| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 78.31 | 19.6% |
| Total Income | 78.31 | 19.6% |
| Expenditure | 63.32 | 31.3% |
| PBT | — | |
| Net Profit | 9.58 | 213.9% |
| OPM | 20.72% | 5.62pp |
| NPM | 12.23% | 25.07pp |
| EPS | — |
SmartStop Reports Q1 2026: Same-Store Revenue Up 1.5%, NOI Up 2.0%
07 May 2026 · 7 May, 1:45 am
Summary
SmartStop Self Storage REIT, Inc. reported a strong first quarter of 2026, with same-store revenue growth of 1.5% and same-store NOI growth of 2.0%. Net income attributable to common stockholders was approximately $9.6 million, representing an increase of approximately $18.0 million compared to the same period in 2025. FFO, as adjusted per share and OP unit outstanding – diluted was $0.49, an increase of approximately $0.08 compared to the same period in 2025. The company also recast its senior credit facility during the quarter, resulting in 19.3% growth of FFO, as adjusted per share year over year.
Key Highlights
- 1
SmartStop's same-store revenue grew by 1.5% for the three months ended March 31, 2026.
- 2
Same-store net operating income (NOI) increased by 2.0% compared to the same period in 2025.
- 3
FFO, as adjusted per share and OP unit outstanding – diluted, increased by approximately $0.08 to $0.49 compared to the same period in 2025.
- 4
Net income attributable to common stockholders was approximately $9.6 million, an increase of approximately $18.0 million compared to the same period in 2025.
- 5
Total self storage-related revenues were approximately $64.8 million, an increase of approximately $5.6 million compared to the same period in 2025.
- 6
The company entered into a new senior unsecured credit facility in the initial amount of $500 million on February 18, 2026.
- 7
Same-store annualized rent per occupied square foot was approximately $20.10, an increase of approximately 1.2% when compared to the same period in 2025.
Management Comments
H. Michael Schwartz
"We posted a strong quarter of growth, highlighted by same-store revenue growth of 1.5% and sector-leading same-store NOI growth of 2.0%, both of which had very difficult year-over-year comps." "Our expense control initiatives and scale led to a quarter of muted operating expenses, in turn leading to 30 basis points of net operating income margin expansion in our same-store portfolio, the first year-over-year increase in several years." "SmartStop has multiple levers of organic and external EBITDA growth across all aspects of our business. These drivers, paired with the strong execution of our recast senior credit facility during the quarter, resulted in 19.3% growth of FFO, as adjusted per share year over year. Our dedicated SmartStop team will continue to execute our business plan throughout 2026."
Informational and educational content only. Not investment advice.