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$1.7B

Current Price$32.74as of Jun 23, 2026

P/E Ratio-1100.86

P/B Ratio1.44

EV / EBITDA20.61

EV / Sales9.77

Profitability

Operating Margin21.7%

Net Profit Margin-0.6%

EBITDA Margin47.4%

Returns

ROE-0.1%

ROCE2.6%

ROIC %1.7%

ROA-0.1%

Solvency

Current Ratio1.25

Debt / Equity0.93

Debt / Assets0.45

CFO / Net Profit-54.93

Price History▼ 11.73% 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▲ 7.4%

Net Profit$-2M▼ 72.5%

Cash from Ops (CFO)$85M▲ 32.7%

Free Cash Flow (FCF)$85M▲ 32.7%

Revenue CAGR 3Y9.8%

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%	-72.5%
2024	$237M	$124M	$-6M	$64M	-1.4%	1.7%	-157.6%
2023	$233M	$131M	$10M	$73M	2.1%	9.6%	-48.2%
2022	$213M	$127M	$19M	$88M	3.5%	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	212.64	232.99	237.01	281.14
Operating Revenue	-	208.02	227.23	230.36	268.68
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
Selling General And Administration	-	28.25	27.45	29.95	38.21
Total Expenses	-	158.42	162.17	167.37	220.08
Operating Income	-	54.22	70.82	69.64	61.06
Total Operating Income As Reported	-	65.87	70.62	69.22	59.10
EBITDA	-	127.24	131.09	124.03	133.26
Normalized EBITDA	-	117.99	131.28	124.92	137.76
EBIT	-	62.63	70.86	67.92	60.06
Interest Income	-	1.84	3.36	3.25	4.37
Interest Expense	-	41.51	61.80	72.32	59.90
Net Interest Income	-	-39.67	-58.44	-69.08	-55.53
Other Non Operating Income Expenses	-	-1	-0.23	-1.28	-0.02
Other Income Expense	-	6.57	-3.32	-4.96	-5.37
Interest Income Non Operating	-	1.84	3.36	3.25	4.37
Interest Expense Non Operating	-	41.51	61.80	72.32	59.90
Net Non Operating Interest Income Expense	-	-39.67	-58.44	-69.08	-55.53
Pretax Income	-	21.11	9.05	-4.40	0.16
Tax Provision	-	-0.56	-2.60	1.48	1.90
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	1.94	-0.04	-0.19	-0.94
Net Income Continuous Operations	-	21.67	11.65	-5.89	-1.74
Net Income From Continuing And Discontinued Operation	-	18.82	9.75	-5.62	-1.55
Net Income From Continuing Operation Net Minority Interest	-	18.82	9.75	-5.62	-1.55
Net Income	-	18.82	9.75	-5.62	-1.55
Net Income Common Stockholders	-	6.32	-2.75	-18.38	-8.76
Net Income Including Noncontrolling Interests	-	21.67	11.65	-5.89	-1.74
Normalized Income	-	11.51	9.91	-4.92	2.01
Diluted NI Availto Com Stockholders	-	6.32	-2.75	-18.38	-8.76
Basic Average Shares	-	91.94	96.81	96.56	47.30
Diluted Average Shares	-	92.06	96.81	96.56	47.30
Reconciled Depreciation	-	64.62	60.23	56.11	73.20
Reconciled Cost Of Revenue	-	65.55	74.49	81.31	108.67
Total Unusual Items	-	9.26	-0.19	-0.88	-4.50
Total Unusual Items Excluding Goodwill	-	9.26	-0.19	-0.88	-4.50
Preferred Stock Dividends	-	12.50	12.50	12.76	7.21
Minority Interests	-	-2.85	-1.89	0.27	0.19
Special Income Charges	-	9.26	-0.19	-0.88	-4.78
Other Special Charges	2.44	2.39	-	0.47	2.53
Write Off	8.39	2.05	0	-	-
Impairment Of Capital Assets	0	0	-	-	-
Restructuring And Mergern Acquisition	-	-11.65	0.19	0.41	2.25
Gain On Sale Of Security	0.18	-	-	-	0.28
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
General And Administrative Expense	-	28.25	27.45	29.95	38.21
Other Gand A	-	28.25	27.45	29.95	38.21
Otherunder Preferred Stock Dividend	0.25	0.29	-	-	-
Earnings From Equity Interest	-	-1.69	-2.90	-2.79	-0.85
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	55.18	63.23

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	$1.7B	-1100.86	1.44	-0.1%	20.61
Xenia Hotels & Resorts, Inc.	XHR	$1.8B	28.34	1.58	5.6%	10.77
LTC Properties, Inc.	LTC	$1.8B	15.12	1.66	11.0%	13.24
Ellington Financial Inc.	EFC	$1.7B	14.28	0.92	6.5%	-
Innovative Industrial Properties, Inc.

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%

-72.5%

2024

$237M

$124M

$-6M

$64M

-1.4%

1.7%

-157.6%

2023

$233M

$131M

$10M

$73M

2.1%

9.6%

-48.2%

2022

$213M

$127M

$19M

$88M

3.5%

Metric

2021

2022

2023

2024

2025

Total Revenue

212.64

232.99

237.01

281.14

Operating Revenue

208.02

227.23

230.36

268.68

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

Selling General And Administration

28.25

27.45

29.95

38.21

Total Expenses

158.42

162.17

167.37

220.08

Operating Income

54.22

70.82

69.64

61.06

Total Operating Income As Reported

65.87

70.62

69.22

59.10

EBITDA

127.24

131.09

124.03

133.26

Normalized EBITDA

117.99

131.28

124.92

137.76

EBIT

62.63

70.86

67.92

60.06

Interest Income

1.84

3.36

3.25

4.37

Interest Expense

41.51

61.80

72.32

59.90

Net Interest Income

-39.67

-58.44

-69.08

-55.53

Other Non Operating Income Expenses

-1

-0.23

-1.28

-0.02

Other Income Expense

6.57

-3.32

-4.96

-5.37

Interest Income Non Operating

1.84

3.36

3.25

4.37

Interest Expense Non Operating

41.51

61.80

72.32

59.90

Net Non Operating Interest Income Expense

-39.67

-58.44

-69.08

-55.53

Pretax Income

21.11

9.05

-4.40

0.16

Tax Provision

-0.56

-2.60

1.48

1.90

Tax Rate For Calcs

Tax Effect Of Unusual Items

1.94

-0.04

-0.19

-0.94

Net Income Continuous Operations

21.67

11.65

-5.89

-1.74

Net Income From Continuing And Discontinued Operation

18.82

9.75

-5.62

-1.55

Net Income From Continuing Operation Net Minority Interest

18.82

9.75

-5.62

-1.55

Net Income

18.82

9.75

-5.62

-1.55

Net Income Common Stockholders

6.32

-2.75

-18.38

-8.76

Net Income Including Noncontrolling Interests

21.67

11.65

-5.89

-1.74

Normalized Income

11.51

9.91

-4.92

2.01

Diluted NI Availto Com Stockholders

6.32

-2.75

-18.38

-8.76

Basic Average Shares

91.94

96.81

96.56

47.30

Diluted Average Shares

92.06

96.81

96.56

47.30

Reconciled Depreciation

64.62

60.23

56.11

73.20

Reconciled Cost Of Revenue

65.55

74.49

81.31

108.67

Total Unusual Items

9.26

-0.19

-0.88

-4.50

Total Unusual Items Excluding Goodwill

9.26

-0.19

-0.88

-4.50

Preferred Stock Dividends

12.50

12.76

7.21

Minority Interests

-2.85

-1.89

0.27

0.19

Special Income Charges

9.26

-0.19

-0.88

-4.78

Other Special Charges

2.44

2.39

0.47

2.53

Write Off

8.39

2.05

Impairment Of Capital Assets

Restructuring And Mergern Acquisition

-11.65

0.19

0.41

2.25

Gain On Sale Of Security

0.18

0.28

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

General And Administrative Expense

28.25

27.45

29.95

38.21

Other Gand A

28.25

27.45

29.95

38.21

Otherunder Preferred Stock Dividend

0.25

0.29

Earnings From Equity Interest

-1.69

-2.90

-2.79

-0.85

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

55.18

63.23

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

SmartStop Self Storage REIT, Inc.this co.

SMA

$1.7B

-1100.86

1.44

-0.1%

20.61

Xenia Hotels & Resorts, Inc.

XHR

$1.8B

28.34

1.58

5.6%

10.77

LTC Properties, Inc.

LTC

$1.8B

15.12

1.66

11.0%

13.24

Ellington Financial Inc.

EFC

$1.7B

14.28

0.92

6.5%

Innovative Industrial Properties, Inc.

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