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SmartStop Self Storage
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Latest analysis
Updated Nov 6, 2026
SmartStop Q3 2026: Managed Platform surge and same-store rent-per-foot inflection drive net income to $9.6M as Canadian JV expansion accelerates.
SmartStop's Q3 2026 10-Q reveals a business in structural transformation: Managed Platform revenue nearly doubled year-over-year to $6.7 million for the quarter, driven by the October 2025 Argus acquisition, while same-store annualized rent per occupied square foot rose 2.6% to $20.99 — the strongest rate metric in recent periods — against a marginal 0.4% occupancy decline. The pending $74.3 million CAD Canadian joint venture investment, announced September 29, 2026 and subject to Competition Act approval, represents the most consequential new capital deployment signal in this filing, adding 14 properties and 961,000 net rentable square feet to the platform if closed.
Tone: bullishRevenue
$281.1M
SMA 10-K · FY 2025
Employees
1,000
Revenue FY2024
$237M
Founded
2013
Profile
SMA 10-K Item 1 · Feb 27, 2026SmartStop Self Storage REIT, Inc. is a self-managed, fully-integrated self storage REIT that owns, operates, and manages self storage properties across the United States and Canada. The company operates 177 wholly-owned properties and manages an additional 273 properties through its Managed Platform, which includes affiliated non-traded REITs and a recently acquired third-party management business. Its strategy targets high-growth MSAs and undermanaged facilities where institutional-grade operations can meaningfully improve net operating income.
Read filing description ↓ Collapse description ↑
SmartStop Self Storage REIT, Inc. is a self-managed and fully-integrated self storage real estate investment trust formed on January 8, 2013 under the Maryland General Corporation Law. We focus on the acquisition, ownership, and operation of self storage properties located primarily within the top 100 metropolitan statistical areas, or MSAs, throughout the United States and Canada. Based on the Inside Self Storage Top-Operators List ranking for 2025, and after accounting for recent market transactions, we are the 10th largest owner and operator of self storage properties in the United States based on rentable square footage. Our primary business model is focused on owning and operating high quality self storage properties in high growth markets in the United States and Canada. We finance our portfolio through a diverse capital strategy which includes cash generated from operations, borrowings under our syndicated revolving line of credit, secured and unsecured debt financing, equity offerings and joint ventures. Our business model is designed to maximize cash flow available for distribution to our stockholders and to achieve sustainable long-term growth in cash flow in order to maximize long-term stockholder value at acceptable levels of risk. We execute our organic growth strategy by pursuing revenue-optimizing and expense-minimizing opportunities in the operations of our existing portfolio. We execute our external growth strategy by developing, redeveloping, acquiring and managing self storage facilities in the United States and Canada both internally and through our Managed Platform, and we look to acquire properties that are physically stabilized, recently developed, in various stages of lease up or at certificate of occupancy. We seek to acquire undermanaged facilities that are not operated by institutional operators, where we can implement our proprietary management and technology to maximize net operating income. Through our Managed Platform, we serve as the sponsor of Strategic Storage Trust VI, Inc., Strategic Storage Growth Trust III, Inc., and Strategic Storage Trust X, and we manage the properties owned by these Managed REITs.
Primary products
- Self storage unit rental
- Climate-controlled storage units
- Parking unit rental
- Tenant insurance and protection plans
- Moving and packing supplies
- Locks and boxes
Business segments
End markets
Geographies
“Based on the Inside Self Storage Top-Operators List ranking for 2025, and after accounting for recent market transactions, we are the 10th largest owner and operator of self storage properties in the United States based on rentable square footage.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased from $237.0 million in 2024 to $281.1 million in 2025, driven by growth in self storage rental revenue, Managed Platform revenue, and reimbursable costs following the Argus acquisition.
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