What is Smartstop Self Storage REIT's operating income?

Smartstop Self Storage REIT's total operating income in 2025 was $59.10 million, based on the following breakdown: Total Gross Profit: $172.47 million Total Operating Expenses: $113.38 million

Smartstop Self Storage REIT (SMA) Financials

$33.14 +0.15 (+0.45%)

Closing price 07/13/2026 03:59 PM Eastern

Extended Trading

$33.15 +0.01 (+0.03%)

As of 07/13/2026 06:18 PM Eastern

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Annual Income Statements for Smartstop Self Storage REIT

This table shows Smartstop Self Storage REIT's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-15	-26	-15	-3.70	-25	-54	-29	6.32	-2.75	-18	-8.76
Consolidated Net Income / (Loss)	-8.94	-26	-15	-3.72	-25	-51	-20	22	12	-5.89	-1.74
Net Income / (Loss) Continuing Operations	-8.31	-23	-15	-3.72	-25	-51	-20	22	15	-9.06	-2.18
Total Pre-Tax Income	-8.31	-23	-15	-3.72	-25	-57	-20	21	12	-4.86	1.02
Total Operating Income	-5.08	-15	3.58	16	12	-21	17	66	71	69	59
Total Gross Profit	11	29	41	45	61	77	115	147	159	156	172
Total Revenue	18	45	76	80	110	124	169	213	233	237	281
Operating Revenue	-	45	76	80	110	124	169	213	233	237	281
Total Cost of Revenue	6.75	16	35	35	48	47	54	66	74	81	109
Operating Cost of Revenue	6.75	16	35	35	48	47	54	66	74	81	109
Total Operating Expenses	16	41	37	29	42	98	98	81	88	86	113
Selling, General & Admin Expense	1.59	2.86	3.46	4.85	10	16	23	28	27	30	38
Depreciation Expense	3.97	11	20	20	30	32	41	49	54	55	63
Amortization Expense	5.14	11	14	2.42	11	9.78	12	15	6.59	0.94	9.97
Other Operating Expenses / (Income)	4.90	16	0.50	1.13	2.00	-2.50	21	3.56	0.00	0.00	0.22
Restructuring Charge	-	-	-	-	-	1.37	0.93	0.89	0.19	0.41	2.03
Other Special Charges / (Income)	-	-	0.00	0.00	-12	0.00	0.00	-16	-	0.00	-0.28
Total Other Income / (Expense), net	-3.86	-11	-19	-20	-45	-36	-37	-45	-59	-74	-58
Interest Expense	3.83	11	18	19	44	36	36	44	62	73	62
Interest & Investment Income	-	-	-	0.00	-	-	-	-	3.36	-	4.37
Other Income / (Expense), net	-0.03	-0.29	-0.37	-0.70	-0.62	0.16	-0.94	-1.00	-0.23	-1.28	-0.02
Income Tax Expense	-	-	-	-	-	-5.83	-1.81	-0.56	-2.60	-	1.90
Other Gains / (Losses), net	-	-	-	-	-	-	-1.74	-	-	-4.21	-1.30
Preferred Stock Dividends Declared	6.45	-	0.00	0.00	1.67	10	13	13	13	13	7.21
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.09	-0.01	-0.12	-0.02	-2.01	-6.90	-2.66	2.85	1.89	-0.27	-0.19
Basic Earnings per Share	($5.12)	($1.30)	($0.54)	($0.12)	($0.84)	($0.91)	($0.37)	$0.07	$0.00	($0.78)	($0.20)
Weighted Average Basic Shares Outstanding	45.92K	3.43M	7.24M	7.44M	7.61M	59.62M	158.88M	0.00	0.00	24.14M	47.30M
Diluted Earnings per Share	($5.12)	($1.30)	($0.54)	($0.12)	($0.84)	($0.91)	($0.37)	$0.07	$0.00	($0.78)	($0.20)
Weighted Average Diluted Shares Outstanding	45.92K	3.43M	7.24M	7.44M	7.61M	59.62M	158.88M	0.00	0.00	24.14M	47.30M
Weighted Average Basic & Diluted Shares Outstanding	5.97M	40.26M	56.02M	57.34M	58.34M	7.80M	7.98M	96.96M	96.89M	96.25M	55.36M

This table shows Smartstop Self Storage REIT's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-0.64	-1.11	-4.65	-3.82	-6.22	-3.69	-8.41	-8.36	5.23	2.78	9.58
Consolidated Net Income / (Loss)	2.98	2.36	-1.64	-0.71	-3.39	-0.15	-5.46	-4.80	5.55	2.97	10
Net Income / (Loss) Continuing Operations	3.00	5.68	-0.86	-0.09	-2.76	-5.35	-5.67	-4.52	5.84	1.50	10
Total Pre-Tax Income	1.95	2.16	-0.52	0.26	-2.36	-2.24	-4.39	-4.21	6.46	3.16	11
Total Operating Income	18	17	16	18	18	18	17	10	13	19	16
Total Gross Profit	40	39	37	39	39	40	42	40	43	48	45
Total Revenue	59	58	57	59	60	61	65	67	70	78	78
Operating Revenue	59	58	57	59	60	61	65	67	70	78	78
Total Cost of Revenue	19	18	20	20	21	20	23	27	28	30	33
Operating Cost of Revenue	19	18	20	20	21	20	23	27	28	30	33
Total Operating Expenses	22	22	21	22	21	22	25	29	30	29	29
Selling, General & Admin Expense	6.28	7.46	7.43	7.81	7.21	7.50	7.85	12	10	8.23	9.14
Depreciation Expense	13	14	14	14	14	14	15	15	16	16	17
Amortization Expense	1.73	1.11	0.07	0.17	0.22	0.47	1.60	1.93	2.90	3.54	3.45
Other Operating Expenses / (Income)	-	-	-	-	-	-	0.00	-	-	-	0.64
Restructuring Charge	0.08	0.07	0.07	0.01	0.04	0.29	0.20	0.36	0.48	0.99	0.08
Other Special Charges / (Income)	-	-	-	-	-	-	0.00	-	-	-	-1.24
Total Other Income / (Expense), net	-16	-15	-17	-17	-20	-20	-22	-14	-6.32	-16	-5.36
Interest Expense	16	16	17	17	19	19	23	14	13	13	13
Interest & Investment Income	-	-	0.68	0.67	1.02	-	0.73	0.72	1.54	1.38	1.97
Other Income / (Expense), net	-0.27	-1.91	-0.18	-0.79	-1.98	1.67	0.45	-1.42	4.67	-3.73	6.07
Income Tax Expense	-1.05	-1.69	0.34	0.35	0.40	-	0.61	0.32	0.62	0.36	0.33
Other Gains / (Losses), net	-	-	-	-	-	-	-0.67	-	-	-	-0.51
Preferred Stock Dividends Declared	3.15	3.15	3.11	3.11	3.14	3.40	3.45	0.12	0.00	3.64	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	0.46	0.32	-0.10	0.01	-0.31	0.14	-0.50	-0.20	0.32	0.19	0.64
Basic Earnings per Share	($0.01)	$0.03	($0.20)	($0.16)	($0.26)	($0.16)	($0.35)	($0.16)	$0.09	$0.22	$0.17
Weighted Average Basic Shares Outstanding	96.84M	0.00	24.21M	24.19M	24.12M	24.14M	24.02M	54.42M	55.10M	47.30M	55.24M
Diluted Earnings per Share	($0.01)	$0.03	($0.20)	($0.16)	($0.26)	($0.16)	($0.35)	($0.16)	$0.09	$0.22	$0.17
Weighted Average Diluted Shares Outstanding	96.84M	0.00	24.21M	24.19M	24.12M	24.14M	24.02M	54.42M	55.35M	47.30M	55.27M
Weighted Average Basic & Diluted Shares Outstanding	96.62M	96.89M	96.57M	96.38M	95.91M	96.25M	55.46M	55.44M	55.36M	55.36M	55.37M

This table details how cash moves in and out of Smartstop Self Storage REIT's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	22	-10	-6.33	2.64	55	12	-36	2.83	7.39	-24	30
Net Cash From Operating Activities	-1.25	-0.87	20	18	9.77	27	59	88	73	64	85
Net Cash From Continuing Operating Activities	-1.25	-0.87	20	18	9.77	27	59	88	73	64	85
Net Income / (Loss) Continuing Operations	-8.94	-26	-15	-3.72	-25	-51	-20	22	12	-5.89	-1.74
Consolidated Net Income / (Loss)	-8.94	-26	-15	-3.72	-25	-51	-20	22	12	-5.89	-1.74
Depreciation Expense	9.11	22	33	23	41	42	53	65	60	56	73
Amortization Expense	0.55	3.04	1.42	1.58	4.00	3.59	1.68	2.59	2.73	4.12	3.90
Non-Cash Adjustments To Reconcile Net Income	-0.08	-0.35	-0.60	-0.19	-9.96	42	14	-3.91	4.17	1.68	14
Changes in Operating Assets and Liabilities, net	-1.89	0.46	0.64	-2.12	-0.27	-9.61	8.79	2.94	-5.59	8.01	-4.59
Net Cash From Investing Activities	-141	-508	-58	-3.18	-348	-29	-120	-205	0.26	-181	-381
Net Cash From Continuing Investing Activities	-141	-508	-58	-3.18	-348	-29	-120	-205	0.26	-181	-381
Purchase of Property, Plant & Equipment	-138	-508	-49	-1.95	-22	-0.61	-67	-73	-16	-146	-304
Acquisitions	-2.49	-0.25	0.00	0.00	-349	0.00	-49	-66	-0.75	-3.82	-8.60
Purchase of Investments	0.00	0.00	0.00	-3.36	-0.15	-32	-5.80	-4.82	-25	-8.89	-49
Sale of Property, Plant & Equipment	-	-	0.00	0.00	-	0.00	0.26	0.23	0.00	0.00	7.87
Sale and/or Maturity of Investments	-	0.00	-	-	-	-	0.00	0.00	-45	-33	-75
Other Investing Activities, net	-0.09	-	-8.11	2.13	23	3.76	1.37	-63	86	11	48
Net Cash From Financing Activities	164	499	31	-13	392	14	26	120	-66	95	325
Net Cash From Continuing Financing Activities	164	499	31	-13	392	14	26	120	-66	95	325
Repayment of Debt	-65	-153	-133	-77	-263	-0.71	-446	-276	-200	-657	-1,161
Repurchase of Preferred Equity	-59	-	-	0.00	-3.57	-0.07	-	-	0.00	0.00	-200
Repurchase of Common Equity	-21	-31	-1.74	-7.76	-5.74	-0.66	-0.97	-0.60	-19	-34	-59
Payment of Dividends	-6.42	-11	-17	-18	-21	-33	-45	-69	-62	-59	-90
Issuance of Debt	72	367	166	91	536	0.34	518	468	215	845	906
Issuance of Common Equity	191	327	17	-0.69	0.00	0.00	4.02	0.00	0.00	0.00	932
Other Financing Activities, net	-0.02	0.00	0.00	-0.13	-0.91	-1.71	-5.00	-1.76	-0.25	-0.22	-3.33
Effect of Exchange Rate Changes	0.00	-	-	-	0.35	-	-	-	0.04	-2.03	0.63
Cash Interest Paid	2.81	6.60	16	18	36	33	27	37	56	66	56
Cash Income Taxes Paid	-	-	-	-	-	-	0.00	0.27	0.41	0.30	0.47

This table details how cash moves in and out of Smartstop Self Storage REIT's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	1.41	9.62	-7.36	-4.03	52	-65	11	3.25	11	5.16	-16
Net Cash From Operating Activities	23	4.48	14	17	22	11	11	8.01	52	14	24
Net Cash From Continuing Operating Activities	23	4.48	14	17	22	11	11	8.01	52	14	24
Net Income / (Loss) Continuing Operations	2.98	2.36	-1.64	-0.70	-3.39	-0.15	-5.46	-4.80	5.55	2.97	10
Consolidated Net Income / (Loss)	2.98	2.36	-1.64	-0.70	-3.39	-0.15	-5.46	-4.80	5.55	2.97	10
Depreciation Expense	15	15	14	14	14	15	17	17	19	20	20
Amortization Expense	0.66	0.70	0.80	0.97	1.20	1.14	1.07	0.92	0.92	0.99	1.06
Non-Cash Adjustments To Reconcile Net Income	-0.88	3.53	-2.09	0.62	0.60	2.54	-4.15	-0.01	14	4.05	-13
Changes in Operating Assets and Liabilities, net	5.48	-17	3.68	2.57	9.28	-7.52	2.39	-5.40	12	-14	5.79
Net Cash From Investing Activities	-15	-3.23	-0.61	-13	-67	-101	-70	-165	-116	-30	-16
Net Cash From Continuing Investing Activities	-15	-3.23	-0.61	-13	-18	-150	-70	-165	-116	-30	-16
Purchase of Property, Plant & Equipment	-16	-0.18	-1.35	-14	1.29	-132	-80	-126	-89	-7.51	0.00
Acquisitions	-	-	-	-	-	-3.35	-1.05	-	-	-3.05	0.00
Purchase of Investments	-4.74	-17	-	-	-	-8.89	-0.84	-	16	-24	-1.30
Sale and/or Maturity of Investments	-	-	-	-	-28	-5.18	0.15	-	-48	-28	-15
Other Investing Activities, net	5.65	59	0.74	1.50	9.48	-0.32	12	0.96	11	25	0.68
Net Cash From Financing Activities	-7.08	8.11	-21	-8.42	48	76	70	160	75	20	-23
Net Cash From Continuing Financing Activities	-7.08	8.11	-21	-8.42	48	76	70	160	75	20	-23
Repayment of Debt	-0.65	-81	-634	-1.15	-16	-6.37	12	-908	-150	-51	-71
Repurchase of Common Equity	-12	-6.75	-4.17	-8.52	-8.63	-13	-0.54	-59	-0.46	-	0.00
Payment of Dividends	-14	-14	-14	-14	-14	-16	-16	-26	-24	-24	-24
Issuance of Debt	15	110	632	16	88	111	75	420	249	98	72
Other Financing Activities, net	-	-	-0.22	-	0.00	-0.00	-0.19	0.54	-0.29	-2.85	-0.07
Effect of Exchange Rate Changes	-	0.25	-0.45	-0.30	0.13	-1.41	-0.03	0.67	-0.18	0.16	-0.50
Cash Interest Paid	13	17	14	18	15	20	18	16	6.10	16	8.41
Cash Income Taxes Paid	0.00	0.39	0.00	0.03	0.02	0.25	0.23	0.06	-	0.18	0.35

This table presents Smartstop Self Storage REIT's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	193	753	817	796	1,311	1,282	1,618	1,947	1,896	2,042	2,432
Total Current Assets	28	15	7.36	10	62	73	37	39	45	23	54
Cash & Equivalents	28	15	7.36	10	62	73	37	39	45	23	54
Plant, Property, & Equipment, net	153	713	795	766	1,090	1,094	1,438	1,685	1,669	1,786	2,061
Plant, Property & Equipment, gross	157	727	830	820	1,174	1,212	1,594	1,892	1,931	2,101	2,434
Accumulated Depreciation	3.76	15	35	54	84	116	156	203	256	305	366
Total Noncurrent Assets	10	23	14	20	159	114	143	219	176	223	311
Long-Term Investments	-	-	-	0.00	6.07	16	31	91	70	97	168
Goodwill	-	-	-	0.00	78	54	54	54	54	54	70
Intangible Assets	3.91	13	4.14	1.56	50	29	30	31	17	22	34
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	0.00	4.45	4.31	3.18
Other Noncurrent Operating Assets	6.43	10	10	18	25	16	28	43	30	46	36
Total Liabilities & Shareholders' Equity	193	753	817	796	1,311	1,282	1,618	1,947	1,896	2,042	2,432
Total Liabilities	26	331	410	419	776	785	943	1,112	1,132	1,371	1,152
Total Current Liabilities	3.13	4.60	7.45	7.69	19	23	23	28	29	38	39
Accounts Payable	2.15	4.60	7.45	7.69	19	23	23	28	29	38	39
Total Noncurrent Liabilities	23	327	403	411	757	762	921	1,084	1,103	1,333	1,114
Long-Term Debt	23	321	397	406	713	718	874	1,068	1,087	1,317	1,098
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	0.00	6.61	8.38	7.72	6.21	6.19	5.95	6.56
Other Noncurrent Operating Liabilities	0.21	5.79	5.82	5.09	38	36	39	9.73	9.57	9.62	8.80
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	166	411	383	345	492	243	407	562	496	413	1,280
Total Preferred & Common Equity	166	411	379	345	274	183	343	467	404	326	1,180
Preferred Stock	0.00	0.00	0.00	-	-	-	-	-	-	-	0.00
Total Common Equity	166	411	379	345	274	183	343	467	404	326	1,180
Common Stock	187	481	496	501	491	492	725	894	895	895	1,837
Retained Earnings	-18	-44	-59	-62	-87	-141	-171	-165	-167	-186	-194
Accumulated Other Comprehensive Income / (Loss)	0.00	1.38	1.37	1.39	-1.96	-3.83	-0.28	3.65	0.85	-1.71	0.73
Other Equity Adjustments	-3.89	-28	-61	-94	-129	-164	-211	-266	-324	-382	-463
Noncontrolling Interest	-0.02	-0.05	4.43	-0.08	72	60	65	94	92	87	100

This table presents Smartstop Self Storage REIT's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	1,894	1,891	1,886	1,878	1,937	2,114	2,303	2,391	2,421
Total Current Assets	34	34	39	35	37	35	38	48	38
Cash & Equivalents	34	34	39	35	37	35	38	48	38
Plant, Property, & Equipment, net	1,668	1,677	1,652	1,649	1,681	1,856	1,994	2,060	2,042
Plant, Property & Equipment, gross	1,904	1,925	1,929	1,939	1,982	2,182	2,338	2,418	2,432
Accumulated Depreciation	229	242	268	281	294	320	337	350	382
Total Noncurrent Assets	185	174	187	185	212	217	264	275	333
Long-Term Investments	70	69	72	76	98	95	146	153	194
Goodwill	54	54	54	54	54	54	54	54	70
Intangible Assets	28	18	17	17	18	24	28	29	31
Noncurrent Deferred & Refundable Income Taxes	-	-	4.54	4.57	4.51	4.44	4.52	4.44	3.09
Other Noncurrent Operating Assets	34	33	39	33	38	40	31	36	35
Total Liabilities & Shareholders' Equity	1,894	1,891	1,886	1,878	1,937	2,114	2,303	2,391	2,421
Total Liabilities	1,097	1,111	1,147	1,161	1,251	1,464	1,000	1,102	1,153
Total Current Liabilities	41	41	38	39	56	42	35	45	45
Accounts Payable	41	41	38	39	56	42	35	45	45
Total Noncurrent Liabilities	1,056	1,071	1,109	1,122	1,195	1,423	965	1,057	1,108
Long-Term Debt	1,041	1,055	1,093	1,107	1,180	1,406	950	1,042	1,093
Noncurrent Deferred & Payable Income Tax Liabilities	6.16	6.07	6.11	6.08	6.22	6.14	6.41	6.49	6.50
Other Noncurrent Operating Liabilities	9.26	9.35	9.30	9.15	9.17	10	8.37	8.57	8.56
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	531	514	475	455	432	388	1,303	1,289	1,269
Total Preferred & Common Equity	437	422	385	366	344	303	1,217	1,202	1,168
Preferred Stock	-	-	-	-	-	-	-	-	0.00
Total Common Equity	437	422	385	366	344	303	1,217	1,202	1,168
Common Stock	895	895	895	895	895	895	1,837	1,840	1,837
Retained Earnings	-166	-166	-172	-176	-182	-194	-202	-197	-185
Accumulated Other Comprehensive Income / (Loss)	3.16	2.45	0.43	-0.36	-1.58	-1.71	0.84	0.27	0.25
Other Equity Adjustments	-295	-310	-339	-353	-368	-396	-419	-441	-485
Noncontrolling Interest	93	93	90	89	88	85	86	87	101

This table displays calculated financial ratios and metrics derived from Smartstop Self Storage REIT's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	13,437,283.00	49,666,038.00	56,457,913.00	57,233,903.00	58,881,572.00	60,309,858.00	84,907,595.00	96,942,611.00	96,621,864.00	95,911,285.00	55,363,743.00
DEI Adjusted Shares Outstanding	13,437,283.00	49,666,038.00	56,457,913.00	57,233,903.00	58,881,572.00	60,309,858.00	84,907,595.00	96,942,611.00	96,621,864.00	95,911,285.00	55,363,743.00
DEI Earnings Per Adjusted Shares Outstanding	-1.14	-0.53	-0.26	-0.06	-0.42	-0.90	-0.35	0.07	-0.03	-0.19	-0.16
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	-3.55	-10	2.50	11	8.11	-15	12	68	86	48	-52
Return On Investment Capital (ROIC_SIMPLE)	-1.88%	-1.43%	0.32%	1.50%	0.67%	-1.54%	0.90%	4.15%	5.43%	2.80%	-2.17%
Earnings before Interest and Taxes (EBIT)	-5.11	-15	3.21	15	11	-21	16	65	70	68	59
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	4.55	9.92	38	40	56	25	71	132	133	128	136
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-142	-575	-68	34	-399	40	-344	-220	125	-81	-342
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	161	726	796	773	1,180	1,125	1,480	1,768	1,730	1,859	2,150
Increase / (Decrease) in Invested Capital	138	565	70	-23	407	-55	356	288	-39	130	291
Book Value per Share	$65.42	$13.28	$6.80	$6.05	$4.70	$3.08	$4.08	$4.82	$4.18	$3.40	$21.32
Tangible Book Value per Share	$63.88	$12.86	$6.72	$6.03	$2.50	$1.70	$3.08	$3.94	$3.45	$2.60	$19.44
Total Capital	189	742	804	784	1,395	1,215	1,549	1,903	1,851	1,988	2,378
Total Debt	23	321	397	406	713	718	874	1,068	1,087	1,317	1,098
Total Long-Term Debt	23	321	397	406	713	718	874	1,068	1,087	1,317	1,098
Net Debt	-5.07	306	389	396	644	630	805	938	972	1,198	876
Capital Expenditures (CapEx)	138	508	49	1.95	22	0.61	66	72	16	146	296
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-3.13	-4.60	-7.45	-7.69	-19	-23	-23	-28	-29	-38	-39
Debt-free Net Working Capital (DFNWC)	25	10	-0.10	2.58	44	50	15	11	16	-15	16
Net Working Capital (NWC)	25	10	-0.10	2.58	44	50	15	11	16	-15	16
Net Nonoperating Expense (NNE)	5.38	16	17	15	33	36	31	46	74	54	-50
Net Nonoperating Obligations (NNO)	-4.99	304	389	396	498	628	805	934	966	1,188	870
Total Depreciation and Amortization (D&A)	9.66	25	35	24	45	46	55	67	63	60	77
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($5.12)	($1.30)	($0.54)	($0.12)	($0.84)	($1.82)	($0.74)	$0.07	($0.03)	($0.20)	($0.20)
Adjusted Weighted Average Basic Shares Outstanding	30.92M	55.69M	57.04M	58.20M	59.47M	84.04M	85.33M	91.94M	193.62M	193.12M	47.30M
Adjusted Diluted Earnings per Share	($5.12)	($1.30)	($0.54)	($0.12)	($0.84)	($1.82)	($0.74)	$0.07	($0.03)	($0.20)	($0.20)
Adjusted Weighted Average Diluted Shares Outstanding	30.92M	55.69M	57.04M	58.20M	59.47M	84.04M	85.33M	92.06M	193.62M	193.12M	47.30M
Adjusted Basic & Diluted Earnings per Share	($5.12)	($1.30)	($0.54)	($0.12)	($0.84)	($1.82)	($0.74)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	5.97M	40.26M	56.02M	57.34M	58.34M	59.62M	79.44M	96.96M	96.89M	96.25M	55.36M
Normalized Net Operating Profit after Tax (NOPAT)	-3.55	-10	2.50	11	-0.26	15	12	35	50	49	43
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-

This table displays calculated financial ratios and metrics derived from Smartstop Self Storage REIT's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	96,701,163.00	96,621,864.00	96,892,655.00	96,570,629.00	96,376,146.00	95,911,285.00	96,249,712.00	55,457,309.00	55,440,545.00	55,363,743.00	55,357,177.00
DEI Adjusted Shares Outstanding	96,701,163.00	96,621,864.00	96,892,655.00	96,570,629.00	96,376,146.00	95,911,285.00	96,249,712.00	55,457,309.00	55,440,545.00	55,363,743.00	55,357,177.00
DEI Earnings Per Adjusted Shares Outstanding	-0.01	-0.01	-0.05	-0.04	-0.06	-0.04	-0.09	-0.15	0.09	0.05	0.17
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.99%	2.03%	-0.16%	-0.72%	2.47%	5.35%	14.74%	12.94%	17.08%	-	19.65%
EBITDA Growth	0.96%	2.02%	-9.75%	-11.22%	-8.08%	13.61%	17.09%	-14.53%	21.22%	-	22.35%
EBIT Growth	22.18%	8.26%	-10.36%	-14.73%	-12.05%	25.07%	11.81%	-47.60%	10.97%	-	26.02%
NOPAT Growth	128.03%	3.81%	-26.85%	-131.90%	-55.62%	5.12%	7.74%	217.81%	-6.70%	-	30.38%
Net Income Growth	32.60%	10.12%	-180.68%	-116.48%	-213.86%	-106.37%	-232.68%	-580.71%	263.56%	-	287.24%
EPS Growth	0.00%	0.00%	-900.00%	0.00%	-2,500.00%	0.00%	-75.00%	0.00%	134.62%	-	148.57%
Operating Cash Flow Growth	-17.93%	-75.31%	-9.33%	-41.32%	-7.06%	136.82%	-26.79%	-53.63%	139.37%	-	129.73%
Free Cash Flow Firm Growth	104.77%	0.00%	103.23%	-75.95%	-82.88%	-331.86%	-446.11%	-2,072.42%	-2,782.20%	-	4.33%
Invested Capital Growth	-3.17%	-2.19%	-2.56%	-1.38%	-0.12%	7.49%	12.07%	21.05%	23.15%	-	10.52%
Revenue Q/Q Growth	-1.49%	-1.95%	-0.90%	3.72%	1.68%	0.81%	7.92%	2.09%	5.41%	-	-0.17%
EBITDA Q/Q Growth	-5.53%	-9.67%	-0.50%	4.57%	-2.19%	11.64%	2.55%	-23.67%	38.71%	-	20.13%
EBIT Q/Q Growth	-9.74%	-15.70%	5.02%	6.71%	-6.91%	19.89%	-6.11%	-50.00%	97.16%	-	47.73%
NOPAT Q/Q Growth	46.02%	-57.43%	-5.75%	-154.45%	303.19%	0.82%	-3.40%	-40.47%	60.90%	-	-5.56%
Net Income Q/Q Growth	-30.38%	-20.90%	-169.60%	57.01%	-381.13%	95.58%	-3,537.33%	12.04%	215.61%	-	243.97%
EPS Q/Q Growth	0.00%	0.00%	0.00%	20.00%	-62.50%	257.14%	-418.18%	54.29%	156.25%	-	-22.73%
Operating Cash Flow Q/Q Growth	-20.46%	-80.86%	221.82%	19.79%	25.98%	-51.24%	-0.52%	-24.12%	550.32%	-	68.83%
Free Cash Flow Firm Q/Q Growth	13.92%	-40.13%	11.35%	-68.33%	-18.91%	-910.75%	-66.21%	-80.49%	-10.28%	-	32.01%
Invested Capital Q/Q Growth	-0.08%	0.22%	-0.96%	-0.57%	1.20%	7.86%	3.26%	7.40%	2.96%	-	-1.31%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	67.54%	68.06%	65.13%	66.45%	64.83%	66.34%	64.15%	59.30%	60.87%	-	57.31%
EBITDA Margin	57.40%	52.88%	53.09%	53.52%	51.49%	57.02%	54.18%	40.51%	53.31%	-	55.40%
Operating Margin	30.90%	29.49%	28.05%	29.88%	29.42%	29.43%	26.34%	15.36%	18.14%	-	20.72%
EBIT Margin	30.45%	26.18%	27.74%	28.54%	26.13%	31.07%	27.03%	13.24%	24.77%	-	28.47%
Profit (Net Income) Margin	5.07%	4.09%	-2.88%	-1.19%	-5.64%	-0.25%	-8.34%	-7.18%	7.88%	-	13.05%
Tax Burden Percent	152.93%	-195.72%	317.21%	-273.26%	143.73%	12.36%	124.20%	114.13%	85.91%	-	94.01%
Interest Burden Percent	10.90%	-7.99%	-3.27%	1.53%	-15.01%	-6.44%	-24.83%	-47.53%	37.02%	-	48.74%
Effective Tax Rate	-53.90%	0.00%	0.00%	134.50%	0.00%	0.00%	0.00%	0.00%	9.52%	-	3.05%
Return on Invested Capital (ROIC)	6.29%	2.75%	2.63%	-1.40%	2.79%	2.72%	2.49%	1.45%	2.25%	-	2.92%
ROIC Less NNEP Spread (ROIC-NNEP)	3.63%	1.75%	1.30%	-0.83%	1.20%	1.55%	0.93%	0.07%	1.60%	-	2.40%
Return on Net Nonoperating Assets (RNNOA)	4.17%	2.08%	1.60%	-1.06%	1.63%	2.32%	1.50%	0.06%	1.52%	-	2.66%
Return on Equity (ROE)	10.46%	4.83%	4.24%	-2.45%	4.42%	5.04%	3.99%	1.51%	3.77%	-	5.58%
Cash Return on Invested Capital (CROIC)	0.00%	7.47%	8.60%	22.36%	2.89%	-4.52%	-8.67%	-16.70%	-18.63%	-	-7.41%
Operating Return on Assets (OROA)	3.69%	3.17%	3.38%	3.52%	3.19%	3.74%	3.32%	1.60%	3.01%	-	3.69%
Return on Assets (ROA)	0.61%	0.50%	-0.35%	-0.15%	-0.69%	-0.03%	-1.02%	-0.87%	0.96%	-	1.69%
Return on Common Equity (ROCE)	5.80%	2.63%	2.28%	-1.30%	2.31%	2.57%	1.98%	1.18%	2.95%	-	4.28%
Return on Equity Simple (ROE_SIMPLE)	2.71%	0.00%	2.07%	0.00%	0.00%	0.00%	-3.20%	0.00%	0.00%	-	0.00%
Net Operating Profit after Tax (NOPAT)	28	30	11	-6.10	12	12	12	7.18	12	17	16
NOPAT Margin	47.55%	20.64%	19.63%	-10.31%	20.60%	20.60%	18.44%	10.75%	16.41%	-	20.09%
Net Nonoperating Expense Percent (NNEP)	2.66%	1.00%	1.34%	-0.56%	1.59%	1.17%	1.56%	1.37%	0.64%	-	0.52%
Return On Investment Capital (ROIC_SIMPLE)	1.78%	1.91%	0.71%	-0.39%	0.77%	0.72%	0.67%	0.32%	0.50%	0.70%	0.67%
Cost of Revenue to Revenue	32.46%	31.94%	34.87%	33.55%	35.17%	33.66%	35.85%	40.70%	39.13%	-	42.69%
SG&A Expenses to Revenue	10.69%	12.95%	13.02%	13.21%	11.99%	12.37%	11.99%	17.50%	14.82%	-	11.67%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Operating Expenses to Revenue	36.64%	38.56%	37.09%	36.57%	35.41%	36.91%	37.81%	43.94%	42.73%	-	36.59%
Earnings before Interest and Taxes (EBIT)	18	15	16	17	16	20	18	8.85	17	15	22
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	34	30	30	32	31	35	35	27	38	36	43
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.92	2.00	2.11	2.21	2.36	2.49	2.67	1.61	1.73	-	1.43
Price to Tangible Book Value (P/TBV)	2.32	2.43	2.58	2.75	2.98	3.25	3.60	1.73	1.85	-	1.56
Price to Revenue (P/Rev)	3.49	3.48	3.48	3.48	3.46	3.42	3.30	7.76	7.88	-	5.67
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	180.71
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.11%	2.14%	-	5.31%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.55%
Enterprise Value to Invested Capital (EV/IC)	1.23	1.24	1.25	1.27	1.27	1.27	1.27	1.37	1.41	-	1.24
Enterprise Value to Revenue (EV/Rev)	9.15	9.19	9.22	9.28	9.39	9.93	9.91	11.13	11.41	-	8.94
Enterprise Value to EBITDA (EV/EBITDA)	15.97	16.06	16.50	17.10	17.81	18.36	18.25	21.88	22.20	-	18.24
Enterprise Value to EBIT (EV/EBIT)	30.62	30.42	31.31	32.85	34.61	34.63	34.85	45.60	47.30	-	41.28
Enterprise Value to NOPAT (EV/NOPAT)	27.24	23.28	20.61	6.00	45.93	48.56	49.33	63.82	73.82	-	50.28
Enterprise Value to Operating Cash Flow (EV/OCF)	24.41	29.26	29.94	36.21	37.95	36.75	40.44	55.33	36.98	-	26.64
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	16.39	14.39	5.62	44.03	0.00	0.00	0.00	0.00	-	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.35	1.42	1.48	1.54	1.72	1.96	2.16	0.73	0.81	-	0.86
Long-Term Debt to Equity	1.35	1.42	1.48	1.54	1.72	1.96	2.16	0.73	0.81	-	0.86
Financial Leverage	1.15	1.19	1.24	1.27	1.35	1.50	1.61	0.86	0.95	-	1.11
Leverage Ratio	2.35	2.40	2.47	2.49	2.61	2.75	2.88	2.07	2.19	-	2.36
Compound Leverage Factor	0.26	-0.19	-0.08	0.04	-0.39	-0.18	-0.71	-0.98	0.81	-	1.15
Debt to Total Capital	57.50%	58.75%	59.65%	60.70%	63.22%	66.26%	68.39%	42.17%	44.69%	-	46.28%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Long-Term Debt to Total Capital	57.50%	58.75%	59.65%	60.70%	63.22%	66.26%	68.39%	42.17%	44.69%	-	46.28%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Noncontrolling Interests to Total Capital	19.53%	19.40%	19.36%	19.24%	18.35%	17.36%	16.87%	3.82%	3.74%	-	4.27%
Common Equity to Total Capital	22.97%	21.85%	20.99%	20.06%	18.43%	16.38%	14.73%	54.01%	51.57%	-	49.45%
Debt to EBITDA	7.95	8.15	8.40	8.78	9.56	10.28	10.55	7.38	7.70	-	7.59
Net Debt to EBITDA	7.17	7.29	7.55	7.90	8.47	9.35	9.57	5.95	6.22	-	5.98
Long-Term Debt to EBITDA	7.95	8.15	8.40	8.78	9.56	10.28	10.55	7.38	7.70	-	7.59
Debt to NOPAT	13.55	11.82	10.49	3.08	24.66	27.19	28.51	21.53	25.60	-	20.91
Net Debt to NOPAT	12.23	10.57	9.43	2.77	21.84	24.72	25.87	17.37	20.68	-	16.47
Long-Term Debt to NOPAT	13.55	11.82	10.49	3.08	24.66	27.19	28.51	21.53	25.60	-	20.91
Altman Z-Score	0.46	0.47	0.45	0.44	0.39	0.36	0.34	1.18	1.15	-	0.91
Noncontrolling Interest Sharing Ratio	44.56%	45.46%	46.16%	46.95%	47.80%	49.11%	50.50%	21.63%	21.75%	-	23.34%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.84	1.56	1.02	0.88	0.66	0.61	0.84	1.07	1.05	-	0.86
Quick Ratio	0.84	1.56	1.02	0.88	0.66	0.61	0.84	1.07	1.05	-	0.86
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	84	69	56	18	14	-117	-195	-351	-388	-274	-186
Operating Cash Flow to CapEx	149.84%	2,446.99%	1,065.90%	122.74%	0.00%	11.60%	12.99%	6.35%	58.29%	-	0.00%
Free Cash Flow to Firm to Interest Expense	5.30	3.10	3.30	1.03	0.76	-6.05	-8.54	-25.51	-30.95	-	-13.90
Operating Cash Flow to Interest Expense	1.47	0.28	0.85	1.00	1.14	0.55	0.46	0.58	4.16	-	1.81
Operating Cash Flow Less CapEx to Interest Expense	0.49	0.26	0.77	0.18	1.21	-4.17	-3.10	-8.58	-2.98	-	1.81
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	-	0.13
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Fixed Asset Turnover	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	-	0.15
Accounts Payable Turnover	2.08	2.61	2.19	1.94	1.65	2.42	2.12	2.48	1.96	-	2.75
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Days Payable Outstanding (DPO)	175.10	139.96	166.38	188.51	221.54	150.58	172.18	147.42	186.62	-	132.92
Cash Conversion Cycle (CCC)	-175.10	-139.96	-166.38	-188.51	-221.54	-150.58	-172.18	-147.42	-186.62	-	-132.92
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,726	1,730	1,713	1,703	1,724	1,859	1,920	2,062	2,123	2,150	2,122
Invested Capital Turnover	0.13	0.13	0.13	0.14	0.14	0.13	0.14	0.13	0.14	-	0.15
Increase / (Decrease) in Invested Capital	-56	-39	-45	-24	-2.06	130	207	359	399	291	202
Enterprise Value (EV)	2,120	2,141	2,147	2,156	2,198	2,353	2,433	2,817	3,004	-	2,629
Market Capitalization	810	810	810	810	810	810	810	1,964	2,075	-	1,667
Book Value per Share	$4.36	$4.18	$3.97	$3.79	$3.57	$3.40	$3.15	$21.94	$21.68	$21.32	$21.10
Tangible Book Value per Share	$3.62	$3.45	$3.24	$3.05	$2.82	$2.60	$2.34	$20.46	$20.19	$19.44	$19.28
Total Capital	1,835	1,851	1,833	1,823	1,866	1,988	2,056	2,253	2,331	2,378	2,362
Total Debt	1,055	1,087	1,093	1,107	1,180	1,317	1,406	950	1,042	1,098	1,093
Total Long-Term Debt	1,055	1,087	1,093	1,107	1,180	1,317	1,406	950	1,042	1,098	1,093
Net Debt	952	972	982	996	1,045	1,198	1,276	766	841	876	861
Capital Expenditures (CapEx)	16	0.18	1.35	14	-1.29	132	81	126	89	7.51	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-41	-29	-38	-39	-56	-38	-42	-35	-45	-39	-45
Debt-free Net Working Capital (DFNWC)	-6.47	16	0.90	-4.52	-19	-15	-6.66	2.41	2.48	16	-6.36
Net Working Capital (NWC)	-6.47	16	0.90	-4.52	-19	-15	-6.66	2.41	2.48	16	-6.36
Net Nonoperating Expense (NNE)	25	28	13	-5.39	16	13	18	12	6.01	14	5.52
Net Nonoperating Obligations (NNO)	946	966	973	987	1,037	1,188	1,270	759	834	870	853
Total Depreciation and Amortization (D&A)	16	15	14	15	15	16	18	18	20	21	21
Debt-free, Cash-free Net Working Capital to Revenue	-17.56%	-12.44%	-16.43%	-16.86%	-23.74%	-16.08%	-17.05%	-13.95%	-17.21%	-	-15.16%
Debt-free Net Working Capital to Revenue	-2.79%	6.91%	0.39%	-1.94%	-8.05%	-6.33%	-2.71%	0.95%	0.94%	-	-2.16%
Net Working Capital to Revenue	-2.79%	6.91%	0.39%	-1.94%	-8.05%	-6.33%	-2.71%	0.95%	0.94%	-	-2.16%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.01)	$0.03	($0.05)	($0.04)	($0.07)	($0.16)	($0.35)	($0.16)	$0.09	$0.22	$0.17
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	96.83M	96.78M	96.48M	24.14M	24.02M	54.42M	55.10M	47.30M	55.24M
Adjusted Diluted Earnings per Share	($0.01)	$0.03	($0.05)	($0.04)	($0.07)	($0.16)	($0.35)	($0.16)	$0.09	$0.22	$0.17
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	96.83M	96.78M	96.48M	24.14M	24.02M	54.42M	55.35M	47.30M	55.27M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	96.62M	96.89M	96.57M	96.38M	95.91M	96.25M	55.46M	55.44M	55.36M	55.36M	55.37M
Normalized Net Operating Profit after Tax (NOPAT)	13	12	11	12	12	13	12	7.44	12	18	15
Normalized NOPAT Margin	21.72%	20.74%	19.72%	20.93%	20.64%	20.94%	18.65%	11.13%	17.03%	-	18.66%
Pre Tax Income Margin	3.32%	-2.09%	-0.91%	0.44%	-3.92%	-2.00%	-6.71%	-6.29%	9.17%	-	13.88%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.12	0.93	0.93	0.98	0.82	0.97	0.78	0.64	1.39	-	1.66
NOPAT to Interest Expense	1.75	0.73	0.66	-0.35	0.65	0.64	0.53	0.52	0.92	-	1.17
EBIT Less CapEx to Interest Expense	0.14	0.91	0.85	0.16	0.89	-3.75	-2.79	-8.52	-5.74	-	1.66
NOPAT Less CapEx to Interest Expense	0.77	0.72	0.58	-1.17	0.72	-4.08	-3.03	-8.64	-6.21	-	1.17
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	591.83%	531.97%	710.13%	1,897.87%	-1,682.66%	-1,001.49%	-624.02%	-521.82%	-1,682.85%	-	699.13%
Augmented Payout Ratio	699.00%	534.19%	762.94%	2,322.06%	-1,958.44%	-1,007.66%	-584.84%	-857.75%	-2,468.89%	-	1,119.59%

Financials Breakdown Chart

Key Financial Trends

SmartStop Self Storage REIT’s latest quarter shows a business that is still generating solid operating cash flow, but the headline earnings picture remains uneven. In Q1 2026, the company produced $78.3 million in revenue and $10.2 million in net income, up from $3.0 million in Q4 2025 and well above the weaker quarters seen in 2025 and 2024. Operating income also improved to $16.2 million, indicating that the core self-storage business is still profitable even with elevated financing costs.

The biggest takeaway from the recent trend is that revenue is growing, but interest expense is absorbing a large share of operating profit. Q1 2026 interest expense was $13.4 million, which nearly wiped out a meaningful portion of operating income and kept pretax income modest at $10.9 million. That pattern has been visible across the last several years: operating results are generally positive, but high debt costs make bottom-line earnings volatile.

Cash flow was a mixed bag in the latest quarter. SmartStop generated $24.2 million in operating cash flow, which is healthy, but it also used $71.1 million for debt repayment and paid $24.0 million in dividends. The result was a $15.5 million decline in cash and equivalents during the quarter. That said, the company still ended Q1 2026 with $38.2 million in cash, giving it some liquidity cushion.

The balance sheet has improved in one important way: long-term debt fell to $1.09 billion in Q1 2026 from $1.04 billion at the end of Q3 2025, and more materially from $1.41 billion in Q1 2025. Total liabilities are now $1.15 billion, down from $1.46 billion a year earlier, which suggests management has been working to reduce leverage. However, debt is still large relative to equity and remains a key risk factor for investors.

Over the longer trend, SmartStop has shown steady top-line growth. Revenue rose from $57.0 million in Q1 2024 to $65.4 million in Q1 2025 and then to $78.3 million in Q1 2026. Gross profit has followed that same direction, which is a positive sign that the portfolio is still producing higher rental income. At the same time, operating expenses and financing costs have also increased, limiting the benefit to shareholders.

Another important trend is share count dilution and capital structure complexity. EPS has been volatile, and the company has also had large items tied to preferred dividends, noncontrolling interests, and other equity adjustments. For retail investors, that means net income is not always the cleanest way to judge performance; operating cash flow and leverage trends may matter more for this REIT.

Revenue growth remains intact, rising to $78.3 million in Q1 2026 from $65.4 million in Q1 2025.
Operating income improved to $16.2 million in Q1 2026, showing the core business is still profitable.
Operating cash flow was solid at $24.2 million in Q1 2026.
Debt has been reduced meaningfully from Q1 2025 levels, with long-term debt down to $1.09 billion.
Total liabilities declined year over year, which helps the balance sheet.
Cash ended Q1 2026 at $38.2 million, providing some liquidity, though not an especially large buffer.
Capex was minimal in Q1 2026, which may reflect disciplined spending or timing differences.
REIT accounting creates noise from depreciation, amortization, preferred dividends, and noncontrolling interests.
Interest expense remains very high and continues to pressure net profitability.
Cash declined in Q1 2026 due to debt repayment and dividend payments outweighing operating cash generation.

Bottom line: SmartStop Self Storage REIT appears to be growing its business and improving operating profitability, but its capital structure still makes earnings and cash flow sensitive to debt service and dividend obligations. For investors, the key question is whether management can keep growing revenue while continuing to work down leverage and contain financing costs.

07/14/26 02:49 AM ETAI Generated. May Contain Errors.

Smartstop Self Storage REIT Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Smartstop Self Storage REIT's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Smartstop Self Storage REIT's net income appears to be on a downward trend, with a most recent value of -$1.74 million in 2025, falling from -$8.94 million in 2015. The previous period was -$5.89 million in 2024. See where experts think Smartstop Self Storage REIT is headed by visiting Smartstop Self Storage REIT's forecast page.

Smartstop Self Storage REIT's total operating income in 2025 was $59.10 million, based on the following breakdown:

Total Gross Profit: $172.47 million
Total Operating Expenses: $113.38 million

Over the last 10 years, Smartstop Self Storage REIT's total revenue changed from $17.91 million in 2015 to $281.14 million in 2025, a change of 1,470.1%.

Smartstop Self Storage REIT's total liabilities were at $1.15 billion at the end of 2025, a 16.0% decrease from 2024, and a 4,269.3% increase since 2015.

In the past 10 years, Smartstop Self Storage REIT's cash and equivalents has ranged from $7.36 million in 2017 to $72.71 million in 2020, and is currently $54.22 million as of their latest financial filing in 2025.

Over the last 10 years, Smartstop Self Storage REIT's book value per share changed from 65.42 in 2015 to 21.32 in 2025, a change of -67.4%.

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Financial statements for NYSE:SMA last updated on 5/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Smartstop Self Storage REIT (SMA) Financials

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Smartstop Self Storage REIT (SMA) Financials

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