SmartStop Self Storage REIT Earnings Call Transcripts
Fiscal Year 2026
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Q2 2026 saw strong revenue and NOI growth, margin expansion, and sector-leading FFO per share. Guidance was raised for revenue, NOI, and FFO, with disciplined capital deployment and continued integration of acquisitions driving future growth.
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Q1 saw 1.5% same-store revenue growth, 2% NOI growth, and 19.3% higher FFO per share year-over-year. Guidance was narrowed, expense growth moderated, and new JVs and acquisitions position the company for future growth amid a favorable acquisition environment.
Fiscal Year 2025
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Q4 saw modest same-store revenue growth and strong occupancy, with FFO as adjusted per share up nearly 30% year-over-year. 2026 guidance projects up to 2% same-store revenue growth and continued disciplined capital deployment, while Canadian markets outperform the U.S.
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Q3 2025 delivered sector-leading same-store revenue growth of 2.5% and 92.6% average occupancy, with FFO as Adjusted per share at $0.47, slightly below expectations due to one-time items. The Argus acquisition nearly doubled the property count, and guidance for 2025 was tightened, with improved supply dynamics expected in 2026.
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Q2 saw strong occupancy, stable revenue growth, and significant capital raises, with improved guidance for FFO and NOI. Managed REITs and Canadian operations performed well, while industry demand showed signs of recovery amid ongoing volatility.
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NYSE listing and strong Q1 results highlight growth, with 3.2% same-store revenue growth and 93% occupancy. Guidance for 2025 anticipates continued revenue and NOI growth, supported by acquisitions and a robust balance sheet.