SmartStop Self Storage REIT, Inc. Reports Fourth Quarter 2025 Results

LADERA RANCH, Calif.--( 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 12 months ended December 31, 2025.

“2025 was a truly transformational year for SmartStop,” said H. Michael Schwartz, Chairman and Chief Executive Officer of SmartStop. “From our successful IPO to multiple Maple Bond offerings, nearly $335 million of high quality on-balance sheet acquisitions, and our acquisition of Argus Professional Storage Management, 2025 will certainly be a year to remember for our Company. Since our IPO in April, we have successfully executed on our business plan, and we look forward to continuing that success in 2026.”

“Looking ahead, we are encouraged by the sector’s stabilization. As new supply continues to moderate, we believe rates from new customers are strengthening in many markets, while our internal customer and trend data support longer stays,” continued Mr. Schwartz. “However, the storage market remains choppy as competition remains elevated in certain markets. Despite the choppiness, in 2025 we delivered sector leading same-store revenue growth of 1.6% and sector leading FFO as Adjusted per share growth of 10.0%. As sector fundamentals continue to stabilize, our portfolio and our Company are well-positioned to achieve solid forward growth.”

Three Months Ended December 31, 2025 Financial Highlights:

12 Months Ended December 31, 2025 Financial Highlights:

Financing Activities

On October 31, 2025, ten of our joint ventures with SmartCentres closed on a $160 million CAD term loan (the “RBC JV Term Loan III”) with RBC pursuant to which ten of our joint venture subsidiaries that each own 50% of a Joint Venture property serve as borrowers (the “RBC Borrowers III”). The RBC JV Term Loan III is secured by first mortgages on ten of the Canadian JV Properties, most of which were previously encumbered by either the RBC JV Term Loan, the RBC JV Term Loan II or the SmartCentres Financings . The RBC JV Term Loan III matures on November 1, 2030, which may be extended by one additional year, subject to certain terms. Interest on the RBC JV Term Loan III is fixed at an annual rate of 3.87%, and monthly payments include interest and principal, amortized on a 30 year basis until maturity. Proceeds from the RBC JV Term Loan III were used to fully pay down the outstanding principal and accrued interest on the RBC JV Term Loan, the RBC JV Term Loan II, and the SmartCentres Financing. We serve as a recourse guarantor with respect to $80 million CAD of the obligations under the RBC JV Term Loan III.

On February 18, 2026, we entered into a new senior unsecured credit facility in the initial amount of $500 million with a syndicate of banks led by KeyBank National Association, Bank of Montreal, JPMorgan Chase Bank, N.A., M&T Bank, The Bank of Nova Scotia, Truist Bank and Wells Fargo Bank, N.A. The agreement includes an accordion feature that allows us to request up to an additional $1.1 billion in borrowing capacity. Borrowings under this credit facility may be in either U.S. dollars or Canadian dollars at our election. Initial advances under this credit facility bear interest on a pricing grid that is approximately 35 basis points lower than the previous revolving credit facility. The new facility has a four-year term and includes an option for a 12-month extension.

Acquisitions and Dispositions

On November 4, 2025, we purchased a self storage facility located in the Orlando, Florida MSA (the “Winter Garden Property”). The purchase price for the Winter Garden Property was approximately $15.3 million, plus closing costs. This acquisition was funded with proceeds drawn from the credit facility. On December 19, 2025, we invested approximately $3.0 million USD into a newly formed SmartCentres joint venture, which acquired a parcel of land in Ontario, Canada. The joint venture plans to develop the land into a self storage property.

On October 30, 2025, we sold our Murfreesboro, Tennessee property to SST X (one of our Managed REITs) for approximately $7.9 million, which was equal to the purchase price we paid for the property earlier this year, plus an additional amount to cover certain post-closing adjustments related to capital improvements we made on the property since acquisition. This transaction was approved by the nominating and corporate governance committee of our board of directors and the board of directors of SST X, including its independent trustees. We recognized a gain on disposition of real estate of approximately $0.3 million in connection with this transaction.

Third Party Management

On October 1, 2025, pursuant to a contribution agreement (the “Contribution Agreement”), we acquired Argus Professional Storage Management, LLC, (the “Third Party Platform Acquisition”). Under the terms of the Contribution Agreement, total upfront consideration provided in the transaction was approximately $21.1 million, composed of $8.5 million in cash and 328,343 units of limited partnership interests (“OP Units”) in our Operating Partnership. In addition, the Contribution Agreement includes a potential earnout of up to an additional $11.0 million based on revenues generated during fiscal year 2028, with 75% payable in cash and 25% being payable in OP Units. As of December 31, 2025, the Company managed 221 stores for third parties.

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” 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 52 operating properties and approximately 41,370 units and 4.5 million rentable square feet at quarter end. Assets under management for the Managed REITs was approximately $1,066.2 million at quarter end.

Bridge Lending & Investments

On October 31, 2025, we, through our TRS, invested approximately $4.8 million in an unaffiliated entity to facilitate its purchase of five self storage properties and one retail property in the state of New York (the “NY Preferred Investment”). Our investment was structured as preferred equity, carrying a 10.0% distribution rate. We will receive a 1.0% investment fee for all amounts invested, and a redemption fee of 1.0% for any amounts redeemed, unless redeemed within the first 90 days following the closing. We hold customary preferred equity rights and protections, and we have the right to call the NY Preferred Investment amounts after five years. The investment was utilized to purchase five self storage properties, all of which have us serving as property manager. In December, $1.0 million of the NY Preferred Investment was redeemed at the election of the issuer. As of December, 31, 2025, approximately $3.8 million was outstanding on the investment.

Declared Distributions

On December 22, 2025, our board of directors approved a distribution amount for the month of January 2026 such that all holders of our outstanding common stock for the month of January will receive a distribution equal to $0.1359 per share, equivalent to an annualized distribution of $1.60 per share. The January 2026 distribution payable to each stockholder of record at the end of January was paid on or about February 13, 2026.

On January 29, 2026, our board of directors approved a distribution amount for the month of February 2026 such that all holders of our outstanding common stock for the month of February will receive a distribution equal to $0.1227 per share, equivalent to an annualized distribution of $1.60 per share. The February 2026 distribution payable to each stockholder of record at the end of February we expect to be paid on or about March 13, 2026.

Webcast & Conference Call

Management will host a conference call and webcast to discuss the results on Thursday, February 26, 2026, at 12:00 p.m. Eastern Standard 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 investors.smartstopselfstorage.com. 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.

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Amounts in thousands, except share and per share data)

December 31,

2025

2024

ASSETS

Real estate facilities:

Land

541,330

480,539

Buildings

1,782,894

1,516,095

Site improvements

103,139

94,562

2,427,363

2,091,196

Accumulated depreciation

(366,447

)

(305,132

)

2,060,916

1,786,064

Construction in process

6,443

9,503

Real estate facilities, net

2,067,359

1,795,567

Cash and cash equivalents

54,224

23,112

Restricted cash

5,144

6,189

Investments in unconsolidated real estate ventures

36,694

38,797

Investments in and advances to Managed REITs

130,961

57,722

Deferred tax assets

3,182

4,310

Other assets, net

27,188

33,538

Intangible assets, net of accumulated amortization

18,358

6,766

Trademarks, net of accumulated amortization

15,700

Goodwill

69,974

53,643

Debt issuance costs, net of accumulated amortization

3,388

6,723

Total assets

2,432,172

2,042,067

LIABILITIES, TEMPORARY EQUITY, AND EQUITY

Debt, net

1,098,248

1,317,435

Accounts payable and accrued liabilities

38,646

38,113

Due to affiliates

—

362

Distributions payable

8,796

9,257

Deferred tax liabilities

6,559

5,954

Total liabilities

1,152,249

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 December 31, 2025 and 2024, respectively:

Series A Convertible Preferred Stock, $0.001 par value; 0 and 200,000 shares authorized at December 31, 2025 and 2024, respectively; 0 and 200,000 shares issued and outstanding at December 31, 2025 and 2024, respectively, with aggregate liquidation preferences of $0 and $203,400 at December 31, 2025 and 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 December 31, 2025 and 2024, respectively; 55,359,250 shares and 0 shares issued and outstanding at December 31, 2025 and 2024, respectively

—

Class A Common Stock, $0.001 par value; 31,250,000 shares and 350,000,000 shares authorized at December 31, 2025 and 2024, respectively; 0 and 21,970,817 shares issued and outstanding at December 31, 2025 and 2024, respectively

—

Class T Common Stock, $0.001 par value; 2,500,000 shares and 350,000,000 shares authorized at December 31, 2025 and 2024, respectively; 0 and 2,038,466 shares issued and outstanding at December 31, 2025 and 2024, respectively

—

Additional paid-in capital

1,837,194

895,118

Distributions

(463,165

)

(382,160

)

Accumulated deficit

(194,407

)

(185,649

)

Accumulated other comprehensive income (loss)

733

(1,708

)

Total SmartStop Self Storage REIT, Inc. equity

1,180,410

325,698

Noncontrolling interests in our Operating Partnership

99,513

86,470

Other noncontrolling interests

—

380

Total noncontrolling interests

99,513

86,850

Total equity

1,279,923

412,548

Total liabilities, temporary equity and equity

2,432,172

2,042,067

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(Amounts in thousands, except share and per share data)

Three Months Ended

Year Ended

December 31,

2025

2024

2025

2024

Revenues:

Self storage rental revenue

61,992

53,529

238,501

209,579

Ancillary operating revenue

2,854

2,423

11,014

9,397

Managed Platform revenues

7,176

3,056

19,166

11,383

Reimbursable costs from Managed Platform

6,425

1,636

12,460

6,647

Total revenues

78,447

60,644

281,141

237,006

Operating expenses:

Property operating expenses

20,737

17,350

86,364

70,684

Managed Platform expenses

3,285

1,430

9,843

3,982

Reimbursable costs from Managed Platform

6,425

1,636

12,460

6,647

General and administrative

8,231

7,498

38,211

29,948

Depreciation

16,484

14,119

63,226

55,175

Intangible amortization expense

3,542

474

9,974

935

Acquisition expenses

988

292

2,030

413

Contingent earnout adjustment

221

—

221

—

Total operating expenses

59,913

42,799

222,329

167,784

Gain on disposition of real estate

284

—

284

—

Income from operations

18,818

17,845

59,096

69,222

Other income (expense):

Equity in earnings (losses) from investments in unconsolidated real estate ventures

(312

)

(407

)

(1,380

)

Equity in earnings (losses) from investments in Managed REITs

176

(457

)

(444

)

(1,414

)

Other, net

(3,726

)

1,667

(21

)

(1,282

)

Interest income

1,384

872

4,368

3,247

Interest expense

(13,321

)

(19,375

)

(59,895

)

(72,325

)

Loss on debt extinguishment

—

(2,533

)

(471

)

Income tax expense

(362

)

(391

)

(1,901

)

(1,484

)

Net income (loss)

2,971

(151

)

(1,737

)

(5,887

)

Net (income) loss attributable to noncontrolling interests

(187

)

(140

)

190

266

Less: Distributions to preferred stockholders

—

(3,400

)

(3,567

)

(12,758

)

Less: Accretion- preferred equity costs

—

(3,644

)

—

Net income (loss) attributable to SmartStop Self Storage REIT, Inc. common stockholders

2,784

(3,691

)

(8,758

)

(18,379

)

Net income (loss) per Common Stock, Class A & Class T share:

Basic

0.05

(0.16

)

(0.20

)

(0.78

)

Diluted

0.05

(0.16

)

(0.20

)

(0.78

)

Weighted average Common Stock, Class A & Class T shares outstanding:

Basic

55,234,212

24,037,837

47,299,813

24,139,414

Diluted

55,438,037

24,037,837

47,299,813

24,139,414

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES NON-GAAP MEASURE –

COMPUTATION OF FUNDS FROM OPERATIONS, AS ADJUSTED

(Unaudited)

(Amounts in thousands, except share and per share data)

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025

2024

Net income (loss)

2,971

(151

)

(1,737

)

(5,887

)

Other noncontrolling interests

—

(183

)

(305

)

(507

)

Distributions to preferred stockholders

—

(3,400

)

(3,567

)

(12,758

)

Accretion- preferred equity costs

—

(3,644

)

—

Adjustments:

Depreciation of real estate

16,274

13,786

61,986

53,975

Gain on disposition of real estate

(284

)

—

(284

)

—

Amortization of real estate related intangible assets

3,194

437

9,556

715

Depreciation and amortization of real estate and intangible assets from unconsolidated entities

749

700

2,954

2,615

FFO (attributable to common stockholders and OP unit holders)

22,904

11,189

64,959

38,153

Other Adjustments:

Intangible amortization expense - contracts (1)

349

418

220

Acquisition-related expenses (2)

1,470

293

2,512

413

Acquisition expenses, amortization of debt issuance costs and foreign currency (gains) losses, net from unconsolidated entities

180

202

222

Loss due to hurricane (3)

—

500

Contingent earnout adjustment (4)

221

—

221

—

Accretion of fair market value of secured debt

175

719

120

Loss on extinguishment of debt (5)

—

2,533

471

Foreign currency and interest rate derivative losses (gains), net (6)

5,208

(1,732

)

2,264

577

Transactional expenses (7)

—

2,422

330

IPO Grant (8)

722

—

9,458

—

Adjustment of deferred tax assets and liabilities (1)

163

243

1,046

845

Sponsor funding reduction (9)

273

246

1,052

844

Accretion - preferred equity costs (1)

—

3,644

—

Amortization of debt issuance costs (1)

991

1,139

4,080

4,115

FFO, as adjusted (attributable to common stockholders and OP unit holders)

32,517

11,635

95,530

46,810

Weighted average Common Stock, Class A & Class T shares outstanding – basic

55,234,212

24,037,837

47,299,813

24,139,414

Weighted average OP units outstanding

3,737,005

3,312,004

3,478,757

3,303,204

Weighted average other dilutive securities

203,825

132,128

234,708

104,120

Weighted average shares & OP units outstanding – diluted

59,175,042

27,481,969

51,013,278

27,546,738

FFO, as adjusted per share & OP unit outstanding – diluted

0.55

0.42

1.87

1.70

(1)

These items represent the amortization, accretion, or adjustment of intangible assets, debt issuance costs, equity issuance costs, or deferred tax assets and liabilities.

(2)

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, as well as specific incremental acquisition-related expenses included in general and administrative in our consolidated statements of operations related to certain third party costs for completed acquisitions. This also includes costs associated with a one-time retention plan accrual of approximately $0.2 million, which was established on October 1, 2025 in connection with the Third Party Platform Acquisition.

(3)

Such casualty loss relates to Hurricane Helene, which occurred in September 2024.

(4)

The contingent earnout adjustment represents the adjustment to fair value of the contingent earnout established in connection with the Third Party Platform Acquisition.

(5)

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.

(6)

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, along with transactions denominated in a currency other than the functional currency of the related entity, which includes both our 2028 Canadian Notes and our 2030 Canadian Notes. There was no adjustment during the year ended December 31, 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.

(7)

Such costs incurred for the year ended December 31, 2025 primarily included: i) approximately $0.9 million related to our Underwritten Public Offering, but were not directly attributable thereto, and were therefore included in general and administrative in our consolidated statements of operations; ii) approximately $1.2 million of termination costs related to our Former Dealer Manager; and iii) 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 and 2023 relate to our filing of our registration statement on Form S-11 and the pursuit of the offering of our common stock, which was successfully completed in April 2025. 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.

(8)

The amounts adjusted for in the table above relate to the stock compensation expense and related employer tax liabilities 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, and was adjusted for this one-time grant as a means of determining a comparable sustainable operating performance metric.

(9)

Pursuant to the Sponsor Funding Agreement, SmartStop funded 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 Platform revenue from SST VI over the remaining estimated term of the management contracts with SST VI. FFO is adjusted for its effect to arrive at FFO, as adjusted, as a means of determining a comparable sustainable operating performance metric.

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

COMPUTATION OF SAME-STORE OPERATING RESULTS

(Unaudited)

Same-Store Facility Results - three months ended December 31, 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 December 31, 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 (dollars in thousands, except per occupied square foot amounts):

Same-Store Facilities

Non Same-Store Facilities

Total

2025

2024

Change

2025

2024

Change

2025

2024

Change

Revenue (1)

51,519

51,302

0.4

10,786

2,505

N/M

62,305

53,807

15.8

Property operating expenses (2)

16,376

16,059

2.0

4,109

1,175

N/M

20,485

17,234

18.9

Net operating income

35,143

35,243

-0.3

6,677

1,330

N/M

41,820

36,573

14.3

Number of facilities

149

(6)

178

161

Rentable square feet (3)

11,543,760

11,526,700

2,397,625

1,023,800

13,941,385

12,550,500

Average physical occupancy (4)

92.3

92.2

0.1

84.5

N/M

91.0

91.9

-0.9

Annualized rent per occupied square foot (5)

20.04

20.17

-0.6

22.13

N/M

20.37

19.98

2.0

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 1,095,000 square feet and 1,040,000 square feet as of December 31, 2025 and 2024, respectively. On a same-store basis, for the same periods, parking represented approximately 970,000 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 rental income, net of discounts and concessions and excluding late and administrative fees 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 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.

(6)

Included in the 2025 non same-store data is a self storage facility located in Murfreesboro, Tennessee, consisting of approximately 62,100 square feet that was purchased on February 2, 2025, and sold to SST X on October 30, 2025.

Our same-store revenue increased by approximately $0.2 million, or approximately 0.4%, for the three months ended December 31, 2025 compared to the three months ended December 31, 2024 due to an approximately 0.1% increase in average occupancy, and an increase in administrative and late fees. Such increases were slightly offset by an approximately 0.6% decline in annualized rent per occupied square foot. Property operating expenses increased by approximately 2.0%, 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.

The following table presents a reconciliation of net income (loss) as presented on our consolidated statements of operations to net operating income, as stated above, for the periods indicated (in thousands):

Three Months Ended December 31,

2025

2024

Net income

2,971

(151

)

Adjusted to exclude:

Tenant Protection Program revenue (1)

(2,540

)

(2,145

)

Tenant Protection Program related expense

251

116

Managed Platform revenue

(7,176

)

(3,056

)

Managed Platform expenses

3,285

1,430

General and administrative

8,231

7,498

Depreciation

16,484

14,119

Intangible amortization expense

3,542

474

Acquisition expenses

988

292

(Earnings) losses from our equity method investments in unconsolidated real estate ventures

)

312

(Earnings) losses from our equity method investments in Managed REITs

(176

)

457

Other, net

3,726

(1,667

)

Interest income

(1,384

)

(872

)

Interest expense

13,321

19,375

Contingent earnout adjustment

221

—

Gain on disposition of real estate

(284

)

—

Income tax expense (benefit)

362

391

Total net operating income

41,820

36,573

(1)

Included within ancillary operating revenue within our consolidated statements of operations, approximately $2.1 million and $2.0 million of Tenant Protection Program revenue was earned at same-store facilities during the three months ended December 31, 2025 and 2024, respectively, with the remaining approximately $0.4 million and $0.1 million earned at non same-store facilities during the three months ended December 31, 2025 and 2024, respectively.

Same-Store Facility Results - twelve months ended December 31, 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 years ended December 31, 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 (dollars in thousands, except per occupied square foot amounts):

Same-Store Facilities

Non Same-Store Facilities

Total

2025

2024

Change

2025

2024

Change

2025

2024

Change

Revenue (1)

206,896

203,590

1.6

32,872

7,090

N/M

239,768

210,680

13.8

Property operating expenses (2)

68,555

66,040

3.8

13,424

3,661

N/M

81,979

69,701

17.6

Net operating income

138,341

137,550

0.6

19,448

3,429

N/M

157,789

140,979

11.9

Number of facilities

149

(6)

178

162

Rentable square feet (3)

11,543,760

11,526,700

2,397,625

1,090,200

13,941,385

12,616,900

Average physical occupancy (4)

92.5

92.2

0.3

87.5

N/M

91.9

92.1

-0.2

Annualized rent per occupied square foot (5)

20.03

19.98

0.3

21.63

N/M

20.24

19.84

2.0

N/M Not meaningful

(1)

Revenue includes rental income, certain ancillary revenue, administrative and late fees, and excludes Tenant Protection Program revenue.

(2)

(3)

(4)

(5)

(6)

Our same-store revenue increased by approximately $3.3 million, or approximately 1.6%, for the year ended December 31, 2025 compared to the year ended December 31, 2024 due to an approximately 0.3% increase in average occupancy, an approximately 0.3% increase in annualized rent per occupied square foot and increased administrative and late fees. Property operating expenses increased by approximately 3.8%, primarily attributable to increased property taxes and payroll costs.

Year Ended December 31,

2025

2024

Net loss

(1,737

)

(5,887

)

Adjusted to exclude:

Tenant Protection Program revenue (1)

(9,748

)

(8,296

)

Tenant Protection Program related expense

802

983

IPO Grant (2)

3,584

—

Managed Platform revenue

(19,166

)

(11,383

)

Managed Platform expenses

9,843

3,982

General and administrative

38,211

29,948

Depreciation

63,226

55,175

Intangible amortization expense

9,974

935

Acquisition expenses

2,030

413

Losses from our equity method investments in unconsolidated real estate ventures

407

1,380

Losses from our equity method investments in Managed REITs

444

1,414

Other, net

1,282

Interest income

(4,368

)

(3,247

)

Interest expense

59,895

72,325

Contingent earnout adjustment

221

—

Loss on debt extinguishment

2,533

471

Gain on disposition of real estate

(284

)

—

Income tax expense

1,901

1,484

Total net operating income

157,789

140,979

(1)

Approximately $8.3 million and $7.9 million of Tenant Protection Program revenue was earned at same-store facilities during the years ended December 31, 2025 and 2024, respectively, with the remaining approximately $1.5 million and $0.4 million earned at non same-store facilities during the years ended December 31, 2025 and 2024, respectively.

(2)

Stock compensation and related expense herein only includes such expense related to the Underwritten Public Offering (the "IPO Grant") that is included in property operating expense.

The following tables present a reconciliation of same-store as reported net operating income to same-store constant currency net operating income (dollars in thousands):

Three Months Ended December 31,

2025

2024

% Change

Total revenues

As reported

51,519

51,302

0.4

Impact of FX rate

(20

)

—

Constant currency basis

51,499

51,302

0.4

Total expenses

As reported

16,376

16,059

2.0

Impact of FX rate

)

—

Constant currency basis

16,371

16,059

1.9

Net operating income

As reported

35,143

35,243

-0.3

Impact of FX rate

(15

)

—

Constant currency basis

35,128

35,243

-0.3

Twelve Months Ended December 31,

2025

2024

% Change

Total revenues

As reported

206,896

203,590

1.6

Impact of FX rate

438

—

Constant currency basis

207,334

203,590

1.8

Total expenses

As reported

68,555

66,040

3.8

Impact of FX rate

142

—

Constant currency basis

68,697

66,040

4.0

Net operating income

As reported

138,341

137,550

0.6

Impact of FX rate

296

—

Constant currency basis

138,637

137,550

0.8

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 December 31, 2025 and December 31, 2024 was approximately 0.72x and 0.71x, respectively. The actual average USD/CAD exchange rate for the twelve months ending December 31, 2025 and December 31, 2024 was approximately 0.72x and 0.73x, respectively.

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

OUTLOOK FOR FULL YEAR 2026

(Unaudited)

(Dollar amounts in thousands, except share and per share data)

Ranges for 2026 Annual

Assumptions

Notes for Annual Assumptions

as of February 25, 2026

Same-store growth

(as translated in U.S. dollars)

Low

High

2026 Same-store pool: 157 Properties

Revenue

-0.5%

2.0%

Operating expense

2.0%

4.0%

Net operating income

-1.8%

1.0%

Reflects an average USD/CAD exchange rate for full year 2026 of approximately 0.71x. The average USD/CAD exchange rate for the 12 months ended December 31, 2025 was approximately 0.72x.

Same-store

(as translated in U.S. dollars)

Low

High

2026 Same-store pool: 157 Properties

Revenue

218,300

223,800

Operating expense

75,800

77,300

Net operating income

142,500

146,500

Reflects an average USD/CAD exchange rate for full year 2026 of approximately 0.71x. The average USD/CAD exchange rate for the 12 months ended December 31, 2025 was approximately 0.72x.

Same-store growth

(constant currency) (1)

Low

High

2026 Same-store pool: 157 Properties

Revenue

-0.5%

2.0%

Operating expense

2.0%

4.0%

Net operating income

-1.8%

1.0%

Reflects an average USD/CAD exchange rate of approximately 0.72x for full year 2025 and 2026.

FFO, as Adjusted (2)

Low

High

FFO, as adjusted per share & OP unit outstanding - diluted

1.93

2.05

Weighted average share count

59,400,000

(Not in thousands)

Low

High

Non same-store net operating income

18,500

19,800

Includes properties in the non same-store pool as of December 31, 2025. Excludes tenant protection net revenues.

Tenant Protection Program net revenue

9,600

9,950

Represents Tenant Protection Program revenues less Tenant Protection Program related expense for the same-store and non same-store pools.

Managed REIT EBITDA

13,250

13,900

Represents Managed REIT revenues less Managed REIT expenses. Assumes average AUM of $1,090 million (low) to $1,140 million (high) for the year ending December 31, 2026. Excludes $0.2 million of equity based compensation expense related to IPO grants. (Not in thousands)

Third-Party Platform adjusted EBITDA

1,800

3,000

Represents Third-Party Platform revenues less Third-Party Platform expenses. Excludes an estimated $1.1 million of acquisition related expenses. (Not in thousands)

General and administrative expenses

32,000

34,000

Excludes an estimated $4.7 million of equity based compensation expense related to IPO grants and legacy stock compensation. (Not in thousands)

Interest expense

52,000

55,000

Assumes average one-month SOFR of 3.4%.

Interest income

9,000

10,000

Capital deployment

Low

High

Acquisitions, bridge loans & loans to Managed REITs

45,000

65,000

Includes wholly-owned acquisitions, the Company’s investment in joint ventures, bridge loans to third parties and investments in the Managed REITs, net of any repayments of existing loans or investments.

Solar spend

2,250

2,750

Development spend

9,000

10,000

Related to the Company’s portion of properties under construction in the SmartCentres joint venture.

Redevelopment and expansion spend

16,000

18,000

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 the range of estimated GAAP net income (loss) per share to estimated fully diluted FFO, as adjusted per share is presented 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 157 stores in the 2026 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, 2025 was 0.72x.

(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.

The following table presents a reconciliation of the range of estimated GAAP net income (loss) per share to estimated fully diluted FFO, as adjusted per share:

Ranges for 2026 Annual Assumptions

as of February 25, 2026

Low

High

Net income

0.38

0.46

Depreciation & amortization of real estate and intangible assets from consolidated and unconsolidated entities

1.34

1.38

FFO per share & OP unit outstanding - diluted

1.72

1.84

Acquisition related expenses and acquisition related expenses and foreign currency (gains) losses, net from unconsolidated entities

0.02

Amortization of debt issuance costs

0.05

Sponsor funding revenue reduction

0.02

Equity based compensation related to IPO Grants

0.08

Other (1)

0.04

FFO, as adjusted per share & OP unit outstanding - diluted

1.93

2.05

(1)

Includes the following: Intangible amortization expense - contracts, accretion of fair market value of secured debt, foreign currency and interest rate derivative (gains) losses, net, and adjustment of deferred tax liabilities.

SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIES

SUMMARY OF RECENT ACQUISITIONS

(Unaudited)

Property

MSA/CMA (1)

SmartStop %

Ownership

Net Rentable

Sq. Ft.

Units

Purchase

Price (2)

Date

Acquired

Colorado Springs II

Colorado Springs

100%

100,500

580

10,516

04/10/24

Spartanburg

Greenville-Spartanburg

100%

109,800

950

13,232

07/16/24

Miami

Miami - Fort Lauderdale

100%

95,200

1,050

31,161

09/24/24

Nantucket

Boston

100%

18,600

205

9,587

11/20/24

Aurora V

Denver

100%

87,500

740

14,667

12/11/24

San Jose

100%

61,500

670

19,616

12/19/24

Washington, DC

Washington-Arlington

100%

72,000

830

18,292

12/19/24

Ladera Ranch

Los Angeles

100%

143,500

1,300

70,030

12/20/24

2024 full year acquisitions

688,600

6,325

187,101

Clifton

New York - Newark

100%

116,000

1,285

38,647

1/7/2025

Hillside

New York - Newark

100%

112,000

1,200

35,944

1/7/2025

Murfreesboro (5)

Nashville

100%

63,300

500

7,907

2/20/2025

Kelowna (3)

Kelowna, British Columbia

100%

74,000

800

28,207

4/15/2025

Lakewood II

Denver, CO

100%

66,850

605

12,749

5/29/2025

Holzwarth Rd,

Houston - Springwoods

Houston, TX

100%

89,800

815

15,269

6/17/2025

Holcombe Blvd,

Houston - Medical Center

Houston, TX

100%

96,000

835

37,521

6/17/2025

Louetta Rd,

Houston- Champions- Spring

Houston, TX

100%

111,850

745

20,013

6/17/2025

FM 2978,

Houston - Magnolia

Houston, TX

100%

83,100

725

14,510

6/17/2025

Shenandoah,

Houston - The Woodlands

Houston, TX

100%

88,000

750

20,513

6/17/2025

Allard, Alberta (3) (4)

Edmonton, Alberta

50%

N/A

1,199

8/12/2025

Edmonton, Alberta (3)

Edmonton, Alberta

100%

68,175

535

9,719

8/26/2025

Sherwood Park, Alberta (3)

Edmonton, Alberta

100%

65,500

535

11,804

8/26/2025

Red Deer, Alberta (3)

Edmonton, Alberta

100%

76,500

610

13,782

8/26/2025

Canmore, Alberta (3)

Calgary, AB

100%

63,500

765

21,061

8/26/2025

Cochrane, Alberta (3)

Calgary, AB

100%

84,250

605

14,004

8/26/2025

Rahway

New York - Newark

100%

55,200

560

15,328

9/3/2025

Argus Professional

Storage Management (6)

N/A

100%

N/A

32,100

10/1/2025

Winter Garden

Orlando, FL

100%

72,050

515

15,262

11/4/2025

Finch, Toronto (3) (4)

Toronto, Ontario

50%

N/A

3,019

12/19/2025

2025 full year acquisitions

1,386,075

12,385

368,558

(1)

CMA (Census Metropolitan Area) as defined by Statistics Canada.

(2)

Amounts in thousands.

(3)

Purchase price converted to USD using the exchange rate in effect at date of purchase.

(4)

This property is an undeveloped parcel of land purchased through our joint venture partnership with SmartCentres; the joint venture intends to develop this land into a self storage property.

(5)

This property was sold on October 30, 2025 for approximately $7.9 million.

(6)

Includes the potential earnout of up to $11.0 million based on revenues generated during fiscal year 2028.

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, investors.smartstopselfstorage.com.

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 1,000 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, and through its Managed Platform offers third party management services in the U.S. and Canada. As of February 25, 2026, SmartStop has an owned or managed portfolio of over 460 operating properties in 35 states, the District of Columbia, and Canada, comprising over 270,000 units and more than 35 million rentable square feet. SmartStop and its affiliates own or manage 49 operating self-storage properties across four provinces in Canada, which total approximately 42,200 units and 4.3 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:

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, 2025, a copy of which may be obtained from our website at investors.smartstopselfstorage.com.