SmartStop Self Storage REIT Reports Q4 2025 Results

SmartStop Self Storage REIT, Inc., 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 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:

• Net income attributable to common stockholders was approximately $2.8 million. This represents an increase of approximately $6.5 million when compared to the same period in 2024. Net income per share of Common Stock, (basic and diluted) was $0.05. This represents an increase of approximately $0.21 when compared to the same period in 2024.
• Total self storage-related revenues were approximately $64.8 million, an increase of approximately $8.9 million when compared to the same period in 2024.
• FFO, as adjusted (attributable to common stockholders and Operating Partnership (OP) unit holders), was approximately $32.5 million, an increase of approximately $20.9 million when compared to the same period in 2024.
• FFO, as adjusted per share and OP unit outstanding – diluted was $0.55, an increase of approximately $0.13 when compared to the same period in 2024.
• Same-store revenues increased by 0.4%, same-store property operating expenses increased by 2.0%, while same-store net operating income (NOI) declined by 0.3% compared to the same period in 2024.
• On a constant currency basis for its Canadian properties included in SmartStop's wholly owned same-store pool, the aggregate same-store revenues for all properties included in the pool increased by 0.4%, same-store expenses increased by 1.9%, while same-store NOI decreased by 0.3% compared to the same period in 2024.
• Same-store average physical occupancy increased by 0.1% to 92.3% compared to the same period in 2024.
• Same-store annualized rent per occupied square foot was approximately $20.04, a decrease of approximately 0.6% when compared to the same period in 2024.

You can view the full press release on the SmartStop Investors Page.