Smartstop Self Storage REIT (SMA)
Market Price (10/28/2026): $35.3 | Market Cap: $2.0 BilSector: Real Estate | Industry: Industrial REITs
Smartstop Self Storage REIT (SMA)
Market Price (10/28/2026): $35.3Market Cap: $2.0 BilSector: Real EstateIndustry: Industrial REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.0%, Dividend Yield is 4.5%, FCF Yield is 5.7% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 21% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 36%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 36% Low stock price volatilityVol 12M is 27% Megatrend and thematic driversMegatrends include E-commerce Logistics & Data Centers, Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include E-commerce Logistics REITs, Show more. | Trading close to highsDist 52W High is -1.1%, Dist 3Y High is -4.5% Weak multi-year price returns2Y Excs Rtn is -14%, 3Y Excs Rtn is -65% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 55% Key risksSMA key risks include [1] significant declines in net asset value and limited share liquidity, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.0%, Dividend Yield is 4.5%, FCF Yield is 5.7% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 21% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 36%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 36% |
| Low stock price volatilityVol 12M is 27% |
| Megatrend and thematic driversMegatrends include E-commerce Logistics & Data Centers, Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include E-commerce Logistics REITs, Show more. |
| Trading close to highsDist 52W High is -1.1%, Dist 3Y High is -4.5% |
| Weak multi-year price returns2Y Excs Rtn is -14%, 3Y Excs Rtn is -65% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 55% |
| Key risksSMA key risks include [1] significant declines in net asset value and limited share liquidity, Show more. |
Qualitative Assessment
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Smartstop Self Storage REIT (SMA) stock has gained about 10% since 6/30/2026 because of the following key factors:
1. Strong Funds From Operations (FFO) Growth and Upgraded Guidance in Fiscal Q2 2026. SmartStop Self Storage REIT reported a 17.6% year-over-year increase in Funds from Operations as Adjusted (FFOa) per share for its fiscal Q2 2026, despite missing analysts' consensus earnings per share (EPS) estimates. Following these results, the company raised its 2026 same-store Net Operating Income (NOI) and FFOa per share guidance, signaling strong operational performance and a positive outlook to investors.
2. Strategic Expansion and Increased Financial Guidance. In late September 2026, SmartStop announced approximately $140 million in strategic investments to expand its North American platform. These initiatives are expected to drive accretive growth on a leverage-neutral basis, prompting the company to again raise its 2026 same-store and FFO as adjusted guidance, reinforcing confidence in its growth trajectory.
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Smartstop Self Storage REIT (SMA) stock has gained about 10% since 6/30/2026 because of the following key factors:
1. Strong Funds From Operations (FFO) Growth and Upgraded Guidance in Fiscal Q2 2026. SmartStop Self Storage REIT reported a 17.6% year-over-year increase in Funds from Operations as Adjusted (FFOa) per share for its fiscal Q2 2026, despite missing analysts' consensus earnings per share (EPS) estimates. Following these results, the company raised its 2026 same-store Net Operating Income (NOI) and FFOa per share guidance, signaling strong operational performance and a positive outlook to investors.
2. Strategic Expansion and Increased Financial Guidance. In late September 2026, SmartStop announced approximately $140 million in strategic investments to expand its North American platform. These initiatives are expected to drive accretive growth on a leverage-neutral basis, prompting the company to again raise its 2026 same-store and FFO as adjusted guidance, reinforcing confidence in its growth trajectory.
3. Favorable Industry Supply-Demand Dynamics. The broader self-storage sector is experiencing a significant reduction in new supply. According to a Q3 2026 forecast from Yardi Matrix, new self-storage development starts in 2026 are sharply down year-over-year and are projected to continue declining into 2027. This decreasing supply creates a more favorable environment for existing self-storage operators like SmartStop, supporting occupancy rates and pricing power.
4. Positive Analyst Sentiment and Price Targets. Wall Street analysts maintain a "Moderate Buy" consensus rating for SmartStop Self Storage REIT. As of mid-October 2026, the average 12-month price target from analysts ranges from $36.42 to $37.20, implying a potential upside of approximately 10.27% to 12.76% from recent trading prices around $33. This positive analyst outlook contributes to investor confidence in the stock.
5. Consistent and Attractive Monthly Dividend Payout. SmartStop's commitment to shareholder returns through a consistent monthly dividend attracts income-focused investors. The company pays an annual dividend of $1.60 per share, reflecting a yield of approximately 4.67% to 4.87%. The monthly dividend was recently raised to $0.1359 per share, producing an annualized yield of about 5%, which provides a steady income stream for shareholders.
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Stock Movement Drivers
Fundamental Drivers
The 10.0% change in SMA stock from 6/30/2026 to 10/27/2026 was primarily driven by a 113.1% change in the company's Net Income Margin (%).| (LTM values as of) | 6302026 | 10272026 | Change |
|---|---|---|---|
| Stock Price ($) | 32.10 | 35.31 | 10.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 294 | 306 | 4.2% |
| Net Income Margin (%) | 4.4% | 9.4% | 113.1% |
| P/E Multiple | 136.6 | 67.7 | -50.5% |
| Shares Outstanding (Mil) | 55 | 55 | 0.0% |
| Cumulative Contribution | 10.0% |
Market Drivers
6/30/2026 to 10/27/2026| Return | Correlation | |
|---|---|---|
| SMA | 10.0% | |
| Market (SPY) | 3.1% | 6.4% |
| Sector (XLRE) | -3.6% | 60.7% |
Fundamental Drivers
The 19.5% change in SMA stock from 3/31/2026 to 10/27/2026 was primarily driven by a 9.5% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 10272026 | Change |
|---|---|---|---|
| Stock Price ($) | 29.54 | 35.31 | 19.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 281 | 306 | 9.0% |
| P/S Multiple | 5.8 | 6.4 | 9.5% |
| Shares Outstanding (Mil) | 55 | 55 | 0.1% |
| Cumulative Contribution | 19.5% |
Market Drivers
3/31/2026 to 10/27/2026| Return | Correlation | |
|---|---|---|
| SMA | 19.5% | |
| Market (SPY) | 18.7% | 10.8% |
| Sector (XLRE) | 4.9% | 55.2% |
Fundamental Drivers
The -1.4% change in SMA stock from 9/30/2025 to 10/27/2026 was primarily driven by a -17.3% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 10272026 | Change |
|---|---|---|---|
| Stock Price ($) | 35.82 | 35.31 | -1.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 253 | 306 | 21.1% |
| P/S Multiple | 7.7 | 6.4 | -17.3% |
| Shares Outstanding (Mil) | 54 | 55 | -1.5% |
| Cumulative Contribution | -1.4% |
Market Drivers
9/30/2025 to 10/27/2026| Return | Correlation | |
|---|---|---|
| SMA | -1.4% | |
| Market (SPY) | 16.5% | 23.2% |
| Sector (XLRE) | 3.4% | 58.3% |
Fundamental Drivers
nullnull
Market Drivers
9/30/2023 to 10/27/2026| Return | Correlation | |
|---|---|---|
| SMA | ||
| Market (SPY) | 86.2% | 21.2% |
| Sector (XLRE) | 36.9% | 55.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SMA Return | - | - | - | - | -2% | 18% | 15% |
| Peers Return | 70% | -21% | 14% | 3% | -11% | 13% | 56% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 103% |
Monthly Win Rates [3] | |||||||
| SMA Win Rate | - | - | - | - | 44% | 60% | |
| Peers Win Rate | 73% | 35% | 45% | 57% | 30% | 58% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 40% | |
Max Drawdowns [4] | |||||||
| SMA Max Drawdown | - | - | - | - | - | -14% | |
| Peers Max Drawdown | -15% | -32% | -28% | -19% | -20% | -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, UHAL, SELF.
[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 10/27/2026 (YTD)
How Low Can It Go
SMA has limited trading history. Below is the Real Estate sector ETF (XLRE) in its place.
| Event | XLRE | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -11.8% | -18.8% |
| % Gain to Breakeven | 13.3% | 23.1% |
| Time to Breakeven | 41 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -16.1% | -9.5% |
| % Gain to Breakeven | 19.2% | 10.5% |
| Time to Breakeven | 49 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -13.9% | -6.7% |
| % Gain to Breakeven | 16.1% | 7.1% |
| Time to Breakeven | 266 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -32.7% | -24.5% |
| % Gain to Breakeven | 48.6% | 32.4% |
| Time to Breakeven | 1281 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -37.8% | -33.7% |
| % Gain to Breakeven | 60.8% | 50.9% |
| Time to Breakeven | 368 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -11.4% | -3.7% |
| % Gain to Breakeven | 12.8% | 3.9% |
| Time to Breakeven | 216 days | 6 days |
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.
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Asset Allocation
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SMA has limited trading history. Below is the Real Estate sector ETF (XLRE) in its place.
| Event | XLRE | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -32.7% | -24.5% |
| % Gain to Breakeven | 48.6% | 32.4% |
| Time to Breakeven | 1281 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -37.8% | -33.7% |
| % Gain to Breakeven | 60.8% | 50.9% |
| Time to Breakeven | 368 days | 140 days |
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)
Smartstop Self Storage REIT (SMA) is a premier owner and operator of self-storage facilities across the United States and Canada. The company provides secure, convenient, and affordable self-storage units, operating on a fully integrated, technology-enabled, and data-driven platform designed for efficiency and growth. As of December 31, 2024, SmartStop owned or managed 208 operating stores, positioning it as the tenth largest owner and operator in the U.S. and the largest in the Greater Toronto Area (GTA) based on rentable square footage.
SmartStop's primary markets are high-quality sub-markets within top metropolitan statistical areas (MSAs) in the U.S. and top census metropolitan areas (CMAs) in Canada, with a particular focus on the GTA. A distinctive aspect of SmartStop's strategy is its significant and growing presence in Canada, where it stands as the only U.S. listed self-storage REIT with an owned portfolio and operating platform. This market presents compelling investment opportunities due to strong demographic trends, lower existing supply per capita compared to the U.S., and increasing product utilization.
The company pursues a multi-pronged growth strategy, combining organic growth through revenue management and expense efficiencies within its existing portfolio with external growth via acquisitions and ground-up developments. These external growth initiatives are executed both on-balance sheet and off-balance sheet through its Managed REITs. SmartStop is led by founder and CEO H. Michael Schwartz, who possesses a long and successful track record in the self-storage sector, aiming to capitalize on the industry's attractive long-term growth and free cash flow generation.
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1. Smartstop is like a fast-growing Public Storage or Extra Space Storage, with a distinctive focus on expanding its footprint in Canadian markets.
2. Think of Smartstop as a technology-driven self-storage REIT, similar to CubeSmart or Life Storage, but uniquely positioned as the largest operator in Canada's Greater Toronto Area.
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The major services provided by Smartstop Self Storage REIT (SMA) are:
- Self-Storage Unit Rentals: Providing secure and convenient storage units for individuals and businesses across its owned portfolio of self-storage facilities in the United States and Canada.
- Self-Storage Property Management: Managing self-storage facilities for third-party entities, primarily its sponsored Managed REITs, generating management fees.
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Smartstop Self Storage REIT (SMA) sells primarily to individuals and small businesses who require temporary or long-term storage solutions. The company operates self-storage facilities where customers rent units for their belongings.
The primary categories of customers served by Smartstop Self Storage REIT include:
- Individuals undergoing life transitions: This category includes people who are moving homes (relocating, downsizing, upsizing), renovating their residences, dealing with life events such as marriage, divorce, or the death of a family member, or college students needing storage between semesters.
- Small businesses and entrepreneurs: Many small businesses, e-commerce sellers, and contractors use self-storage units to store inventory, equipment, tools, documents, or samples, particularly if they lack adequate space at their primary business location.
- Individuals seeking decluttering or extra space: This segment includes customers looking to de-clutter their homes, store seasonal items (holiday decorations, sports equipment), hobby supplies, collectibles, or sentimental items that they don't have space for at home but wish to keep.
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SmartCentres (TSX: SRU.UN)
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H. Michael Schwartz, Chairman, Chief Executive Officer, and President
H. Michael Schwartz is the Founder of SmartStop Self Storage REIT, Inc., established in 2013. He began his career in the self-storage business in 2005. In 2007, Mr. Schwartz founded Strategic Storage Trust, Inc., which grew to own and operate 169 self-storage properties. This company was subsequently sold to Extra Space Storage, Inc. for $1.4 billion in October 2015. He also orchestrated a second full-cycle REIT liquidity event in January 2019, involving the all-cash merger of Strategic Storage Growth Trust, Inc. with Strategic Storage Trust II, Inc. With over 33 years of experience, Mr. Schwartz specializes in real estate, securities, and corporate financial management.
James R. Barry, Chief Financial Officer and Treasurer
As Chief Financial Officer, James R. Barry is responsible for all financial aspects of SmartStop Self Storage REIT, Inc., which includes managing the finance team, cash flow planning, equity fundraising, and investor relations.
Wayne Johnson, Director and Chief Investment Officer
Wayne Johnson has served as Chief Investment Officer since June 2015 and was President from June 2019 before joining the Board of Directors in 2026. Prior to this, he was the Senior Vice President of Acquisitions since the company's formation in January 2013, focusing on self-storage acquisitions. His career encompasses senior leadership roles across various affiliated real estate platforms, including Chief Investment Officer positions for all of SmartStop's Managed REITs. Mr. Johnson possesses extensive experience in commercial real estate development and leasing, having managed projects spanning office, warehouse, retail, and self-storage facilities, and has developed, managed, and operated over one million square feet of self-storage properties.
Korey Hanson, President, Chief Operating Officer
As President of SmartStop 3PM, Korey Hanson is responsible for overseeing all operations of the management company, which includes more than 460 managed storage facilities.
Bliss Edwards, Executive VP Canada
Bliss Edwards leads SmartStop Self Storage REIT, Inc.'s acquisition, development, and expansion strategy in Canada. With over a decade of experience in the self-storage industry, she has been instrumental in accelerating the company's growth in Canada since joining in 2019, overseeing a fourfold expansion of SmartStop's development pipeline. She has also played a key role in establishing SmartStop as a leading self-storage operator in North America and a prominent operator in the Greater Toronto Area.
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The key risks to Smartstop Self Storage REIT include:
- Increased Competition and Potential Oversupply: Smartstop's growth strategy and competitive advantage are heavily predicated on identifying markets with favorable supply-demand dynamics, particularly noting "low supply per capita" in key markets like the Greater Toronto Area (GTA). The company explicitly states its belief in "self storage supply constraints" as a driver for returns. If new development by existing or new institutional competitors increases significantly, leading to an oversupply of self-storage facilities in their target metropolitan statistical areas (MSAs) and census metropolitan areas (CMAs), it could erode Smartstop's pricing power, reduce occupancy rates, and negatively impact revenue and net operating income (NOI). The current "limited institutional competition" in Canada could also attract more developers, intensifying market saturation.
- Adverse Economic Conditions and Impact on Demand: The performance of the self-storage sector is influenced by broader economic factors, including population growth, the percentage of renter-occupied housing units, and overall consumer spending. A significant economic downturn, rising unemployment, or a slowdown in population growth in Smartstop's operating markets could lead to reduced demand for storage units. This would result in higher vacancy rates, lower rental rates, and decreased ability to achieve their targeted NOI growth, which averaged 6.0% over the past three years for their same-store portfolio.
- Execution Risks Associated with Growth Strategy: Smartstop employs a multi-pronged growth strategy involving acquisitions, ground-up developments, and expansion through its Managed REITs. This strategy inherently carries risks such as potential cost overruns and delays in development projects, challenges in identifying and integrating suitable acquisition targets, and market timing risks. Furthermore, while the Managed REITs generate fees and enable off-balance sheet growth, their performance and ability to attract capital are not directly controlled by Smartstop, introducing an element of dependency and potential complexity in their overall platform management.
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Here are 3-5 expected drivers of future revenue growth for Smartstop Self Storage REIT (SMA) over the next 2-3 years:
- Organic Growth within Existing Portfolio: Smartstop aims to grow the cash flow of its existing portfolio by utilizing its revenue management systems to optimize pricing and increase revenue.
- External Growth through Acquisitions and Developments: The company expects to grow externally through the acquisition of newly built properties, ground-up developments, and strategic stabilized acquisitions in top metropolitan statistical areas (MSAs) in the United States and census metropolitan areas (CMAs) in Canada.
- Strategic Expansion in the Canadian Market: Smartstop identifies Canada, particularly the Greater Toronto Area (GTA), as a compelling investment opportunity due to strong demographic trends, low supply per capita, increasing product utilization, and limited institutional competition. The joint venture with SmartCentres in Canada provides a pipeline for development opportunities.
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Share Issuance
- SmartStop Self Storage REIT completed an Initial Public Offering (IPO) in April 2025, issuing 31,050,000 shares of common stock at $30.00 per share, generating gross proceeds of $931.5 million and net proceeds of approximately $874.4 million to $875.6 million.
- The net proceeds from the IPO were utilized to redeem approximately $203.6 million of Series A Preferred Stock, repay about $175.1 million of the Keybank Acquisition Facility, and reduce approximately $472.1 million of existing debt under its credit facility.
- In August 2025, SmartStop's operating partnership completed a private placement, raising CAD $200 million (approximately $144 million USD) through 4.317% Series C Senior Unsecured Notes.
Inbound Investments
- The company maintains a strategic joint venture in Canada with SmartCentres, a Toronto Stock Exchange-listed REIT, which provides opportunities for acquiring and developing self-storage properties.
- As of December 31, 2024, SmartStop held a 50% equity interest in 10 facilities through unconsolidated joint ventures.
Outbound Investments
- SmartStop deployed net proceeds from its April 2025 IPO to fund external growth, including property acquisitions, with nearly $200 million deployed into capital during Q2 2025.
- In Q3 2025, the company made approximately $90 million in on-balance sheet acquisitions and acquired a portfolio of five self-storage facilities in Alberta, Canada, for approximately $70.3 million USD.
- Key acquisitions include Strategic Storage Growth Trust II, Inc. (SSGT II) in June 2022, an all-stock transaction valued at $250 million, and plans as of May 2025 to acquire nine facilities or development sites for approximately $157.8 million.
Peer Outperformance in Industrial REITs
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care REITs | 15 | 12.7% | 63.2% | 54.8% | WELL 211% · OHI 128% · CTRE 118% |
| Retail REITs | 22 | 7.4% | 43.8% | 25.2% | SKT 165% · SPG 92% · MAC 68% |
| Real Estate Development | 6 | -10.8% | 21.4% | 15.2% | JOE 52% |
| Hotel & Resort REITs | 16 | 59.6% | 60.7% | 14.5% | HST 93% · RHP 88% · DRH 74% |
| Other Specialized REITs | 11 | 2.2% | 27.2% | 9.6% | IRM 205% · LAMR 77% · OUT 74% |
| Industrial REITs ← | 11 | 2.6% | 38.8% | -3.1% | EGP 18% · FR 10% · TRNO 5% |
| Single-Family Residential REITs | 4 | -1.6% | 9.2% | -19.5% | AMH -8% · ELS -19% · INVH -20% |
| Diversified REITs | 13 | 0.4% | 34.1% | -20.9% | EPRT 12% · WPC 10% · LXP 8% |
| Multi-Family Residential REITs | 12 | -3.9% | 28.0% | -22.8% | ESS -3% · VMRK -12% · IRT -21% |
| Office REITs | 18 | -8.0% | 35.7% | -34.0% | CDP 55% · SLG -2% · HIW -5% |
| Real Estate Services | 27 | -29.0% | -8.6% | -35.5% | CBRE 18% · JLL 15% · NMRK -18% |
| Telecom Tower REITs | 3 | -4.2% | 14.9% | -36.8% | AMT -24% · CCI -37% · SBAC -43% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Smartstop Self Storage REIT Earnings Notes | 12/16/2025 | |
| How Low Can Smartstop Self Storage REIT Stock Really Go? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 48.12 |
| Mkt Cap | 10.1 |
| Rev LTM | 2,291 |
| Op Inc LTM | 444 |
| FCF LTM | 350 |
| FCF 3Y Avg | 343 |
| CFO LTM | 1,212 |
| CFO 3Y Avg | 1,119 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.0% |
| Rev Chg 3Y Avg | 3.6% |
| Rev Chg Q | 3.5% |
| QoQ Delta Rev Chg LTM | 0.9% |
| Op Inc Chg LTM | -2.8% |
| Op Inc Chg 3Y Avg | -0.6% |
| Op Mgn LTM | 30.8% |
| Op Mgn 3Y Avg | 34.4% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 44.3% |
| CFO/Rev 3Y Avg | 45.6% |
| FCF/Rev LTM | 44.0% |
| FCF/Rev 3Y Avg | 44.6% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Self Storage | 250 | 219 | 215 | 200 | 158 |
| Managed Platform | 32 | 18 | 18 | 12 | 11 |
| Corporate and Other | 0 | 0 | 0 | 0 | 0 |
| Total | 281 | 237 | 233 | 213 | 169 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Self Storage | 91 | 93 | 91 | 78 | 58 |
| Managed Platform | 8 | 7 | 8 | 17 | -17 |
| Corporate and Other | -39 | -31 | -28 | -29 | -24 |
| Total | 59 | 69 | 71 | 66 | 17 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Self Storage | 27 | 19 | 32 | 34 | 22 |
| Managed Platform | 11 | 8 | 10 | 18 | -16 |
| Corporate and Other | -39 | -33 | -30 | -30 | -25 |
| Total | -2 | -6 | 12 | 22 | -20 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Self Storage | 2,205 | 1,915 | 1,799 | 1,821 | 1,547 |
| Managed Platform | 165 | 64 | 42 | 65 | 22 |
| Corporate and Other | 63 | 63 | 55 | 61 | 50 |
| Total | 2,432 | 2,042 | 1,896 | 1,947 | 1,618 |
Price Behavior
| Market Price | $35.31 | |
| Market Cap ($ Bil) | 2.0 | |
| First Trading Date | 04/02/2025 | |
| Distance from 52W High | -1.1% | |
| 50 Days | 200 Days | |
| DMA Price | $32.98 | $31.97 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 7.1% | 10.4% |
| 3M | 1YR | |
| Volatility | 21.9% | 26.9% |
| Downside Capture | 38.64 | 62.88 |
| Upside Capture | 47.42 | 52.66 |
| Correlation (S&P 500) | 5.3% | 25.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.94 | 0.53 | 0.21 | 0.27 | 0.52 | 0.02 |
| Up Beta | 0.15 | 0.42 | -0.84 | 0.24 | 0.32 | -0.06 |
| Down Beta | 1.47 | 0.88 | 1.12 | 0.48 | 0.92 | -0.04 |
| Up Capture | 93% | 37% | 32% | 23% | 25% | 5% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 11 | 20 | 32 | 65 | 128 | 196 |
| Down Capture | 107% | 81% | 39% | 16% | 63% | 47% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 11 | 22 | 32 | 61 | 123 | 177 |
[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 | -2.0% | 26.9% | -0.11 | - |
| Sector ETF (XLRE) | 2.2% | 14.4% | -0.09 | 60.3% |
| Equity (SPY) | 14.6% | 12.7% | 0.79 | 24.3% |
| Gold (GLD) | -1.4% | 28.5% | -0.06 | 14.5% |
| Commodities (DBC) | 47.3% | 20.6% | 1.76 | -25.7% |
| Real Estate (VNQ) | 3.8% | 13.9% | 0.02 | 61.5% |
| Bitcoin (BTCUSD) | -27.9% | 43.4% | -0.63 | 14.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SMA | |
|---|---|---|---|---|
| SMA | 3.0% | 25.5% | 0.33 | - |
| Sector ETF (XLRE) | 1.4% | 19.1% | -0.03 | 55.8% |
| Equity (SPY) | 12.8% | 17.1% | 0.56 | 21.2% |
| Gold (GLD) | 17.6% | 18.9% | 0.75 | 11.0% |
| Commodities (DBC) | 9.2% | 19.5% | 0.35 | -18.3% |
| Real Estate (VNQ) | 1.0% | 18.9% | -0.06 | 56.4% |
| Bitcoin (BTCUSD) | 4.5% | 51.6% | 0.27 | 16.6% |
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 | |
|---|---|---|---|---|
| SMA | 1.5% | 25.5% | 0.33 | - |
| Sector ETF (XLRE) | 6.6% | 20.4% | 0.27 | 55.8% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 21.2% |
| Gold (GLD) | 12.0% | 16.4% | 0.60 | 11.0% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | -18.3% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 56.4% |
| Bitcoin (BTCUSD) | 62.2% | 66.2% | 1.02 | 16.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 1.8% | -0.4% | -1.8% |
| 5/6/2026 | 4.3% | -3.7% | -3.3% |
| 2/25/2026 | 0.2% | 0.0% | -8.5% |
| 11/5/2025 | -1.0% | -5.0% | -3.3% |
| 8/6/2025 | -0.9% | 1.0% | 7.3% |
| 5/7/2025 | 3.5% | 3.5% | 6.9% |
| SUMMARY STATS | |||
| # Positive | 4 | 3 | 2 |
| # Negative | 2 | 3 | 4 |
| Median Positive | 2.7% | 1.0% | 7.1% |
| Median Negative | -1.0% | -3.7% | -3.3% |
| Max Positive | 4.3% | 3.5% | 7.3% |
| Max Negative | -1.0% | -5.0% | -8.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 1.8% | -0.4% | -1.8% |
| 5/6/2026 | 4.3% | -3.7% | -3.3% |
| 2/25/2026 | 0.2% | 0.0% | -8.5% |
| 11/5/2025 | -1.0% | -5.0% | -3.3% |
| 8/6/2025 | -0.9% | 1.0% | 7.3% |
| 5/7/2025 | 3.5% | 3.5% | 6.9% |
| SUMMARY STATS | |||
| # Positive | 4 | 3 | 2 |
| # Negative | 2 | 3 | 4 |
| Median Positive | 2.7% | 1.0% | 7.1% |
| Median Negative | -1.0% | -3.7% | -3.3% |
| Max Positive | 4.3% | 3.5% | 7.3% |
| Max Negative | -1.0% | -5.0% | -8.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 03/12/2025 | 10-K |
| 09/30/2024 | 11/13/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 03/18/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/03/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 03/12/2025 | 10-K |
| 09/30/2024 | 11/13/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 03/18/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/03/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/11/2022 | 10-Q |
| 03/31/2022 | 05/11/2022 | 10-Q |
| 12/31/2021 | 03/23/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/13/2021 | 10-Q |
| 03/31/2021 | 05/14/2021 | 10-Q |
| 12/31/2020 | 03/26/2021 | 10-K |
| 09/30/2020 | 11/13/2020 | 10-Q |
Recent Forward Guidance
Updated 10/26/2026Latest: Q2 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 FFO, as adjusted per share | Reported | 1.98 | 2.01 | 1.0% | Raised | Guidance: 1.99 for 2026 | ||
| 2026 General and administrative expenses | Reported | 33.00 Mil | 33.50 Mil | 1.5% | Raised | Guidance: 33.00 Mil for 2026 | ||
| 2026 Non same-store net operating income | Reported | 19.90 Mil | 20.30 Mil | |||||
| 2026 Tenant Protection Program net margin | Reported | 9.625E8% | 9.775E8% | |||||
| 2026 Investment income, net | Reported | 9.20 Mil | 9.60 Mil | |||||
| 2026 Acquisitions, loans, bridge loans & preferred investments | Reported | 55.00 Mil | 65.00 Mil | |||||
| 2026 Solar spend | Reported | 2.25 Mil | 2.50 Mil | |||||
| 2026 Development spend | Reported | 9.00 Mil | 9.50 Mil | |||||
| 2026 Redevelopment and expansion spend | Reported | 13.00 Mil | 14.00 Mil | |||||
| 2026 Revenue Growth | Reported | 0.5% | 1.0% | 0.2% | Raised | Guidance: 0.75% for 2026 | ||
| 2026 Operating Expense Growth | Reported | 0.25% | 0.75% | -2.0% | Lowered | Guidance: 2.75% for 2026 | ||
| 2026 Net Operating Income Growth | Reported | 0.65% | 1.15% | 1.4% | Raised | Guidance: -0.25% for 2026 | ||
| 2026 Managed REIT adjusted EBITDA | Reported | 13.65 Mil | 13.95 Mil | |||||
| 2026 Third-party management adjusted EBITDA | Reported | 1.75 Mil | 2.00 Mil | |||||
| 2026 Interest expense | Reported | 53.45 Mil | 54.20 Mil | 0.4% | Raised | Guidance: 54.00 Mil for 2026 | ||
Prior: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Same-store Revenue Growth | Reported | -0.25% | 0.75% | 1.75% | 0.0% | Affirmed | Guidance: 0.75% for 2026 | |
| 2026 Same-store Operating Expense Growth | Reported | 1.75% | 2.75% | 3.75% | -0.2% | Lowered | Guidance: 3.0% for 2026 | |
| 2026 Same-store Net Operating Income Growth | Reported | -1.25% | -0.25% | 0.75% | 0.2% | Raised | Guidance: -0.4% for 2026 | |
| 2026 FFO, as adjusted per share & OP unit outstanding - diluted | Reported | 1.94 | 1.99 | 2.04 | 0.0% | Affirmed | Guidance: 1.99 for 2026 | |
| 2026 General and administrative expenses | Reported | 32.25 Mil | 33.00 Mil | 33.75 Mil | 0.0% | Affirmed | Guidance: 33.00 Mil for 2026 | |
| 2026 Interest expense | Reported | 53.00 Mil | 54.00 Mil | 55.00 Mil | 0.9% | Raised | Guidance: 53.50 Mil for 2026 | |
Q4 2025 Earnings Reported 2/25/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 FFO as adjusted per share | Reported | 1.93 | 1.99 | 2.05 | 5.3% | Higher New | Guidance: 1.89 for 2025 | |
| 2026 Non same-store net operating income | Reported | 18.50 Mil | 19.15 Mil | 19.80 Mil | -7.8% | Lower New | Guidance: 20.77 Mil for 2025 | |
| 2026 General and administrative expenses | Reported | 32.00 Mil | 33.00 Mil | 34.00 Mil | 2.6% | Higher New | Guidance: 32.15 Mil for 2025 | |
| 2026 Acquisitions, bridge loans & loans to Managed REITs | Reported | 45.00 Mil | 55.00 Mil | 65.00 Mil | -85.3% | Lower New | Guidance: 375.00 Mil for 2025 | |
| 2026 Revenue Growth | Reported | -0.5% | 0.75% | 2.0% | -1.4% | Lower New | Guidance: 2.1% for 2025 | |
| 2026 Tenant Protection Program net revenue | Reported | 9.60 Mil | 9.78 Mil | 9.95 Mil | 3.4% | Higher New | Guidance: 9.45 Mil for 2025 | |
| 2026 Operating Expense Growth | Reported | 2.0% | 3.0% | 4.0% | -1.2% | Lower New | Guidance: 4.2% for 2025 | |
| 2026 Net Operating Income Growth | Reported | -1.8% | -0.4% | 1.0% | -1.4% | Lower New | Guidance: 1.0% for 2025 | |
| 2026 Managed REIT EBITDA | Reported | 13.25 Mil | 13.57 Mil | 13.90 Mil | 12.7% | Higher New | Guidance: 12.05 Mil for 2025 | |
| 2026 Third-Party Platform adjusted EBITDA | Reported | 1.80 Mil | 2.40 Mil | 3.00 Mil | 284.0% | Higher New | Guidance: 0.62 Mil for 2025 | |
| 2026 Interest expense | Reported | 52.00 Mil | 53.50 Mil | 55.00 Mil | -11.1% | Lower New | Guidance: 60.15 Mil for 2025 | |
| 2026 Interest income | Reported | 9.00 Mil | 9.50 Mil | 10.00 Mil | 102.1% | Higher New | Guidance: 4.70 Mil for 2025 | |
Q3 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 FFO, as adjusted per share & OP unit outstanding - diluted | Reported | 1.87 | 1.89 | 1.91 | 0 | Affirmed | Guidance: 1.89 for 2025 | |
| 2025 Non same-store net operating income | Reported | 20.60 Mil | 20.77 Mil | 20.95 Mil | 7.4% | Raised | Guidance: 19.35 Mil for 2025 | |
| 2025 General and administrative expenses | Reported | 32.05 Mil | 32.15 Mil | 32.25 Mil | 4.0% | Raised | Guidance: 30.90 Mil for 2025 | |
| 2025 Acquisitions | Reported | 365.00 Mil | 375.00 Mil | 385.00 Mil | 0 | Affirmed | Guidance: 375.00 Mil for 2025 | |
| 2025 Revenue Growth | Reported | 1.9% | 2.1% | 2.3% | -0.2% | Lowered | Guidance: 2.3% for 2025 | |
| 2025 Tenant Protection Program net revenue | Reported | 9.30 Mil | 9.45 Mil | 9.60 Mil | 5.0% | Raised | Guidance: 9.00 Mil for 2025 | |
| 2025 Operating Expense Growth | Reported | 4.0% | 4.2% | 4.4% | -0.6% | Lowered | Guidance: 4.8% for 2025 | |
| 2025 Net Operating Income Growth | Reported | 0.9% | 1.0% | 1.1% | -0.1% | Lowered | Guidance: 1.1% for 2025 | |
| 2025 Managed REIT EBITDA | Reported | 11.80 Mil | 12.05 Mil | 12.30 Mil | 0.4% | Raised | Guidance: 12.00 Mil for 2025 | |
| 2025 Third-party management adjusted EBITDA | Reported | 0.60 Mil | 0.62 Mil | 0.65 Mil | ||||
| 2025 Interest expense | Reported | 59.80 Mil | 60.15 Mil | 60.50 Mil | -2.5% | Lowered | Guidance: 61.70 Mil for 2025 | |
| 2025 Interest income | Reported | 4.60 Mil | 4.70 Mil | 4.80 Mil | 10.6% | Raised | Guidance: 4.25 Mil for 2025 | |
Insider Activity
Updated 10/19/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Mueller, David J | Direct | Sell | 10192026 | 33.98 | 425 | 14,441 | 128,784 | Form | |
| 2 | Mueller, David J | Direct | Sell | 9172026 | 32.05 | 425 | 13,621 | 135,091 | Form | |
| 3 | Mueller, David J | Direct | Sell | 8182026 | 33.70 | 425 | 14,323 | 156,368 | Form | |
| 4 | Look, Nicholas | General Counsel and Secretary | Direct | Sell | 8182026 | 34.36 | 1,025 | 35,219 | 20,204 | Form |
| 5 | Mueller, David J | Direct | Sell | 7162026 | 33.38 | 425 | 14,187 | 169,070 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Mueller, David J | Direct | Sell | 10192026 | 33.98 | 425 | 14,441 | 128,784 | Form | |
| 2 | Mueller, David J | Direct | Sell | 9172026 | 32.05 | 425 | 13,621 | 135,091 | Form | |
| 3 | Mueller, David J | Direct | Sell | 8182026 | 33.70 | 425 | 14,323 | 156,368 | Form | |
| 4 | Look, Nicholas | General Counsel and Secretary | Direct | Sell | 8182026 | 34.36 | 1,025 | 35,219 | 20,204 | Form |
| 5 | Mueller, David J | Direct | Sell | 7162026 | 33.38 | 425 | 14,187 | 169,070 | Form | |
| 6 | Mueller, David J | Direct | Sell | 6172026 | 32.44 | 425 | 13,787 | 178,096 | Form | |
| 7 | Mueller, David J | Direct | Sell | 5192026 | 29.67 | 425 | 12,610 | 175,498 | Form | |
| 8 | Mueller, David J | Direct | Sell | 4172026 | 31.78 | 425 | 13,506 | 201,485 | Form | |
| 9 | Mueller, David J | Direct | Sell | 3162026 | 32.81 | 425 | 13,944 | 221,988 | Form | |
| 10 | Schwartz, H. Michael | Chief Executive Officer | See Footnote 1. | Buy | 11182025 | 31.71 | 6,250 | 198,188 | 768,968 | Form |
| 11 | Look, Nicholas | General Counsel and Secretary | Direct | Sell | 11142025 | 32.85 | 458 | 15,045 | 52,987 | Form |
| 12 | Barry, James R | CFO and Treasurer | Direct | Buy | 11122025 | 33.55 | 600 | 20,130 | 113,231 | Form |
Investor Activity (13F)
Updated Oct 28, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Industrial REITs Resources |
| NAIOP |
| Industrial Property Journal |
| Commercial Property Executive - Industrial |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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