SmartStop Self Storage REIT (SMA) Q4 2025 earnings summary

Executive summary

• Achieved same-store revenue growth of 1.6% for the full year and 40 basis points in Q4, with average occupancy of 92.5% for 2025.

• FFO as adjusted per share was $0.55 in Q4 (up 29.8% YoY) and $1.87 for the year (up 10% from 2024).

• Completed a transformational year with a successful IPO, multiple Maple Bond offerings, and the acquisition of Argus Professional Storage Management.

• Managed REITs AUM surpassed $1 billion, growing by over $200 million in 2025.

• Portfolio positioned for forward growth as sector fundamentals stabilize.

Financial highlights

• Q4 2025 net income attributable to common stockholders was $2.8 million, up $6.5 million YoY; net income per share was $0.05, up $0.21.

• Q4 total self storage-related revenues were $64.8 million, up $8.9 million YoY; full-year revenues were $249.5 million, up $30.5 million.

• Same-store revenue grew 40 basis points YoY in Q4; operating expenses rose 2%, resulting in a 30 basis point NOI decrease.

• Q4 occupancy ended at 92.1%, down 10 basis points YoY; average occupancy was 92.3%, up 10 basis points YoY.

• FFO as adjusted for Q4 was $32.5 million (up $20.9 million), and for the year $95.5 million (up $48.7 million).

Outlook and guidance

• 2026 guidance: same-store revenue growth of -0.5% to +2%, NOI growth of -1.8% to +1%, and FFO as adjusted per share of $1.93–$2.05 (about 6% growth at midpoint).

• Operating expense growth expected at 2–4% for 2026.

• Capital deployment targeted at $45–$65 million for acquisitions, bridge loans, and loans to Managed REITs in 2026.

• Guidance does not assume a recovery in the U.S. single-family home market or major economic changes.