Smartstop Self Storage REIT Inc (NYSE:SMA)

Q3 2025 SmartStop Self Storage REIT Inc Earnings Call Transcript

Nov 6, 2025 / 06:00 PM GMT

Release Date Price: $34.13 (-1.04%)

Transcript 10-Q8-K

Key Points

Positve

Smartstop Self Storage REIT Inc (SMA) reported sector-leading same-store revenue growth of 2.5% and maintained a high average occupancy rate of 92.6%.
The company successfully raised 200 million Canadian dollars in the Maple bond market at a 3.89% coupon with a 5-year maturity.
SMA completed the acquisition of Argus Professional Storage Management, significantly expanding its third-party management platform and doubling its store count.
The company achieved the highest ever lead conversion statistics and tenant protection hit rate in its history, indicating strong operational performance.
SMA's inclusion in the MSCI US REIT index highlights its growing recognition and credibility in the market.

Negative

The reported FFO as adjusted per share of $0.47 was $0.02 below expectations due to an unexpected vacancy of an industrial tenant and a one-time equity-based compensation expense.
Operating expenses grew by 4.5%, outpacing the revenue growth, which led to a lower NOI increase of 1.5%.
The company experienced a weaker than anticipated September, contributing to a choppy recovery in the storage market.
Move-in rates continue to be negative year over year, although they are less negative than in previous years.
The unexpected default of a tenant renting industrial space resulted in a loss of approximately $730,000 in annual NOI.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

SMA.N - SmartStop Self Storage REIT Inc
Q3 2025 SmartStop Self Storage REIT Inc Earnings Call
Nov 06, 2025 / 06:00PM GMT

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Presentation
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Unidentified_1 [1]
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Ladies and gentlemen, thank you for standing by. My name is Colby, and I'll be your conference operator today. At this time, I would like to welcome you to the SmartStop self storage re it 3rd quarter earnings call. All lines have been placed on mute to prevent any background noise, and after the speaker's remarks, there will be a question-and-answer session. If you'd like to ask a question at that time, please press star, then the number 1 on your telephone keypad. If you'd like to withdraw your question at any time, please press 1 again.

Thank you. I would now like to turn the call over to David Korak. Please go ahead.

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