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Smartstop Self Storage REIT (SMA)

Market Price (6/14/2026): $32.25 | Market Cap: $1.8 BilSector: Real Estate | Industry: Industrial REITs

Smartstop Self Storage REIT (SMA)

Market Price (6/14/2026): $32.25
Market Cap: $1.8 Bil
Sector: Real Estate
Industry: Industrial REITs

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.6%, Dividend Yield is 4.8%, FCF Yield is 5.5%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 20%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 34%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 34%

Low stock price volatility
Vol 12M is 27%

Megatrend and thematic drivers
Megatrends include E-commerce Logistics & Data Centers, Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include E-commerce Logistics REITs, Show more.

Weak multi-year price returns
2Y Excs Rtn is -35%, 3Y Excs Rtn is -70%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 59%

Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 137x

Key risks
SMA key risks include [1] significant declines in net asset value and limited share liquidity, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.6%, Dividend Yield is 4.8%, FCF Yield is 5.5%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 20%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 34%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 34%
3 Low stock price volatility
Vol 12M is 27%
4 Megatrend and thematic drivers
Megatrends include E-commerce Logistics & Data Centers, Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include E-commerce Logistics REITs, Show more.
5 Weak multi-year price returns
2Y Excs Rtn is -35%, 3Y Excs Rtn is -70%
6 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 59%
7 Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 137x
8 Key risks
SMA key risks include [1] significant declines in net asset value and limited share liquidity, Show more.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 6/9/2026

Smartstop Self Storage REIT (SMA) stock has remained largely at the same level since 2/28/2026 because of the following key factors:

1. Mixed sentiment from fiscal Q4 2025 earnings and subsequent analyst adjustments. Smartstop Self Storage REIT reported its fiscal Q4 2025 earnings on February 25, 2026, just prior to the specified period. While total self-storage related revenues increased by approximately $8.9 million to $64.8 million compared to Q4 2024, same-store Net Operating Income (NOI) declined by 0.3% year-over-year, and the company reported adjusted earnings per share (EPS) of $0.05. Following these results and leading into the period, Wells Fargo downgraded SmartStop to Equal Weight from Overweight on February 5, 2026, and lowered its price target to $33.00. Truist Financial also lowered its price target to $37.00 from $38.00 on March 26, 2026, and Wells Fargo further reduced its target to $30.00 from $33.00 on April 16, 2026. These adjustments likely contributed to investor caution and limited upward momentum in the stock price.

2. Solid fiscal Q1 2026 performance was partially offset by lingering rental rate pressures. Smartstop reported strong fiscal Q1 2026 results (ending March 31, 2026), with same-store revenue growth of 1.5% and sector-leading same-store NOI growth of 2.0%. Net income attributable to common stockholders significantly increased by approximately $18.0 million to $9.6 million year-over-year, and EPS rose by approximately $0.52 to $0.17. However, these gains were moderated by a reported 7% decline in achieved move-in rates per square foot during Q1 2026, and a 6.5% decline in April, suggesting that while existing customer rents and expense control boosted NOI, the ability to increase rates for new customers faced challenges.

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Stock Movement Drivers

Fundamental Drivers

The -2.1% change in SMA stock from 2/28/2026 to 6/13/2026 was primarily driven by a -6.5% change in the company's P/S Multiple.
(LTM values as of)22820266132026Change
Stock Price ($)32.9232.24-2.1%
Change Contribution By: 
Total Revenues ($ Mil)2812944.6%
P/S Multiple6.56.1-6.5%
Shares Outstanding (Mil)55550.2%
Cumulative Contribution-2.1%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/13/2026
ReturnCorrelation
SMA-2.1% 
Market (SPY)8.4%41.5%
Sector (XLRE)4.2%65.8%

Fundamental Drivers

The 1.2% change in SMA stock from 11/30/2025 to 6/13/2026 was primarily driven by a 11.6% change in the company's Total Revenues ($ Mil).
(LTM values as of)113020256132026Change
Stock Price ($)31.8632.241.2%
Change Contribution By: 
Total Revenues ($ Mil)26329411.6%
P/S Multiple6.76.1-9.1%
Shares Outstanding (Mil)5555-0.3%
Cumulative Contribution1.2%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/13/2026
ReturnCorrelation
SMA1.2% 
Market (SPY)9.2%33.6%
Sector (XLRE)10.8%66.1%

Fundamental Drivers

The -7.4% change in SMA stock from 5/31/2025 to 6/13/2026 was primarily driven by a -56.5% change in the company's Shares Outstanding (Mil).
(LTM values as of)53120256132026Change
Stock Price ($)34.8232.24-7.4%
Change Contribution By: 
Total Revenues ($ Mil)24529419.8%
P/S Multiple3.46.177.7%
Shares Outstanding (Mil)2455-56.5%
Cumulative Contribution-7.4%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/13/2026
ReturnCorrelation
SMA-7.4% 
Market (SPY)27.3%28.8%
Sector (XLRE)12.5%61.5%

Fundamental Drivers

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Market Drivers

5/31/2023 to 6/13/2026
ReturnCorrelation
SMA  
Market (SPY)84.5%24.7%
Sector (XLRE)39.5%56.3%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
SMA Return-----2%7%5%
Peers Return80%-28%18%-3%-15%30%63%
S&P 500 Return27%-19%24%23%16%8%97%

Monthly Win Rates [3]
SMA Win Rate----44%67% 
Peers Win Rate77%32%43%57%27%80% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
SMA Max Drawdown------14% 
Peers Max Drawdown-13%-36%-31%-21%-23%-17% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: PSA, EXR, CUBE, NSA, UHAL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/12/2026 (YTD)

How Low Can It Go

SMA has limited trading history. Below is the Real Estate sector ETF (XLRE) in its place.

EventXLRES&P 500
2025 US Tariff Shock
  % Loss-11.8%-18.8%
  % Gain to Breakeven13.3%23.1%
  Time to Breakeven41 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-16.1%-9.5%
  % Gain to Breakeven19.2%10.5%
  Time to Breakeven49 days24 days
2023 SVB Regional Banking Crisis
  % Loss-13.9%-6.7%
  % Gain to Breakeven16.1%7.1%
  Time to Breakeven266 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-32.7%-24.5%
  % Gain to Breakeven48.6%32.4%
  Time to Breakeven1281 days427 days
2020 COVID-19 Crash
  % Loss-37.8%-33.7%
  % Gain to Breakeven60.8%50.9%
  Time to Breakeven368 days140 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-11.4%-3.7%
  % Gain to Breakeven12.8%3.9%
  Time to Breakeven216 days6 days

Compare to PSA, EXR, CUBE, NSA, UHAL

In The Past

State Street Real Estate Select Sector SPDR ETF's stock fell -11.8% during the 2025 US Tariff Shock. Such a loss loss requires a 13.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

SMA has limited trading history. Below is the Real Estate sector ETF (XLRE) in its place.

EventXLRES&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-32.7%-24.5%
  % Gain to Breakeven48.6%32.4%
  Time to Breakeven1281 days427 days
2020 COVID-19 Crash
  % Loss-37.8%-33.7%
  % Gain to Breakeven60.8%50.9%
  Time to Breakeven368 days140 days

Compare to PSA, EXR, CUBE, NSA, UHAL

In The Past

State Street Real Estate Select Sector SPDR ETF's stock fell -11.8% during the 2025 US Tariff Shock. Such a loss loss requires a 13.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Smartstop Self Storage REIT (SMA)

N/A

AI Analysis | Feedback

1. Public Storage (PSA) for local self-storage needs.

2. Extra Space Storage (EXR) for neighborhood storage units.

AI Analysis | Feedback

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  • Self-Storage Unit Rentals: Provides a variety of storage units for rent, catering to personal and business needs for storing belongings.
  • Climate-Controlled Storage: Offers specialized storage units that maintain a consistent temperature and humidity to protect sensitive items.
  • Vehicle Storage: Rents out spaces for storing automobiles, boats, RVs, and other recreational vehicles.
  • Moving and Packing Supplies: Sells boxes, locks, tape, and other essential moving and packing materials for convenience.
```

AI Analysis | Feedback

Smartstop Self Storage REIT (SMA) primarily serves individuals and small businesses who rent storage units. Its major customer categories include:

  • Residential Customers: Individuals and families who require storage solutions during life events such as moving homes, renovating, downsizing, or decluttering. This category also includes students needing temporary storage during breaks and military personnel during deployments or relocations.
  • Business Customers: Small to medium-sized businesses that utilize self-storage facilities for operational needs. This often involves storing inventory, equipment, tools, documents, and excess supplies. Common business users include e-commerce businesses, contractors, retailers, and service providers.

AI Analysis | Feedback

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AI Analysis | Feedback

H. Michael Schwartz, Founder, Chairman and CEO H. Michael Schwartz is the Founder, Chairman, and CEO of SmartStop Self Storage REIT, Inc.. He founded Strategic Storage Trust, Inc. in 2007, a self-administered and self-managed self-storage company. In 2015, he negotiated the $1.4 billion sale of Strategic Storage Trust, Inc. to Extra Space Storage, Inc.. He also negotiated a second full-cycle REIT liquidity event in 2019 with the all-cash merger of Strategic Storage Growth Trust, Inc. with Strategic Storage Trust II, Inc.. Mr. Schwartz has overseen the return of approximately $1.2 billion of equity and profits to investors over the past seven years and has more than 33 years of experience in real estate, securities, and corporate financial management. James R. Barry, Chief Financial Officer and Treasurer James R. Barry serves as the Chief Financial Officer and Treasurer for SmartStop Self Storage REIT, Inc.. He has participated in various industry events, including presenting at the KeyBanc Capital Markets Self Storage Investor Forum and the New York Self Storage Association Investment Forum. Wayne Johnson, Chief Investment Officer and Board Member Wayne Johnson has served as Chief Investment Officer since 2015 and was President from 2019 until his appointment to the Board of Directors in February 2026. He has been a key leader in the company's growth since its formation in 2013, previously serving as Senior Vice President of Acquisitions. His career includes senior leadership roles across multiple affiliated real estate platforms, including Chief Investment Officer roles for all of SmartStop's Managed REITs and real estate programs previously sponsored by SmartStop's former sponsor. Prior to SmartStop, Mr. Johnson worked extensively in commercial real estate development and leasing, managing projects and developing, managing, and operating over one million square feet of self-storage properties. Michael Terjung, Chief Accounting Officer Michael Terjung has been the Chief Accounting Officer since June 2019. From January 2017 until December 2019, he served as the Chief Financial Officer and Treasurer for SSSHT and its related advisor and property management entities. Mr. Terjung was also the Chief Financial Officer and Treasurer of SSGT until its merger in January 2019 and of SSGT II from July 2018 until June 2019. He has served as the Chief Financial Officer and Treasurer of SAM since January 2017. Joe Robinson, Chief Operations Officer Joe Robinson has held the position of Chief Operations Officer since October 2019. Before joining SmartStop, Mr. Robinson served as Chief Marketing Officer and Executive Vice President of Simply Self Storage Management LLC from April 2016 until September 2019. From 2010 to 2016, he held several pricing and marketing capacities at Extra Space Storage, Inc., most recently as Vice President, Marketing.

AI Analysis | Feedback

Key Risks to Smartstop Self Storage REIT (SMA):

  1. Oversupply and Competition: The self-storage industry faces increasing competition due to relatively low barriers to entry and construction costs. This can lead to oversupply in specific markets, which in turn may reduce occupancy rates and exert downward pressure on rental prices for Smartstop Self Storage REIT.
  2. Interest Rate Sensitivity and Financing Risk: As a Real Estate Investment Trust (REIT), Smartstop Self Storage REIT is susceptible to changes in interest rates. Rising interest rates can increase the cost of borrowing for the company, impacting profitability and hindering its capacity to fund new acquisitions and development initiatives. Furthermore, higher interest rates can make alternative investments, such as bonds, more appealing, potentially diverting investment from REITs and affecting their stock performance.
  3. Economic Downturns and Tenant Default: Although the self-storage sector has historically shown resilience during economic fluctuations, it is not entirely immune to adverse economic conditions. The prevalence of short-term leases in self-storage allows for frequent rent adjustments, but also exposes the company to rapid declines in demand, occupancy, and rental rates during economic downturns. Additionally, there is a risk of tenant defaults on lease agreements, which can directly affect the company's revenue.

AI Analysis | Feedback

The rise of on-demand or valet storage services (e.g., MakeSpace, Clutter) presents an emerging threat to traditional self-storage REITs like Smartstop Self Storage. These services offer a full-service model where items are picked up, stored in a warehouse, and delivered back to the customer upon request, removing the need for customers to transport items themselves or visit a physical storage facility. This model competes directly by offering enhanced convenience and potentially a more tailored pricing structure, which could draw away customers, particularly in urban markets, who value convenience over direct access to a physical unit.

AI Analysis | Feedback

Smartstop Self Storage REIT (SMA) operates as a real estate investment trust (REIT) focused on owning, acquiring, and operating self-storage properties. It also provides third-party management services in the United States and Canada. The addressable markets for their main product, self-storage, are as follows:

United States

The self-storage market in the United States is substantial. In 2025, the market size was approximately USD 45.34 billion, with projections indicating growth to USD 47.28 billion in 2026. Other estimates place the U.S. market at over $40 billion in revenue, and approximately $44.3 billion as of 2024. The market is further expected to reach USD 57.79 billion by 2031, growing at a compound annual growth rate (CAGR) of 4.10% from 2026 to 2031. As of 2026, the U.S. self-storage industry contains over 2.1 billion square feet of total self-storage space.

Canada

The Canadian self-storage market is a growing segment. In 2024, the market generated a revenue of USD 3,004.5 million, with expectations to reach USD 4,306.0 million by 2030, growing at a CAGR of 6.5% from 2025 to 2030. In 2025, the estimated market size for Canada was over $4 billion, potentially reaching $4–5 billion. The country has over 3,400 facilities and approximately 116 million square feet of rentable storage space, translating to about 3.2 square feet per person. The Ontario self-storage market alone accounts for approximately 37.3 million square feet of storage space.

AI Analysis | Feedback

Expected Drivers of Future Revenue Growth for Smartstop Self Storage REIT (SMA)

Smartstop Self Storage REIT (SMA) is poised for revenue growth over the next 2-3 years, driven by several strategic initiatives and favorable market conditions. These include an aggressive acquisition strategy, organic growth through optimizing existing properties, the expansion of its third-party management platform, targeted expansion into high-growth geographical markets, and leveraging its technology-driven operating platform.

  • Acquisitions and Portfolio Expansion: A significant driver of future revenue growth for SmartStop is its active and strategic expansion through acquisitions. The company recently doubled its store count to over 460 properties across North America with the acquisition of Argus Professional Storage Management (APSM). SmartStop continues to acquire Class A facilities in high-demand markets within both the U.S. and Canada. This inorganic growth significantly increases its operational footprint and revenue-generating assets.
  • Organic Growth through Occupancy and Rental Rate Optimization: SmartStop expects continued stabilization and strengthening within the self-storage sector. While the pricing environment has been competitive, the company anticipates an improvement in move-in rates in various markets. Management also aims for positive occupancy levels compared to previous years, contributing to same-store revenue growth through effective pricing and customer retention strategies.
  • Expansion of Managed REIT and Third-Party Management Platforms: The company's managed REIT platform and third-party management services are expected to drive incremental revenue. SmartStop has been actively increasing assets under management for its Managed REITs, which contributes to fee income and offers potential avenues for future acquisitions.
  • Targeted Expansion into High-Growth Markets: SmartStop is strategically focusing its portfolio growth on high-growth markets across the United States and Canada, particularly highlighting its presence and expansion in the Greater Toronto Area (GTA). The company has recently demonstrated this focus by acquiring land in Canada for future development, indicating a sustained commitment to expanding in these promising regions.
  • Leveraging Technology-Enabled and Data-Driven Operating Platform: SmartStop emphasizes its robust, technology-enabled, and data-driven operating platform. This platform is crucial for optimizing operations, enhancing efficiency, and implementing dynamic pricing strategies, which can lead to improved revenue management and overall financial performance.

AI Analysis | Feedback

Share Repurchases

  • SmartStop Self Storage REIT (SMA) has shown no common stock repurchases over the last twelve months, three years, and five years, indicated by a $0.0 LTM Common Stock Repurchased figure and -100% CAGR over these periods.

Share Issuance

  • SmartStop Self Storage REIT, Inc. became a publicly listed company on the New York Stock Exchange in 2024, which involved an Underwritten Public Offering.
  • In 2023, approximately 8% of the company's distributions to stockholders were funded using proceeds from its Distribution Reinvestment Plan (DRP) offering.

Outbound Investments

  • The company acquired eight self-storage properties during 2024, which contributed to a 2% increase in total self-storage revenues.
  • SmartStop expanded its Canadian portfolio in 2024 by adding five properties and approximately 384,000 net rentable square feet in key markets such as Edmonton and Toronto, including three developments within its SmartCentres joint venture.
  • SmartStop utilized approximately $100.2 million from the 2025 KeyBank Acquisition Facility by December 31, 2024, and an additional $74.8 million subsequent to year-end 2024, to fund the acquisition of multiple self-storage facilities.

Capital Expenditures

  • SmartStop continues to invest in and enhance its technology-driven operations platform, "dash™," to improve occupancy and revenues, especially through contactless rental options.
  • Significant capital was expended on property acquisitions, including eight properties in 2024, which are a primary focus for growth.
  • Capital was allocated to the development of new self-storage facilities, such as three developments completed in Canada in 2024 through the SmartCentres joint venture.

Better Bets vs. Smartstop Self Storage REIT (SMA)

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Peer Comparisons

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Financials

SMAPSAEXRCUBENSAUHALMedian
NameSmartsto.Public S.Extra Sp.CubeSmartNational.U-Haul  
Mkt Price32.24325.94150.6041.8945.7262.3854.05
Mkt Cap1.857.231.89.53.512.210.9
Rev LTM2944,8593,4141,1327506,0382,273
Op Inc LTM592,2731,504447282461454
FCF LTM992,8751,839611296-1,360454
FCF 3Y Avg772,8051,764621325-1,633473
CFO LTM993,1761,8596113401,7951,203
CFO 3Y Avg773,1861,7836213741,5671,094

Growth & Margins

SMAPSAEXRCUBENSAUHALMedian
NameSmartsto.Public S.Extra Sp.CubeSmartNational.U-Haul  
Rev Chg LTM19.8%2.9%4.2%5.0%-1.6%3.6%3.9%
Rev Chg 3Y Avg10.1%4.1%21.0%3.3%-2.9%1.0%3.7%
Rev Chg Q19.7%2.9%4.4%3.3%-1.6%3.1%3.2%
QoQ Delta Rev Chg LTM4.6%0.7%1.1%0.8%-0.4%0.6%0.8%
Op Inc Chg LTM-16.4%2.5%6.0%-6.8%-2.7%-38.6%-4.7%
Op Inc Chg 3Y Avg1.4%0.1%12.4%4.6%-2.1%-32.0%0.8%
Op Mgn LTM20.2%46.8%44.0%39.5%37.6%7.6%38.6%
Op Mgn 3Y Avg26.4%47.8%44.4%43.6%38.3%12.8%41.0%
QoQ Delta Op Mgn LTM-1.5%-0.1%-0.0%-0.5%0.6%-2.6%-0.3%
CFO/Rev LTM33.6%65.4%54.4%54.0%45.4%29.7%49.7%
CFO/Rev 3Y Avg29.6%67.6%56.0%57.1%47.4%26.8%51.7%
FCF/Rev LTM33.6%59.2%53.9%54.0%39.5%-22.5%46.7%
FCF/Rev 3Y Avg29.6%59.4%55.4%57.1%41.2%-28.1%48.3%

Valuation

SMAPSAEXRCUBENSAUHALMedian
NameSmartsto.Public S.Extra Sp.CubeSmartNational.U-Haul  
Mkt Cap1.857.231.89.53.512.210.9
P/S6.111.89.38.44.72.07.2
P/Op Inc30.025.221.121.312.526.523.3
P/EBIT26.825.819.021.512.225.923.6
P/E137.230.133.629.144.9147.139.3
P/CFO18.118.017.115.610.46.816.4
Total Yield5.6%3.3%7.3%8.4%7.2%1.0%6.4%
Dividend Yield4.8%0.0%4.3%5.0%5.0%0.3%4.6%
FCF Yield 3Y Avg-5.6%5.9%6.6%10.7%-13.9%5.9%
D/E0.60.20.40.41.00.70.5
Net D/E0.60.20.40.41.00.50.5

Returns

SMAPSAEXRCUBENSAUHALMedian
NameSmartsto.Public S.Extra Sp.CubeSmartNational.U-Haul  
1M Rtn5.3%7.6%5.9%5.7%7.5%25.6%6.7%
3M Rtn2.9%9.5%6.5%10.0%47.8%36.0%9.7%
6M Rtn1.0%21.1%14.7%18.1%59.3%16.8%17.4%
12M Rtn-5.2%14.0%5.4%2.9%46.6%0.1%4.1%
3Y Rtn4.1%28.4%18.5%10.8%54.8%16.5%17.5%
1M Excs Rtn4.9%7.5%5.9%5.2%7.6%26.1%6.7%
3M Excs Rtn-9.2%-2.6%-5.5%-2.1%35.7%23.9%-2.3%
6M Excs Rtn-6.8%16.5%10.9%11.8%52.5%6.8%11.4%
12M Excs Rtn-30.9%-10.2%-18.5%-21.3%22.4%-25.3%-19.9%
3Y Excs Rtn-70.1%-47.9%-59.2%-67.4%-28.3%-63.4%-61.3%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20242023202220212020
Self Storage219215200158110
Managed real estate investment trust (REIT) Platform1818121114
Corporate and Other00000
Total237233213169124


Operating Income by Segment
$ Mil20242023202220212020
Self Storage9391785833
Managed real estate investment trust (REIT) Platform7817-17-38
Corporate and Other-31-28-29-24-17
Total69716617-21


Net Income by Segment
$ Mil20242023202220212020
Self Storage19323422-1
Managed real estate investment trust (REIT) Platform81018-16-33
Corporate and Other-33-30-30-25-17
Total-61222-20-51


Assets by Segment
$ Mil20242023202220212020
Self Storage1,9151,7991,8211,5471,172
Managed real estate investment trust (REIT) Platform6442652244
Corporate and Other6355615066
Total2,0421,8961,9471,6181,282


Price Behavior

Price Behavior
Market Price$32.24 
Market Cap ($ Bil)1.8 
First Trading Date12/29/2006 
Distance from 52W High-14.2% 
   50 Days200 Days
DMA Price$31.38$33.79
DMA Trenddownindeterminate
Distance from DMA2.7%-4.6%
 3M1YR
Volatility31.6%26.7%
Downside Capture75.2858.60
Upside Capture54.6136.31
Correlation (SPY)37.7%28.6%
SMA Betas & Captures as of 5/31/2026

 1M2M3M6M1Y3Y
Beta1.631.121.190.930.72-0.00
Up Beta3.091.791.370.850.860.08
Down Beta3.592.771.731.511.05-0.14
Up Capture39%32%61%58%28%5%
Bmk +ve Days13283667141432
Stock +ve Days10223164130153
Down Capture122%59%130%91%78%46%
Bmk -ve Days7132757109318
Stock -ve Days10193159118135

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with SMA
SMA-7.5%26.6%-0.32-
Sector ETF (XLRE)11.8%13.8%0.5761.5%
Equity (SPY)24.9%12.3%1.5228.5%
Gold (GLD)25.5%27.4%0.8115.3%
Commodities (DBC)30.1%19.0%1.25-21.0%
Real Estate (VNQ)13.5%13.5%0.6962.7%
Bitcoin (BTCUSD)-41.7%42.2%-1.1617.6%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with SMA
SMA0.8%26.1%0.10-
Sector ETF (XLRE)3.5%19.1%0.0956.3%
Equity (SPY)13.5%17.1%0.6124.7%
Gold (GLD)16.8%18.2%0.7512.4%
Commodities (DBC)8.4%19.4%0.33-15.5%
Real Estate (VNQ)2.8%18.8%0.0556.6%
Bitcoin (BTCUSD)13.6%54.4%0.4420.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with SMA
SMA0.4%26.1%0.10-
Sector ETF (XLRE)7.1%20.4%0.3056.3%
Equity (SPY)15.3%17.9%0.7324.7%
Gold (GLD)12.5%16.1%0.6412.4%
Commodities (DBC)6.7%18.0%0.29-15.5%
Real Estate (VNQ)5.7%20.7%0.2456.6%
Bitcoin (BTCUSD)60.3%66.8%1.0020.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date5292026
Short Interest: Shares Quantity4.5 Mil
Short Interest: % Change Since 515202624.8%
Average Daily Volume0.7 Mil
Days-to-Cover Short Interest6.6 days
Basic Shares Quantity55.2 Mil
Short % of Basic Shares8.1%

Returns Analyses

Earnings Returns History

Updated 6/9/2026
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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/6/20264.3%-3.7%-3.3%
2/25/20260.2%0.0%-8.5%
11/5/2025-1.0%-5.0%-3.3%
8/6/2025-0.9%1.0%7.3%
5/7/20253.5%3.5%6.9%
SUMMARY STATS   
# Positive332
# Negative223
Median Positive3.5%1.0%7.1%
Median Negative-1.0%-4.3%-3.3%
Max Positive4.3%3.5%7.3%
Max Negative-1.0%-5.0%-8.5%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/08/202610-Q
12/31/202502/27/202610-K
09/30/202511/07/202510-Q
06/30/202508/08/202510-Q
03/31/202505/09/202510-Q
12/31/202403/12/202510-K
09/30/202411/13/202410-Q
06/30/202408/13/202410-Q
03/31/202405/14/202410-Q
12/31/202303/18/202410-K
09/30/202311/14/202310-Q
06/30/202308/10/202310-Q
03/31/202305/11/202310-Q
12/31/202203/03/202310-K
09/30/202211/10/202210-Q
06/30/202208/11/202210-Q

Recent Forward Guidance

Updated 6/1/2026

Latest: Q1 2026 Earnings Reported 5/6/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Revenue Growth-0.25%0.75%1.75%00AffirmedGuidance: 0.75% for 2026
2026 Operating Expense Growth1.75%2.75%3.75%-8.3%-0.2%LoweredGuidance: 3.0% for 2026
2026 Net Operating Income Growth-1.25%-0.25%0.75%-37.5%0.2%RaisedGuidance: -0.4% for 2026
2026 FFO1.941.992.040 AffirmedGuidance: 1.99 for 2026
2026 General and administrative expenses32.25 Mil33.00 Mil33.75 Mil0 AffirmedGuidance: 33.00 Mil for 2026
2026 Interest expense53.00 Mil54.00 Mil55.00 Mil0.9% RaisedGuidance: 53.50 Mil for 2026

Prior: Q4 2025 Earnings Reported 2/25/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Revenue Growth-0.5%0.75%2.0%-64.3%-1.4%LoweredGuidance: 2.1% for 2025
2026 Operating Expense Growth2.0%3.0%4.0%-28.6%-1.2%LoweredGuidance: 4.2% for 2025
2026 Net Operating Income Growth-1.8%-0.4%1.0%-140.0%-1.4%LoweredGuidance: 1.0% for 2025
2026 FFO as adjusted per share1.931.992.055.3% RaisedGuidance: 1.89 for 2025
2026 Non same-store net operating income18.50 Mil19.15 Mil19.80 Mil-7.8% LoweredGuidance: 20.77 Mil for 2025
2026 Tenant Protection Program net revenue9.60 Mil9.78 Mil9.95 Mil3.4% RaisedGuidance: 9.45 Mil for 2025
2026 Managed REIT EBITDA13.25 Mil13.57 Mil13.90 Mil12.7% RaisedGuidance: 12.05 Mil for 2025
2026 Third-Party Platform adjusted EBITDA1.80 Mil2.40 Mil3.00 Mil284.0% RaisedGuidance: 0.62 Mil for 2025
2026 General and administrative expenses32.00 Mil33.00 Mil34.00 Mil2.6% RaisedGuidance: 32.15 Mil for 2025
2026 Interest expense52.00 Mil53.50 Mil55.00 Mil-11.1% LoweredGuidance: 60.15 Mil for 2025
2026 Interest income9.00 Mil9.50 Mil10.00 Mil102.1% RaisedGuidance: 4.70 Mil for 2025
2026 Acquisitions, bridge loans & loans to Managed REITs45.00 Mil55.00 Mil65.00 Mil-85.3% LoweredGuidance: 375.00 Mil for 2025

Insider Activity

Updated 5/19/2026
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#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Mueller, David J DirectSell519202629.6742512,610175,498Form
2Mueller, David J DirectSell417202631.7842513,506201,485Form
3Mueller, David J DirectSell316202632.8142513,944221,988Form
4Schwartz, H. MichaelChief Executive OfficerSee Footnote 1.Buy1118202531.716,250198,188768,968Form
5Look, NicholasGeneral Counsel and SecretaryDirectSell1114202532.8545815,04552,987Form

Industry Resources

External Quote Links


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Core Cache Last Updated: 6/13/2026