| Metric | Value ($ M) | Q2 FY25 | Q3 FY24 |
|---|---|---|---|
| Revenue | 70.43 | 5.4% | 17.1% |
| Total Income | 70.43 | 5.4% | 17.1% |
| Expenditure | 57.65 | 1.9% | 35.8% |
| PBT | — | ||
| Net Profit | 5.23 | 162.6% | 184.1% |
| OPM | 18.14% | 2.78pp | 11.28pp |
| NPM | 7.42% | 19.94pp | 17.76pp |
| EPS | 0.09 | 156.3% | 228.6% |
SmartStop Self Storage REIT Reports Q3 2025 Results
04 May 2026 · 4 May, 8:00 am
Summary
SmartStop Self Storage REIT, Inc. reported its results for the three and nine months ended September 30, 2025. For the third quarter, net income attributable to common stockholders was approximately $5.2 million, an increase of $11.4 million compared to the same period in 2024, and total self storage-related revenues were approximately $64.6 million, up by $9.2 million year-over-year. Same-store revenues increased by 2.5%. For the nine months ended September 30, 2025, the net loss attributable to common stockholders was approximately $11.5 million, and total self storage-related revenues were approximately $184.7 million, an increase of approximately $21.6 million compared to the same period in 2024. Management is encouraged by the sector's stabilization following years of elevated new supply.
Key Highlights
- 1
Net income attributable to common stockholders was approximately $5.2 million for the three months ended September 30, 2025, an increase of approximately $11.4 million compared to the same period in 2024.
- 2
Total self storage-related revenues were approximately $64.6 million for the three months ended September 30, 2025, an increase of approximately $9.2 million compared to the same period in 2024.
- 3
FFO, as adjusted (attributable to common stockholders and OP unit holders), was approximately $27.5 million for the three months ended September 30, 2025, an increase of approximately $15.8 million compared to the same period in 2024.
- 4
Same-store revenues increased by 2.5% for the three months ended September 30, 2025, compared to the same period in 2024.
- 5
Net loss attributable to common stockholders was approximately $11.5 million for the nine months ended September 30, 2025, a decrease in net loss of approximately $3.1 million compared to the same period in 2024.
- 6
Total self storage-related revenues were approximately $184.7 million for the nine months ended September 30, 2025, an increase of approximately $21.6 million compared to the same period in 2024.
- 7
FFO, as adjusted (attributable to common stockholders and OP unit holders), was approximately $63.0 million for the nine months ended September 30, 2025, an increase of approximately $27.8 million compared to the same period in 2024.
Management Comments
H. Michael Schwartz
We have accomplished a tremendous amount in our short time as a publicly traded company. In the third quarter, we continued to successfully execute on the business plan we laid out on our public offering road show, highlighted by a CAD $200 million Maple Bond offering, nearly $90 million of high quality on-balance sheet acquisitions, and a transformative agreement to acquire Argus Professional Storage Management, accretively launching SmartStop into the third-party management business. We are encouraged by the sector’s stabilization following years of elevated new supply. However, the storage market undoubtedly remains choppy month-to-month, as customer demand ebbs and flows. Despite the choppiness, we delivered solid third quarter same-store results with average occupancy of 92.6% and sector leading revenue growth of 2.5%. We continue to be able to capture demand through our technology-driven North American platform. As sector fundamentals continue to stabilize, our accomplishments over the past seven months position SmartStop to achieve solid forward growth and to take advantage of an improving self-storage landscape.
Informational and educational content only. Not investment advice.