Smartstop Self Storage REIT (SMA)
Market Price (7/29/2026): $35.39 | Market Cap: $2.0 BilSector: Real Estate | Industry: Industrial REITs
Smartstop Self Storage REIT (SMA)
Market Price (7/29/2026): $35.39Market 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 5.1%, Dividend Yield is 4.4%, FCF Yield is 5.0% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 20% Attractive cash flow generationCFO/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 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. | Weak multi-year price returns2Y Excs Rtn is -19%, 3Y Excs Rtn is -49% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 54% Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 151x 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 5.1%, Dividend Yield is 4.4%, FCF Yield is 5.0% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 20% |
| Attractive cash flow generationCFO/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 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. |
| Weak multi-year price returns2Y Excs Rtn is -19%, 3Y Excs Rtn is -49% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 54% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 151x |
| Key risksSMA key risks include [1] significant declines in net asset value and limited share liquidity, Show more. |
Qualitative Assessment
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Updated on 7/16/2026
Smartstop Self Storage REIT (SMA) stock has gained about 20% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Earnings Outperformance.
SmartStop Self Storage REIT (SMA) reported a significant beat in its fiscal Q1 2026 earnings, with earnings per share (EPS) of $0.17, crushing the consensus estimate of $0.0909 by 87.02%. This strong performance reversed a previous loss, with net income attributable to common stockholders reaching approximately $9.6 million, compared to a loss of $18 million in the prior year's same period. The company also achieved same-store revenue growth of 1.5% and same-store net operating income (NOI) growth of 2.0%, accompanied by a 30-basis-point expansion in operating margin. The positive announcement led to an 8% surge in the stock price in after-hours trading, reaching $33.48.
2. Increased Shareholder Returns Through Higher Dividends.
SmartStop Self Storage REIT demonstrated a commitment to shareholder returns by declaring an increased monthly dividend for July 2026. The dividend was set at $0.13589041 per share, targeting an annualized payout of $1.60 per share, an increase from the previous monthly dividend of $0.13. This enhanced dividend policy implies a 4.7% yield, signaling financial health and providing an attractive income stream for investors.
Show more
Smartstop Self Storage REIT (SMA) stock has gained about 20% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Earnings Outperformance.
SmartStop Self Storage REIT (SMA) reported a significant beat in its fiscal Q1 2026 earnings, with earnings per share (EPS) of $0.17, crushing the consensus estimate of $0.0909 by 87.02%. This strong performance reversed a previous loss, with net income attributable to common stockholders reaching approximately $9.6 million, compared to a loss of $18 million in the prior year's same period. The company also achieved same-store revenue growth of 1.5% and same-store net operating income (NOI) growth of 2.0%, accompanied by a 30-basis-point expansion in operating margin. The positive announcement led to an 8% surge in the stock price in after-hours trading, reaching $33.48.
2. Increased Shareholder Returns Through Higher Dividends.
SmartStop Self Storage REIT demonstrated a commitment to shareholder returns by declaring an increased monthly dividend for July 2026. The dividend was set at $0.13589041 per share, targeting an annualized payout of $1.60 per share, an increase from the previous monthly dividend of $0.13. This enhanced dividend policy implies a 4.7% yield, signaling financial health and providing an attractive income stream for investors.
Show more
Updated on 7/16/2026
Smartstop Self Storage REIT (SMA) stock has gained about 20% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Earnings Outperformance.
SmartStop Self Storage REIT (SMA) reported a significant beat in its fiscal Q1 2026 earnings, with earnings per share (EPS) of $0.17, crushing the consensus estimate of $0.0909 by 87.02%. This strong performance reversed a previous loss, with net income attributable to common stockholders reaching approximately $9.6 million, compared to a loss of $18 million in the prior year's same period. The company also achieved same-store revenue growth of 1.5% and same-store net operating income (NOI) growth of 2.0%, accompanied by a 30-basis-point expansion in operating margin. The positive announcement led to an 8% surge in the stock price in after-hours trading, reaching $33.48.
2. Increased Shareholder Returns Through Higher Dividends.
SmartStop Self Storage REIT demonstrated a commitment to shareholder returns by declaring an increased monthly dividend for July 2026. The dividend was set at $0.13589041 per share, targeting an annualized payout of $1.60 per share, an increase from the previous monthly dividend of $0.13. This enhanced dividend policy implies a 4.7% yield, signaling financial health and providing an attractive income stream for investors.
3. Positive Analyst Revisions and Price Target Upgrades.
During the period, SmartStop Self Storage REIT received favorable coverage and upgrades from several financial analysts. Raymond James reinstated its coverage with a "Strong Buy" recommendation and a price target of $39 on July 15, 2026, noting the company's potential for external growth. Other positive adjustments included Wells Fargo boosting its price objective from $30.00 to $32.00 on June 1, 2026, and Weiss Ratings upgrading the stock from "sell (d+)" to "hold (c-)" on May 11, 2026. Zacks Research also upgraded SMA from "strong sell" to "hold" on May 8, 2026. These collective revisions contributed to an average analyst rating of "Moderate Buy" with a consensus price target of approximately $36.31.
4. Strategic Operational Expansion and Growth Opportunities.
The company's strategic initiatives, particularly the Argus third-party management acquisition, have been highlighted as a driver for future growth. This acquisition is expected to nearly double SmartStop's operating footprint, enhance its data-driven dynamic pricing capabilities, and establish a captive pipeline for off-market deals. Analysts believe this expansion will support higher revenue growth and fee income as the platform scales. Furthermore, SmartStop's comparatively smaller scale within the REIT sector is seen as an advantage, positioning it well to capitalize on additional external growth opportunities that can significantly impact its performance. As of July 7, 2026, SmartStop's owned or managed portfolio includes 460 operating properties across 36 states, Washington, D.C., and Canada, comprising over 275,000 units.
Show less
Smartstop Self Storage REIT (SMA) stock has gained about 20% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Earnings Outperformance.
SmartStop Self Storage REIT (SMA) reported a significant beat in its fiscal Q1 2026 earnings, with earnings per share (EPS) of $0.17, crushing the consensus estimate of $0.0909 by 87.02%. This strong performance reversed a previous loss, with net income attributable to common stockholders reaching approximately $9.6 million, compared to a loss of $18 million in the prior year's same period. The company also achieved same-store revenue growth of 1.5% and same-store net operating income (NOI) growth of 2.0%, accompanied by a 30-basis-point expansion in operating margin. The positive announcement led to an 8% surge in the stock price in after-hours trading, reaching $33.48.
2. Increased Shareholder Returns Through Higher Dividends.
SmartStop Self Storage REIT demonstrated a commitment to shareholder returns by declaring an increased monthly dividend for July 2026. The dividend was set at $0.13589041 per share, targeting an annualized payout of $1.60 per share, an increase from the previous monthly dividend of $0.13. This enhanced dividend policy implies a 4.7% yield, signaling financial health and providing an attractive income stream for investors.
3. Positive Analyst Revisions and Price Target Upgrades.
During the period, SmartStop Self Storage REIT received favorable coverage and upgrades from several financial analysts. Raymond James reinstated its coverage with a "Strong Buy" recommendation and a price target of $39 on July 15, 2026, noting the company's potential for external growth. Other positive adjustments included Wells Fargo boosting its price objective from $30.00 to $32.00 on June 1, 2026, and Weiss Ratings upgrading the stock from "sell (d+)" to "hold (c-)" on May 11, 2026. Zacks Research also upgraded SMA from "strong sell" to "hold" on May 8, 2026. These collective revisions contributed to an average analyst rating of "Moderate Buy" with a consensus price target of approximately $36.31.
4. Strategic Operational Expansion and Growth Opportunities.
The company's strategic initiatives, particularly the Argus third-party management acquisition, have been highlighted as a driver for future growth. This acquisition is expected to nearly double SmartStop's operating footprint, enhance its data-driven dynamic pricing capabilities, and establish a captive pipeline for off-market deals. Analysts believe this expansion will support higher revenue growth and fee income as the platform scales. Furthermore, SmartStop's comparatively smaller scale within the REIT sector is seen as an advantage, positioning it well to capitalize on additional external growth opportunities that can significantly impact its performance. As of July 7, 2026, SmartStop's owned or managed portfolio includes 460 operating properties across 36 states, Washington, D.C., and Canada, comprising over 275,000 units.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 18.3% change in SMA stock from 3/31/2026 to 7/28/2026 was primarily driven by a 13.0% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 7282026 | Change |
|---|---|---|---|
| Stock Price ($) | 29.90 | 35.39 | 18.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 281 | 294 | 4.6% |
| P/S Multiple | 5.9 | 6.6 | 13.0% |
| Shares Outstanding (Mil) | 55 | 55 | 0.2% |
| Cumulative Contribution | 18.3% |
Market Drivers
3/31/2026 to 7/28/2026| Return | Correlation | |
|---|---|---|
| SMA | 18.3% | |
| Market (SPY) | 13.9% | 11.4% |
| Sector (XLRE) | 12.7% | 54.5% |
Fundamental Drivers
The 17.3% change in SMA stock from 12/31/2025 to 7/28/2026 was primarily driven by a 11.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 12312025 | 7282026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.17 | 35.39 | 17.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 263 | 294 | 11.6% |
| P/S Multiple | 6.3 | 6.6 | 5.3% |
| Shares Outstanding (Mil) | 55 | 55 | -0.3% |
| Cumulative Contribution | 17.3% |
Market Drivers
12/31/2025 to 7/28/2026| Return | Correlation | |
|---|---|---|
| SMA | 17.3% | |
| Market (SPY) | 8.9% | 28.0% |
| Sector (XLRE) | 14.8% | 62.8% |
Fundamental Drivers
The 2.5% change in SMA stock from 6/30/2025 to 7/28/2026 was primarily driven by a 96.8% change in the company's P/S Multiple.| (LTM values as of) | 6302025 | 7282026 | Change |
|---|---|---|---|
| Stock Price ($) | 34.52 | 35.39 | 2.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 245 | 294 | 19.8% |
| P/S Multiple | 3.4 | 6.6 | 96.8% |
| Shares Outstanding (Mil) | 24 | 55 | -56.5% |
| Cumulative Contribution | 2.5% |
Market Drivers
6/30/2025 to 7/28/2026| Return | Correlation | |
|---|---|---|
| SMA | 2.5% | |
| Market (SPY) | 20.9% | 23.9% |
| Sector (XLRE) | 13.9% | 60.1% |
Fundamental Drivers
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Market Drivers
6/30/2023 to 7/28/2026| Return | Correlation | |
|---|---|---|
| SMA | ||
| Market (SPY) | 73.0% | 22.6% |
| Sector (XLRE) | 34.1% | 55.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SMA Return | - | - | - | - | -2% | 16% | 14% |
| Peers Return | 80% | -28% | 18% | -3% | -15% | 34% | 68% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| SMA Win Rate | - | - | - | - | 44% | 71% | |
| Peers Win Rate | 77% | 32% | 43% | 57% | 27% | 77% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
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 7/28/2026 (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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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 real estate investment trust focused on the acquisition, development, ownership, and management of self-storage facilities. As a REIT, the company generates its primary revenue through the rental of self-storage units, providing investors with exposure to the stable and growing self-storage real estate market. SMA is actively involved in operating these properties, ensuring a consistent and reliable service for its clientele.
The core service offered by Smartstop is the rental of secure self-storage units, available in a variety of sizes to meet diverse customer needs. Its primary customer base includes individuals who require space for household goods, furniture, seasonal items, or during life transitions such as moving or renovating. The company also serves small businesses that utilize its facilities for inventory storage, document archiving, and equipment storage, catering to the local communities surrounding its numerous property locations.
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1. Public Storage (PSA) for local self-storage needs.
2. Extra Space Storage (EXR) for neighborhood storage units.
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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.
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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.
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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.
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Key Risks to Smartstop Self Storage REIT (SMA):
- 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.
- 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.
- 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.
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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.
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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.
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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.
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 | 73.27 |
| Mkt Cap | 14.4 |
| Rev LTM | 3,414 |
| Op Inc LTM | 461 |
| FCF LTM | 611 |
| FCF 3Y Avg | 621 |
| CFO LTM | 1,795 |
| CFO 3Y Avg | 1,567 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.2% |
| Rev Chg 3Y Avg | 4.1% |
| Rev Chg Q | 3.3% |
| QoQ Delta Rev Chg LTM | 0.8% |
| Op Inc Chg LTM | -6.8% |
| Op Inc Chg 3Y Avg | 1.4% |
| Op Mgn LTM | 39.5% |
| Op Mgn 3Y Avg | 43.6% |
| QoQ Delta Op Mgn LTM | -0.5% |
| CFO/Rev LTM | 54.0% |
| CFO/Rev 3Y Avg | 56.0% |
| FCF/Rev LTM | 53.9% |
| FCF/Rev 3Y Avg | 55.4% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Self Storage | 219 | 215 | 200 | 158 | 110 |
| Managed real estate investment trust (REIT) Platform | 18 | 18 | 12 | 11 | 14 |
| Corporate and Other | 0 | 0 | 0 | 0 | 0 |
| Total | 237 | 233 | 213 | 169 | 124 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Self Storage | 93 | 91 | 78 | 58 | 33 |
| Managed real estate investment trust (REIT) Platform | 7 | 8 | 17 | -17 | -38 |
| Corporate and Other | -31 | -28 | -29 | -24 | -17 |
| Total | 69 | 71 | 66 | 17 | -21 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Self Storage | 19 | 32 | 34 | 22 | -1 |
| Managed real estate investment trust (REIT) Platform | 8 | 10 | 18 | -16 | -33 |
| Corporate and Other | -33 | -30 | -30 | -25 | -17 |
| Total | -6 | 12 | 22 | -20 | -51 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Self Storage | 1,915 | 1,799 | 1,821 | 1,547 | 1,172 |
| Managed real estate investment trust (REIT) Platform | 64 | 42 | 65 | 22 | 44 |
| Corporate and Other | 63 | 55 | 61 | 50 | 66 |
| Total | 2,042 | 1,896 | 1,947 | 1,618 | 1,282 |
Price Behavior
Price Behavior
| Market Price | $35.39 | |
| Market Cap ($ Bil) | 2.0 | |
| First Trading Date | 12/29/2006 | |
| Distance from 52W High | -5.4% | |
| 50 Days | 200 Days | |
| DMA Price | $32.32 | $33.06 |
| DMA Trend | down | up |
| Distance from DMA | 9.5% | 7.0% |
| 3M | 1YR | |
| Volatility | 29.6% | 27.4% |
| Downside Capture | -14.56 | 47.26 |
| Upside Capture | 40.54 | 41.36 |
| Correlation (SPY) | 5.4% | 24.3% |
SMA Betas & Captures as of 6/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.27 | 0.13 | 0.35 | 0.66 | 0.54 | 0.02 |
| Up Beta | -0.87 | 0.14 | 0.83 | 0.55 | 0.58 | -0.36 |
| Down Beta | 0.13 | 0.31 | 0.28 | 1.10 | 0.74 | 0.11 |
| Up Capture | 0% | 18% | 26% | 51% | 26% | 5% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 11 | 21 | 34 | 66 | 130 | 164 |
| Down Capture | -48% | -8% | -12% | 55% | 62% | 43% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 10 | 20 | 29 | 58 | 120 | 145 |
[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 | 2.6% | 27.4% | 0.08 | - |
| Sector ETF (XLRE) | 10.3% | 14.4% | 0.46 | 59.8% |
| Equity (SPY) | 17.3% | 12.7% | 0.99 | 24.3% |
| Gold (GLD) | 20.2% | 28.1% | 0.64 | 13.3% |
| Commodities (DBC) | 29.1% | 19.5% | 1.19 | -23.3% |
| Real Estate (VNQ) | 14.4% | 14.1% | 0.72 | 61.1% |
| Bitcoin (BTCUSD) | -46.4% | 42.9% | -1.33 | 14.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SMA | |
|---|---|---|---|---|
| SMA | 2.8% | 26.2% | 0.37 | - |
| Sector ETF (XLRE) | 3.1% | 19.1% | 0.06 | 55.9% |
| Equity (SPY) | 12.9% | 17.1% | 0.58 | 22.6% |
| Gold (GLD) | 16.9% | 18.4% | 0.74 | 10.7% |
| Commodities (DBC) | 9.1% | 19.5% | 0.36 | -18.1% |
| Real Estate (VNQ) | 2.9% | 18.9% | 0.05 | 56.4% |
| Bitcoin (BTCUSD) | 16.2% | 53.4% | 0.48 | 17.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SMA | |
|---|---|---|---|---|
| SMA | 1.4% | 26.2% | 0.37 | - |
| Sector ETF (XLRE) | 6.5% | 20.4% | 0.27 | 55.9% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 22.6% |
| Gold (GLD) | 11.3% | 16.1% | 0.57 | 10.7% |
| Commodities (DBC) | 6.8% | 18.0% | 0.30 | -18.1% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 56.4% |
| Bitcoin (BTCUSD) | 57.5% | 66.2% | 0.98 | 17.7% |
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Returns Analyses
Earnings Returns History
Updated 7/21/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 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 | 3 | 3 | 2 |
| # Negative | 2 | 2 | 3 |
| Median Positive | 3.5% | 1.0% | 7.1% |
| Median Negative | -1.0% | -4.3% | -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 |
| 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 | 3 | 3 | 2 |
| # Negative | 2 | 2 | 3 |
| Median Positive | 3.5% | 1.0% | 7.1% |
| Median Negative | -1.0% | -4.3% | -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 |
|---|---|---|
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 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 7/27/2026Latest: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Same-store Revenue Growth | -0.25% | 0.75% | 1.75% | 0.0% | Affirmed | Guidance: 0.75% for 2026 | |
| 2026 Same-store Operating Expense Growth | 1.75% | 2.75% | 3.75% | -0.2% | Lowered | Guidance: 3.0% for 2026 | |
| 2026 Same-store Net Operating Income Growth | -1.25% | -0.25% | 0.75% | 0.2% | Raised | Guidance: -0.4% for 2026 | |
| 2026 FFO, as adjusted per share & OP unit outstanding - diluted | 1.94 | 1.99 | 2.04 | 0.0% | Affirmed | Guidance: 1.99 for 2026 | |
| 2026 General and administrative expenses | 32.25 Mil | 33.00 Mil | 33.75 Mil | 0.0% | Affirmed | Guidance: 33.00 Mil for 2026 | |
| 2026 Interest expense | 53.00 Mil | 54.00 Mil | 55.00 Mil | 0.9% | Raised | Guidance: 53.50 Mil for 2026 | |
Prior: Q4 2025 Earnings Reported 2/25/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue Growth | -0.5% | 0.75% | 2.0% | -1.4% | Lower New | Guidance: 2.1% for 2025 | |
| 2026 Operating Expense Growth | 2.0% | 3.0% | 4.0% | -1.2% | Lower New | Guidance: 4.2% for 2025 | |
| 2026 Net Operating Income Growth | -1.8% | -0.4% | 1.0% | -1.4% | Lower New | Guidance: 1.0% for 2025 | |
| 2026 FFO as adjusted per share | 1.93 | 1.99 | 2.05 | 5.3% | Higher New | Guidance: 1.89 for 2025 | |
| 2026 Non same-store net operating income | 18.50 Mil | 19.15 Mil | 19.80 Mil | -7.8% | Lower New | Guidance: 20.77 Mil for 2025 | |
| 2026 Tenant Protection Program net revenue | 9.60 Mil | 9.78 Mil | 9.95 Mil | 3.4% | Higher New | Guidance: 9.45 Mil for 2025 | |
| 2026 Managed REIT EBITDA | 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 | 1.80 Mil | 2.40 Mil | 3.00 Mil | 284.0% | Higher New | Guidance: 0.62 Mil for 2025 | |
| 2026 General and administrative expenses | 32.00 Mil | 33.00 Mil | 34.00 Mil | 2.6% | Higher New | Guidance: 32.15 Mil for 2025 | |
| 2026 Interest expense | 52.00 Mil | 53.50 Mil | 55.00 Mil | -11.1% | Lower New | Guidance: 60.15 Mil for 2025 | |
| 2026 Interest income | 9.00 Mil | 9.50 Mil | 10.00 Mil | 102.1% | Higher New | Guidance: 4.70 Mil for 2025 | |
| 2026 Acquisitions, bridge loans & loans to Managed REITs | 45.00 Mil | 55.00 Mil | 65.00 Mil | -85.3% | Lower New | Guidance: 375.00 Mil for 2025 | |
Q3 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue Growth | 1.9% | 2.1% | 2.3% | -0.2% | Lowered | Guidance: 2.3% for 2025 | |
| 2025 Operating Expense Growth | 4.0% | 4.2% | 4.4% | -0.6% | Lowered | Guidance: 4.8% for 2025 | |
| 2025 Net Operating Income Growth | 0.9% | 1.0% | 1.1% | -0.1% | Lowered | Guidance: 1.1% for 2025 | |
| 2025 FFO, as adjusted per share & OP unit outstanding - diluted | 1.87 | 1.89 | 1.91 | 0 | Affirmed | Guidance: 1.89 for 2025 | |
| 2025 Non same-store net operating income | 20.60 Mil | 20.77 Mil | 20.95 Mil | 7.4% | Raised | Guidance: 19.35 Mil for 2025 | |
| 2025 Tenant Protection Program net revenue | 9.30 Mil | 9.45 Mil | 9.60 Mil | 5.0% | Raised | Guidance: 9.00 Mil for 2025 | |
| 2025 Managed REIT EBITDA | 11.80 Mil | 12.05 Mil | 12.30 Mil | 0.4% | Raised | Guidance: 12.00 Mil for 2025 | |
| 2025 Third-party management adjusted EBITDA | 0.60 Mil | 0.62 Mil | 0.65 Mil | ||||
| 2025 General and administrative expenses | 32.05 Mil | 32.15 Mil | 32.25 Mil | 4.0% | Raised | Guidance: 30.90 Mil for 2025 | |
| 2025 Interest expense | 59.80 Mil | 60.15 Mil | 60.50 Mil | -2.5% | Lowered | Guidance: 61.70 Mil for 2025 | |
| 2025 Interest income | 4.60 Mil | 4.70 Mil | 4.80 Mil | 10.6% | Raised | Guidance: 4.25 Mil for 2025 | |
| 2025 Acquisitions | 365.00 Mil | 375.00 Mil | 385.00 Mil | 0 | Affirmed | Guidance: 375.00 Mil for 2025 | |
Insider Activity
Updated 7/16/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Mueller, David J | Direct | Sell | 7162026 | 33.38 | 425 | 14,187 | 169,070 | Form | |
| 2 | Mueller, David J | Direct | Sell | 6172026 | 32.44 | 425 | 13,787 | 178,096 | Form | |
| 3 | Mueller, David J | Direct | Sell | 5192026 | 29.67 | 425 | 12,610 | 175,498 | Form | |
| 4 | Mueller, David J | Direct | Sell | 4172026 | 31.78 | 425 | 13,506 | 201,485 | Form | |
| 5 | Mueller, David J | Direct | Sell | 3162026 | 32.81 | 425 | 13,944 | 221,988 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Mueller, David J | Direct | Sell | 7162026 | 33.38 | 425 | 14,187 | 169,070 | Form | |
| 2 | Mueller, David J | Direct | Sell | 6172026 | 32.44 | 425 | 13,787 | 178,096 | Form | |
| 3 | Mueller, David J | Direct | Sell | 5192026 | 29.67 | 425 | 12,610 | 175,498 | Form | |
| 4 | Mueller, David J | Direct | Sell | 4172026 | 31.78 | 425 | 13,506 | 201,485 | Form | |
| 5 | Mueller, David J | Direct | Sell | 3162026 | 32.81 | 425 | 13,944 | 221,988 | Form | |
| 6 | Schwartz, H. Michael | Chief Executive Officer | See Footnote 1. | Buy | 11182025 | 31.71 | 6,250 | 198,188 | 768,968 | Form |
| 7 | Look, Nicholas | General Counsel and Secretary | Direct | Sell | 11142025 | 32.85 | 458 | 15,045 | 52,987 | Form |
| 8 | Barry, James R | CFO and Treasurer | Direct | Buy | 11122025 | 33.55 | 600 | 20,130 | 113,231 | Form |
Investor Activity (13F)
Updated Jul 29, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active 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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Core Cache Last Updated: 7/28/2026