SmartStop Self Storage REIT, Inc.
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 6, 2026
SMA$38.92+0.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-07.
0001585389-26-000014
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001585389-26-000020
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 229 previous paragraphs and 240 current paragraphs.
138 unchanged; 79 reworded; 21 added; 10 removed; 2 previous and 2 current paragraphs rearranged.
Tables are not compared: 9 previous and 9 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (21)
Current report
SmartStop OP, L.P. (our “Operating Partnership”) owns, directly or indirectly through one or more subsidiaries, all of the self storage properties that we own. As the sole general partner of our Operating Partnership, we have the exclusive power to manage and conduct the business of our Operating Partnership. As of September 30, 2026, we owned approximately 93.4% of the common units of limited partnership interests of our Operating Partnership (“OP Units”).
Current report
As of September 30, 2026, we provided third party management services to approximately 230 operating self storage properties, consisting of approximately 111,000 units and 17.0 million rentable square feet (the “Third Party Platform”).
Current report
We have provided financing to the Managed REITs in the form of mezzanine loans, bridge loans, promissory notes, and preferred equity, as applicable. We intend to continue in this practice going forward, if necessary. We continue to look to further expand our lending practice to include self storage facilities outside of the Managed REITs, including third party managed properties and joint venture properties. During 2026, we entered into a joint venture with AXCS Capital, Inc. (“AXCS”), a real estate lending joint venture, through which we make structured debt and preferred equity investments in the self storage sector, targeting self storage owners in the United States (the “AXCS Joint Venture”). The AXCS Joint Venture has begun, and intends to continue, to deploy capital across the full spectrum of structured capital solutions, including senior loans, mezzanine financing, preferred equity, and hybrid instruments. Target investment scenarios include ground-up development financing, value-add acquisitions and conversions, and recapitalizations of existing assets requiring bridge capital.
Current report
Potential Canadian Joint Venture
Current report
On September 29, 2026, we agreed to an investment of approximately $74.3 million CAD (approximately $52.3 million USD as of September 30, 2026) into a Canadian joint venture fund, subject to various closing and other conditions. The investment will provide us with a 50% general partner interest in the fund and an immediate expected approximate 34% limited partnership interest in the fund that we expect will own at close, or shortly thereafter, 14 self storage properties in Canada, comprising approximately 961,000 net rentable square feet and 9,600 units. The portfolio is in early lease-up and is approximately 50% physically occupied. The investment is structured as approximately (i) $49.3 million CAD of limited partnership interests and (ii) $25.0 million CAD of convertible preferred partnership interests bearing a 6.5% rate to be paid quarterly in-kind, convertible (at the election of the other shareholders of the general partner) to limited partnership interests in stages over the 24 months following the closing at the net asset value of the fund established at close. Our limited partnership interest in the Canadian joint venture fund would represent approximately 44%, assuming all of the convertible preferred equity was converted. We also committed to make additional investments of up to $228.0 million CAD (approximately $160.5 million USD as of September 30, 2026) during the three years following the closing, primarily to fund additional self storage properties that may be acquired by the fund, all subject to the approval of the general partner of the fund. Within that amount, it is contemplated that approximately $5.0 million CAD may be requested for working capital and other permitted general purposes of the fund, and up to approximately $10.0 million CAD may be requested in connection with refinancings of fund indebtedness and other long-term items. Any such additional investment, including those working capital and refinancing amounts, requires general partner approval, which requires our separate specific approval in our capacity as a shareholder of the general partner, and the same approval of one of the other shareholders. However, if the fund’s pending sale of one of its existing properties is not completed within 30 days following the closing, we will be required, without any further approval on our part, to contribute the amount of working capital that the fund’s general partner, acting reasonably, determines the fund requires as a result of continuing to hold that property, which contribution would count against the $228.0 million CAD additional investment amount.
Current report
In connection with the investment, we expect to provide guarantees directly to certain lenders of the fund’s subsidiaries, proportionate to our common ownership interest in the fund.
Current report
The investment and related transactions pertaining to this closing are subject to approval under the Canadian Competition Act and certain other closing conditions customary in transactions of this nature. Due to these closing conditions, we cannot make any assurances that the investment and related transactions pertaining to this closing will occur.
Current report
As of September 30, 2026, we had not made any investment or deposit, nor had we provided any guarantees, related to this potential joint venture investment.
Current report
Additionally, we are the primary beneficiary of the AXCS Joint Venture. As a result, the AXCS Joint Venture is consolidated.
Current report
Reimbursable costs from Managed Platform for the three months ended September 30, 2026 and 2025 were approximately $6.9 million and $2.0 million, respectively. Such expenses consisted of costs incurred by us as we provide property management and advisory services to the owners of the properties we manage through our Managed Platform, which are reimbursed by such owners, pursuant to our related contracts with the owners, as applicable. The increase in reimbursable costs from the Managed Platform of approximately $4.9 million was primarily related to our newly acquired Third Party Platform and growth in the Managed REITs’ assets under management.
Current report
Equity in Losses from Investments in Unconsolidated Real Estate Ventures
Current report
Equity in Losses from Investments in Managed REITs
Current report
Loss on debt extinguishment for the three months ended September 30, 2026 and 2025 was $0.1 million and none, respectively. Such amount related to the full and final payoff of our KeyBank CMBS loan during the three months ended September 30, 2026.
Current report
Income Tax Expense
Current report
Comparison of the Nine Months Ended September 30, 2026 and 2025
Current report
Reimbursable costs from Managed Platform for the nine months ended September 30, 2026 and 2025 were approximately $20.5 million and $6.0 million, respectively. Such expenses consisted of costs incurred by us as we provide property management and advisory services to the owners of the properties we manage through our Managed Platform, which are reimbursed by such owners, pursuant to our related contracts with the owners, as applicable. The increase in reimbursable costs from the Managed Platform of approximately $14.5 million was primarily related to our newly acquired Third Party Platform and growth in the Managed REITs’ assets under management.
Current report
Equity in Losses from Investments in Unconsolidated Real Estate Ventures
Current report
Equity in Losses from Investments in Managed REITs
Current report
Income Tax Expense
Current report
Through September 30, 2026, we had entered into, and may continue to enter into, forward sale agreements with various agents pursuant to the ATM Agreement. As of September 30, 2026, we had not settled any shares of our common stock under these forward sale agreements, nor have we settled any of these shares of our common stock subsequent to September 30, 2026. These forward sale agreements may be physically settled in our common stock, settled in cash or net share settled at our election. The forward sales price that we will receive upon physical settlement of the forward sale agreements will be subject to adjustments for (i) a floating interest rate factor equal to a specified daily rate less a spread adjustment and (ii) scheduled dividends during the term of the forward equity sales agreements. We evaluated our forward sale agreements in accordance with Accounting Standards Codification 815-40 and concluded that they meet the conditions to be classified within equity as of September 30, 2026. Shares issuable under a forward sale agreement are reflected in the diluted earnings per share calculations for the applicable periods using the treasury stock method, where applicable.
Current report
As of September 30, 2026, a total of 2,438,776 shares of common stock remain unsettled under these agreements, representing approximately $78.1 million in gross proceeds at a weighted average initial gross price of $32.01 per share, before commissions, fees and other adjustments. As of September 30, 2026, the weighted average forward price under these agreements was $31.57 per share. These forward sale agreements have maturities extending through September 2027.
Removed paragraphs (10)
Previous report
Reimbursable costs from Managed Platform for the three months ended June 30, 2026 and 2025 were approximately $6.7 million and $1.9 million, respectively. Such expenses consisted of costs incurred by us as we provide property management and advisory services to the owners of the properties we manage through our Managed Platform, which are reimbursed by such owners, pursuant to our related contracts with the owners, as applicable. The increase in reimbursable costs from the Managed Platform of approximately $4.8 million was primarily related to our newly acquired Third Party Platform and growth in the Managed REITs’ assets under management.
Previous report
Equity in Earnings (Losses) from Investments in Unconsolidated Real Estate Ventures
Previous report
Equity in Earnings (Losses) from Investments in Managed REITs
Previous report
Income Tax (Expense) Benefit
Previous report
Comparison of the Six Months Ended June 30, 2026 and 2025
Previous report
Reimbursable costs from Managed Platform for the six months ended June 30, 2026 and 2025 were approximately $13.6 million and $4.0 million, respectively. Such expenses consisted of costs incurred by us as we provide property management and advisory services to the owners of the properties we manage through our Managed Platform, which are reimbursed by such owners, pursuant to our related contracts with the owners, as applicable. The increase in reimbursable costs from the Managed Platform of approximately $9.6 million was primarily related to our newly acquired Third Party Platform and growth in the Managed REITs’ assets under management.
Previous report
Equity in Earnings (Losses) from Investments in Unconsolidated Real Estate Ventures
Previous report
Equity in Earnings (Losses) from Investments in Managed REITs
Previous report
Income Tax (Expense) Benefit
Previous report
As of June 30, 2026, pursuant to various contractual relationships, we are required to make other non-cancellable payments in the amounts of approximately $3.9 million, $4.2 million and $0.1 million during the years ended December 31, 2026, 2027 and 2028, respectively.
Reworded paragraphs (79)
Previous wording
SmartStop Self Storage REIT, Inc., a Maryland corporation (the “Company”), is a self-managed and fully-integrated self storage real estate investment trust (“REIT”), formed on January 8, 2013 under the Maryland General Corporation Law. Our year-end is December 31. As used in this report, “we,” “us,” “our,” and “Company” refer to SmartStop Self Storage REIT, Inc. and each of our subsidiaries. Our common stock began trading on the New York Stock Exchange (the “NYSE”) under the ticker symbol “SMA” on April 2, 2025.
Current wording
SmartStop Self Storage REIT, Inc., a Maryland corporation (the “Company”), is a self-managed and fully-integrated self storage real estate investment trust (“REIT”), formed on January 8, 2013 under the Maryland General Corporation Law. Our year-end is December 31. As used in this report, “we,” “us,” “our,” and “Company” refer to SmartStop Self Storage REIT, Inc. and each of our subsidiaries. Our common stock began trading on the New York Stock Exchange (the “NYSE”) under the ticker symbol “SMA” on April 2, 2025, in connection with our registered underwritten public offering of common stock (the “Underwritten Public Offering”). In April 2025, in connection with the Underwritten Public Offering, we issued time-based equity awards to certain of our employees and directors (the “IPO Grant”).
Previous wording
As of June 30, 2026, our wholly-owned portfolio consisted of 180 operating self storage properties diversified across 19 states, the District of Columbia, and Canada, comprising approximately 124,000 units and 14.1 million net rentable square feet.
Current wording
As of September 30, 2026, our wholly-owned portfolio consisted of 180 operating self storage properties diversified across 19 states, the District of Columbia, and Canada, comprising approximately 123,000 units and 14.0 million net rentable square feet.
Previous wording
Through our Managed Platform (as defined below), we serve as the sponsor of Strategic Storage Trust VI, Inc., a publicly-registered non-traded REIT (“SST VI”), Strategic Storage Growth Trust III, Inc., a private REIT (“SSGT III”), and Strategic Storage Trust X, a private net asset value REIT, (“SST X” and together with SST VI and SSGT III, the “Managed REITs”). We manage the properties owned by the Managed REITs and the properties owned by the Delaware statutory trusts (“DSTs”) sponsored by one of the Managed REITs. As of June 30, 2026, we managed 52 of such operating self storage properties, consisting of approximately 43,000 units and 4.6 million rentable square feet.
Current wording
As of September 30, 2026, through our Managed Platform (as defined below), we served as the sponsor of Strategic Storage Trust VI, Inc., a publicly-registered non-traded REIT (“SST VI”), Strategic Storage Growth Trust III, Inc., a private REIT (“SSGT III”), and Strategic Storage Trust X, a private net asset value REIT, (“SST X” and together with SST VI and SSGT III, the “Managed REITs”). Subsequent to September 30, 2026, SST VI acquired SSGT III; see Note 16 – Subsequent Events of the Notes to the Consolidated Financial Statements for additional information. We manage the properties owned by the Managed REITs and the properties owned by the Delaware statutory trusts (“DSTs”) sponsored by one of the Managed REITs. As of September 30, 2026, we managed 52 of such operating self storage properties, consisting of approximately 43,000 units and 4.6 million rentable square feet.
Previous wording
On October 1, 2025, we acquired Argus Professional Storage Management, LLC (“Argus”), a third-party manager of self storage properties (the “Third Party Platform Acquisition”). See Note 4 – Third Party Platform Acquisition of the Notes to the Consolidated Financial Statements for additional information. As of June 30, 2026, we managed approximately 220 of such operating self storage properties, consisting of approximately 100,000 units and 15.7 million rentable square feet (the “Third Party Platform”).
Current wording
On October 1, 2025, we acquired Argus Professional Storage Management, LLC (“Argus”), a third-party manager of self storage properties (the “Third Party Platform Acquisition”). See Note 4 – Third Party Platform Acquisition of the Notes to the Consolidated Financial Statements for additional information.
Previous wording
The Third Party Platform, the Managed REITs and the properties owned by the DSTs sponsored by one of the Managed REITs are collectively referred to as the “Managed Platform.” In total, as of June 30, 2026, we managed approximately 270 operating self storage properties, which we did not own, consisting of approximately 143,000 units and 20.3 million rentable square feet through our Managed Platform.
Current wording
The Third Party Platform, the Managed REITs and the properties owned by the DSTs sponsored by one of the Managed REITs are collectively referred to as the “Managed Platform.” In total, as of September 30, 2026, we managed approximately 280 operating self storage properties, which we did not own, consisting of approximately 154,000 units and 21.6 million rentable square feet through our Managed Platform.
Previous wording
We have provided financing to the Managed REITs in the form of mezzanine loans, bridge loans, promissory notes, and preferred equity as applicable. We intend to continue in this practice going forward, if necessary. We continue to look to further expand our lending practice to self storage facilities outside of the Managed REITs, to third party managed properties or joint venture properties. We may enter into joint ventures or other forms of co-investments in order to scale our overall property count and diversify our portfolio of properties. Joint ventures may also allow us to acquire an interest in a property without requiring that we fund the entire purchase price, but for which we would target being the property manager, both in the U.S. and Canada.
Current wording
We may enter into joint ventures or other forms of co-investments in order to scale our overall property count and diversify our portfolio of properties. Joint ventures may also allow us to acquire an interest in a property without requiring that we fund the entire purchase price, but for which we would target being the property manager, both in the U.S. and Canada.
Previous wording
Includes all rentable square feet, consisting of storage units and parking (approximately 1,120,000 square feet).
Current wording
Includes all rentable square feet, consisting of storage units and parking (approximately 1,090,000 square feet).
Previous wording
Represents rental income (excludes administrative fees, late fees, and other ancillary income) for all facilities we owned in a state or province divided by our total rental income for the six months ended June 30, 2026.
Current wording
Represents rental income (excludes administrative fees, late fees, and other ancillary income) for all facilities we owned in a state or province divided by our total rental income for the nine months ended September 30, 2026.
Previous wording
On July 18, 2024, we entered into a joint venture arrangement with an unaffiliated third party to develop a self storage property in Nantucket, Massachusetts (the“Nantucket Joint Venture”). This property became operational in December 2025, and we serve as the property manager of this self storage property. As of June 30, 2026 and December 31, 2025, the carrying value of this investment was approximately $6.4 million and $7.0 million, respectively, which represented an indirect investment of approximately 42% minority ownership of the property.
Current wording
On July 18, 2024, we entered into a joint venture arrangement with an unaffiliated third party to develop a self storage property in Nantucket, Massachusetts (the“Nantucket Joint Venture”). This property became operational in December 2025, and we serve as the property manager of this self storage property. As of September 30, 2026 and December 31, 2025, the carrying value of this investment was approximately $6.2 million and $7.0 million, respectively, which represented an indirect investment of approximately 42% minority ownership of the property.
Previous wording
We are party to joint venture agreements with a subsidiary of SmartCentres, an unaffiliated third party, to acquire, develop, and operate self storage facilities. In connection with such agreements, as 50% owner and SmartCentres as the other 50% owner of a joint venture subsidiary, we own 14 joint venture properties (the “Canadian JV Properties”), 10 of which were operational and four of which were being developed into self storage properties as of June 30, 2026.
Current wording
We are party to joint venture agreements with a subsidiary of SmartCentres Real Estate Investment Trust (“SmartCentres”), an unaffiliated third party, to acquire, develop, and operate self storage facilities. In connection with such agreements, as 50% owner and SmartCentres as the other 50% owner of a joint venture subsidiary, we own 14 joint venture properties (the “Canadian JV Properties”), 10 of which were operational and four of which were being developed into self storage properties as of September 30, 2026.
Previous wording
Real Estate Purchase Price Allocation and Treatment of Acquisition Costs
Current wording
Purchase Price Allocation and Treatment of Acquisition Costs
Previous wording
Our Operating Partnership is deemed to be a VIE and is consolidated by us as we are currently the primary beneficiary. Our sole significant asset is our investment in our Operating Partnership; as a result, substantially all of our assets and liabilities represent those assets and liabilities of our Operating Partnership and its wholly owned subsidiaries. Additionally, we are the primary beneficiary of our joint venture programs through which we offer our tenant insurance, tenant protection plans or similar programs (the “Tenant Protection Programs”) with SST VI, SSGT III and SST X. As a result, the Tenant Protection Program joint ventures are consolidated.
Current wording
Our Operating Partnership is deemed to be a VIE and, due to our control through our general partnership interest in our Operating Partnership and the limited rights of the limited partners, we are the primary beneficiary. Therefore, we consolidate our Operating Partnership, including its wholly-owned subsidiaries. Our sole significant asset is our investment in our Operating Partnership; as a result, substantially all of our assets and liabilities represent those assets and liabilities of our Operating Partnership and its wholly-owned subsidiaries.
Previous wording
As of June 30, 2026 and 2025, we wholly owned 180 and 171, respectively, operating self storage facilities.
Current wording
As of September 30, 2026 and 2025, we wholly-owned 180 and 177, respectively, operating self storage facilities.
Previous wording
Our operating results for the three months ended June 30, 2026 included full period results for 177 self storage facilities and partial period results for three self storage facilities. Our operating results for the three months ended June 30, 2025 included full period results for 164 self storage facilities and partial period results for seven self storage facilities.
Current wording
Our operating results for the three months ended September 30, 2026 included full period results for 180 self storage facilities. Our operating results for the three months ended September 30, 2025 included full period results for 171 self storage facilities and partial period results for six self storage facilities.
Previous wording
Our operating results for the six months ended June 30, 2026 included full period results for 177 self storage facilities and partial period results for three self storage facilities. Our operating results for the six months ended June 30, 2025 included full period results for 161 self storage facilities and partial period results for 10 self storage facilities.
Current wording
Our operating results for the nine months ended September 30, 2026 included full period results for 177 self storage facilities and partial period results for three self storage facilities purchased in June 2026 and, to a much lesser extent, reductions related to two properties impacted by eminent domain takings in April and July 2026. Our operating results for the nine months ended September 30, 2025 included full period results for 161 self storage facilities and partial period results for 16 self storage facilities.
Previous wording
Operating results in future periods will depend on the results of operations of these properties and of the real estate properties that we acquire in the future.
Current wording
Operating results in future periods will primarily depend on the results of operations of these properties and of the real estate properties that we acquire in the future.
Previous wording
Total self storage related revenues for the three months ended June 30, 2026 and 2025 were approximately $65.8 million and $60.9 million, respectively. The increase in total self storage revenues of approximately $4.9 million, or approximately 8%, was primarily attributable to an increase in non same-store revenues of approximately $4.1 million, largely related to the net increase of nine wholly-owned properties acquired after June 30, 2025, the operating results of which were not included during the three months ended June 30, 2025. Additionally, our same-store revenues were up approximately $0.7 million, or approximately 1.3%, and our tenant protection program revenues across all of our stores were up approximately $0.2 million.
Current wording
Total self storage related revenues for the three months ended September 30, 2026 and 2025 were approximately $68.2 million and $64.6 million, respectively. The increase in total self storage revenues of approximately $3.6 million, or approximately 6%, was primarily attributable to an increase in non same-store revenues of approximately $2.2 million, largely related to the net increase of nine wholly-owned properties acquired after June 30, 2025, the operating results of which were not included for the full period during the three months ended September 30, 2025. Additionally, our same-store revenues were up approximately $1.1 million, or approximately 2.0%, and our tenant protection program revenues across all of our stores were up approximately $0.2 million.
Previous wording
We expect self storage revenues to primarily fluctuate based on the performance of our same-store pool, which will be influenced by the overall economic environment and increases in self storage supply, amongst other things. Additionally, we expect our non same-store revenues to grow, commensurate with increases in occupancy and increased rates as such properties stabilize.
Current wording
We expect self storage revenues to primarily fluctuate based on the performance of our same-store pool, which will be influenced by the overall economic environment and increases in self storage supply, amongst other things. Additionally, we expect our non same-store revenues to grow as occupancy and rental rates increase at such properties as they stabilize, and as a result of any future acquisitions.
Previous wording
Managed Platform revenues for the three months ended June 30, 2026 and 2025 were approximately $6.7 million and $4.0 million, respectively. The increase in Managed Platform revenues of approximately $2.7 million was primarily related to our newly acquired Third Party Platform and, to a lesser extent, an increase in the other recurring revenues derived from the Managed REITs, generally commensurate with their growth, as compared to the same period in the prior year, offset by a reduction in acquisition fee revenue of approximately $0.6 million as compared to the same period in the prior year.
Current wording
Managed Platform revenues for the three months ended September 30, 2026 and 2025 were approximately $6.7 million and $3.8 million, respectively. The increase in Managed Platform revenues of approximately $2.9 million was primarily related to our newly acquired Third Party Platform and, to a lesser extent, an increase in the other recurring revenues derived from the Managed REITs, generally commensurate with their growth, as compared to the same period in the prior year, offset by a reduction in acquisition fee revenue of approximately $0.3 million as compared to the same period in the prior year.
Previous wording
Reimbursable costs from Managed Platform for the three months ended June 30, 2026 and 2025 were approximately $6.7 million and $1.9 million, respectively. Such revenues consisted of costs incurred by us as we provide property management and advisory services to the owners of the properties we manage through our Managed Platform, which are reimbursed by such owners, pursuant to our related contracts with the owners, as applicable. The increase in reimbursable costs from the Managed Platform of approximately $4.8 million was primarily related to our newly acquired Third Party Platform and growth in the Managed REITs’ assets under management.
Current wording
Reimbursable costs from Managed Platform for the three months ended September 30, 2026 and 2025 were approximately $6.9 million and $2.0 million, respectively. Such revenues consisted of costs incurred by us as we provide property management and advisory services to the owners of the properties we manage through our Managed Platform, which are reimbursed by such owners, pursuant to our related contracts with the owners, as applicable. The increase in reimbursable costs from the Managed Platform of approximately $4.9 million was primarily related to our newly acquired Third Party Platform and growth in the Managed REITs’ assets under management.
Previous wording
Property operating expenses for the three months ended June 30, 2026 and 2025 were approximately $21.2 million (or 32% of self storage revenue) and $22.1 million (or 36% of self storage revenue), respectively. Property operating expenses includes the costs to operate our facilities including compensation related expenses, utilities, insurance, real estate taxes, and property related marketing. The reduction in property operating expenses of approximately $0.9 million was primarily attributable to reduced equity-based compensation expenses of approximately $1.7 million, as the IPO Grant related expense was fully recognized as of September 30, 2025, partially offset primarily by increased property operating expenses from wholly-owned properties acquired after June 30, 2026, as compared to the same period in the prior year.
Current wording
Property operating expenses for the three months ended September 30, 2026 and 2025 were approximately $21.6 million (or 32% of self storage revenue) and $23.5 million (or 36% of self storage revenue), respectively. Property operating expenses includes the costs to operate our facilities including compensation related expenses, utilities, insurance, real estate taxes, and property related marketing. The reduction in property operating expenses of approximately $1.9 million was primarily attributable to reduced equity-based compensation expenses of approximately $1.6 million, as the IPO Grant related expense attributable to our property operations was fully recognized as of September 30, 2025 and lower same-store operating expenses, driven by decreased same-store property insurance costs, property taxes and repairs and maintenance expense, partially offset by increased property operating expenses from new wholly-owned properties acquired after June 30, 2025, as compared to the same period in the prior year.
Previous wording
Managed Platform expenses for the three months ended June 30, 2026 and 2025 were approximately $3.7 million and $3.3 million, respectively. Such expenses primarily consisted of expenses related to non-reimbursable costs associated with the operation of the Managed Platform. The increase in Managed Platform expenses of approximately $0.4 million was primarily attributable to our newly acquired Third Party Platform.
Current wording
Managed Platform expenses for the three months ended September 30, 2026 and 2025 were approximately $3.8 million and $2.1 million, respectively. Such expenses primarily consisted of expenses related to non-reimbursable costs associated with the operation of the Managed Platform. The increase in Managed Platform expenses of approximately $1.7 million was primarily attributable to our newly acquired Third Party Platform.
Previous wording
General and administrative expenses for the three months ended June 30, 2026 and 2025 were approximately $9.9 million and $11.7 million, respectively. Such expenses consisted primarily of compensation-related costs, equity-based compensation, marketing-related costs, legal expenses, accounting expenses, transfer agent fees, directors’ and officers’ insurance expense and board of directors related costs. The reduction in general and administrative expenses of approximately $1.8 million was primarily attributable to the reduction of stock compensation costs associated with the IPO Grant of approximately $1.0 million as compared to the same period in the prior year. Additionally, in the prior year period, we incurred approximately $0.7 million incidental to our Underwritten Public Offering in general and administrative expenses, which was not directly attributable to the offering. Such cost was not incurred in 2026.
Current wording
General and administrative expenses for the three months ended September 30, 2026 and 2025 were approximately $9.7 million and $10.4 million, respectively. Such expenses consisted primarily of compensation-related costs, equity-based compensation, marketing-related costs, legal expenses, accounting expenses, transfer agent fees, directors’ and officers’ insurance expense and board of directors related costs. The reduction in general and administrative expenses of approximately $0.7 million was primarily attributable to the reduction of stock compensation costs associated with the IPO Grant of approximately $0.7 million as compared to the same period in the prior year.
Previous wording
Depreciation and intangible amortization expenses for the three months ended June 30, 2026 and 2025 were approximately $19.8 million and $17.3 million, respectively. Depreciation expense consisted primarily of depreciation on the buildings and site improvements at our properties. Intangible amortization expense primarily consisted of the amortization of our in place lease intangible assets resulting from our self storage acquisitions, and, to a lesser extent, the amortization of the customer contracts and related relationships intangible asset recorded in connection with our acquisition of the Third Party Platform. The increase in depreciation and intangible amortization expense of approximately $2.5 million was primarily attributable to such increases related to the net increase of nine wholly-owned properties acquired after June 30, 2025, as well as additional depreciation and intangible amortization expense related to the seven properties we acquired during the three months ended June 30, 2025.
Current wording
Depreciation and intangible amortization expenses for the three months ended September 30, 2026 and 2025 were approximately $18.8 million and $19.2 million, respectively. Depreciation expense consisted primarily of depreciation on the buildings and site improvements at our properties. Intangible amortization expense primarily consisted of the amortization of our in place lease intangible assets resulting from our self storage acquisitions, and, to a lesser extent, the amortization of the customer contracts and related relationships intangible asset recorded in connection with our acquisition of the Third Party Platform. The decrease in depreciation and intangible amortization expense of approximately $0.4 million was primarily attributable to reduced intangible amortization expense as a result of in place lease intangible assets recorded from our recent self storage acquisitions that became fully amortized after September 30, 2025. Such expense reflects the amortization of such intangible assets for 24 properties during the three months ended September 30, 2025, as compared to 17 properties during three months ended September 30, 2026.
Previous wording
Acquisition expenses for the three months ended June 30, 2026 and 2025 were approximately $0.2 million and $0.4 million, respectively. The decrease in acquisition expenses of approximately $0.2 million was due to decreased acquisition volume in the current period.
Current wording
Acquisition expenses for the three months ended September 30, 2026 and 2025 were approximately $0.8 million and $0.5 million, respectively. The increase in acquisition expenses of approximately $0.3 million was due to increased acquisition volume in the current period related to acquisitions under contract.
Previous wording
Contingent earnout adjustment for the three months ended June 30, 2026 and 2025 was approximately $0.4 million and none, respectively. Such expense represents the adjustment to fair value of the contingent earnout related to the Third Party Platform Acquisition. See Note 4 – Third Party Platform Acquisition of the Notes to the Consolidated Financial Statements for additional information.
Current wording
Contingent earnout adjustment for the three months ended September 30, 2026 and 2025 was approximately $0.5 million and none, respectively. Such expense represents the adjustment to fair value of the contingent earnout related to the Third Party Platform Acquisition. See Note 4 – Third Party Platform Acquisition of the Notes to the Consolidated Financial Statements for additional information.
Previous wording
Gain on disposition of real estate for the three months ended June 30, 2026 and 2025 was approximately $0.5 million and none, respectively. Such gain was recorded in connection with the partial taking of our Asheville III property in an eminent domain case. See Note 3 – Real Estate Facilities of the Notes to the Consolidated Financial Statements for additional information.
Current wording
Gain on disposition of real estate for the three months ended September 30, 2026 and 2025 was approximately $0.2 million and none, respectively. Such gain was recorded in connection with the partial taking of our Asheville IV property in an eminent domain proceeding. See Note 3 – Real Estate Facilities of the Notes to the Consolidated Financial Statements for additional information.
Previous wording
Losses from our equity method investments in unconsolidated real estate ventures for the three months ended June 30, 2026 and 2025 were approximately $0.2 million and $0.1 million, respectively. Losses from our equity method investments in unconsolidated real estate ventures primarily consisted of our allocation of earnings and losses from our unconsolidated joint ventures.
Current wording
Losses from our equity method investments in unconsolidated real estate ventures for the three months ended September 30, 2026 and 2025 were approximately $0.1 million and less than $0.1 million, respectively. Losses from our equity method investments in unconsolidated real estate ventures primarily consisted of our allocation of earnings and losses from our unconsolidated joint ventures.
Previous wording
Losses from our equity method investments in the Managed REITs for the three months ended June 30, 2026 and 2025 were approximately $0.4 million and $0.2 million, respectively. Losses from our equity method investments in Managed REITs consisted primarily of our allocation of earnings and losses from our investments in the Managed REITs.
Current wording
Losses from our equity method investments in the Managed REITs for the three months ended September 30, 2026 and 2025 were approximately $0.3 million and $0.2 million, respectively. Losses from our equity method investments in Managed REITs consisted primarily of our allocation of earnings and losses from our investments in the Managed REITs.
Previous wording
Investment income, net for the three months ended June 30, 2026 and 2025 was approximately $2.1 million and $0.7 million, respectively. Investment income, net includes interest income on loans to the Managed REITs, accretion of financing fee revenues associated with such loans, interest earned on cash held at financial institutions, as well as income earned on our preferred investments, net of reserve adjustments thereon. The increase in investment income, net of approximately $1.4 million was primarily related to increased lending to the Managed REITs, as well as increases in our preferred investments.
Current wording
Investment income, net for the three months ended September 30, 2026 and 2025 was approximately $1.7 million and $1.5 million, respectively. Investment income, net includes interest income on loans to the Managed REITs, accretion of financing fee revenues associated with such loans, interest earned on cash held at financial institutions, as well as income earned on our other debt and preferred investments, net of reserves recorded thereon. The increase in investment income, net of approximately $0.2 million was primarily related to increased lending to the Managed REITs, as well as increases in our other debt and preferred investments.
Previous wording
Other, net for the six months ended June 30, 2026 and 2025 was approximately $12.5 million of income and $1.0 million of expense, respectively. Other, net consisted primarily of the impact related to transactions denominated in a currency other than the functional currency of such entity and changes in our net investments not classified as long-term, certain state tax expenses, other miscellaneous items and, in the previous year, interest rate hedges not designated for hedge accounting. The favorable variance as compared to the prior period was primarily attributable to a net favorable foreign currency fluctuation of approximately $12.4 million, largely driven by our Canadian notes during the six months ended June 30, 2026.
Current wording
Other, net for the three months ended September 30, 2026 and 2025 was approximately $2.5 million of income and $4.7 million of income, respectively. Other, net consisted primarily of the impact related to transactions denominated in a currency other than the functional currency of such entity and changes in our net investments not classified as long-term, certain state tax expenses, other miscellaneous items and, in the previous year, interest rate hedges not designated for hedge accounting. The unfavorable variance of approximately $2.2 million as compared to the prior period was primarily attributable to lower net foreign currency gains of approximately $1.8 million, largely driven by our Canadian Notes (as defined below) during the three months ended September 30, 2026 as compared to the same period in the prior year.
Previous wording
Interest expense for the three months ended June 30, 2026 and 2025 was approximately $13.3 million and $12.0 million, respectively. Interest expense included interest expense on our debt, accretion of fair market value of debt, amortization of debt issuance costs, and, in the prior year, the impact of any interest rate derivatives designated for hedge accounting. The increase in interest expense of approximately $1.3 million was primarily due to increased borrowings, partially offset by a lower average effective interest rate due to favorable changes in our outstanding debt.
Current wording
Interest expense for the three months ended September 30, 2026 and 2025 was approximately $13.4 million and $12.5 million, respectively. Interest expense included interest expense on our debt, accretion of fair market value of debt, amortization of debt issuance costs, and, in the prior year, the impact of any interest rate derivatives designated for hedge accounting. The increase in interest expense of approximately $0.9 million was primarily due to increased borrowings, partially offset by a slightly lower average effective interest rate due to favorable changes in our outstanding debt.
Previous wording
Income tax expense for the three months ended June 30, 2026 and 2025 was approximately $0.4 million and $0.3 million, respectively. Income tax expense consisted primarily of state, federal, and Canadian income tax. The increase in income tax expense of approximately $0.1 million was primarily due to an increase in our tax expense related to our Canadian properties.
Current wording
Income tax expense for the three months ended September 30, 2026 and 2025 was approximately $0.8 million and $0.6 million, respectively. Income tax expense consisted primarily of state, federal, and Canadian income tax. The increase in income tax expense of approximately $0.2 million was primarily due to an increase in our tax expense related to our Canadian properties.
Previous wording
As of June 30, 2026 and 2025, parking represented approximately 1,120,000 and 1,068,000 square feet, respectively, of the total rentable square feet. On a same-store basis, for the same periods, parking represented approximately 984,000 square feet. Amounts not in thousands.
Current wording
As of September 30, 2026 and 2025, parking represented approximately 1,090,000 and 1,100,000 square feet, respectively, of the total rentable square feet. On a same-store basis, for the same periods, parking represented approximately 985,000 square feet. Amounts not in thousands.
Previous wording
Our same-store revenue increased by approximately $0.7 million, or 1.3%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 primarily due to an approximately 1.9% increase in annualized rent per occupied square foot, slightly offset by a decrease in occupancy of approximately 0.6%, and increased administrative and late fees. Our same-store property operating expenses decreased by approximately $0.6 million, or 3.4%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily due to decreased property insurance costs and repairs and maintenance expense.
Current wording
Our same-store revenue increased by approximately $1.1 million, or 2.0%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025, primarily due to an approximately 2.6% increase in annualized rent per occupied square foot and, to a lesser extent, increased administrative and late fees, slightly offset by a decrease in occupancy of approximately 0.4%. Our same-store property operating expenses decreased by approximately $0.7 million, or 3.8%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025, primarily due to decreased property insurance costs, property taxes, and repairs and maintenance expense.
Previous wording
Approximately $2.3 million and $2.2 million of Tenant Protection Program revenue was earned at same-store facilities during the three months ended June 30, 2026 and 2025, respectively, with the remaining approximately $0.3 million and $0.2 million earned at non same-store facilities during the three months ended June 30, 2026 and 2025, respectively.
Current wording
Approximately $2.3 million and $2.2 million of Tenant Protection Program revenue was earned at same-store facilities during the three months ended September 30, 2026 and 2025, respectively, with the remaining approximately $0.4 million and $0.3 million earned at non same-store facilities during the three months ended September 30, 2026 and 2025, respectively.
Previous wording
Total self storage related revenues for the six months ended June 30, 2026 and 2025 were approximately $130.7 million and $120.1 million, respectively. The increase in total self storage revenues of approximately $10.6 million, or approximately 9%, was primarily attributable to an increase in non same-store revenues of approximately $8.6 million, largely related to the net increase of nine wholly-owned properties acquired after June 30, 2025, the operating results of which were not included during the six months ended June 30, 2025. Additionally, our same-store revenues were up approximately $1.5 million, or approximately 1.4%, and our tenant protection program revenues across all of our stores were up approximately $0.5 million.
Current wording
Total self storage related revenues for the nine months ended September 30, 2026 and 2025 were approximately $198.8 million and $184.7 million, respectively. The increase in total self storage revenues of approximately $14.1 million, or approximately 8%, was primarily attributable to an increase in non same-store revenues of approximately $10.8 million, largely related to the net increase of 19 wholly-owned properties acquired after January 1, 2025, the operating results of which were either partially included or not included at all during the nine months ended September 30, 2025. Additionally, our same-store revenues were up approximately $2.6 million, or approximately 1.6%, and our tenant protection program revenues across all of our stores were up approximately $0.7 million.
Previous wording
We expect self storage revenues to primarily fluctuate based on the performance of our same-store pool, which will be influenced by the overall economic environment and increases in self storage supply, amongst other things. Additionally, we expect our non same-store revenues to grow, commensurate with increases in occupancy and increased rates as such properties stabilize.
Current wording
We expect self storage revenues to primarily fluctuate based on the performance of our same-store pool, which will be influenced by the overall economic environment and increases in self storage supply, amongst other things. Additionally, we expect our non same-store revenues to grow as occupancy and rental rates increase at such properties as they stabilize, and as a result of any future acquisitions.
Previous wording
Managed Platform revenues for the six months ended June 30, 2026 and 2025 were approximately $13.4 million and $8.1 million, respectively. The increase in Managed Platform revenues of approximately $5.3 million was primarily related to our newly acquired Third Party Platform and, to a lesser extent, an increase in the other recurring revenues derived from the Managed REITs, generally commensurate with their growth, as compared to the same period in the prior year, offset by a reduction in acquisition fee revenue of approximately $1.8 million as compared to the same period in the prior year.
Current wording
Managed Platform revenues for the nine months ended September 30, 2026 and 2025 were approximately $20.0 million and $12.0 million, respectively. The increase in Managed Platform revenues of approximately $8.0 million was primarily related to our newly acquired Third Party Platform and, to a lesser extent, an increase in the other recurring revenues derived from the Managed REITs, generally commensurate with their growth, as compared to the same period in the prior year, offset by a reduction in acquisition fee revenue of approximately $2.1 million as compared to the same period in the prior year.
Previous wording
Reimbursable costs from Managed Platform for the six months ended June 30, 2026 and 2025 were approximately $13.6 million and $4.0 million, respectively. Such revenues consisted of costs incurred by us as we provide property management and advisory services to the owners of the properties we manage through our Managed Platform, which are reimbursed by such owners, pursuant to our related contracts with the owners, as applicable. The increase in reimbursable costs from the Managed Platform of approximately $9.6 million was primarily related to our newly acquired Third Party Platform and growth in the Managed REITs’ assets under management.
Current wording
Reimbursable costs from Managed Platform for the nine months ended September 30, 2026 and 2025 were approximately $20.5 million and $6.0 million, respectively. Such revenues consisted of costs incurred by us as we provide property management and advisory services to the owners of the properties we manage through our Managed Platform, which are reimbursed by such owners, pursuant to our related contracts with the owners, as applicable. The increase in reimbursable costs from the Managed Platform of approximately $14.5 million was primarily related to our newly acquired Third Party Platform and growth in the Managed REITs’ assets under management.
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Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
We are also the primary beneficiary of our joint venture programs through which we offer our tenant insurance, tenant protection plans or similar programs (the “Tenant Protection Programs”) with SST VI, SSGT III and SST X. As a result, the Tenant Protection Programs joint ventures are consolidated.
Current report — wording carried from elsewhere
The information in this section should be read in conjunction with Note 7 – Debt and Note 14 – Commitments and Contingencies of the Notes to the Consolidated Financial Statements.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Loss on debt extinguishment for the three months ended June 30, 2026 and 2025 was none and approximately $1.7 million, respectively. Loss on debt extinguishment for the three months ended June 30, 2025 was primarily related to debt issuance costs written off in connection with a reduction in the total commitment on our previously existing credit facility from $700 million to $600 million, the pay-off of the 2027 NBC loan and the full repayment of the 2025 KeyBank Acquisition Facility, which were all completed during the three months ended June 30, 2025.
Previous report — wording carried elsewhere
Please see Note 7 – Debt of the Notes to the Consolidated Financial Statements for additional information.