SmartStop Self Storage REIT (SMA) Q4 2025 earnings summary

Executive summary

• Achieved same-store revenue growth of 40 basis points in Q4 and 1.6% for the full year, with average occupancy of 92.3% in Q4 and 92.5% for the year.

• FFO as adjusted per share was $0.55 in Q4 (up 29.8% year-over-year) and $1.87 for the year (up 10% from 2024), with sector-leading growth.

• Acquired Argus Professional Storage Management, adding over 220 managed properties and 400 employees, and completed $369 million in total acquisitions for the year.

• Completed a recast of the $500 million syndicated bank facility, reducing borrowing costs by 30 basis points and increasing flexibility.

• Portfolio positioned for solid forward growth as sector fundamentals stabilize.

Financial highlights

• Q4 2025 net income attributable to common stockholders was $2.8 million, up $6.5 million year-over-year; net income per share was $0.05, up $0.21.

• Q4 total self storage-related revenues were $64.8 million, up $8.9 million year-over-year; full-year revenues were $249.5 million, up $30.5 million.

• Same-store revenue grew 40 basis points year-over-year in Q4; operating expenses rose 2%, resulting in a 30 basis point NOI decrease.

• Managed REITs ended the year with over $1 billion in AUM, up $200 million in 2025.

• Fully diluted FFO as adjusted per share and unit was $0.55 for Q4 and $1.87 for the year.

Outlook and guidance

• 2026 guidance: same-store revenue growth of -0.5% to +2%, NOI growth of -1.8% to +1%, and FFO as adjusted per share of $1.93 to $2.05.

• Capital deployment targeted at $45 million-$96 million for 2026, including acquisitions, bridge capital, development, and expansion.

• Guidance does not include a potential institutional acquisitions joint venture.