SmartStop Self Storage REIT (SMA) Q1 2026 earnings summary

Executive summary

• Achieved same-store revenue growth of 1.5% and NOI growth of 2% year-over-year, with average occupancy at 92.5% despite challenging comps and geopolitical headwinds.

• Net income attributable to common stockholders was $9.6 million, up $18.0 million from Q1 2025; EPS was $0.17, up $0.52 year-over-year.

• FFO as adjusted per share was $0.49, up 19.3% year-over-year, with strong operational performance across most major markets.

• Completed integration of Argus Professional Storage Management, expanding third-party management and technology upgrades.

• Focus remains on maximizing cash flow, expanding through acquisitions, joint ventures, and lending to managed REITs.

Financial highlights

• Total revenues for Q1 2026 were $78.3 million, up from $65.4 million in Q1 2025.

• Same-store operating margins increased by 30 basis points year-over-year, the first such increase since 2023.

• FFO, as adjusted, was $28.8 million, up from $11.2 million in Q1 2025.

• Managed REIT platform revenues exceeded expectations, with an annualized run rate of over $16 million in Q1.

• Net income attributable to common stockholders was $9.6 million, compared to a net loss of $8.4 million in Q1 2025.

Outlook and guidance

• Narrowed same-store revenue growth guidance to -0.25% to 1.75% for 2026.

• NOI growth guidance updated to -1.25% to 0.75% for 2026.

• FFO as adjusted per share and OP unit guidance for 2026 is $1.94 to $2.04.

• Capital deployment for 2026 expected at $45–65 million for acquisitions and investments.

• Managed Platform revenues and expenses anticipated to fluctuate with changes in assets under management.