SmartStop Self Storage REIT (SMA) investor relations material

Executive summary

• Achieved sector-leading same-store revenue growth of 2.5% and average occupancy of 92.6% in Q3, in line with expectations.

• FFO as adjusted per share was $0.47, slightly below expectations due to a one-time industrial tenant vacate and equity-based compensation expense; net income was $5.2 million, up $11.4 million year-over-year.

• Closed the acquisition of Argus Professional Storage Management, nearly doubling store count and expanding third-party management capabilities.

• Raised CAD 200 million in the Canadian maple bond market at a 3.89% coupon with a five-year maturity.

• Included in the MSCI US REIT Index (RMZ), enhancing market visibility.

Financial highlights

• Q3 total self storage-related revenues were $64.6 million, up $9.2 million year-over-year; same-store revenue grew 2.5% year-over-year.

• FFO, as adjusted, was $27.5 million for Q3, up $15.8 million year-over-year; FFO, as adjusted per share and OP unit (diluted) was $0.47, up $0.05.

• Same-store NOI increased 1.5% for Q3 and 0.9% for nine months year-over-year.

• Acquired six properties for $83 million and a JV land parcel for $1 million in Q3; total acquisitions reached $318 million YTD and nearly $500 million over the last 12 months.

• Managed REIT platform ended Q3 with $972 million in AUM and recognized $3.6 million in gross fees.

Outlook and guidance

• Maintained midpoint of full-year 2025 FFO as adjusted per share guidance; tightened range to $1.87-$1.91.

• Updated 2025 guidance: same-store revenue growth of 1.9%-2.3%, operating expense growth of 4.0%-4.4%, and NOI growth of 0.9%-1.1%.

• Narrowed acquisitions guidance to $365 million-$385 million for 2025.

• Expect sector recovery to continue into 2026, with supply headwinds easing and margin expansion anticipated in clustered markets.