Earnings Releases·Nov 4, 2026, 4:06 PM ET

SmartStop Self Storage REIT, Inc. — Third Quarter 2026 Earnings Summary

**Financial Performance:** Net income for the quarter ended September 30, 2026, rose to $9.0 million ($0.16 per share) from $5.2 million in 2025, while revenue increased 5.6% to $68.2 million; Adjusted FFO grew 10.6% to $30.3 million ($0.51 per share), driven by a 4.9% increase in same-store NOI.
**Guidance Updates:** The company raised full-year 2026 guidance across multiple metrics, including Adjusted FFO per share ($2.01–$2.05), same-store NOI growth (2.00%–2.50%), and capital deployment ($200M–$220M), while lowering operating expense growth expectations.
**Strategic Expansion & Capital:** SmartStop initiated a $75M–$125M asset recycling program for non-core markets, closed a $200M CAD senior unsecured note, and is under contract to acquire two properties for ~$37M; it also entered a $74.3M CAD joint venture for Strategic Storage Canada, pending regulatory approval.
**Operational Metrics:** Same-store average physical occupancy dipped slightly to 92.2% (Q3 2026), while annualized rent per occupied square foot increased 2.6% to $20.99; total assets grew to $2.46B and debt increased to $1.14B as of quarter-end.
**Capital Returns:** The Board approved a quarterly distribution equivalent to an annualized rate of $1.60 per share for September through November 2026.