SmartStop Releases Q1 2026 Earnings: Recap & CEO Statement

Posted by Modern Storage Media on May 8, 2026 4:34:31 PM

SmartStop Self Storage REIT has released its earnings reports for Q1 2026. The company reported modest same-store growth, with revenue up 1.5% and NOI rising 2.0%, driven largely by tight expense control. Overall, the company saw stronger bottom-line gains, including a jump in FFO, thanks to operational efficiencies and financing improvements. 

 

“We posted a strong quarter of growth, highlighted by same-store revenue growth of 1.5% and sector-leading same-store NOI growth of 2.0%, both of which had very difficult year-over-year comps. Our expense control initiatives and scale led to a quarter of muted operating expenses, in turn leading to 30 basis points of net operating income margin expansion in our same-store portfolio, the first year-over-year increase in several years...

 

SmartStop has multiple levers of organic and external EBITDA growth across all aspects of our business. These drivers, paired with the strong execution of our recast senior credit facility during the quarter, resulted in 19.3% growth of FFO, as adjusted per share year over year. Our dedicated SmartStop team will continue to execute our business plan throughout 2026.”

–H. Michael Schwartz, Chairman and CEO of SmartStop

 

Key Q1 2026 Highlights:
  • Net income attributable to common stockholders was approximately $9.6 million. This represents an increase of approximately $18.0 million when compared to the same period in 2025. Net income per share of Common Stock, (basic and diluted) was $0.17. This represents an increase of approximately $0.52 when compared to the same period in 2025.
  • Total self storage-related revenues were approximately $64.8 million, an increase of approximately $5.6 million when compared to the same period in 2025.
  • FFO, as adjusted (attributable to common stockholders and Operating Partnership (“OP”) unit holders), was approximately $28.8 million, an increase of approximately $17.6 million when compared to the same period in 2025.
  • FFO, as adjusted per share and OP unit outstanding – diluted was $0.49, an increase of approximately $0.08 when compared to the same period in 2025.
  • Same-store revenues increased by 1.5%, same-store property operating expenses increased by 0.6%, and same-store net operating income (“NOI”) increased by 2.0% compared to the same period in 2025.
  • On a constant currency basis for our Canadian properties included in our wholly-owned same-store pool, our aggregate same-store revenues for all properties included in the pool increased by 1.0%, same-store expenses increased by 0.1%, and same-store NOI increased by 1.5% compared to the same period in 2025.
  • Same-store average physical occupancy was 92.5%, consistent with the same period in 2025.
  • Same-store annualized rent per occupied square foot was approximately $20.10, an increase of approximately 1.2% when compared to the same period in 2025.

 

 

 

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