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SmartStop Self Storage REIT, Inc. Reports Second Quarter 2025 Results
BUSINESS WIRE)--SmartStop Self Storage REIT, Inc. ('SmartStop' or 'the Company'), a self-managed and fully-integrated self storage company, announced its overall results for the three and six months ended June 30, 2025. 'We posted a highly successful inaugural quarter as a publicly traded REIT,' said H. Michael Schwartz, Chairman and Chief Executive Officer of SmartStop. 'We had a robust second quarter, both in terms of performance and activity, as we execute on the business plan we outlined earlier this year. The quarter was highlighted by capital raises totaling over $1.3 billion, transforming both our balance sheet and our Company's future in the public markets, for the better. Additionally, we have been prudently deploying our IPO proceeds, with total capital deployment of nearly $200 million during the quarter. Lastly, we bolstered our Board of Directors with the addition of Lora Gotcheva after quarter end. 'We continue to see improving operating metrics across our portfolio as the sector stabilizes following years of elevated new supply,' continued Mr. Schwartz. 'This is despite the macro-economic uncertainty we've experienced both in the U.S. and Canada. Our same-store occupancy averaged 93.1% during the quarter, 90 basis points ahead of last year. We have been opportunistic in our revenue management strategy during rental season and prudent in managing our operating expenses. This has led us to maintain the midpoint of our full year 2025 NOI guidance and raise the midpoint of our FFO, as adjusted per share guidance.' Three Months Ended June 30, 2025 Financial Highlights: Net loss attributable to common stockholders was approximately $8.4 million. This represents an increase in net loss of approximately $4.5 million when compared to the same period in 2024. Net loss per Common Stock, Class A and Class T shares (basic and diluted) was $0.16, unchanged as compared to the same period in 2024. Total self storage-related revenues were approximately $60.9 million, an increase of approximately $5.9 million when compared to the same period in 2024. FFO, as adjusted (attributable to common stockholders and Operating Partnership ('OP') unit holders), was approximately $24.4 million, an increase of approximately $12.0 million when compared to the same period in 2024. FFO, as adjusted per share and OP unit outstanding – diluted was $0.42, a decrease of approximately $0.03 when compared to the same period in 2024. Same-store revenues increased by 0.4%, same-store property operating expenses increased by 3.5%, while same-store net operating income ('NOI') decreased by 1.1% compared to the same period in 2024. On a constant currency basis for our Canadian properties included in our wholly owned same-store pool, our aggregate same-store revenues increased by 0.5%, same-store expenses increased by 3.6%, while same-store NOI decreased by 1.0% compared to the same period in 2024. Same-store average physical occupancy increased by 0.9% to 93.1% compared to the same period in 2024. Same-store annualized rent per occupied square foot was approximately $19.89, a decrease of approximately 1.0% when compared to the same period in 2024. Six Months Ended June 30, 2025 Financial Highlights: Net loss attributable to common stockholders was approximately $16.8 million. This represents an increase in net loss of approximately $8.3 million when compared to the same period in 2024. Net loss per Common Stock, Class A and Class T shares (basic and diluted) was $0.43, an increase in net loss per share of approximately $0.07 as compared to the same period in 2024. Total self storage-related revenues were approximately $120.1 million, an increase of approximately $12.4 million when compared to the same period in 2024. FFO, as adjusted (attributable to common stockholders and OP unit holders), was approximately $35.6 million, an increase of approximately $12.1 million when compared to the same period in 2024. FFO, as adjusted per share and OP unit outstanding – diluted was $0.83, a decrease of approximately $0.02 when compared to the same period in 2024. Same-store revenues increased by 1.8%, same-store property operating expenses increased by 4.3%, while same-store net operating income ('NOI') increased by 0.5% compared to the same period in 2024. On a constant currency basis for our Canadian properties included in our wholly owned same-store pool, our aggregate same-store revenues increased by 2.2%, same-store expenses increased by 4.7%, while same-store NOI increased by 0.9% compared to the same period in 2024. Same-store average physical occupancy increased by 0.5% to 92.7% compared to the same period in 2024. Same-store annualized rent per occupied square foot was approximately $19.87, an increase of approximately 0.5% when compared to the same period in 2024. Underwritten Public Offering and Listing During the quarter, we closed an underwritten public offering of 31,050,000 shares of common stock, including 4,050,000 shares of common stock issued upon the exercise in full by the underwriters of their option to purchase additional shares to cover over-allotments, at a public offering price of $30.00 per share, before underwriting discounts and commissions. The net proceeds from the offering were approximately $875.6 million, after deducting underwriting discounts and commissions. As set forth in more detail below, we used the net proceeds from the offering to redeem 100% of issued and outstanding Series A Convertible Preferred Stock, pay down existing debt under our Credit Facility and repay an acquisition facility. The remaining net proceeds were used to fund external growth with property acquisitions, and fund other general corporate uses. Shares of SmartStop's common stock began trading on April 2, 2025 on the New York Stock Exchange under the ticker symbol 'SMA'. The closing of the offering, including the over-allotment shares, occurred on April 3, 2025. Financing Activities During the quarter, we used the net proceeds from our underwritten public offering to redeem 100% of issued and outstanding Series A Convertible Preferred Stock for a total of approximately $203.6 million including accrued dividends, pay off the Keybank Acquisition Facility for approximately $175.1 million including accrued interest, pay down existing debt under our Credit Facility in the amount of approximately $472.1 million, and fund other general corporate uses. During the quarter, we achieved the Security Interest Termination Conditions for our Credit Facility and 2032 Private Placement Notes (as defined in the Credit Facility Loan Agreement and Note Purchase Agreement), which resulted in both facilities becoming fully unsecured. Accordingly, the credit spread pricing grid of the Credit Facility was immediately reduced by 25 basis points, and the unused line fees on the Credit Facility were reduced by five basis points. In addition, we elected to reduce the commitment line under the Credit Facility by $100 million. As a result of this election, the total commitment under the Credit Facility was reduced to $600 million. In connection with the acquisition of the Kelowna Property discussed below, the Company assumed a loan from the seller in the amount of approximately $24.5 million CAD, or approximately $17.7 million USD, (the "Kelowna Loan"). The Kelowna Loan incurs interest at a fixed rate of 3.45% with amortizing principal payments based on a 25-year amortization schedule. The Kelowna Loan is due in full on September 30, 2028. In connection with the acquisition of the Holzwarth, Houston Property on June 17, 2025, we assumed a loan from the seller in the amount of approximately $8.8 million, (the "Houston Property Loan"). The Houston Property Loan incurs interest at a fixed rate of 5.15% and principal payments are required on a 25-year amortization schedule. The Houston Property Loan is due in full on May 1, 2034. On June 16, 2025, we, as guarantor, and the Operating Partnership, as issuer, completed the sale on a private placement basis in all of the provinces of Canada, an aggregate principal amount of $500 million CAD senior unsecured notes (the "2028 Canadian Notes"), which 2028 Canadian Notes incur interest only at a fixed rate of 3.91% and become due on June 16, 2028. The 2028 Canadian Notes bears interest at a rate of approximately 3.91% per annum, payable semiannually on June 16 and December 16 in each year, beginning on December 16, 2025, until maturity. The 2028 Canadian Notes were rated BBB (Stable) by Morningstar DBRS. On June 16, 2025, the 2027 NBC Loan was paid off, and the associated interest rate swap was terminated and settled with the proceeds received from the 2028 Canadian Notes. Credit Ratings During the quarter, we received an initial credit rating from DBRS Morningstar ('DBRS'), and in connection with our 2028 Canadian Notes offering, of BBB with stable trends. Subsequent to quarter end, we received an upgrade from Kroll Bond Rating Agency, LLC ('KBRA') to BBB/Stable. External Growth On April 15, 2025, we purchased a self storage facility in Kelowna, British Columbia (the "Kelowna Property") for approximately USD $29.1 million, plus closing costs. The Kelowna Property comprises approximately 74,000 net rentable square feet and 800 storage units. On May 29, 2025, we purchased a self storage facility located in Lakewood, Colorado (the "Lakewood II Property"). The purchase price for the Lakewood II Property was approximately $12.7 million, plus closing costs. This acquisition was funded with proceeds drawn from the Credit Facility. On June 17, 2025, we purchased a portfolio of five self storage facilities located in Houston, Texas. The combined purchase price for these five properties was approximately $108.1 million, plus closing costs. This acquisition was funded with proceeds from the 2028 Canadian Notes. Under Contract As of August 6, 2025, we, through our wholly-owned subsidiaries, were party to four purchase and sale agreements with unaffiliated third parties for the acquisition of eight self storage facilities or development sites located in Canada. The total purchase price for these properties and sites is approximately $80.3 million, plus closing costs. We plan to close on six of the properties, five of which are currently operational, the other is a development site. Such six properties have a combined purchase price of approximately $73.1 million, with the remaining assets to be acquired by one of the Managed REITs. There can be no assurance that we will complete these acquisitions. Managed REIT Platform Update SmartStop, through an indirect subsidiary, serves as the sponsor of Strategic Storage Growth Trust III, Inc. ('SSGT III'), Strategic Storage Trust VI, Inc. ('SST VI'), and Strategic Storage Trust X ('SST X' and together with SSGT III and SST VI, the 'Managed REITs'). SmartStop receives asset management fees, property management fees, acquisition fees, and other fees, as applicable and receives substantially all of the tenant protection program revenue earned by the Managed REITs, which had a combined portfolio of 48 operating properties and approximately 38,600 units and 4.2 million rentable square feet at quarter end. Assets under management for the Managed REITs was approximately $973.9 million at quarter end. SmartStop also manages one additional property, not owned by the Managed REITs. On June 18, 2025, we and various affiliated entities, entered into a Separation and Settlement Agreement (the 'Separation Agreement') with Pacific Oak Holding Group, LLC ('POHG') and its subsidiary Pacific Oak Capital Markets, LLC, the former dealer manager for SST VI, SSGT III and other affiliated programs (the 'Former Dealer Manager') resulting in 1) the repurchase of the 17.5% non-voting membership interest in the SST VI Advisor previously held by POHG, and 2) termination of a contract whereby services were provided to our programs on our behalf, including the distribution relationship for SST VI, SSGT III and other affiliated programs. In connection with the Separation Agreement, we made a payment to POHG of approximately $3.0 million related to the repurchase of equity, inclusive of contract termination costs. Approximately $1.2 million of contract termination costs were immediately recorded in full to Managed REIT Platform expenses, and added back to FFO, as Adjusted during the three and six months ended June 30, 2025. In connection with the POHG termination, on June 12, 2025, we entered into a new retail distribution relationship with Orchard Securities, LLC ('Orchard'). Through this relationship, Orchard will distribute certain of our investment programs, including Delaware Statutory Trust (DST) and potentially other Managed REIT offerings, to the independent broker dealer and RIA channels. These programs provide individual investors access to institutional-quality self-storage assets across the United States and Canada. Declared Distributions On May 30, 2025, our board of directors approved a distribution amount for the month of June 2025 such that all holders of our outstanding common stock for the month of June, inclusive of our Class A, Class T and unclassified shares of Common Stock, received a distribution equal to $0.1315 per share. The June 2025 distribution payable to each stockholder of record at the end of June was paid on July 15, 2025. On June 27, 2025, our board of directors approved a distribution amount for the month of July 2025 such that all holders of our outstanding common stock for the month of July, inclusive of our Class A, Class T and unclassified shares of Common Stock, will receive a distribution equal to $0.1359 per share. The July 2025 distribution payable to each stockholder of record at the end of July will be paid on or about August 15, 2025. Board of Directors On June 30, 2025, Paula Mathews gave notice of her retirement as a member of our Board of Directors (the 'Board') and, accordingly, tendered her resignation from the Board, effective immediately. Effective on July 10, 2025, Lora Gotcheva was appointed as an independent director of the Company. Ms. Gotcheva has more than 25 years of financial management and investment experience with several firms in the financial services industry. From July 2010 until April 2025, Ms. Gotcheva served in various roles at CPP Investments, one of the largest pension fund managers in Canada, which invests the funds of the Canada Pension Plan. Most recently, Ms. Gotcheva served as a Managing Director, specializing in private real estate investments, joint ventures, and public REIT investments. Ms. Gotcheva earned a Bachelor of Arts degree from Mount Holyoke College and an MBA from The Wharton School at the University of Pennsylvania. Webcast & Conference Call Management will host a conference call and webcast to discuss the results on Thursday, August 7, 2025, at 1:00 p.m. Eastern Daylight Time. During the call, company officers will review operating performance, discuss recent events, and conduct a question-and-answer period. The question-and-answer period will be limited to registered financial analysts. All other participants will have listen-only capability. A live webcast of the call will be available in the Investor Relations section of the Company's website at To access the live webcast, participants are encouraged to visit the site at least 15 minutes before the start time to register and download any necessary software. (Amounts in thousands, except share and per share data) June 30, 2025 (Unaudited) December 31, 2024 ASSETS Real estate facilities: Land $ 524,496 $ 480,539 Buildings 1,705,642 1,516,095 Site improvements 100,352 94,562 2,330,490 2,091,196 Accumulated depreciation (336,636 ) (305,132 ) 1,993,854 1,786,064 Construction in process 7,224 9,503 Real estate facilities, net 2,001,078 1,795,567 Cash and cash equivalents 37,717 23,112 Restricted cash 5,418 6,189 Investments in unconsolidated real estate ventures 40,654 38,797 Investments in and advances to Managed REITs 105,158 57,722 Deferred tax assets 4,522 4,310 Other assets, net 21,400 33,538 Intangible assets, net of accumulated amortization 12,717 6,766 Trademarks, net of accumulated amortization 15,700 15,700 Goodwill 53,643 53,643 Debt issuance costs, net of accumulated amortization 4,663 6,723 Total assets $ 2,302,670 $ 2,042,067 LIABILITIES, TEMPORARY EQUITY, AND EQUITY Debt, net $ 950,009 $ 1,317,435 Accounts payable and accrued liabilities 35,307 38,113 Due to affiliates 9 362 Distributions payable 8,360 9,257 Deferred tax liabilities 6,410 5,954 Total liabilities 1,000,095 1,371,121 Commitments and contingencies Redeemable common stock — 62,042 Preferred stock, $0.001 par value; 50,000,000 and 200,000,000 shares authorized at June 30, 2025 and December 31, 2024, respectively: Series A Convertible Preferred Stock, $0.001 par value; 0 and 200,000 shares authorized at June 30, 2025 and December 31, 2024, respectively; 0 and 200,000 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively, with aggregate liquidation preferences of $0 and $203,400 at June 30, 2025 and December 31, 2024, respectively — 196,356 Equity: SmartStop Self Storage REIT, Inc.: Common Stock, $0.001 par value; 141,250,000 shares and 0 shares authorized at June 30, 2025 and December 31, 2024, respectively; 31,050,000 shares and 0 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 31 — Class A Common Stock, $0.001 par value; 31,250,000 shares and 350,000,000 shares authorized at June 30, 2025 and December 31, 2024, respectively; 22,350,411 and 21,970,817 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 22 89 Class T Common Stock, $0.001 par value; 2,500,000 shares and 350,000,000 shares authorized at June 30, 2025 and December 31, 2024, respectively; 2,044,148 and 2,038,466 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 2 8 Additional paid-in capital 1,836,662 895,118 Distributions (418,557 ) (382,160 ) Accumulated deficit (202,416 ) (185,649 ) Accumulated other comprehensive income (loss) 840 (1,708 ) Total SmartStop Self Storage REIT, Inc. equity 1,216,584 325,698 Noncontrolling interests in our Operating Partnership 85,991 86,470 Other noncontrolling interests — 380 Total noncontrolling interests 85,991 86,850 Total equity 1,302,575 412,548 Total liabilities, temporary equity and equity $ 2,302,670 $ 2,042,067 Expand SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES (UNAUDITED) (Amounts in thousands, except share and per share data) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenues: Self storage rental revenue $ 58,156 $ 52,660 $ 114,741 $ 103,129 Ancillary operating revenue 2,728 2,324 5,335 4,516 Managed REIT Platform revenues 4,036 2,670 8,149 5,405 Reimbursable costs from Managed REITs 1,896 1,509 4,039 3,155 Total revenues 66,816 59,163 132,264 116,205 Operating expenses: Property operating expenses 22,050 17,695 42,137 35,085 Managed REIT Platform expenses 3,250 648 4,484 1,500 Reimbursable costs from Managed REITs 1,896 1,509 4,039 3,155 General and administrative 11,695 7,813 19,545 15,240 Depreciation 15,374 13,636 30,468 27,221 Intangible amortization expense 1,929 173 3,527 245 Acquisition expenses 359 12 561 82 Total operating expenses 56,553 41,486 104,761 82,528 Income from operations 10,263 17,677 27,503 33,677 Other income (expense): Equity in earnings (losses) from investments in JV Properties (119 ) (359 ) (361 ) (688 ) Equity in earnings (losses) from investments in Managed REITs (157 ) (257 ) (372 ) (709 ) Other, net (1,416 ) (792 ) (964 ) (968 ) Interest income 723 667 1,448 1,352 Interest expense (12,030 ) (17,294 ) (34,052 ) (33,848 ) Loss on debt extinguishment (1,745 ) — (2,533 ) (471 ) Income tax expense (318 ) (347 ) (924 ) (689 ) Net loss (4,799 ) (705 ) (10,255 ) (2,344 ) Net loss attributable to noncontrolling interests 196 (8 ) 699 91 Less: Distributions to preferred stockholders (115 ) (3,108 ) (3,567 ) (6,216 ) Less: Accretion - preferred equity costs (3,644 ) — (3,644 ) — Net loss attributable to SmartStop Self Storage REIT, Inc. common stockholders $ (8,362 ) $ (3,821 ) $ (16,767 ) $ (8,469 ) Net loss per Common Stock, Class A & Class T share – basic and diluted $ (0.16 ) $ (0.16 ) $ (0.43 ) $ (0.36 ) Weighted average Common Stock outstanding – basic and diluted 30,367,582 — 15,267,680 — Weighted average Class A Common shares outstanding – basic and diluted 22,008,069 22,163,231 21,993,004 22,170,946 Weighted average Class T Common shares outstanding – basic and diluted 2,044,150 2,030,701 2,042,475 2,030,008 Expand SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES NON-GAAP MEASURE – (Amounts in thousands) Three Months Ended June 30 (Unaudited) Six Months Ended June 30 (Unaudited) 2025 2024 2025 2024 Net income (loss) (attributable to common stockholders) $ (8,362 ) $ (3,821 ) $ (16,767 ) $ (8,469 ) Add: Depreciation of real estate 14,992 13,354 29,733 26,663 Amortization of real estate related intangible assets 1,905 100 3,481 100 Depreciation and amortization of real estate and intangible assets from unconsolidated entities 758 657 1,437 1,195 Deduct: Adjustment for noncontrolling interests in our Operating Partnership (1) (1,023 ) (1,695 ) (3,084 ) (3,347 ) FFO (attributable to common stockholders) $ 8,270 $ 8,595 $ 14,800 $ 16,142 Other Adjustments: Intangible amortization expense - contracts (2) 24 73 46 146 Acquisition expenses (3) 359 12 561 82 Acquisition expenses and foreign currency (gains) losses, net from unconsolidated entities 8 (10 ) 74 69 Accretion of fair market value of secured debt 163 77 368 80 Foreign currency and interest rate derivative (gains) losses, net (4) 1,986 749 1,784 638 Transactional expenses (5) 1,797 3 2,422 330 IPO Grant (6) 4,305 — 4,305 — Adjustment of deferred tax assets and liabilities (2) 178 102 442 320 Sponsor funding reduction (7) 262 199 507 380 Amortization of debt issuance costs (2) 916 972 1,989 1,774 Net loss on extinguishment of debt (8) 1,745 — 2,533 471 Accretion - preferred equity costs 3,644 — 3,644 — Adjustment for noncontrolling interests in our Operating Partnership (1) (892 ) (261 ) (1,291 ) (514 ) FFO, as adjusted (attributable to common stockholders) $ 22,765 $ 10,511 $ 32,184 $ 19,918 FFO (attributable to common stockholders) $ 8,270 $ 8,595 $ 14,800 $ 16,142 Net income (loss) attributable to the noncontrolling interests in our Operating Partnership (320 ) (98 ) (1,003 ) (307 ) Adjustment for noncontrolling interests in our Operating Partnership (1) 1,023 1,695 3,084 3,347 FFO (attributable to common stockholders and OP unit holders) $ 8,973 $ 10,192 $ 16,881 $ 19,182 FFO, as adjusted (attributable to common stockholders) $ 22,765 $ 10,511 $ 32,184 $ 19,918 Net income (loss) attributable to the noncontrolling interests in our Operating Partnership (320 ) (98 ) (1,003 ) (307 ) Adjustment for noncontrolling interests in our Operating Partnership (1) 1,915 1,956 4,375 3,861 FFO, as adjusted (attributable to common stockholders and OP unit holders) $ 24,360 $ 12,369 $ 35,556 $ 23,472 Expand (1) This represents the portion of the above stated adjustments in the calculations of FFO and FFO, as adjusted, that are attributable to our noncontrolling interests in our Operating Partnership. (2) These items represent the amortization, accretion, or adjustment of intangible assets, debt issuance costs, or deferred tax assets and liabilities. (3) This represents acquisition expenses associated with investments in real estate that were incurred prior to the acquisitions becoming probable and therefore not capitalized in accordance with our capitalization policy. (4) This represents the mark-to-market adjustment for certain of our derivative instruments not designated for hedge accounting and the ineffective portion of the change in fair value of derivatives recognized in earnings. Changes in foreign currency related to our foreign equity investments not classified as long term under GAAP are also included in this adjustment. There was no adjustment during the three months ended June 30, 2025 for the approximately $0.5 million of income received during the period related to the short term forward entered into and settled in the period to hedge interest rate movements related to the 2028 Canadian Notes. Changes in foreign currency related to our foreign equity investments not classified as long term are included in this adjustment. (5) Such costs incurred for the three and six months ended June 30, 2025, respectively, primarily included: i) approximately $1.0 million and $1.0 million related to our Underwritten Public Offering, but were not directly attributable thereto, and were therefore included in general and administrative expenses in our consolidated statements of operations; ii) approximately $1.2 million and $1.2 million of termination costs related to our Former Dealer Manager; and iii) none and approximately $0.6 million of professional fees related to the calculation of our estimated net asset value, which we will no longer incur, given the listing of our common stock and other similar minor amounts. Such costs in 2024 relate to our filing of a registration statement on Form S-11 and our pursuit of a potential offering of our common stock. As these items are non-recurring and not a primary driver in our decision-making process, FFO is adjusted for its effect to arrive at FFO, as adjusted, as a means of determining a comparable sustainable operating performance metric. (6) The amounts adjusted for in the table above relate to the stock compensation expense recorded related to the equity grants issued in connection with the Underwritten Public Offering. FFO is adjusted for its effect to arrive at FFO, as adjusted, as a means of determining a comparable sustainable operating performance metric. (7) Pursuant to the Sponsor Funding Agreement, SmartStop funds certain costs of SST VI's share sales, and in return receives Series C Units in Strategic Storage Operating Partnership VI, L.P. The excess of the funding over the value of the Series C Units received is accounted for as a reduction of Managed REIT Platform revenues from SST VI over the remaining estimated term of the management contracts with SST VI. See Note 2 – Summary of Significant Accounting Policies to the Consolidated Financial Statements. FFO is adjusted for its effect to arrive at FFO, as adjusted, as a means of determining a comparable sustainable operating performance metric. (8) The net loss associated with the extinguishment of debt includes prepayment penalties, defeasance costs, the write-off of unamortized deferred financing fees, and other fees incurred. Expand SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES (Amounts in thousands, except share and per share data) The following is a reconciliation of FFO and FFO, as adjusted (attributable to common stockholders), to FFO and FFO, as adjusted (attributable to common stockholders and OP unit holders), for each of the periods presented below: Three Months Ended June 30 (Unaudited) Six Months Ended June 30 (Unaudited) FFO (attributable to common stockholders and OP unit holders) Calculation: FFO (attributable to common stockholders) $ 8,270 $ 8,595 $ 14,800 $ 16,142 Net income (loss) attributable to the noncontrolling interests in our Operating Partnership (320 ) (98 ) (1,003 ) (307 ) Adjustment for noncontrolling interests in our Operating Partnership (1) 1,023 1,695 3,084 3,347 FFO (attributable to common stockholders and OP unit holders) $ 8,973 $ 10,192 $ 16,881 $ 19,182 FFO, as adjusted (attributable to common stockholders and OP unit holders) Calculation: FFO, as adjusted (attributable to common stockholders) $ 22,765 $ 10,511 $ 32,184 $ 19,918 Net income (loss) attributable to the noncontrolling interests in our Operating Partnership (320 ) (98 ) (1,003 ) $ (307 ) Adjustment for noncontrolling interests in our Operating Partnership (1) 1,915 1,956 4,375 3,861 FFO, as adjusted (attributable to common stockholders and OP unit holders) $ 24,360 $ 12,369 $ 35,556 $ 23,472 Weighted average Common Stock, Class A & T shares outstanding – basic 54,419,801 24,193,932 39,303,159 24,200,954 Weighted average OP units outstanding 3,391,542 3,307,324 3,383,481 3,294,712 Weighted average other dilutive securities 257,930 91,053 165,988 87,788 Weighted average shares & OP units outstanding – diluted (2) 58,069,273 27,592,309 42,852,628 27,583,454 FFO, as adjusted per share & OP unit outstanding – diluted $ 0.42 $ 0.45 $ 0.83 $ 0.85 Expand (1) This represents the portion of the above stated adjustments in the calculations of FFO and FFO, as adjusted, that are attributable to our noncontrolling interests. (2) Includes all Common Stock, Class A Shares, Class T Shares and OP Units, as well as the dilutive effect on FFO and FFO, as adjusted of both unvested restricted stock and long term incentive plan units (both time-based units and performance based-units), and is calculated using the two-class, treasury stock or if-converted method, as applicable. The outstanding convertible preferred stock was excluded as the conversion of such shares was antidilutive to FFO and FFO, as adjusted. Expand SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES Same-Store Facility Results - three months ended June 30, 2025 and 2024 The following table sets forth operating data for our same-store facilities (stabilized and comparable properties that have been included in the consolidated results of operations since January 1, 2024, excluding four other properties) for the three months ended June 30, 2025 and 2024. We consider the following data to be meaningful as this allows generally for the comparison of results without the effects of acquisition, dispositions, development activity, properties impacted by casualty events, lease up properties or similar other such factors (in thousands unless otherwise noted). Same-Store Facilities Non Same-Store Facilities Total 2025 2024 % Change 2025 2024 % Change 2025 2024 % Change Revenue (1) $ 51,637 $ 51,437 0.4 % $ 6,837 $ 1,515 N/M $ 58,474 $ 52,952 10.4 % Property operating expenses (2) 17,327 16,744 3.5 % 2,908 795 N/M 20,235 17,539 15.4 % Net operating income $ 34,310 $ 34,693 (1.1 )% $ 3,929 $ 720 N/M $ 38,239 $ 35,413 8.0 % Number of facilities 149 149 22 6 171 155 Rentable square feet (3) 11,549,600 11,526,700 1,912,450 502,100 13,462,050 12,028,800 Average physical occupancy (4) 93.1 % 92.2 % 0.9 % 90.7 % N/M N/M 92.8 % 91.8 % 1.0 % Annualized rent per occupied square foot (5) $ 19.89 $ 20.10 (1.0 )% $ 20.79 N/M N/M $ 19.99 $ 20.01 (0.1 )% Expand N/M Not meaningful (1) Revenue includes rental income, certain ancillary revenue, administrative and late fees, and excludes Tenant Protection Program revenue. (2) Among other expenses, property operating expenses excludes Tenant Protection Program related expense and stock compensation expense related to the grant issued in connection with our Underwritten Public Offering. Please see the reconciliation of net operating income to net income (loss) below for the full detail of adjustments to reconcile net operating income to net income (loss). (3) Of the total rentable square feet, parking represented approximately 1,068,000 square feet as of June 30, 2025 and approximately 1,042,000 square feet as of June 30, 2024, respectively. On a same-store basis, for the same periods, parking represented approximately 975,000 square feet. Amount not in thousands. (4) Determined by dividing the sum of the month-end occupied square feet for the applicable group of facilities for each applicable period by the sum of their month-end rentable square feet for the period. Properties are included in the respective calculations in their first full month of operations, as appropriate. In the event a property is disposed of, or becomes completely inoperable during the period, such property is excluded from the respective calculation. (5) Determined by dividing the aggregate realized rental income for each applicable period by the aggregate of the month-end occupied square feet for the period. Properties are included in the respective calculations in their first full month of operations, as appropriate. In the event a property is disposed of, or becomes completely inoperable during the period, such property is excluded from the respective calculation in the first full month of non-operation. We have excluded the realized rental revenue and occupied square feet related to parking herein for the purpose of calculating annualized rent per occupied square foot. Amount not in thousands. Expand Our same-store revenue increased by approximately $0.2 million, or approximately 0.4%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 due to an approximately 0.9% increase in average occupancy, an increase in late and administrative fees of approximately $0.2 million, slightly offset by an approximately 1.0% decrease in annualized rent per occupied square foot. Property operating expenses increased by approximately 3.5%, primarily attributable to increased property taxes and payroll costs. Net operating income, or NOI, is a non-GAAP measure that we define as net income (loss), computed in accordance with GAAP, generated from properties before corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization, acquisition expenses, tenant protection economics, stock compensation related to our IPO Grant and other non-property related income and expense. We believe that NOI is useful for investors as it provides a measure of the operating performance of our operating assets because NOI excludes certain items that are not associated with the ongoing operation of the properties. Additionally, we believe that NOI (sometimes referred to as property operating income) is a widely accepted measure of comparative operating performance in the real estate community. However, our use of the term NOI may not be comparable to that of other real estate companies as they may have different methodologies for computing this amount. In addition, NOI is not a substitute for net income (loss), cash flows from operations, or other related financial measures, in evaluating our operating performance. (1) Included within ancillary operating revenue within our consolidated statements of operations, approximately $2.1 million and $1.9 million of Tenant Protection Program revenue was earned at same-store facilities during the three months ended June 30, 2025 and 2024, respectively, with the remaining approximately $0.3 million and $0.1 million earned at non same-store facilities during the three months ended June 30, 2025 and 2024, respectively. (2) Stock compensation expense herein only includes such expense related to the Underwritten Public Offering (the "IPO Grant") which is included in property operating expense. Expand Same-Store Facility Results - six months ended June 30, 2025 and 2024 The following table sets forth operating data for our same-store facilities (stabilized and comparable properties that have been included in the consolidated results of operations since January 1, 2024, excluding four other properties) for the six months ended June 30, 2025 and 2024. We consider the following data to be meaningful as this allows generally for the comparison of results without the effects of acquisition, dispositions, development activity, properties impacted by casualty events, lease up properties or similar other such factors (in thousands unless otherwise noted). Same-Store Facilities Non Same-Store Facilities Total 2025 2024 % Change 2025 2024 % Change 2025 2024 % Change Revenue (1) $ 102,754 $ 100,946 1.8 % $ 12,609 $ 2,723 N/M $ 115,363 $ 103,669 11.3 % Property operating expenses (2) 34,709 33,265 4.3 % 5,433 1,564 N/M 40,142 34,829 15.3 % Net operating income $ 68,045 $ 67,681 0.5 % $ 7,176 $ 1,159 N/M $ 75,221 $ 68,840 9.3 % Number of facilities 149 149 22 6 171 155 Rentable square feet (3) 11,549,600 11,526,700 1,912,450 502,100 13,462,050 12,028,800 Average physical occupancy (4) 92.7 % 92.2 % 0.5 % 90.1 % N/M N/M 92.5 % 91.7 % 0.8 % Annualized rent per occupied square foot (5) $ 19.87 $ 19.77 0.5 % $ 20.86 N/M N/M $ 19.97 $ 19.70 1.4 % Expand N/M Not meaningful (1) Revenue includes rental income, certain ancillary revenue, administrative and late fees, and excludes Tenant Protection Program revenue. (2) Among other expenses, property operating expenses excludes Tenant Protection Program related expense and stock compensation expense related to the grant issued in connection with our Underwritten Public Offering. Please see the reconciliation of net operating income to net income (loss) below for the full detail of adjustments to reconcile net operating income to net income (loss). (3) Of the total rentable square feet, parking represented approximately 1,068,000 square feet as of June 30, 2025 and approximately 1,042,000 square feet as of June 30, 2024, respectively. On a same-store basis, for the same periods, parking represented approximately 975,000 square feet. Amount not in thousands. (4) Determined by dividing the sum of the month-end occupied square feet for the applicable group of facilities for each applicable period by the sum of their month-end rentable square feet for the period. Properties are included in the respective calculations in their first full month of operations, as appropriate. In the event a property is disposed of, or becomes completely inoperable during the period, such property is excluded from the respective calculation. (5) Determined by dividing the aggregate realized rental income for each applicable period by the aggregate of the month-end occupied square feet for the period. Properties are included in the respective calculations in their first full month of operations, as appropriate. In the event a property is disposed of, or becomes completely inoperable during the period, such property is excluded from the respective calculation in the first full month of non-operation. We have excluded the realized rental revenue and occupied square feet related to parking herein for the purpose of calculating annualized rent per occupied square foot. Amount not in thousands. Expand Our same-store revenue increased by approximately $1.8 million, or approximately 1.8%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 due to an approximately 0.5% increase in average occupancy, an approximately 0.5% increase in annualized rent per occupied square foot, and an increase in late and administrative fees of approximately $0.5 million. Property operating expenses increased by approximately 4.3%, primarily attributable to increased property taxes and payroll costs. (1) Included within ancillary operating revenue within our consolidated statements of operations, approximately $4.1 million and $3.8 million of Tenant Protection Program revenue was earned at same-store facilities during the six months ended June 30, 2025 and 2024, respectively, with the remaining approximately $0.6 million and $0.2 million earned at non same-store facilities during the six months ended June 30, 2025 and 2024, respectively. (2) Stock compensation expense herein only includes such expense related to the Underwritten Public Offering (the "IPO Grant") which is included in property operating expense. Expand Six Month Ended June 30, 2025 2024 % Change Total revenues Impact of FX rate 403 — Constant currency basis $ 103,157 $ 100,946 2.2% Total expenses As reported $ 34,709 $ 33,265 4.3% Impact of FX rate 131 — Constant currency basis $ 34,840 $ 33,265 4.7% Net operating income As reported $ 68,045 $ 67,681 0.5% Impact of FX rate 272 — Constant currency basis $ 68,317 $ 67,681 0.9% Expand Note: The Company's 13 same-store properties in Canada are operated in Canadian Dollars (CAD), and their financial results are translated to U.S. Dollars (USD) in accordance with GAAP. To provide additional operating fundamentals on a constant currency basis, these selected financial results are presented in both USD as translated and on a constant currency basis, to remove the impact of non-operational foreign currency fluctuations. Constant currency results are calculated by translating current year results at prior year average exchange rates. The actual average USD/CAD exchange rate for the three months ending June 30, 2025 and June 30, 2024 was approximately 0.72x and 0.73x, respectively. The actual average USD/CAD exchange rate for the six months ending June 30, 2025 and June 30, 2024 was approximately 0.71x and 0.74x, respectively. Expand SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES OUTLOOK FOR FULL YEAR 2025 (UNAUDITED) (Dollar amounts in thousands, except share and per share data) Ranges for 2025 Annual Assumptions Notes for Updated Annual Assumptions as of May 7, 2025 as of August 6, 2025 as of August 6, 2025 Operating expense 4.8% 6.3% 4.3% 5.3% Excludes an estimated $3.4 million of equity based compensation expense related to IPO grants. (Not in thousands) Net operating income 0.0% 2.2% 0.6% 1.6% Reflects an average USD/CAD exchange rate for full year 2024 of approximately 0.73x. The average USD/CAD exchange rate for the six months ended June 30, 2025 and June 30, 2024 was approximately 0.71x and 0.74x, respectively. Same-store growth (constant currency) (1) Low High Low High Operating expense 5.2% 6.7% 4.7% 5.7% Excludes an estimated $3.4 million of equity based compensation expense related to IPO grants. (Not in thousands) Net operating income 0.5% 2.7% 1.0% 2.3% Reflects an average USD/CAD exchange rate of approximately 0.73x for full year 2024 and 2025. FFO, as Adjusted (2) Low High Low High FFO, as adjusted per share & OP unit outstanding - diluted $ 1.84 $ 1.92 $ 1.85 $ 1.93 Weighted average share count 50,950,000 50,950,000 50,950,000 50,950,000 Low High Low High Non same-store net operating income NA NA $ 18,750 $ 19,950 Includes properties in the non same-store pool as of June 30, 2025. Excludes tenant protection net revenues. Excludes an estimated $3.4 million of equity based compensation expense related to IPO grants. (Not in thousands) Tenant Protection Program net revenue NA NA $ 8,800 $ 9,200 Represents Tenant Protection Program revenues less Tenant Protection Program related expense for the same-store and non same-store pools. Managed REIT EBITDA $ 10,750 $ 11,250 $ 11,500 $ 12,500 Represents Managed REIT Platform revenues less Managed REIT Platform expenses. Assumes average AUM of $925 million (low) to $1,025 million (high) for the year ending December 31, 2025. Excludes a $1.2 million contract termination cost expense and $2.0 million of equity based compensation expense related to IPO grants. (Not in thousands) General and administrative expenses $ 29,600 $ 30,400 $ 30,500 $ 31,300 Excludes an estimated $3.7 million of equity based compensation expense related to IPO grants and $2.4 million related to transactional expenses. (Not in thousands) Interest expense $ 62,750 $ 64,250 $ 60,700 $ 62,700 Assumes average one-month SOFR of 4.3% and average daily CORRA of 2.8%. Interest income $ 3,500 $ 4,000 $ 4,100 $ 4,400 Primarily associated with loans to Managed REITs. Low High Low High Acquisitions $ 325,000 $ 425,000 $ 350,000 $ 400,000 Includes wholly-owned acquisitions and the Company's investment in joint ventures. Includes $232.4 million of acquisitions completed year-to-date as of August 6, 2025. (Not in thousands) Expand Note: The Company's estimates are forward-looking and based on management's view of current and future market conditions. The Company's actual results may differ materially from these estimates. A reconciliation of net income per share outlook to funds from operations, as adjusted per share outlook is provided below. (1) Stores in Canada are operated in Canadian Dollars (CAD), and their financial results are translated to U.S. Dollars (USD) in accordance with GAAP. These stores represent 13 of the Company's 149 stores in the 2025 same-store pool. Constant currency results are calculated by translating current year results at prior year average exchange rates. The average USD/CAD exchange rate for the 12 months ending December 31, 2024 was approximately 0.73x. (2) FFO, as adjusted estimates for the year are fully diluted for an estimated average number of shares and OP units outstanding during the year. Expand (1) Includes the following: Intangible amortization expense - contracts, acquisition expenses, acquisition expenses and foreign currency (gains) losses, net from unconsolidated entities, accretion of fair market value of secured debt, foreign currency and interest rate derivative (gains) losses, net, and adjustment of deferred tax liabilities. Expand SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES SUMMARY OF RECENT ACQUISITIONS Property MSA/CMA (1) SmartStop % Ownership Net Rentable Sq. Ft. Units Purchase Price (2) Date Acquired Colorado Springs II Colorado Springs 100.0% 100,500 580 $ 10,516 04/10/24 Spartanburg Greenville-Spartanburg 100.0% 109,800 950 13,232 07/16/24 Miami Miami - Fort Lauderdale 100.0% 95,200 1,050 31,161 09/24/24 Nantucket Boston 100.0% 18,600 205 9,587 11/20/24 Aurora V Denver 100.0% 87,500 740 14,667 12/11/24 San Jose San Jose 100.0% 61,500 670 19,616 12/19/24 Washington, DC Washington-Arlington 100.0% 72,000 830 18,292 12/19/24 Ladera Ranch Los Angeles 100.0% 143,500 1,300 70,030 12/20/24 2024 full year acquisitions 688,600 6,325 $ 187,101 Clifton New York - Newark 100.0% 116,000 1,285 $ 38,647 01/07/25 Hillside New York - Newark 100.0% 112,000 1,200 35,944 01/07/25 Murfreesboro Nashville 100.0% 63,300 500 7,907 02/20/25 Kelowna Kelowna, BC 100.0% 74,000 800 28,207 4/15/2025 Lakewood II Denver, CO 100.0% 66,850 605 12,749 5/29/2025 Holzwarth Rd, Houston - Springwoods Houston, TX 100.0% 89,800 815 15,269 6/17/2025 Holcombe Blvd, Houston - Medical Center Houston, TX 100.0% 96,000 835 37,521 6/17/2025 Louetta Rd, Houston - Champions-Spring Houston, TX 100.0% 111,850 745 20,013 6/17/2025 FM 2978, Houston - Magnolia Houston, TX 100.0% 83,100 725 14,510 6/17/2025 Shenandoah, Houston - The Woodlands Houston, TX 100.0% 88,000 750 20,513 6/17/2025 2025 year-to date acquisitions 900,900 8,260 $ 231,280 Expand (1) CMA (Census Metropolitan Area) as defined by Statistics Canada. (2) Amounts in thousands. Expand ADDITIONAL INFORMATION REGARDING NOI, FFO, and FFO, as adjusted Net Operating Income ('NOI') NOI is a non-GAAP measure that SmartStop defines as net income (loss), computed in accordance with GAAP, generated from properties, excluding tenant protection plan revenue, before corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization, acquisition expenses, tenant protection economics, stock compensation related to our IPO Grant and other non-property related income and expense. SmartStop believes that NOI is useful for investors as it provides a measure of the operating performance of its operating assets because NOI excludes certain items that are not associated with the ongoing operation of the properties. Additionally, SmartStop believes that NOI is a widely accepted measure of comparative operating performance in the real estate community. However, SmartStop's use of the term NOI may not be comparable to that of other real estate companies as they may have different methodologies for computing this amount. In addition, NOI is not a substitute for net income (loss), cash flows from operations, or other related financial measures, in evaluating our operating performance. Funds from Operations ('FFO') and FFO, as Adjusted Funds from Operations Funds from operations ("FFO"), is a non-GAAP financial metric promulgated by NAREIT that SmartStop believes is an appropriate supplemental measure to reflect operating performance. SmartStop defines FFO consistent with the standards established by the white paper on FFO approved by the board of governors of NAREIT, or the White Paper. The White Paper defines FFO as net income (loss) computed in accordance with GAAP, excluding gains or losses from sales of property and real estate related asset impairment write downs, plus depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures. Additionally, gains and losses from change in control are excluded from the determination of FFO. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO on the same basis. SmartStop's FFO calculation complies with NAREIT's policy described above. FFO, as Adjusted SmartStop uses FFO, as adjusted, as an additional non-GAAP financial measure to evaluate their operating performance. FFO, as adjusted, provides investors with supplemental performance information that is consistent with the performance models and analysis used by management. In addition, FFO, as adjusted, is a measure used among SmartStop's peer group, which includes publicly traded REITs. Further, SmartStop believes FFO, as adjusted, is useful in comparing the sustainability of their operating performance with the sustainability of the operating performance of other real estate companies. In determining FFO, as adjusted, SmartStop makes further adjustments to the NAREIT computation of FFO to exclude the effects of non-real estate related asset impairments and intangible amortization, acquisition related costs, other write-offs incurred in connection with acquisitions, contingent earnout expenses, accretion of fair value of debt adjustments, amortization of debt issuance costs, gains or losses from extinguishment of debt, adjustments of deferred tax assets and liabilities, realized and unrealized gains/losses on foreign exchange transactions, gains/losses on certain foreign exchange and interest rate derivatives not designated for hedge accounting, and other select non-recurring income or expense items which SmartStop believes are not indicative of their overall long-term operating performance. SmartStop excludes these items from GAAP net income (loss) to arrive at FFO, as adjusted, as they are not the primary drivers in their decision-making process and excluding these items provides investors a view of their continuing operating portfolio performance over time, which in any respective period may experience fluctuations in such acquisition, merger or other similar activities that are not of a long-term operating performance nature. FFO, as adjusted, also reflects adjustments for unconsolidated partnerships and jointly owned investments. SmartStop uses FFO, as adjusted, as one measure of their operating performance when they formulate corporate goals and evaluate the effectiveness of their strategies. Presentation of FFO and FFO, as adjusted, is intended to provide useful information to investors as they compare the operating performance of different REITs. However, not all REITs calculate FFO and FFO, as adjusted, the same way, so comparisons with other REITs may not be meaningful. Furthermore, FFO and FFO, as adjusted, are not necessarily indicative of cash flow available to fund cash needs and should not be considered as an alternative to net income (loss) as an indication of our performance, as an alternative to cash flows from operations as an indication of SmartStop's liquidity or indicative of funds available to fund their cash needs including their ability to make distributions to their stockholders. FFO and FFO, as adjusted, should be reviewed in conjunction with other measurements as an indication of our performance. Neither the SEC, NAREIT, nor any other regulatory body has passed judgment on the acceptability of the adjustments that SmartStop uses to calculate FFO or FFO, as adjusted. In the future, the SEC, NAREIT or another regulatory body may decide to standardize the allowable adjustments across the publicly registered, non-traded REIT industry and SmartStop would have to adjust its calculation and characterization of FFO or FFO, as adjusted. This press release, a financial supplement, and additional information about SmartStop are available on our website, About SmartStop Self Storage REIT, Inc. ('SmartStop'): SmartStop Self Storage REIT, Inc. ('SmartStop') (NYSE:SMA) is a self-managed REIT with a fully integrated operations team of more than 600 self-storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self-storage programs. As of August 6, 2025, SmartStop has an owned or managed portfolio of 230 operating properties in 23 states, the District of Columbia, and Canada, comprising approximately 167,200 units and 18.7 million rentable square feet. SmartStop and its affiliates own or manage 44 operating self-storage properties in Canada, which total approximately 39,000 units and 3.9 million rentable square feet. Forward-Looking Statements Certain of the matters discussed in this earnings release, other than historical facts, constitute forward-looking statements within the meaning of the federal securities laws, and we intend for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in such federal securities laws. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as 'may,' 'will,' 'expect,' 'intend,' 'anticipate,' 'estimate,' 'believe,' 'continue,' or other similar words, or the negative of such terms or other comparable terminology, or by discussions of strategy. We may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by us or on our behalf, are also expressly qualified by these cautionary statements. Such statements include, but are not limited to statements concerning our plans, strategies, initiatives, prospects, objectives, goals, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions and other information that is not historical information. Such statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those projected or anticipated, including, without limitation: disruptions in the economy, including debt and banking markets and foreign currency, including changes in the Canadian Dollar ("CAD")/U.S. Dollar ("USD") exchange rate; significant transaction costs, including financing costs, and unknown liabilities; whether we will be successful in the pursuit of our business plan and investment objectives; changes in the political and economic climate, economic conditions and fiscal imbalances in the United States, and other major developments, including tariffs, wars, natural disasters, epidemics and pandemics, military actions, and terrorist attacks; changes in tax and other laws and regulations, including tenant protection programs and other aspects of our business; difficulties in our ability to attract and retain qualified personnel and management; the effect of competition at our self-storage properties or from other storage alternatives, which could cause rents and occupancy rates to decline; failure to close on pending or future acquisitions on favorable terms or at all; our reliance on information technologies, which are vulnerable to, among other things, attack from computer viruses and malware, hacking, cyberattacks and other unauthorized access or misuse; increases in interest rates; and failure to maintain our REIT status. All forward-looking statements, including without limitation, management's examination of historical operating trends and estimates of future earnings, are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith, and we believe there is a reasonable basis for them, but there can be no assurance that management's expectations, beliefs and projections will result or be achieved. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this report is filed with the Securities and Exchange Commission (the 'SEC') and are not intended to be a guarantee of our performance in future periods. We cannot guarantee the accuracy of any such forward-looking statements contained in this earnings release, and we do not intend to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. For further information regarding risks and uncertainties associated with our business, and important factors that could cause our actual results to vary materially from those expressed or implied in such forward-looking statements, please refer to the factors listed and described under 'Management's Discussion and Analysis of Financial Condition and Results of Operations' and the 'Risk Factors' sections of the documents we file from time to time with the SEC, including, but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2024, as supplemented by the risk factors included in Part II, Item 1A of our Form 10-Qs, copies of which may be obtained from our website at
Business Wire
15-07-2025
- Business
- Business Wire
Blue Door AM I Announces Launch of $64.8 Million DST Offering
LADERA RANCH, Calif.--(BUSINESS WIRE)--Blue Door AM I, LLC, an indirect subsidiary of Strategic Storage Growth Trust III, Inc. ('SSGT III'), and an affiliate of SmartStop Self Storage REIT, Inc. ('SmartStop'), is pleased to announce the launch of Blue Door Property II, DST ('Blue Door II'), a new Delaware Statutory Trust (DST) investment program. Blue Door II offers accredited investors the opportunity to participate in the self-storage sector through a diversified portfolio of three debt-free institutional-quality properties located in Orlando, Florida and Pasadena and Corinth, Texas. The Orlando property consists of approximately 680 units and 97,300 net rentable square feet, the Pasadena location features approximately 840 units and 106,600 net rentable square feet, and the Corinth property includes approximately 770 units and 97,100 net rentable square feet. The program seeks to raise approximately $64.8 million from accredited investors and is designed to target high-growth markets across the United States, providing investors with access to a historically resilient real estate asset class. Blue Door's DST structure gives accredited investors, including those completing a 1031 exchange, the opportunity to defer taxes and reinvest into professionally managed self-storage properties. "Launching the Blue Door II DST program reflects our continued commitment to delivering professionally managed, institutional-grade self-storage properties to retail investors," said H. Michael Schwartz, CEO of SSGT III. "SmartStop's growing footprint across North America is a reflection of our operational expertise and the strength of our brand, which continue to resonate with both customers and investors." About Strategic Storage Growth Trust III, Inc. (SSGT III): SSGT III is a Maryland corporation that elected to qualify as a REIT for federal income tax purposes. SSGT III's primary investment strategy is to invest in growth-oriented self-storage facilities and related self-storage real estate investments in the United States and Canada. As of July 15, 2025, SSGT III has a portfolio of 10 operating properties in the United States, comprising approximately 8,020 units and 880,575 net rentable square feet; five operating properties in Canada, comprising approximately 3,180 units and 326,190 net rentable square feet; and joint venture interests in three developments in two Canadian provinces (Québec and British Columbia). In addition, Blue Door AM I, a subsidiary of SSGT III, serves as the sponsor of two Delaware Statutory Trusts, which currently own five operating properties in the United States comprising approximately 3,420 units and 472,100 net rentable square feet. About SmartStop Self Storage REIT, Inc. (SmartStop): SmartStop Self Storage REIT, Inc. ('SmartStop') (NYSE: SMA) is a self-managed REIT with a fully integrated operations team of more than 600 self-storage professionals focused on growing the SmartStop Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self-storage programs. As of July 15, 2025, SmartStop has an owned or managed portfolio of 229 operating properties in 23 states, the District of Columbia, and Canada, comprising approximately 164,300 units and 18.4 million rentable square feet. SmartStop and its affiliates own or manage 43 operating self-storage properties in Canada, which total approximately 36,400 units and 3.7 million rentable square feet. Additional information regarding SmartStop is available at This material does not constitute an offer to sell nor a solicitation of an offer to buy any security. Such offers can be made only by the confidential Private Placement Memorandum of Blue Door II (the "Memorandum") to accredited investors only pursuant to an exemption from registration under the Securities Act of 1933 in accordance with Rule 506(c) of Regulation D. Please read the entire Memorandum paying special attention to the risk factors section prior to investing. Internal Revenue Code Section 1031 is a complex tax code; therefore you should consult your tax or legal professional for details regarding your situation. This material is not intended as tax or legal advice. There are material risks associated with investing in real estate, DST properties and real estate securities, including illiquidity, tenant occupancies, general market conditions and competition, lack of operating history, the risk of new supply coming to market and softening rental rates, general risks of owning/operating commercial and self storage properties, the DST and master lease structure, offering fees and expenses, potential adverse tax consequences, general economic risks and long hold periods. Past performance is not a guarantee of future results. Potential cash flow, potential returns and potential appreciation are not guaranteed. For an investor to qualify for any type of investment, there are both financial requirements and suitability requirements that must match specific objectives, goals and risk tolerances. Securities offered through Orchard Securities, LLC, member FINRA, SIPC.
Business Wire
10-07-2025
- Business
- Business Wire
SmartStop REIT Advisors Enters New Retail DST Distribution Partnership With Orchard Securities
BUSINESS WIRE)--SmartStop REIT Advisors, LLC ('SRA'), an affiliate of SmartStop Self Storage REIT, Inc. ('SmartStop') (NYSE: SMA), an internally managed real estate investment trust and a premier owner and operator of self-storage facilities in the United States and Canada, announced a new retail distribution partnership with Orchard Securities, LLC ('Orchard'). Through this partnership, Orchard will lead the distribution of investment programs, including Delaware Statutory Trust (DST) and other managed REIT offerings, to the Independent Broker Dealer and RIA channels. These programs provide individual investors access to institutional-quality self-storage assets across the United States and Canada. This partnership combines SmartStop's industry-leading self-storage platform with Orchard's extensive expertise and national distribution network to broaden access to alternative real estate investments and deliver long-term value to investors. About SmartStop Self Storage REIT, Inc. (SmartStop): SmartStop Self Storage REIT, Inc. ('SmartStop') (NYSE: SMA) is a self-managed REIT with a fully integrated operations team of more than 600 self-storage professionals focused on growing the SmartStop Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self-storage programs. As of July 10, 2025, SmartStop has an owned or managed portfolio of 229 operating properties in 23 states, the District of Columbia, and Canada, comprising approximately 164,300 units and 18.4 million rentable square feet. SmartStop and its affiliates own or manage 43 operating self-storage properties in Canada, which total approximately 36,400 units and 3.7 million rentable square feet. Additional information regarding SmartStop is available at About Orchard Securities Orchard Securities provides investment banking and managing broker dealer services for real estate oriented securities offerings. The company has worked with over 50 sponsor companies and completed over 300 offerings primarily through the broker dealer and registered investment advisor channels.
Business Wire
10-07-2025
- Business
- Business Wire
SmartStop Self Storage REIT Announces the Date of Its Second Quarter 2025 Earnings Release, Conference Call and Webcast
LADERA RANCH, Calif.--(BUSINESS WIRE)--SmartStop Self Storage REIT, Inc. ('SmartStop') (NYSE: SMA), an internally managed real estate investment trust and a premier owner and operator of self-storage facilities in the United States and Canada, announced today that it will release its financial results for the second quarter ended June 30, 2025, after market close on Wednesday, August 6, 2025. Management will host a conference call and webcast to discuss the results on Thursday, August 7, 2025, at 1:00 p.m. Eastern Daylight Time. During the call, company officers will review operating performance, discuss recent events, and conduct a question-and-answer session. The question-and-answer portion will be limited to registered financial analysts. All other participants will have listen-only capability. Webcast Details: A live webcast of the call will be available on the Investor Relations section of the Company's website at To access the live webcast, participants are encouraged to visit the site at least 15 minutes before the scheduled start time in order to register, download and install any necessary software. A replay of the webcast will be available on the Company's website following the live event. About SmartStop Self Storage REIT, Inc. (SmartStop): SmartStop Self Storage REIT, Inc. ('SmartStop') (NYSE: SMA) is a self-managed REIT with a fully integrated operations team of more than 600 self-storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self-storage programs. As of July 10, 2025, SmartStop has an owned or managed portfolio of 229 operating properties in 23 states, the District of Columbia, and Canada, comprising approximately 164,300 units and 18.4 million rentable square feet. SmartStop and its affiliates own or manage 43 operating self-storage properties in Canada, which total approximately 36,400 units and 3.7 million rentable square feet. Additional information regarding SmartStop is available at
Business Wire
07-07-2025
- Business
- Business Wire
SmartStop Self Storage REIT, Inc. Announces Appointment of New Board Member
LADERA RANCH, Calif.--(BUSINESS WIRE)--SmartStop Self Storage REIT, Inc. ('SmartStop') (NYSE: SMA), an internally managed real estate investment trust and a premier owner and operator of self-storage facilities in the United States and Canada, announced the appointment of Lora Gotcheva as an independent director of the Company, effective July 10, 2025. Ms. Gotcheva has more than 25 years of financial management and investment experience with several firms in the financial services industry. From July 2010 until April 2025, Ms. Gotcheva served in various roles at CPP Investments, one of the largest pension fund managers in Canada, which invests the funds of the Canada Pension Plan. Most recently, Ms. Gotcheva served as a Managing Director, specializing in private real estate investments, joint ventures, and public REIT investments. Ms. Gotcheva earned a Bachelor of Arts degree from Mount Holyoke College and an MBA from The Wharton School at the University of Pennsylvania. 'I would like to welcome Lora to the SmartStop family,' said H. Michael Schwartz, Chairman and CEO of SmartStop. 'With her deep real estate investment experience, specifically in publicly traded REITs both in the United States and Canada, Lora will bring valuable perspectives and skill sets that will serve SmartStop well as a newly listed REIT. Importantly, her background will complement our current members of the Board. I would also like to thank our Nominating and Corporate Governance Committee for its work and diligence during this process.' About SmartStop Self Storage REIT, Inc. (SmartStop): SmartStop Self Storage REIT, Inc. ('SmartStop') (NYSE: SMA) is a self-managed REIT with a fully integrated operations team of more than 600 self-storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self-storage programs. As of July 7, 2025, SmartStop has an owned or managed portfolio of 229 operating properties in 23 states, the District of Columbia, and Canada, comprising approximately 164,300 units and 18.4 million rentable square feet. SmartStop and its affiliates own or manage 43 operating self-storage properties in Canada, which total approximately 36,400 units and 3.7 million rentable square feet. Additional information regarding SmartStop is available at
