SmartStop Self Storage REIT Inc SMA

Real EstateResidential & Commercial REITsUnited States of America

Last close 37.25 USD on Nov 2, 2026, +25.4% year to date

Quant rating

Quant rating C Rank 77 of 175 in Real Estate

Growth D 135 of 175
Valuation D 144 of 175
Quality D 123 of 175
Revisions A 12 of 175
Momentum B 38 of 175

Wall Street consensus Buy (2.18)Average target 36.70 USD −1.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 2.1B
Enterprise value: 3.2B
52-week range: 29.42 – 37.50
3-year range: 29.42 – 38.99
Dividend yield: 4.38%
Beta (5 years): –
Shares outstanding: 55.4M
Next earnings: Nov 4, 2026

About the company

SmartStop Self Storage REIT, Inc. is a self-managed REIT with a fully integrated operations team of more than 1000 self-storage professionals focused on growing the SmartStop Self Storage brand. The Company is focused on the acquisition, ownership and operation of self-storage properties located primarily within the top 100 metropolitan statistical areas (MSAs) throughout the United States and Canada. The Company's segments include self storage operations and the Managed REIT Platform business. The Company, through its indirect subsidiary, SmartStop REIT Advisors, LLC, also sponsors other self-storage programs. It owns or manages more than 460 operating properties in 35 states, Washington D.C., and Canada, comprising over 270,000 units and 35 million rentable square feet. The Company and its affiliates own or manage 49 operating self-storage properties across four provinces in Canada, which total approximately 42,200 units and 4.3 million rentable square feet.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	281	237	233	213	169	–
Revenue growth	18.6%	1.7%	9.6%	26.0%	36.1%	17.8%
EPS (basic, normalized)	−0.20	–	–	–	–	–
EPS growth	–	–	–	–	–	–
Gross margin	63.4%	67.9%	70.1%	71.2%	70.3%	68.6%
Net margin	−3.3%	−7.9%	−1.3%	2.8%	−17.6%	−5.5%
ROE	−0.2%	−0.9%	1.4%	2.8%	−3.2%	0.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	38.2
Current ratio	–
Long-term debt (mil)	1,120
Net debt (mil)	1,184
Total equity (mil)	1,156
Net debt / equity	1.02x
Net debt / EBITDA	8.95x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	281	+18.6%	11.5x	132	–	24.5x	−0.20	–	−186.2x
2026	301	+7.0%	10.8x	163	+23.6%	19.9x	0.61	+403.8%	61.3x
2027	302	+0.5%	10.7x	175	+7.2%	18.5x	0.55	−9.9%	68.0x
2028	320	+6.0%	10.1x	184	+5.2%	17.6x	0.59	+7.8%	63.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	301	0.0%	+4.1%	+8.9%	0.61	0.0%	+13.9%	+59.9%
2027	302	0.0%	+1.7%	+5.1%	0.55	0.0%	+15.7%	+27.3%
2028	320	0.0%	−1.9%	−1.1%	0.59	0.0%	+8.3%	+28.3%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	FQ-9	FQ-8	FQ-7	FQ-6	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	–	–	–	–	65.4	66.8	70.4	78.4	78.3	79.3
Sales mean (mil)	–	–	–	–	58.7	62.5	66.5	69.1	71.2	72.3
Surprise	–	–	–	–	+11.5%	+6.9%	+5.9%	+13.5%	+9.9%	+9.7%
EPS reported	–	–	–	–	−0.35	−0.16	0.09	0.05	0.17	0.20
EPS mean	–	–	–	–	−0.30	−0.01	0.09	0.15	0.09	0.11
Surprise	–	–	–	–	−16.7%	−2,033.3%	+2.3%	−65.9%	+88.9%	+76.5%

Peer comparison Residential & Commercial REITs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
SMA SmartStop Self Storage REIT Inc	2.1B	8.95x	−3.3%	1.78x	61.3x	68.0x	19.9x	18.5x
WELL Welltower Inc.	175.3B	3.89x	−4.7%	3.60x	82.4x	73.3x	35.7x	29.6x
SPG Simon Property Group Inc	71.7B	6.33x	72.7%	16.18x	33.7x	31.4x	19.4x	18.5x
DLR Digital Realty Trust, Inc.	66.6B	6.45x	20.7%	2.35x	63.4x	63.8x	23.1x	20.2x
PSA Public Storage	62.3B	7.23x	32.9%	4.29x	33.3x	32.7x	21.8x	19.6x
O Realty Income Corporation	54.5B	6.26x	18.4%	1.38x	36.9x	32.4x	15.6x	14.3x
Mean		6.52x	22.8%	4.93x	51.8x	50.3x	22.6x	20.1x
Median		6.39x	19.6%	2.97x	49.1x	48.3x	20.8x	19.0x

Technical analysis

1M+15.0%
3M+12.4%
1Y+13.9%
3Y+22.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, SmartStop Self Storage REIT Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	281	237	233	213	169	124
Cost of revenue	103	76.1	69.7	61.2	50.2	46.9
Gross profit	178	161	163	151	119	77.1
Selling, general & administrative expenses	44.0	35.1	32.3	32.7	27.0	16.5
Research & development	–	–	–	–	–	–
Depreciation/amortization	73.2	56.1	60.2	64.6	53.4	42.1
Interest expense (income), operating	–	–	0	−16.1	–	–
Unusual expense (income)	4.3	0.9	0.2	5.3	11.6	42.2
Other operating expenses	0.2	0	0	1.5	12.6	−2.5
Operating income	56.6	68.8	70.6	63.5	14.1	−21.1
Net interest income (expense)	−56.4	−71.9	−64.7	−41.5	−33.4	−36.1
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	−1.3	3.1	−0.8	−2.1	0.2
Net income before taxes	0.2	−4.4	9.1	21.1	−21.4	−57.0
Provision for taxes	1.9	1.5	−2.6	−0.6	−1.8	−5.8
Minority interest	0.2	0.3	−1.9	−2.8	2.7	6.9
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−1.5	−5.6	9.8	18.8	−16.9	−44.3
Extraordinary items	–	–	–	–	–	–
Net income	−1.5	−5.6	9.8	18.8	−16.9	−44.3
EBIT, normalized	60.8	69.6	70.8	52.7	25.7	21.1
EBITDA, normalized	134	126	131	117	79.0	31.4
Basic EPS, normalized	−0.20	–	–	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, SmartStop Self Storage REIT Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	54.2	23.1	45.1	39.5	37.3	72.7
Receivables	0.4	0	–	–	–	–
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	2,067	1,796	1,675	1,689	1,439	1,096
Goodwill	70.0	53.6	53.6	53.6	53.6	53.6
Intangibles	34.1	22.5	16.9	31.5	30.4	28.6
Long-term investments	168	96.5	70.2	90.9	31.3	15.6
Note receivable	–	–	–	–	–	–
Other long-term assets	93.1	73.9	80.0	82.2	63.4	88.4
Total assets	2,432	2,042	1,896	1,947	1,618	1,282
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	38.6	38.1	29.0	28.2	22.7	23.0
Accrued expenses	–	–	–	–	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	1,098	1,317	1,087	1,068	874	718
Minority interest	99.5	86.8	91.5	94.5	64.6	60.0
Other liabilities	54.0	53.7	44.7	44.1	69.4	67.3
Total liabilities	1,252	1,458	1,224	1,207	1,008	845
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.1	0.1	0.1	0.1	0.1	0.1
Additional paid-in capital	1,837	895	895	894	725	492
Retained earnings (accumulated deficit)	−658	−568	−491	−431	−382	−305
Treasury stock	–	–	–	–	–	–
Other equity	0.7	257	268	277	267	250
Total equity	1,180	584	672	740	610	437
Total liabilities & shareholders' equity	2,432	2,042	1,896	1,947	1,618	1,282

Cash flow statement in millions of USD, fiscal years

Cash flow statement, SmartStop Self Storage REIT Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−1.7	−5.9	11.6	21.7	−19.6	−51.2
Depreciation, depletion & amortization	73.2	56.1	60.2	64.6	53.4	42.1
Deferred taxes	1.0	0.8	−3.3	−1.1	−2.0	−5.9
Non-cash items	23.4	15.8	9.6	6.6	29.1	43.4
Changes in working capital	−11.0	−2.9	−5.0	−3.9	−2.1	−1.6
Cash from operations	85.0	64.0	73.2	87.9	58.8	26.8
Investing activities
Capital expenditures	−318	−146	−26.3	−87.9	−74.9	−15.6
Other investing cash flows	−62.9	−34.5	26.5	−117	−45.3	−13.4
Cash from investing	−381	−181	0.3	−205	−120	−29.0
Financing activities
Financing cash flow items	−73.7	−19.5	−9.7	−12.5	−11.0	−25.4
Cash dividends paid	−81.8	−49.9	−53.1	−61.9	−38.4	−8.8
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	481	164	−3.3	194	75.1	47.9
Cash from financing	325	94.8	−66.1	120	25.7	13.7
Foreign exchange effects	0.6	−2.0	0	−1.5	−0.2	0.5
Net change in cash	30.1	−24.1	7.4	1.4	−36.0	12.1
Free cash flow	−233	−82.4	46.9	0	−16.1	11.2

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.