SmartStop Self Storage REIT (SMA) Q4 2025 earnings summary

Executive summary

• Achieved same-store revenue growth of 40 basis points in Q4 2025 and 1.6% for the year, with average occupancy at 92.3% in Q4 and 92.5% for the year.

• FFO as adjusted per share was $0.55 in Q4 (up 29.8% YoY) and $1.87 for the year (up 10% YoY), with sector-leading growth.

• Completed a successful IPO, multiple Maple Bond offerings, and closed the Argus Professional Storage Management acquisition, adding 220+ managed properties and 400 employees.

• Total 2025 acquisitions reached $369 million, including a Class A property in Orlando and a land parcel in Canada.

• 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.

• Full-year 2025 net loss attributable to common stockholders was $8.8 million, a $9.6 million improvement YoY; net loss per share was $0.20, a $0.58 improvement.

• Same-store NOI decreased 30 basis points YoY in Q4, with operating expense growth of 2%.

• Managed REITs ended 2025 with over $1 billion in AUM, up $200 million YoY.

• Gross fees from managed REITs in Q4 were approximately $4.1 million; EBITDA from third-party management was about $670,000 in Q4.

Outlook and guidance

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

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

• Capital deployment targeted at $45–$96 million in 2026, including acquisitions, bridge capital, development, and solar projects.

• Managed REIT EBITDA expected at $13.3–$13.9 million; third-party management EBITDA at $1.8–$3 million.