Smartstop Self Storage REIT Inc (NYSE:SMA)

Q2 2026 SmartStop Self Storage REIT Inc Earnings Call Transcript

Aug 6, 2026 / 04:00 PM GMT

Release Date Price: $34.46 (+1.80%)

Transcript 10-Q8-K

Key Points

Positve

Smartstop Self Storage REIT Inc (SMA) reported strong same-store revenue growth of 1.3% and NOI growth of 3.7% in Q2 2026, with operating expenses down 3.4%.
The company achieved a 150 basis point year-over-year improvement in same-store operating margins, reaching 67.3%, driven by disciplined expense control.
FFO as adjusted per share grew 17.6% year-over-year to $0.49, and the company raised its full-year guidance for same-store revenue, NOI, and FFO.
Smartstop Self Storage REIT Inc (SMA) is executing on external growth, acquiring a 3-property portfolio at a high 5% cap rate and deploying $16.3 million in bridge capital at double-digit yields.
The company reduced cash flow leverage to 6.2 times and sees a strong acquisition pipeline with attractive off-market opportunities, supported by the DECA initiative for long-term value creation.
The managed platform is expanding, with 14% growth in recurring revenue, successful integration of the Argus platform, and the first third-party management property onboarded in Canada.
Canadian joint venture properties delivered strong NOI growth of 9.4% year-over-year, and the GTA portfolio remains a strategic asset with long-term demand drivers intact.

Negative

Same-store web rates were down 3.8% during the quarter, and achieved move-in rates per square foot declined 4.4% on average, indicating pricing pressure.
Occupancy in July was 92.1%, down 65 basis points year-over-year, with some markets still experiencing negative move-in rent trends.
The Asheville market continues to face occupancy challenges due to natural disaster and eminent domain proceedings, with properties underperforming until at least Q3 2026.
The GTA same-store portfolio saw revenue down 1% year-over-year, with occupancy down 60 basis points, reflecting tougher comps and macro uncertainty from tariffs and geopolitical events.
The company expects continued volatility and potential choppiness in the back half of the year, which could impact hitting the top end of guidance.
Third-party management platform saw some off-boards, and full margin synergies from the Argus integration are not expected until 2027.
The company faces increased competition in Canada with Public Storage's entry, which could intensify competitive dynamics in the GTA market.

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

SMA.N - SmartStop Self Storage REIT Inc
Q2 2026 SmartStop Self Storage REIT Inc Earnings Call
Aug 06, 2026 / 04:00PM GMT

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Presentation
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Unidentified_1 [1]
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Hello, everyone.

Thank you for joining us and welcome to SmartSop Self Storage's second quarter 2026 earnings call.

After today's prepared remarks, we will host a question-and-answer session.

If you would like to ask a question, please press 1 to raise your hand.

To withdraw your question, pressar 1 again.

I will now hand the conference over to David Korak, Senior Vice President of Corporate Finance and Strategy.

David, please go ahead.

Thank you, operator.

Before we begin, I would like to remind everyone that certain statements made during today's call, including statements about our future plans, prospects, and expectations may be

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