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 up 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 and long-term value creation.

• 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 operating margin expanded by 150 basis points year-over-year to 67.3%.

• FFO as adjusted for Q2 2026 was $29.3 million, up from $24.4 million in Q2 2025.

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

Outlook and guidance

• Raised 2026 same-store NOI growth guidance to 0.65%-1.65% and FFO as adjusted 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.

• Expecting positive impact from the lifting of L.A. County fire restrictions and continued momentum into the second half.

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