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SmartStop Self Storage REIT, Inc.
(NYSE:SMA)
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Rating:70Outperform
Price Target:
$35.00
â–²(7.69% Upside)
Action:Upgraded
Date:10/01/26
SMA scores well primarily due to strong and improving fundamentals—especially cash-flow strength and a meaningfully improved balance-sheet profile—plus a supportive earnings update with raised guidance and margin expansion. The score is held back by expensive valuation (high P/E) and only mixed technical momentum, with an added watch item around inconsistent profitability and the unusual negative TTM gross margin.
Positive Factors
Strong cash generation
Strong and rising operating cash flow and free cash flow provide internal funding for property investment, dividends, and operations. Cash generation also held up during prior net-loss years, indicating resilience and supporting confidence that reported earnings are backed by recurring business cash flows.
Negative Factors
Inconsistent profitability
Recent profitability has not been consistently reliable, with losses in two annual periods and an unusual negative TTM gross margin. Although TTM operating and net margins improved, the conflicting margin profile requires clarification and could make earnings quality and future returns less predictable.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Strong and rising operating cash flow and free cash flow provide internal funding for property investment, dividends, and operations. Cash generation also held up during prior net-loss years, indicating resilience and supporting confidence that reported earnings are backed by recurring business cash flows.
Read all positive factors
SmartStop Self Storage REIT, Inc. (SMA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.95B
Dividend Yield4.85%
Average Volume (3M)760.18K
Price to Earnings (P/E)64.5
Beta (1Y)0.51
Revenue Growth21.10%
EPS GrowthN/A
CountryUS
Employees1,000
SectorGeneral
Sector StrengthN/A
IndustryREIT - Industrial
Share Statistics
EPS (TTM)0.51
Shares Outstanding55,368,904
10 Day Avg. Volume842,183
30 Day Avg. Volume760,182
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)1.24
Price to Sales (P/S)5.21
P/FCF Ratio17.22
Enterprise Value/Market Cap1.53
Enterprise Value/Revenue18.57
Enterprise Value/Gross Profit-300.52
Enterprise Value/Ebitda18.19
Forecast
1Y Price Target
$35.86Price Target Upside10.33% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)0.67
Revenue Forecast (FY)$254.43M
SmartStop Self Storage REIT, Inc. Business Overview & Revenue Model
Company Description
As a self-managed real estate investment trust (REIT), SmartStop heavily incorporates technology into its operations. The company is supported by a comprehensive, integrated team of roughly 570 self-storage professionals. Recognized as one of Nort...
How the Company Makes Money
SmartStop Self Storage REIT, Inc. primarily makes money by renting self-storage space to customers on short-term, typically month-to-month, leases. Its main revenue stream is rental income generated from occupancy of storage units across its portf...
SmartStop Self Storage REIT, Inc. Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call emphasized solid operational execution with meaningful margin expansion, strong FFO per share growth (+17.6% YoY), raised guidance across revenue/NOI/FFO and an articulated multi‑year DECA strategy. Management highlighted accretive acquisitions, growth in managed/JV platforms and a promising bridge-lending pipeline. Near-term headwinds include negative move-in rate comps for the quarter, localized disruptions (LA fire restrictions, eminent domain, a flood-related loss) and Canada facing tougher comps; AI and regulatory risks were noted but not viewed as immediate material drags. Overall, the positives (margin expansion, FFO growth, raised guidance and strategic initiatives) outweigh the lowlights, though several challenges remain that management is addressing.Positive Updates
Same-Store Operating Performance
Same-store revenue +1.3% year-over-year, operating expenses down 3.4% YoY, resulting in same-store NOI +3.7% YoY; quarter-ending occupancy ~92.4–92.5%.
Negative Updates
Weak Move-In and Web Rate Trends in Quarter
Web rates were down ~3.8% during the quarter and achieved move-in rates per square foot were down ~4.4% YoY for the quarter (move-in rates remained negative into July, ~-5% YoY).
Read all updates
Q2-2026 Updates
Positive
Negative
Same-Store Operating Performance
Same-store revenue +1.3% year-over-year, operating expenses down 3.4% YoY, resulting in same-store NOI +3.7% YoY; quarter-ending occupancy ~92.4–92.5%.
Read all positive updates
Company Guidance
Management raised 2026 guidance, boosting same‑store revenue to a new range of 0.5%–1.5% (from −0.25%–1.75%), narrowing operating expense growth to 0.25%–1.25% (from 1.75%–3.75%), which lifted the NOI growth midpoint to about +1.15%, and increasing FFO as adjusted per share guidance to $1.98–$2.04 (from $1.94–$2.04); they also raised capital deployment guidance to $55M–$75M. Management said roughly one quarter of the same‑store revenue upgrade (≈5–7 bps) reflects the lift of LA County ECRI restrictions and pointed to Q2 results underpinning the outlook — Q2 same‑store revenue +1.3%, same‑store NOI +3.7%, same‑store operating margin 67.3% (+150 bps YoY), average occupancy ~92.4–92.5%, and Q2 FFOa/unit $0.49 (+17.6% YoY) — while July showed web rates ~+1%, rentals +7.2% and in‑place rates +2%; they also noted cash‑flow leverage reduced to 6.2x and a bridge lending book of ~$20M (plus $3M post‑quarter) with blended yield ~11% and a >$100M pipeline targeting 10%–14% yields.SmartStop Self Storage REIT, Inc. Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
74
Positive
Cash Flow
83
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 160.51M | 281.14M | 237.01M | 232.99M | 206.32M | 168.76M |
| Gross Profit | -9.92M | 26.07M | 157.69M | 158.50M | 148.91M | 114.91M |
| EBITDA | 163.80M | 133.26M | 124.03M | 131.09M | 127.25M | 65.38M |
| Net Income | 28.83M | -1.55M | -5.62M | 9.75M | 18.82M | -16.90M |
Balance Sheet | ||||||
| Total Assets | 2.44B | 2.43B | 2.04B | 1.90B | 1.95B | 1.62B |
| Cash, Cash Equivalents and Short-Term Investments | 38.19M | 54.22M | 23.11M | 45.08M | 39.49M | 37.25M |
| Total Debt | 1.12B | 1.10B | 1.32B | 1.09B | 1.07B | 873.87M |
| Total Liabilities | 1.18B | 1.15B | 1.37B | 1.13B | 1.11B | 943.22M |
| Stockholders Equity | 1.16B | 1.18B | 584.10M | 671.97M | 740.29M | 610.42M |
Cash Flow | ||||||
| Free Cash Flow | 110.33M | 84.97M | 64.03M | 73.19M | 87.91M | 58.76M |
| Operating Cash Flow | 110.33M | 84.97M | 64.03M | 73.19M | 87.91M | 58.76M |
| Investing Cash Flow | -193.59M | -380.75M | -180.94M | 262.00K | -205.15M | -120.21M |
| Financing Cash Flow | 85.31M | 325.23M | 94.82M | -66.10M | 120.07M | 25.67M |
SmartStop Self Storage REIT, Inc. Technical Analysis
Positive
32.50
Price Trends
32.84
Negative
32.52
Positive
31.74
Positive
Market Momentum
0.05
Negative
54.65
Neutral
69.32
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SMA, the sentiment is Positive. The current price of 32.5 is above the 20-day moving average (MA) of 32.26, below the 50-day MA of 32.84, and above the 200-day MA of 31.74, indicating a neutral trend. The MACD of 0.05 indicates Negative momentum. The RSI at 54.65 is Neutral, neither overbought nor oversold. The STOCH value of 69.32 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SMA.
SmartStop Self Storage REIT, Inc. Risk Analysis
SmartStop Self Storage REIT, Inc. disclosed 66 risk factors in its most recent earnings report. SmartStop Self Storage REIT, Inc. reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
SmartStop Self Storage REIT, Inc. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $4.24B | 17.45 | 11.34% | 6.65% | 4.53% | 52.99% | |
71 Outperform | $5.65B | 38.51 | 2.02% | 12.99% | -12.83% | -80.73% | |
70 Outperform | $1.95B | 64.48 | 2.45% | 4.85% | 21.10% | ― | |
69 Neutral | $3.32B | 27.67 | 8.96% | 15.76% | 24.35% | 32.67% | |
60 Neutral | $5.32B | 21.31 | 35.88% | 4.06% | 7.62% | 122.49% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | $1.67B | 1.32 | 270.16% | 21.81% | 199.70% | 2008.88% |
* General Sector Average
SMA
SmartStop Self Storage REIT, Inc.
32.99
-0.85
-2.50%
CXW
CoreCivic
34.03
15.86
87.29%
RYN
Rayonier
18.88
-2.80
-12.92%
EPR
EPR Properties
54.80
3.50
6.83%
OUT
Outfront Media
30.26
13.55
81.05%
UNIT
Uniti Group
6.65
1.29
24.07%
SmartStop Self Storage REIT, Inc. Corporate Events
Business Operations and StrategyDividends
SmartStop Self Storage REIT Declares October 2026 Dividend
Positive
Oct 1, 2026
On October 1, 2026, SmartStop Self Storage REIT, Inc.’s Board of Directors declared its October 2026 monthly dividend, targeting an annualized payout of $1.60 per share. The dividend for common stock holders was set at $0.13589041 per share,...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
SmartStop REIT Announces Major North American Expansion Investments
Positive
Sep 29, 2026
On September 29, 2026, SmartStop Self Storage REIT, Inc. announced about $140 million of strategic investments across Canada and the U.S., including a roughly USD $54 million joint venture stake in 14 Canadian self-storage properties that will pos...
Business Operations and StrategyFinancial Disclosures
SmartStop Self Storage REIT Updates Operating Metrics Trends
Neutral
Sep 9, 2026
On September 9, 2026, SmartStop Self Storage REIT reported updated operating metrics for its same-store facilities, defined as stabilized and comparable properties included in its consolidated results since January 1, 2025, excluding four properti...
Dividends
SmartStop Self Storage REIT Declares September 2026 Dividend
Positive
Sep 3, 2026
On September 3, 2026, SmartStop Self Storage REIT, Inc. said its board approved a monthly dividend for September 2026 that corresponds to a targeted annualized rate of $1.60 per share. The September dividend will be $0.13150685 per share of common...
Business Operations and StrategyPrivate Placements and Financing
SmartStop Self Storage REIT Completes Maple Bond Offering
Positive
Aug 18, 2026
On August 18, 2026, SmartStop Self Storage REIT, Inc. announced that its operating partnership had closed a CAD $200 million Series C Senior Unsecured Maple Bond offering in Canada, bearing a 4.317% coupon and maturing on February 18, 2031. Rated ...
Business Operations and StrategyFinancial Disclosures
SmartStop Highlights Ongoing Growth and Expansion Strategy
Positive
Aug 13, 2026
SmartStop Self Storage REIT, Inc. is an NYSE-listed self-storage owner and operator with a high-quality, diversified portfolio across the U.S. and Canada, including strong exposure to high-growth markets such as the Greater Toronto Area. Over the ...
Dividends
SmartStop Self Storage REIT Declares August 2026 Dividend
Positive
Aug 5, 2026
On August 4, 2026, SmartStop Self Storage REIT, Inc.’s board declared a monthly dividend for August 2026 targeting an annualized rate of $1.60 per share. The August dividend of $0.13589041 per share will be paid on September 15, 2026 to comm...
Business Operations and StrategyDividendsFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
SmartStop Self Storage Outlines Long-Term Deca Growth Strategy
Positive
Jul 21, 2026
In a July 21, 2026 letter to shareholders, SmartStop Self Storage REIT detailed how its two decades of experience through multiple economic and sector cycles underpin its current strategy and capital allocation discipline. Management highlighted t...
Dividends
SmartStop Self Storage REIT Declares July 2026 Dividend
Positive
Jul 1, 2026
On July 1, 2026, SmartStop Self Storage REIT, Inc. announced that its board of directors declared a monthly dividend for July 2026, targeting an annualized payout of $1.60 per share as part of its regular cash distribution strategy to shareholders...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.