SmartStop Self Storage REIT (SMA) Q2 2026 earnings summary

Executive summary

• Achieved strong operational results in Q2 2026, with same-store revenue up 1.3%, operating expenses down 3.4%, and NOI growth of 3.7%.

• FFO as adjusted per share rose 17.6% year-over-year to $0.49, with net income attributable to common stockholders at $11.2 million for Q2.

• Portfolio expanded to 180 wholly-owned properties and management of 270 third-party and affiliated properties as of June 30, 2026.

• Launched the Deca Initiative, a multi-year strategic framework targeting $10 billion capitalization.

• Completed the acquisition of Argus, significantly increasing third-party management operations.

Financial highlights

• Q2 2026 net income per share was $0.20, up $0.36 year-over-year; six-month net income per share was $0.37, up $0.80 year-over-year.

• Total revenues for Q2 2026 were $79.3 million, up from $66.8 million in Q2 2025; six-month revenues reached $157.6 million, up from $132.3 million year-over-year.

• Same-store NOI increased 3.7% in Q2 and 2.9% for the first half, with same-store revenues up 1.3% and 1.4%, and expenses down 3.4% and 1.4%, respectively.

• FFO as adjusted for Q2 2026 was $29.3 million ($0.49 per share), up from $24.4 million in Q2 2025.

• NOI growth of 9.4% year-over-year in Canadian joint venture properties.

Outlook and guidance

• Raised 2026 same-store NOI growth guidance to 0.65%-1.65% and FFOa per share guidance to $1.98-$2.04.

• Same-store revenue growth expected at 0.5%-1.5%, with operating expense growth at 0.25%-1.25%.

• Capital deployment for 2026 projected at $55-$75 million for acquisitions, loans, and preferred investments.

• Management expects continued growth in managed platform and self storage revenues, driven by acquisitions and third-party management expansion.

• Income tax expense is expected to rise due to increased Canadian operations.