SmartStop Releases Q3 2025 Earnings: Recap & CEO Statement

SmartStop Self Storage REIT has released its earnings reports for Q3 2025, with key strategic activities including the acquisition of Argus Professional Storage Management to expand its third-party management platform and the issuance of a CAD $200 million Maple bond.

“We have accomplished a tremendous amount in our short time as a publicly traded company. In the third quarter, we continued to successfully execute on the business plan we laid out on our public offering road show, highlighted by a CAD $200 million Maple Bond offering, nearly $90 million of high quality on-balance sheet acquisitions, and a transformative agreement to acquire Argus Professional Storage Management, accretively launching SmartStop into the third-party management business...

We are encouraged by the sector’s stabilization following years of elevated new supply. However, the storage market undoubtedly remains choppy month-to-month, as customer demand ebbs and flows. Despite the choppiness, we delivered solid third quarter same-store results with average occupancy of 92.6% and sector leading revenue growth of 2.5%. We continue to be able to capture demand through our technology-driven North American platform. As sector fundamentals continue to stabilize, our accomplishments over the past seven months position SmartStop to achieve solid forward growth and to take advantage of an improving self-storage landscape.”

–H. Michael Schwartz, Chairman and CEO of SmartStop

Key Q3 2025 Highlights:

• Net income attributable to common stockholders was approximately $5.2 million. This represents an increase of approximately $11.4 million when compared to the same period in 2024. Net income per share of Common Stock, Class A and Class T shares (basic and diluted) was $0.09. This represents an increase of approximately $0.35 when compared to the same period in 2024.
• Total self storage-related revenues were approximately $64.6 million, an increase of approximately $9.2 million when compared to the same period in 2024.
• FFO, as adjusted (attributable to common stockholders and Operating Partnership (“OP”) unit holders), was approximately $27.5 million, an increase of approximately $15.8 million when compared to the same period in 2024.
• FFO, as adjusted per share and OP unit outstanding – diluted was $0.47, an increase of approximately $0.05 when compared to the same period in 2024.
• Same-store revenues increased by 2.5%, same-store property operating expenses increased by 4.5%, while same-store net operating income (“NOI”) increased by 1.5% 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 for all properties included in the pool increased by 2.6%, same-store expenses increased by 4.6%, while same-store NOI increased by 1.6% compared to the same period in 2024.
• Same-store average physical occupancy increased by 0.4% to 92.6% compared to the same period in 2024.
• Same-store annualized rent per occupied square foot was approximately $20.35, an increase of approximately 0.7% when compared to the same period in 2024.

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