SmartStop Self Storage REIT, Inc. (SMA)

Price$31.73Cached quoteAs of 2026-09-27 05:00 UTC

AI: Undervalued

Price checkThe shares trade at a discounted REIT valuation, though leverage means part of that discount is reasonable.

The current quote implies about 15.9 times the midpoint of management’s 2026 adjusted FFO guidance and about a 5% annual distribution yield. A July 2026 SEC-filed comparable analysis showed SmartStop at 15.7 times P/FFO versus 17.6 times for Public Storage and 17.1 times for Extra Space, plus a roughly 22% to 25% discount to estimated NAV. NAV means property value minus debt and other claims. The valuation looks modestly undervalued, but the discount is not free because refinancing and operating risks remain meaningful.

Big pictureEarnings are improving, while distributions and ongoing investment leave a thinner cash safety cushion.

Second-quarter adjusted FFO per diluted share and operating-partnership unit rose 17.6%, while first-half adjusted FFO reached $58.1 million. FFO is a REIT earnings measure that adds back real-estate depreciation, which can obscure property economics in ordinary net income. First-half operating cash flow was $43.9 million, roughly matching common distributions recognized over the period. The annualized distribution is $1.60 against 2026 adjusted FFO guidance of $1.98 to $2.04. SmartStop also deployed over $46 million in second-quarter acquisitions and bridge investments, keeping capital allocation growth-oriented.

Business strengthStrong operations, scalable management fees, and improved refinancing support durability despite softer occupancy.

Second-quarter same-store revenue rose 1.3%, operating expenses fell 3.4%, and same-store net operating income rose 3.7%, even as average occupancy slipped to 92.5%. At June 30, SmartStop held $38.2 million of cash, about $1.12 billion of debt, and roughly $359.5 million of additional revolver capacity. Liquidity means cash plus accessible borrowing, not profit. In August, a CAD 200 million unsecured bond due in 2031 repaid existing debt and revolver borrowings. That reduces near-term refinancing pressure, but it does not by itself reduce total leverage.

What could change the storyA housing recovery could unlock upside; softer demand, refinancing costs, or dilution could erase it.

The bull case assumes SmartStop delivers its 0.65% to 1.65% same-store NOI growth guidance, keeps adjusted FFO near guidance, leases up newer assets, and expands third-party management; a move toward roughly 17 to 18 times FFO would support a rerating. The bear case assumes occupancy falls below roughly 92%, cyclical moving and housing activity stays weak, Canadian demand remains soft, or the large 2028 debt maturities refinance expensively. A $300 million at-the-market equity program creates dilution risk because new shares reduce existing owners’ percentage stakes; none had been sold through June 30.

AI: News

Third-Party Platform RebrandedSmartStop unified Argus under the SmartStop 3PM brand to strengthen its third-party management platform.

On September 9, 2026, SmartStop rebranded Argus Professional Storage Management as SmartStop 3PM. The platform lets independent storage owners retain their own brand or use SmartStop’s while accessing revenue management, marketing, technology, and operating systems with scalable support. The change matters because third-party management can add fee income and relationships without requiring SmartStop to purchase every property. It is primarily a platform and branding step, so investors should not assume a large immediate earnings contribution from the rebrand alone.

Canadian Bond RefinancingA new Canadian unsecured bond extended maturities and reduced immediate refinancing pressure on the revolver.

On August 18, 2026, SmartStop closed CAD 200 million of senior unsecured notes due February 18, 2031, carrying approximately 4.317% interest and a BBB Stable rating from Morningstar DBRS. Proceeds repaid existing debt, including revolver borrowings. Management said the transaction substantially completed refinancing of 2026 maturities and lengthened the debt schedule. That improves liquidity planning and reduces near-term rollover risk, although replacing shorter debt with longer-dated debt does not automatically lower total leverage or interest expense.

Second-Quarter Guidance RaisedStrong expense control lifted same-store income and prompted management to raise full-year adjusted FFO guidance.

On August 5, 2026, SmartStop reported second-quarter adjusted FFO per diluted share and operating-partnership unit of $0.49, up 17.6% year over year. Same-store net operating income increased 3.7% as expenses fell 3.4%, while average occupancy declined to 92.5%. Management raised 2026 adjusted FFO guidance to $1.98 to $2.04 and same-store NOI growth guidance to 0.65% to 1.65%. The quarter showed pricing and efficiency offsetting occupancy softness, but the full-year same-store growth outlook remains modest.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
Revenue	$281.1M	$237.0M	$233.0M	$212.6M	$168.8M	$124.0M	$109.5M	$80.4M	$76.1M	$45.2M	$17.9M	$465,345	$0
Gross profit	$172.5M	$155.7M	$158.5M	$147.1M	—	—	—	$55.2M	$51.6M	$29.2M	$11.2M	$297,911	$0
Gross margin	61.35%	65.69%	68.03%	69.17%	—	—	—	68.63%	67.83%	64.63%	62.28%	64.02%	—
Operating expenses	$222.3M	$167.8M	$162.4M	$1.4M	$152.4M	$145.2M	—	$64.3M	$72.5M	$60.3M	$23.0M	$2.7M	$0
Operating income	$59.1M	$69.2M	$70.6M	$65.9M	$16.5M	−$21.1M	$11.6M	$16.2M	$3.6M	−$14.9M	−$5.1M	−$2.3M	$0
Operating margin	21.02%	29.21%	30.31%	30.98%	9.78%	−17.05%	10.58%	20.09%	4.70%	−33.01%	−28.35%	−484.99%	—
EBITDA	$132.3M	$125.3M	$130.9M	$130.5M	$69.9M	$20.9M	$52.7M	$39.0M	$37.0M	$7.2M	$4.0M	−$2.0M	$0
EBITDA margin	47.06%	52.88%	56.16%	61.36%	41.40%	16.88%	48.10%	48.44%	48.65%	15.87%	22.53%	−429.75%	—
Net income	−$8.8M	−$18.4M	−$2.7M	$21.7M	−$19.6M	−$51.2M	−$25.1M	−$3.7M	−$15.0M	−$26.1M	−$8.9M	−$2.4M	$0
Net profit margin	−3.12%	−7.75%	−1.18%	10.19%	−11.59%	−41.29%	−22.91%	−4.63%	−19.69%	−57.79%	−49.91%	−514.97%	—
Basic EPSper basic share	-$0.20	-$0.20	-$0.03	$0.07	-$0.37	-$0.91	—	—	—	—	—	-$4.59	$0.00
Diluted EPSper diluted share	-$0.20	-$0.20	-$0.03	$0.07	-$0.37	-$0.91	—	—	—	—	—	-$4.59	$0.00

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

9.78%of listed shares

BlackRock, Inc.5.42M shares · Jun 30, 2026

View holders

Top 20 reported holders of SMA
Holder	% owned
BlackRock, Inc.	9.78%5.42M shares
PRICE T ROWE ASSOCIATES INC /MD/	9.52%5.27M shares
PRINCIPAL FINANCIAL GROUP INC	5.79%3.21M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	5.24%2.9M shares
GOLDMAN SACHS GROUP INC	4.96%2.74M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.28%2.37M shares
STATE STREET CORP	4.05%2.24M shares
NORGES BANK	2.94%1.63M shares
GEODE CAPITAL MANAGEMENT, LLC	2.84%1.57M shares
CENTERSQUARE INVESTMENT MANAGEMENT LLC	2.56%1.42M shares
T. Rowe Price Investment Management, Inc.	1.95%1.08M shares
PRUDENTIAL FINANCIAL INC	1.87%1.03M shares
DUFF & PHELPS INVESTMENT MANAGEMENT CO	1.75%967.03K shares
Alyeska Investment Group, L.P.	1.73%956.58K shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	1.68%932.76K shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	1.62%896.9K shares
Irenic Capital Management LP	1.58%876.61K shares
Nuveen, LLC	1.54%851.25K shares
SILVERCREST ASSET MANAGEMENT GROUP LLC	1.22%675.77K shares
NORTHERN TRUST CORP	1.05%579.92K shares

Percentages use 55.37M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys8$1.16M disclosed value

Sells (SEC code S)5$68.9K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 16, 2026Form 4 · 10b5-1	Mueller David JDirector	SellCommon Stock	425	$32.44	$13.8K	5.5K
May 18, 2026Form 4 · 10b5-1	Mueller David JDirector	SellCommon Stock	425	$29.67	$12.6K	5.9K
Apr 16, 2026Form 4	Mueller David JDirector	SellCommon Stock	425	$31.78	$13.5K	6.3K
Mar 16, 2026Form 4 · 10b5-1	Mueller David JDirector	SellCommon Stock	425	$32.81	$13.9K	6.8K
Nov 17, 2025Form 4	Schwartz H. MichaelChief Executive Officer	BuyCommon Stock · indirect	6.3K	$31.71	$198.2K	24.3K

Review ownership filings at SEC.gov ↗

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SmartStop Self Storage REIT, Inc. (SMA)

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