NYSE : SMA

SmartStop Self Storage REIT, Inc. — Financial statements

Real Estate · REIT - Industrial · United States

Last price 36.53 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 2.02B

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Financial statements

Income statement

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Rental Revenue248.55M238.50M209.58M206.49M191.75M150.61M
Property Management Fees24.38M19.17M11.38M11.91M7.82M6.32M
Other Revenue10.50M10.16M6.60M5.93M6.76M6.43M
Total Revenue283.43M267.83M227.56M224.33M206.32M163.37M
Property Expenses96.23M92.03M69.42M63.78M57.41M46.81M
Selling, General & Administrative44.31M44.42M35.61M32.60M32.65M26.97M
Depreciation & Amortization65.84M63.23M55.17M53.64M49.42M40.95M
Other Operating Expenses-1.00K
Total Operating Expenses219.52M209.65M161.14M156.60M154.68M127.15M
Operating Income63.91M58.18M66.43M67.73M51.64M36.22M
Interest Expense-52.32M-59.90M-72.33M-61.80M-41.51M-33.38M
Interest & Investment Income7.00M4.37M3.25M3.36M1.84M
Currency Exchange Gain (Loss)6.40M-5.90M-23.90M-51.10M
Other Non-Operating Income7.02M5.88M22.62M50.87M-998.00K-937.63K
EBT Excluding Unusual Items32.01M2.63M-3.93M9.05M10.97M1.90M
Gain (Loss) on Sale of Investments14.05M-8.39M
Gain (Loss) on Sale of Assets2.01M284.00K178.63K
Other Unusual Items-1.53M-2.75M-471.00K-3.91M-15.06M
Pretax Income32.49M164.00K-4.40M9.05M21.11M-21.38M
Income Tax Expense1.69M1.90M1.48M-2.60M-555.00K-1.81M
Earnings From Continuing Operations30.81M-1.74M-5.89M11.65M21.67M-19.56M
Minority Interest in Earnings-1.98M190.00K266.00K-1.89M-2.85M2.66M
Net Income28.83M-1.55M-5.62M9.75M18.82M-16.90M
Preferred Dividends & Other Adjustments726.00K7.84M13.21M12.87M12.79M12.75M
Net Income to Common28.11M-9.39M-18.83M-3.12M6.04M-29.65M
Basic Shares Outstanding55.27M47.30M24.14M24.20M22.98M19.86M
Diluted Shares Outstanding55.37M47.30M24.14M24.20M23.01M19.86M
EPS (Basic)0.51-0.20-0.78-0.130.26-1.49
EPS (Diluted)0.50-0.20-0.78-0.130.26-1.49
Dividend Per Share0.792.202.392.392.40
Operating Margin22.55%21.72%29.19%30.19%25.03%22.17%
Profit Margin9.92%-3.50%-8.28%-1.39%2.93%-18.15%
EBITDA142.90M131.38M122.54M127.96M116.26M89.59M
EBITDA Margin50.42%49.05%53.85%57.04%56.35%54.84%
D&A For Ebitda78.98M73.20M56.11M60.23M64.62M53.37M
EBIT63.91M58.18M66.43M67.73M51.64M36.22M
EBIT Margin22.55%21.72%29.19%30.19%25.03%22.17%
Funds From Operations (FFO)108.92M64.96M38.15M59.87M57.32M16.47M
FFO Per Share1.841.271.39
Adjusted Funds From Operations (AFFO)118.06M95.53M46.81M60.51M68.91M37.97M
AFFO Per Share1.871.70
FFO Payout Ratio81.31%115.20%97.97%67.82%86.17%158.85%
Effective Tax Rate5.19%1,159.15%
Revenue as Reported306.46M281.14M237.01M232.99M212.64M168.76M

Balance sheet

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Property, Plant & Equipment2.06B2.07B1.80B1.67B1.69B1.44B
Cash & Equivalents38.19M54.22M23.11M45.08M39.49M37.25M
Investment In Debt and Equity Securities152.28M130.96M57.72M34.39M62.37M12.40M
Goodwill69.97M69.97M53.64M53.64M53.64M53.64M
Other Intangible Assets28.46M34.06M22.47M16.94M31.47M30.39M
Restricted Cash6.01M5.14M6.19M8.35M6.55M7.43M
Other Current Assets4.67M6.97M4.26M
Trading Asset Securities1.52M3.48M9.68M
Deferred Long-Term Tax Assets2.94M3.18M4.31M4.45M
Deferred Long-Term Charges5.38M3.39M6.72M377.00K2.03M3.31M
Other Long-Term Assets78.25M63.88M66.14M54.05M46.00M30.11M
Total Assets2.44B2.43B2.04B1.90B1.95B1.62B
Current Portion of Long-Term Debt89.96M93.05M490.34K
Long-Term Debt1.03B1.01B1.32B1.09B1.07B873.87M
Accounts Payable40.23M38.65M31.48M27.99M26.38M20.50M
Accrued Expenses21.00K75.00K68.75K86.99K
Other Current Liabilities12.54M8.80M9.64M10.48M11.44M10.56M
Long-Term Deferred Tax Liabilities6.43M6.56M5.95M6.19M6.21M7.72M
Other Long-Term Liabilities62.04M71.28M76.58M101.33M
Total Liabilities1.18B1.15B1.43B1.20B1.19B1.01B
Preferred Stock, Convertible196.36M196.36M196.36M196.36M
Common Stock55.00K55.00K97.00K97.00K96.94K85.11K
Additional Paid-In Capital1.84B1.84B895.12M894.86M894.28M724.74M
Distributions in Excess of Earnings-680.68M-657.57M-567.81M-491.46M-430.68M-381.81M
Comprehensive Income & Other-383.00K733.00K-1.71M847.00K3.65M-279.98K
Total Common Equity1.16B1.18B325.70M404.34M467.36M342.73M
Minority Interest102.56M99.51M86.85M91.52M94.46M64.64M
Shareholders' Equity1.26B1.28B608.90M692.22M758.18M603.73M
Total Liabilities & Equity2.44B2.43B2.04B1.90B1.95B1.62B
Total Debt1.12B1.10B1.32B1.09B1.07B874.36M
Net Cash (Debt)-1.08B-1.04B-1.30B-1.04B-1.02B-837.10M
Net Cash Per Share-19.53-22.07-53.83-42.92-44.29-42.15
Filing Date Shares Outstanding55.37M55.36M24.06M24.22M24.24M21.33M
Total Common Shares Outstanding55.37M55.36M24.01M24.22M24.23M21.28M
Book Value Per Share20.8921.3213.5716.7019.2816.11
Tangible Book Value1.06B1.08B249.59M333.76M382.25M258.70M
Tangible Book Value Per Share19.1119.4410.4013.7815.7712.16
Land539.03M541.33M480.54M430.87M420.52M397.51M
Buildings1.80B1.78B1.52B1.40B1.38B1.12B
Construction In Progress8.40M6.44M9.50M5.98M4.49M1.80M

Cash flow statement

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Net Income28.83M-1.55M-5.62M9.75M18.82M-16.90M
Depreciation & Amortization78.98M73.20M56.11M60.23M64.62M53.37M
Other Amortization3.74M3.90M4.12M2.73M2.59M1.68M
Gain (Loss) on Sale of Assets-2.01M-284.00K-348.16K
Gain (Loss) on Sale of Investments2.05M8.39M
Stock-Based Compensation14.68M16.62M5.26M5.26M3.97M2.91M
Income (Loss) on Equity Investments1.59M1.40M2.79M3.32M1.69M1.05M
Change in Accounts Receivable-8.45M-5.13M-10.05M-2.75M365.00K-304.47K
Change in Accounts Payable3.84M-5.64M7.86M-3.25M3.29M99.04K
Change in Other Net Operating Assets-3.12M-218.00K-693.00K964.00K-798.00K-1.90M
Other Operating Activities-7.74M2.66M3.92M-3.06M-2.64M10.73M
Operating Cash Flow110.33M84.97M64.03M73.19M87.91M58.76M
Acquisition of Real Estate Assets-147.26M-318.28M-161.65M-26.84M-84.31M-75.21M
Sale of Real Estate Assets14.82M7.87M228.00K256.24K
Net Sale / Acq. of Real Estate Assets-132.44M-310.41M-161.65M-26.84M-84.08M-74.96M
Cash Acquisition-8.06M-8.06M-65.54M-46.49M
Investment in Marketable & Equity Securities-53.82M-36.57M-7.67M-10.80M-9.83M7.70M
Other Investing Activities728.00K-25.72M-11.62M37.89M-45.70M-3.46M
Investing Cash Flow-193.59M-380.75M-180.94M262.00K-205.15M-120.21M
Long-Term Debt Issued906.26M845.39M215.15M468.00M518.18M
Long-Term Debt Repaid-1.16B-647.33M-199.17M-271.75M-438.49M
Net Debt Issued (Repaid)189.63M-250.52M198.06M15.98M196.25M79.70M
Issuance of Common Stock931.50M
Repurchase of Common Stock-3.54M-3.33M-34.06M-19.24M-1.76M-4.62M
Preferred Share Repurchases-200.00M
Common Dividends Paid-88.57M-74.83M-37.38M-40.60M-49.39M-26.16M
Preferred Dividends Paid-6.97M-12.51M-12.50M-12.50M-12.28M
Total Dividends Paid-88.57M-81.80M-49.89M-53.10M-61.89M-38.43M
Other Financing Activities-12.21M-70.62M-19.29M-9.74M-12.53M-10.96M
Foreign Exchange Rate Adjustments-991.00K626.00K-2.03M35.00K-1.47M-196.13K
Net Cash Flow1.06M30.07M-24.13M7.39M1.35M-35.97M
Levered Free Cash Flow113.12M104.67M61.88M77.76M82.42M61.16M
Unlevered Free Cash Flow142.08M138.20M102.97M113.66M105.77M80.34M
Cash Interest Paid46.98M56.45M66.01M55.65M36.52M27.22M
Cash Income Tax Paid893.00K470.00K298.00K407.00K266.00K
Change in Working Capital-7.74M-10.99M-2.88M-5.04M-3.19M-2.11M

Ratios

Fiscal year January - December; amounts in USD.

TTMFY2025FY2024FY2023FY2022FY2021
Market Capitalization2.02B1.71B
Enterprise Value3.10B2.79B
Last Close Price36.5329.69
Price/FFO Ratio17.4023.32
Price/AFFO Ratio15.88
PS Ratio7.146.40
PB Ratio1.751.34
P/OCF Ratio18.3320.16
EV/Sales Ratio10.9510.43
EV/EBITDA Ratio21.7221.27
EV/EBIT Ratio48.5748.02
Debt / Equity Ratio0.890.862.171.571.411.45
Debt / EBITDA Ratio7.848.3610.818.509.199.76
Net Debt / Equity Ratio0.860.822.131.501.341.39
Net Debt / EBITDA Ratio7.577.9510.608.128.779.34
Asset Turnover0.120.120.120.120.120.11
Quick Ratio0.270.390.521.261.301.18
Current Ratio0.310.420.741.481.661.55
Return on Equity (ROE)2.40%-0.18%-0.91%1.61%3.18%-3.75%
Return on Assets (ROA)1.69%1.62%2.11%2.20%1.81%1.56%
Return on Invested Capital (ROIC)2.56%-28.59%3.58%3.76%3.12%2.74%
Earnings Yield1.38%-0.09%
Payout Ratio316.91%544.37%328.83%
Buyback Yield / Dilution-74.73%-95.94%0.26%-5.16%-15.88%-33.25%
Total Shareholder Return-70.35%-95.94%0.26%-5.16%-15.88%-33.25%