SmartStop Self Storage REIT, Inc. (SMA) Earnings Call Transcripts

SmartStop Self Storage REIT, Inc.'s Latest Earnings Call - Q1 FY2026

SmartStop Self Storage REIT, Inc. reported its Q1 2026 earnings, highlighting a strong performance despite challenging comps and geopolitical uncertainties. The company achieved same-store revenue growth of 1.5% and NOI growth of 2%, with average occupancy maintained at 92.5%. FFO as adjusted per share increased by 19.3% year-over-year to $0.49. Management narrowed guidance for same-store revenue growth to a range of -0.25% to 1.75% and reduced OpEx growth expectations, reflecting improved cost control. The stock could be influenced by the company's strategic joint ventures and acquisition environment, which management described as highly favorable.

Reported metrics

Guidance from management

Guidance for same-store revenue growth was narrowed to -0.25% to 1.75%, and OpEx growth expectations were reduced, reflecting improved cost control. FFO as adjusted per share guidance was slightly narrowed to $1.94 to $2.04.

What management said

Yes, Todd, this is James. I'll jump in. And just say, first of all, there's a couple of things going on with the increase in vacates. First and foremost, we were coming off a tougher comp. Q1 of '25 was down year-over-year in vacates. And so there is a cycling of that comp. In addition, as we mentioned in some -- in our prepared remarks, we did see an uptick in vacates really starting at the beginning of March with...

Yes. When we look at the move-outs in terms of the average size, it's really in line with our portfolio average. What's unique is that the move-ins we're renting more of the larger units, but the move-outs are not matching that same disconnect, right, on a year-over-year basis. It's pretty consistent on a year -- move-outs Q1 '26 versus Q1 '25 in terms of the size of the units.

What analysts pressed on

Analysts expressed concerns about increased vacate activity attributed to geopolitical uncertainties and sought clarity on move-in rent trends and promotional activities. There were also inquiries about the integration and synergies from the Argus Professional Storage Management platform acquisition.

Main topics on the call

• Same-Store Revenue and NOI Growth — SmartStop reported same-store revenue growth of 1.5% and NOI growth of 2%, with average occupancy at 92.5%. Management noted 'very strong results despite recent geopolitical news.'
• FFO Growth — FFO as adjusted per share was $0.49, up 19.3% year-over-year. This was driven by strong operational performance and cost control.
• Guidance Adjustment — Management narrowed its same-store revenue growth guidance to -0.25% to 1.75% and reduced OpEx growth expectations, indicating improved cost control.
• Acquisition Environment — Management described the current acquisition environment as 'one of the single greatest opportunities to transact in self-storage since the Great Recession,' citing attractive cap rates and distressed sellers.

Read the full SmartStop Self Storage REIT, Inc. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 3 SmartStop Self Storage REIT, Inc. earnings call transcripts on record, spanning May 8, 2025 to May 7, 2026. Based on this history, SmartStop Self Storage REIT, Inc. reports semi-annually. The most recent call on file is dated May 7, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

SMA

Exchange

NYSE

Country

US

Sector

Real Estate

Industry

Specialized REITs

Calls on record

3

First call

May 8, 2025

Most recent

May 7, 2026

Reporting cadence

semi-annually