SmartStop Self Storage REIT, Inc.

SMA

Real EstateSmall CapUS Equities · NYSE / NASDAQ

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Company Profile

SmartStop Self Storage REIT, Inc. is a self-managed REIT with a fully integrated operations team of more than 1,000 self-storage professionals focused on growing the SmartStop Self Storage brand. SmartStop, through its indirect subsidiary, SmartStop REIT Advisors, LLC, also sponsors other self-storage programs and, through its Managed Platform, offers third-party management services in the U.S. and Canada. As of February 20, 2026, SmartStop has an owned or managed portfolio of over 460 operating properties in 35 states, the District of Columbia, and Canada, comprising over 270,000 units and more than 35 million rentable square feet. SmartStop 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. SmartStop Self Storage REIT, Inc. was established on January 08, 2013 and incorporated Maryland, USA.

Valuation

Market Cap$1.8B

Current Price$31.56

P/E Ratio-

P/B Ratio1.48

EV / EBITDA22.00

EV / Sales10.79

Profitability

Operating Margin-

Net Profit Margin-0.6%

EBITDA Margin47.4%

Returns

ROE-0.1%

ROCE-

ROIC %1.7%

ROA-0.1%

Solvency

Current Ratio0.42

Debt / Equity0.86

Debt / Assets0.45

CFO / Net Profit-54.93

Price History▼ 7.31% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$281M▲ 18.6%

EBITDA$133M

Net Profit$-2M

Cash from Ops (CFO)$85M

Free Cash Flow (FCF)$85M

Revenue CAGR 3Y-

Revenue CAGR 5Y-

Net Profit CAGR 3Y-

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$281M	$133M	$-2M	$85M	-0.1%	18.6%	-
2024	$237M	$124M	$-6M	$64M	-0.8%	1.7%	-157.6%
2023	$233M	$131M	$10M	$73M	1.3%	9.6%	-48.2%
2022	$213M	$127M	$19M	$88M	2.3%	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2022	2023	2024	2025
Total Revenue	212.64	232.99	237.01	281.14
Cost Of Revenue	65.55	74.49	81.31	108.67
Gross Profit	147.09	158.50	155.69	172.47
Operating Expense	92.87	87.68	86.06	111.41
Operating Income	54.22	70.82	69.64	61.06
EBITDA	127.25	131.09	124.03	133.26
EBIT	62.63	70.86	67.92	60.06
Pretax Income	21.11	9.05	-4.40	0.16
Tax Provision	-0.56	-2.60	1.48	1.90
Net Income	18.82	9.75	-5.62	-1.55
Net Income Common Stockholders	6.32	-2.75	-18.38	-8.76
Total Expenses	158.42	162.17	167.37	220.08
Interest Expense	41.51	61.80	72.33	59.90
Interest Income	1.84	3.36	3.25	4.37
Selling General And Administration	28.25	27.45	29.95	38.21
Normalized EBITDA	117.99	131.28	124.92	137.76
Normalized Income	11.51	9.91	-4.92	2.01
Basic EPS	0.07	-0.03	-0.20	-0.20
Diluted EPS	0.07	-0.03	-0.20	-0.20
Tax Effect Of Unusual Items	1.94	-0.04	-0.19	-0.94
Tax Rate For Calcs	0.21	0.21	0.21	0.21
Total Unusual Items	9.26	-0.19	-0.88	-4.50
Total Unusual Items Excluding Goodwill	9.26	-0.19	-0.88	-4.50
Net Income From Continuing Operation Net Minority Interest	18.82	9.75	-5.62	-1.55
Reconciled Depreciation	64.62	60.23	56.11	73.20
Reconciled Cost Of Revenue	65.55	74.49	81.31	108.67
Net Interest Income	-39.67	-58.45	-69.08	-55.53
Net Income From Continuing And Discontinued Operation	18.82	9.75	-5.62	-1.55
Total Operating Income As Reported	65.87	70.62	69.22	59.10
Diluted Average Shares	92.06	96.81	96.56	47.30
Basic Average Shares	91.94	96.81	96.56	47.30
Diluted NI Availto Com Stockholders	6.32	-2.75	-18.38	-8.76
Otherunder Preferred Stock Dividend	0.29	0	0	0
Preferred Stock Dividends	12.50	12.50	12.76	7.21
Minority Interests	-2.85	-1.89	0.27	0.19
Net Income Including Noncontrolling Interests	21.67	11.65	-5.89	-1.74
Net Income Continuous Operations	21.67	11.65	-5.89	-1.74
Other Income Expense	6.57	-3.32	-4.96	-5.37
Other Non Operating Income Expenses	-1	-0.23	-1.28	-0.02
Special Income Charges	9.26	-0.19	-0.88	-4.78
Other Special Charges	2.39	0	0.47	2.53
Write Off	2.05	0	0	0
Impairment Of Capital Assets	0	0	0	0
Restructuring And Mergern Acquisition	-11.65	0.19	0.41	2.25
Earnings From Equity Interest	-1.69	-2.90	-2.79	-0.85
Gain On Sale Of Security	0	0	0	0.28
Net Non Operating Interest Income Expense	-39.67	-58.45	-69.08	-55.53
Interest Expense Non Operating	41.51	61.80	72.33	59.90
Interest Income Non Operating	1.84	3.36	3.25	4.37
Depreciation Amortization Depletion Income Statement	64.62	60.23	56.11	73.20
Depreciation And Amortization In Income Statement	64.62	60.23	56.11	73.20
Amortization	15.20	6.59	0.94	9.97
Amortization Of Intangibles Income Statement	15.20	6.59	0.94	9.97
Depreciation Income Statement	49.42	53.64	55.17	63.23
General And Administrative Expense	28.25	27.45	29.95	38.21
Other Gand A	28.25	27.45	29.95	38.21
Operating Revenue	208.01	227.23	230.36	268.68

Peer Comparison

Real Estate sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
SmartStop Self Storage REIT, Inc.this co.	SMA	$1.8B	-	1.48	-0.1%	22.00
Douglas Emmett, Inc.	DEI	$1.9B	110.17	0.94	0.9%	10.72
Diversified Healthcare Trust	DHC	$1.8B	-	1.10	-17.2%	18.61
Century Communities, Inc.	CCS	$1.8B	11.66	0.66	5.7%	12.96
LTC Properties, Inc.	LTC

Learn while you research

Hand-picked academy chapters to deepen your understanding of SmartStop Self Storage REIT, Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Stock Market Risks

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$281M

$133M

$-2M

$85M

-0.1%

18.6%

2024

$237M

$124M

$-6M

$64M

-0.8%

1.7%

-157.6%

2023

$233M

$131M

$10M

$73M

1.3%

9.6%

-48.2%

2022

$213M

$127M

$19M

$88M

2.3%

Metric

2022

2023

2024

2025

Total Revenue

212.64

232.99

237.01

281.14

Cost Of Revenue

65.55

74.49

81.31

108.67

Gross Profit

147.09

158.50

155.69

172.47

Operating Expense

92.87

87.68

86.06

111.41

Operating Income

54.22

70.82

69.64

61.06

EBITDA

127.25

131.09

124.03

133.26

EBIT

62.63

70.86

67.92

60.06

Pretax Income

21.11

9.05

-4.40

0.16

Tax Provision

-0.56

-2.60

1.48

1.90

Net Income

18.82

9.75

-5.62

-1.55

Net Income Common Stockholders

6.32

-2.75

-18.38

-8.76

Total Expenses

158.42

162.17

167.37

220.08

Interest Expense

41.51

61.80

72.33

59.90

Interest Income

1.84

3.36

3.25

4.37

Selling General And Administration

28.25

27.45

29.95

38.21

Normalized EBITDA

117.99

131.28

124.92

137.76

Normalized Income

11.51

9.91

-4.92

2.01

Basic EPS

0.07

-0.03

-0.20

Diluted EPS

0.07

-0.03

-0.20

Tax Effect Of Unusual Items

1.94

-0.04

-0.19

-0.94

Tax Rate For Calcs

0.21

Total Unusual Items

9.26

-0.19

-0.88

-4.50

Total Unusual Items Excluding Goodwill

9.26

-0.19

-0.88

-4.50

Net Income From Continuing Operation Net Minority Interest

18.82

9.75

-5.62

-1.55

Reconciled Depreciation

64.62

60.23

56.11

73.20

Reconciled Cost Of Revenue

65.55

74.49

81.31

108.67

Net Interest Income

-39.67

-58.45

-69.08

-55.53

Net Income From Continuing And Discontinued Operation

18.82

9.75

-5.62

-1.55

Total Operating Income As Reported

65.87

70.62

69.22

59.10

Diluted Average Shares

92.06

96.81

96.56

47.30

Basic Average Shares

91.94

96.81

96.56

47.30

Diluted NI Availto Com Stockholders

6.32

-2.75

-18.38

-8.76

Otherunder Preferred Stock Dividend

0.29

Preferred Stock Dividends

12.50

12.76

7.21

Minority Interests

-2.85

-1.89

0.27

0.19

Net Income Including Noncontrolling Interests

21.67

11.65

-5.89

-1.74

Net Income Continuous Operations

21.67

11.65

-5.89

-1.74

Other Income Expense

6.57

-3.32

-4.96

-5.37

Other Non Operating Income Expenses

-1

-0.23

-1.28

-0.02

Special Income Charges

9.26

-0.19

-0.88

-4.78

Other Special Charges

2.39

0.47

2.53

Write Off

2.05

Impairment Of Capital Assets

Restructuring And Mergern Acquisition

-11.65

0.19

0.41

2.25

Earnings From Equity Interest

-1.69

-2.90

-2.79

-0.85

Gain On Sale Of Security

0.28

Net Non Operating Interest Income Expense

-39.67

-58.45

-69.08

-55.53

Interest Expense Non Operating

41.51

61.80

72.33

59.90

Interest Income Non Operating

1.84

3.36

3.25

4.37

Depreciation Amortization Depletion Income Statement

64.62

60.23

56.11

73.20

Depreciation And Amortization In Income Statement

64.62

60.23

56.11

73.20

Amortization

15.20

6.59

0.94

9.97

Amortization Of Intangibles Income Statement

15.20

6.59

0.94

9.97

Depreciation Income Statement

49.42

53.64

55.17

63.23

General And Administrative Expense

28.25

27.45

29.95

38.21

Other Gand A

28.25

27.45

29.95

38.21

Operating Revenue

208.01

227.23

230.36

268.68

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

SmartStop Self Storage REIT, Inc.this co.

SMA

$1.8B

1.48

-0.1%

22.00

Douglas Emmett, Inc.

DEI

$1.9B

110.17

0.94

0.9%

10.72

Diversified Healthcare Trust

DHC

$1.8B

1.10

-17.2%

18.61

Century Communities, Inc.

CCS

$1.8B

11.66

0.66

5.7%

12.96

LTC Properties, Inc.

LTC

SmartStop Self Storage REIT, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

SmartStop Self Storage REIT, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on