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SmartStop Self Storage REIT, Inc. (SMA) Q3 2026 Earnings Report

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SMA Q3 2026 EPS Results

Actual EPS
$0.16
Consensus EPS
$0.13
Beat/Miss
Beat by +$0.03
One Year Ago EPS
$0.09

SMA Q3 2026 Revenue Results

Actual Revenue
$81.78M
Expected Revenue
$64.22M
Beat/Miss
Beat by +$17.55M
YoY Revenue Growth
+16.12%

Earnings Announcement Details

Quarter
Q3 2026
Date
11/04/2026
Time
After Close
Conference Call
Wednesday, November 4, 2026
SMA Upcoming Earnings

SmartStop Self Storage REIT, Inc.'s next earnings date is estimated for March 30, 2027, based on past reporting schedules.

Q3 2026 Earnings Call Audio

SMA Q3 2026 Earnings Call
0:00 / 0:00

Q3 2026 Earnings Slide Deck

No slide deck is available for this earnings event.

Q3 2026 Earnings Call Summary

Q3 2026
Earnings Call Date:Nov 04, 2026|% Change Since:2.05%|
Earnings Call Sentiment|Positive

The call was strongly positive. SmartStop reported solid same-store revenue and NOI growth, significant margin expansion, higher FFO per share, multiple upward guidance revisions, active investment and acquisition activity, and encouraging Canadian lease-up and operating results. The main challenges were currency headwinds, lower move-in rates, modest GTA growth, tariff-related rental hesitation, and the cyclical component of some expense benefits, but these issues did not outweigh the broad operational and strategic progress described.

Company Guidance

For full year 2026, the company raised same store revenue guidance from a range of 0.75% to 1.75% up to a range of 1.25% to 1.75%, reduced its overall operating expense growth range from 0% to 1% down to a range of negative 25 basis points to positive 25 basis points, and increased its NOI growth midpoint from 1.65% up to 2.25%. Capital deployment is now expected to be $200 million to $220 million, compared to the prior range of $190 million to $210 million and the initial guidance range of $45 million to $65 million, while FFO as adjusted per share guidance increased from a range of $1.99 to $2.05 up to a range of $2.01 to $2.05, increasing the midpoint to $2.03. The company initially targeted $75 million to $125 million of noncore sales and expects those to close in the first half of 27.

  • Strong Third-Quarter Operating ResultsSame-store revenue increased 2%, same-store operating expenses decreased 3.8%, and same-store NOI increased 4.9%. On a constant-currency basis, same-store revenue grew 2.1% and same-store NOI grew 5.1%.
  • Margin Expansion and Market PerformanceEleven of the top 15 markets achieved positive same-store NOI growth. Same-store operating margins increased 190 basis points year over year to 68%, marking the third consecutive quarter of margin improvement and the highest third-quarter operating margin since 2023.
  • FFO per Share GrowthFully diluted FFO as adjusted was $0.51 per share, up approximately 9.4% from $0.47 in the third quarter of 2025.
  • Raised Full-Year GuidanceThe company raised same-store revenue guidance from 0.75% to 1.75% to 1.25% to 1.75%, reduced the overall operating expense growth range from 0% to 1% to negative 25 basis points to positive 25 basis points, and increased the same-store NOI growth midpoint from 1.65% to 2.25%. FFO as adjusted per share guidance increased from $1.99 to $2.05 to $2.01 to $2.05, raising the midpoint to $2.03.
  • Increased Capital Deployment PlanExpected 2026 capital deployment was increased to $200 million to $220 million, compared with the prior range of $190 million to $210 million and the initial beginning-of-year guidance range of $45 million to $65 million.
  • DECA Strategic FrameworkManagement said the DECA initiative was in full swing. Its six pillars are disciplined capital allocation, clustering and margin expansion, technology led by SmartStop.ai, third-party management for capital-light scaling, the managed REIT platform, and joint ventures that advance the clustering strategy.
  • Expansion of Canadian Operating PlatformSmartStop announced an estimated $53 million investment in Strategic Storage Canada LP, a growth-oriented acquisition joint venture that expands its Canadian operating presence by over 30% to 70 stores. The investment also added a meaningful presence in Calgary, where the company now has nine stores.
  • New Institutional Investment PartnershipThe company announced a programmatic investment partnership with an institutional sponsor and accomplished U.S. developer. Its preferred and mezzanine investments carry blended in-place yields in the mid teens and include property management rights, rights of first offer, and a pipeline of future investment and acquisition opportunities. SmartStop deployed approximately $32.3 million of bridge capital during the quarter, the majority of which went to this sponsor.
  • Acquisition and Funding ActivitySmartStop announced contracts to acquire two on-balance-sheet properties for approximately $37 million in core SMA markets. It also priced a 200 million CAD Maplebond at 4.32% and issued approximately 2.4 million forward shares through its ATM program at an average price of $32.01.
  • Third-Party Management and Asset Management InitiativesThe company rebranded Argus as SmartStop 3PM and announced an asset management program to dispose of properties in select noncore markets and redeploy capital into core markets to reinforce clustering and operating efficiencies.
  • Managed REIT Platform GrowthThe managed REIT platform generated 16.3% year-over-year growth in recurring revenue.
  • Improved Leverage PositionNormalized cash flow leverage declined to 6.0x, or 5.6x assuming the full settlement of the forward ATM shares.
  • Occupancy, Rent and Move-In TrendsQuarter-ending occupancy was 92.1%, in-place rent per occupied square foot increased 2.6%, and move-ins increased 5.6% year over year. Occupancy reached 92.2% at the end of October, up 10 basis points from the end of September.
  • Expense EfficienciesProperty taxes, property insurance, repairs and maintenance, and utilities decreased during the quarter. Management said payroll efficiencies were real and expected to continue benefiting the company as clustering expands through acquisitions, joint ventures, and third-party management.
  • Customer Retention and Reduced ConcessionsCustomer length of stay reached 32 months, with 36% of tenants staying more than 24 months. Fourth-quarter concessions were down 25% to 30% year over year, and management said customer attrition related to ECRIs had not materially changed in either the U.S. or Canada.
  • Canadian Portfolio PerformanceThe 13-property Canadian same-store pool posted slightly positive constant-currency revenue growth in the third quarter, an acceleration from a 1% decline in the second quarter. GTA occupancy was 92.6%, up 10 basis points year over year. The 10-property GTA joint venture portfolio reported 93% occupancy and 2.8% year-over-year revenue growth.
  • Alberta Portfolio Lease-UpThe wholly owned Alberta portfolio gained about 1.7 thousand basis points of occupancy since its acquisition in August 2025 and delivered approximately 9.2% year-over-year revenue growth in the third quarter. Management said the Alberta five-property portfolio reached full lease-up and exceeded expectations.
  • Broader Canadian Platform GrowthThe 29 owned properties within SMA reported 8.5% year-over-year revenue growth with 92.3% occupancy. Management also reported strong lease-up in recently opened managed assets in Montreal and late-stage lease-up assets in Vancouver.
  • Healthy Canadian Customer MetricsCanadian bad debt was approximately 1%, described as less than half of U.S. levels. The GTA portfolio had approximately 26-month length of stay, and move-outs were down year over year in the GTA.
  • Clustering and Margin OpportunityManagement said markets with 10 or more properties have experienced roughly 300 basis points of margin improvement. Miami, Denver, and Chicago were cited as markets showing 250 to 300 basis points of year-to-date margin expansion. The company now owns and manages 41 properties in the GTA.
  • Attractive Transaction Pipeline and Capital DisciplineManagement described the storage acquisition environment as an opportunity to transact and said it was seeing high-quality assets come to market in the U.S. and Canada. It cited recently announced off-market transactions in Las Vegas and Asheville, while emphasizing that acquisitions must be accretive on a per-share basis.

SMA Earnings History

SMA earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Mar 30, 20272026 (Q4)0.18-0.05――
Nov 04, 20262026 (Q3)0.130.160.0977.78% (+0.07)
Aug 05, 20262026 (Q2)0.100.20-0.16225.00% (+0.36)
May 06, 20262026 (Q1)0.080.17-0.35148.57% (+0.52)
Feb 25, 20262025 (Q4)0.150.05-0.15133.33% (+0.20)
Nov 05, 20252025 (Q3)0.080.09-0.12173.17% (+0.21)
Aug 06, 20252025 (Q2)-0.01-0.16-0.08-110.53% (-0.08)
May 07, 20252025 (Q1)-0.31-0.35-0.09-276.34% (-0.26)
Mar 12, 20252024 (Q4)―-0.15-0.01-1150.00% (-0.14)
Nov 13, 20242024 (Q3)―-0.12-0.01-1437.50% (-0.12)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat Missed