6 million in gross fees.

• Acquired 16 self storage properties in 2025 for $304M, including major portfolios in Texas and Alberta.

Outlook and guidance

• Maintained midpoint of full-year 2025 FFO as Adjusted per share guidance; updated 2025 guidance: same-store revenue growth of 1.9%-2.3%, NOI growth of 0.9%-1.1%.

• Tightened FFO as Adjusted per share range to $1.87-$1.91 for 2025.

• Narrowed acquisitions guidance to $365 million-$385 million for 2025.

• Management expects continued growth in managed and owned portfolios, focusing on integrating Argus and expanding third-party management.

• Expects property operating expenses to decrease as a percentage of revenue after vesting of IPO-related equity grants.