SmartStop Self Storage REIT, Inc.
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
SMA$39.69+2.0%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Operations
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Revenues: | |||
| Self storage rental revenue | $238,501 | $209,579 | $206,494 |
| Ancillary operating revenue | 11,014 | 9,397 | 8,827 |
| Managed Platform revenue | 19,166 | 11,383 | 11,906 |
| Reimbursable costs from Managed Platform | 12,460 | 6,647 | 5,765 |
| Total revenues | 281,141 | 237,006 | 232,992 |
| Operating expenses: | |||
| Property operating expenses | 86,364 | 70,684 | 65,363 |
| Managed Platform expenses | 9,843 | 3,982 | 3,365 |
| Reimbursable costs from Managed Platform | 12,460 | 6,647 | 5,764 |
| General and administrative | 38,211 | 29,948 | 27,452 |
| Depreciation | 63,226 | 55,175 | 53,636 |
| Intangible amortization expense | 9,974 | 935 | 6,594 |
| Acquisition expenses | 2,030 | 413 | 193 |
| Contingent earnout adjustment | 221 | — | — |
| Total operating expenses | 222,329 | 167,784 | 162,367 |
| Gain on disposition of real estate | 284 | — | — |
| Income from operations | 59,096 | 69,222 | 70,625 |
| Other (expense) income: | |||
| Equity in losses from investments in unconsolidated real estate ventures | (407) | (1,380) | (1,625) |
| Equity in losses from investments in Managed REITs | (444) | (1,414) | (1,273) |
| Other, net | (21) | (1,282) | (231) |
| Interest income | 4,368 | 3,247 | 3,360 |
| Interest expense | (59,895) | (72,325) | (61,805) |
| Loss on debt extinguishment | (2,533) | (471) | — |
| Income tax (expense) benefit | (1,901) | (1,484) | 2,596 |
| Net (loss) income | (1,737) | (5,887) | 11,647 |
| Net loss (income) attributable to noncontrolling interests | 190 | 266 | (1,893) |
| Less: Distributions to preferred stockholders | (3,567) | (12,758) | (12,500) |
| Less: Accretion- preferred equity costs | (3,644) | — | — |
| Net loss attributable to SmartStop Self Storage REIT, Inc. common stockholders | $(8,758) | $(18,379) | $(2,746) |
| Net loss per Common Stock, Class A & Class T share: | |||
| Basic | $(0.20) | $(0.78) | $(0.13) |
| Diluted | $(0.20) | $(0.78) | $(0.13) |
| Weighted average Common Stock, Class A & Class T shares outstanding: | |||
| Basic | 47,299,813 | 24,139,414 | 24,201,985 |
| Diluted | 47,299,813 | 24,139,414 | 24,201,985 |
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