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

Financial Performance:

• Net income attributable to common stockholders for the three months ended September 30, 2026, was approximately $9.0 million, an increase of $3.8 million compared to the same period in 2025; net income per share (basic and diluted) was $0.16, an increase of $0.07 per share.
• Total self storage-related revenues for the three months ended September 30, 2026, were approximately $68.2 million, an increase of $3.6 million compared to the same period in 2025.
• FFO, as adjusted (attributable to common stockholders and OP unit holders), was approximately $30.3 million for the three months ended September 30, 2026, an increase of $2.9 million compared to the same period in 2025; FFO, as adjusted per share and OP unit outstanding – diluted was $0.51, an increase of $0.04 per share.
• Net income attributable to common stockholders for the nine months ended September 30, 2026, was approximately $29.8 million, an increase of $41.4 million compared to the same period in 2025; net income per share (basic and diluted) was $0.53, an increase of $0.80 per share.
• Total self storage-related revenues for the nine months ended September 30, 2026, were approximately $198.8 million, an increase of $14.2 million compared to the same period in 2025.
• FFO, as adjusted (attributable to common stockholders and OP unit holders), was approximately $88.4 million for the nine months ended September 30, 2026, an increase of $25.4 million compared to the same period in 2025; FFO, as adjusted per share and OP unit outstanding – diluted was $1.49, an increase of $0.18 per share.
• Same-store revenues increased by 2.0% and same-store property operating expenses decreased by 3.8% for the three months ended September 30, 2026, resulting in a 4.9% increase in same-store NOI compared to the same period in 2025.
• On a constant currency basis for Canadian properties, same-store revenues increased by 2.1%, expenses decreased by 3.6%, and same-store NOI increased by 5.1% for the three months ended September 30, 2026.
• Same-store average physical occupancy was 92.2% for the three months ended September 30, 2026, a decrease of 0.4% compared to the same period in 2025.
• Same-store annualized rent per occupied square foot was approximately $20.99 for the three months ended September 30, 2026, an increase of 2.6% compared to the same period in 2025.
• Same-store revenues increased by 1.6% and same-store property operating expenses decreased by 2.2% for the nine months ended September 30, 2026, resulting in a 3.6% increase in same-store NOI compared to the same period in 2025.
• On a constant currency basis for Canadian properties, same-store revenues increased by 1.5%, expenses decreased by 2.3%, and same-store NOI increased by 3.5% for the nine months ended September 30, 2026.
• Same-store average physical occupancy was 92.3% for the nine months ended September 30, 2026, a decrease of 0.3% compared to the same period in 2025.
• Same-store annualized rent per occupied square foot was approximately $20.48 for the nine months ended September 30, 2026, an increase of 1.9% compared to the same period in 2025.
• Total assets were $2,456,037 thousand as of September 30, 2026, compared to $2,432,172 thousand as of December 31, 2025.
• Debt, net, was $1,137,847 thousand as of September 30, 2026, compared to $1,098,248 thousand as of December 31, 2025.
• Cash and cash equivalents were $30,989 thousand as of September 30, 2026, compared to $54,224 thousand as of December 31, 2025.

Guidance and Future Outlook:

• Raised full-year same-store NOI guidance for the fourth time in 2026.
• Updated 2026 same-store revenue growth guidance (as translated in U.S. dollars) to a range of 1.25% to 1.75%, up from 0.75% to 1.75%.
• Updated 2026 same-store operating expense growth guidance (as translated in U.S. dollars) to a range of -0.25% to 0.25%, down from 0.00% to 1.00%.
• Updated 2026 same-store NOI growth guidance (as translated in U.S. dollars) to a range of 2.00% to 2.50%, up from 1.15% to 2.15%.
• Updated 2026 same-store revenue growth guidance (constant currency) to a range of 1.20% to 1.70%, up from 0.75% to 1.75%.
• Updated 2026 same-store operating expense growth guidance (constant currency) to a range of -0.30% to 0.20%, down from 0.00% to 1.00%.
• Updated 2026 same-store NOI growth guidance (constant currency) to a range of 1.95% to 2.45%, up from 1.15% to 2.15%.
• Updated 2026 FFO, as adjusted per share and OP unit outstanding – diluted guidance to a range of $2.01 to $2.05, up from $1.99 to $2.05.
• Updated 2026 non same-store net operating income guidance to a range of $20.1 million to $20.5 million, up from $20.0 million to $20.6 million.
• Updated 2026 Tenant Protection Program net margin guidance to a range of $9.7 million to $9.85 million, up from $9.625 million to $9.925 million.
• Updated 2026 Managed REIT adjusted EBITDA guidance to a range of $13.9 million to $14.2 million, up from $13.6 million to $14.1 million.
• Updated 2026 Third-party management adjusted EBITDA guidance to a range of $1.7 million to $1.9 million, down from $1.85 million to $2.35 million.
• Updated 2026 General and administrative expenses guidance to a range of $33.9 million to $34.3 million, up from $33.1 million to $34.1 million.
• Updated 2026 Interest expense guidance to a range of $54.3 million to $54.9 million, up from $54.15 million to $55.65 million.
• Updated 2026 Investment income, net guidance to a range of $10.15 million to $10.45 million, up from $10.1 million to $10.7 million.
• Updated 2026 Capital Deployment guidance (acquisitions, loans, bridge loans & preferred investments) to a range of $200 million to $220 million, up from $190 million to $210 million.
• Updated 2026 Solar spend guidance to a range of $3.05 million to $3.15 million, up from $2.25 million to $2.75 million.
• Updated 2026 Development spend guidance to a range of $9.25 million to $9.75 million, up from $9.0 million to $10.0 million.
• Updated 2026 Redevelopment and expansion spend guidance to a range of $13.5 million to $14.5 million, up from $13.0 million to $15.0 million.

Business Segments and Product Lines:

• SmartStop manages approximately 230 stores representing approximately 17.0 million net rentable square feet on its third-party platform as of the quarter ended September 30, 2026.
• SmartStop serves as the sponsor of Strategic Storage Growth Trust III, Inc., Strategic Storage Trust VI, Inc., and Strategic Storage Trust X, which had a combined portfolio of 52 operating properties, approximately 43,000 units, and 4.6 million rentable square feet at quarter end.
• Assets under management for the Managed REITs were approximately $1.0 billion at quarter end.
• Effective November 1, 2026, Strategic Storage Trust VI acquired Strategic Storage Growth Trust III via merger, with all SSGT III assets becoming subject to the SST VI Advisory Agreement.
• SmartStop initiated a strategic asset management program targeting $75 million to $125 million of property sales in non-core markets beginning in early 2027 to recycle capital into core markets.
• SmartStop is under contract to acquire two stabilized properties in Las Vegas, Nevada, and Asheville, North Carolina, for approximately $37 million, comprising more than 186,000 net rentable square feet and approximately 1,600 units, expected to close in the fourth quarter of 2026.
• SmartStop closed a $200 million CAD aggregate principal amount of Series C senior unsecured notes due February 18, 2031, bearing interest at approximately 4.32% per annum.
• SmartStop utilized its at-the-market equity program to sell approximately 2.4 million shares on a forward basis for gross proceeds of up to approximately $78.1 million.
• SmartStop closed two preferred investments with AXCS Capital totaling $18.2 million and one bridge loan totaling $16.7 million, with a weighted average yield of approximately 17.6%.
• SmartStop entered into a $10.0 million CAD delayed draw loan facility for two self-storage projects in Ontario, Canada, bearing interest at a fixed rate of 8.5% and maturing on October 9, 2029.
• SmartStop agreed to an investment of approximately $74.3 million CAD into Strategic Storage Canada, a joint venture fund, providing a 50% general partner interest and an immediate expected approximate 34% limited partnership interest in 14 properties.
• SmartStop committed to make additional investments of up to $228.0 million CAD into Strategic Storage Canada over the three years following closing.
• SmartStop began property managing all 17 properties related to the Strategic Storage Canada transaction as of September 30, 2026.
• SmartStop was awarded third-party management contracts on three additional Canadian properties outside the fund, along with exclusivity on future third-party management for future development projects from certain affiliates.

Market and Competitive Landscape:

• SmartStop expects the Strategic Storage Canada investment to position the company as Canada's third-largest self-storage operator with 70 operating properties.
• The company is expanding its Canadian platform by over 30% through the pending investment in Strategic Storage Canada.
• SmartStop's presence in Canada is expanding into Halifax, Nova Scotia, and Quebec City, Quebec, in addition to existing markets in Vancouver, British Columbia; Calgary, Alberta; and the Greater Toronto Area.
• The company operates in 36 states, the District of Columbia, and Canada, with a total portfolio of approximately 475 operating properties, over 285,000 units, and more than 36.7 million rentable square feet.

Risks and Challenges:

• The investment in Strategic Storage Canada is subject to approval under the Canadian Competition Act and other closing conditions, with no assurance that the transaction will occur.
• SmartStop faces risks related to foreign currency fluctuations, specifically the Canadian Dollar/U.S. Dollar exchange rate, which impacted same-store results.
• The company faces risks regarding the successful integration of acquired businesses and the realization of expected cost savings and synergies.
• Potential risks include disruptions in the economy, debt and banking markets, changes in tax laws, difficulties in attracting and retaining personnel, and competition affecting rents and occupancy rates.
• The company faces risks related to the outcome of legal or regulatory proceedings, including those regarding tenant protection programs.
• SmartStop faces risks related to the potential failure to maintain its REIT status.

Management Commentary and Tone:

• H. Michael Schwartz, Founder, Chairman and Chief Executive Officer, stated the company delivered another strong quarter with sector-leading same-store NOI growth of 4.9% and FFO as adjusted per share growth of over 9%, despite a currency headwind.
• Management highlighted that 2.0% same-store revenue growth and a 3.8% reduction in same-store operating expenses expanded operating margins by 190 basis points, marking the third consecutive quarter of margin improvement.
• Schwartz noted the company is putting the "Deca Initiative" to work, expanding the Canadian platform, launching a programmatic investment partnership, and issuing a $200 million CAD Maple Bond while reducing leverage.
• Management expressed confidence in entering the fourth quarter with momentum and a focus on compounding long-term value per share for shareholders.

Other Key Points:

• For the months of September, October, and November 2026, SmartStop's board of directors approved a distribution amount equivalent to an annualized distribution of $1.60 per share.
• The North Carolina Department of Transportation took the majority of the Asheville III property and approximately 20% of the Asheville IV property, paying SmartStop approximately $7.0 million and $1.7 million respectively; both properties were removed from the 2026 same-store pool during the second quarter of 2026.
• SmartStop closed a $200 million CAD Maple Bond at attractive long-term pricing.
• The company expects to settle forward shares from its at-the-market equity program in the fourth quarter of 2026.
• SmartStop received a right of first offer on all fund properties related to the Strategic Storage Canada joint venture.
• SmartStop will provide property management services on properties in the Strategic Storage Canada fund under five-year contracts.
• SmartStop expects to provide guarantees directly to certain lenders of the fund's subsidiaries, proportionate to its common ownership interest.
• The SST VI-SSGT III Merger resulted in the termination of the SSGT III Advisory Agreement, with a fixed payment of $2.0 million to the SSGT III advisor paid in units of limited partnership interest.
• SmartStop's 13 same-store properties in Canada are operated in Canadian Dollars and translated to U.S. Dollars in accordance with GAAP.