SmartStop Self Storage REIT, Inc.

For the period ended Sep 30, 2026. Filed Nov 6, 2026.

About this filing

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$38.63-2.7%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Item 1. Consolidated Financial Statements (Unaudited)

The information included in the accompanying unaudited consolidated balance sheets and related consolidated statements of operations, comprehensive income (loss), equity and temporary equity, and cash flows reflects all adjustments (consisting of normal and recurring adjustments) that are, in management’s opinion, necessary for a fair and consistent presentation of the aforementioned consolidated financial statements.

The accompanying consolidated financial statements should be read in conjunction with the notes to our consolidated financial statements included in this report on Form 10-Q. The accompanying consolidated financial statements should also be read in conjunction with our consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025. Our results of operations for the three and nine months ended September 30, 2026 are not necessarily indicative of the operating results expected for the full year.

CONSOLIDATED BALANCE SHEETS

	September 30,	December 31,
	2026	2025
(unaudited)
ASSETS
Real estate facilities:
Land	$538,193	$541,330
Buildings	1,801,086	1,782,894
Site improvements	106,172	103,139
	2,445,451	2,427,363
Accumulated depreciation	(411,474)	(366,447)
	2,033,977	2,060,916
Construction in process	11,996	6,443
Real estate facilities, net	2,045,973	2,067,359
Cash and cash equivalents	30,989	54,224
Restricted cash	3,059	5,144
Investments in unconsolidated real estate ventures (Note 6)	38,710	36,694
Investments in and advances to Managed REITs	158,814	130,961
Deferred tax assets	2,958	3,182
Other assets, net	74,345	27,188
Intangible assets, net	10,484	18,358
Trademarks, net	15,700	15,700
Goodwill	69,974	69,974
Debt issuance costs, net	5,031	3,388
Total assets	$2,456,037	$2,432,172
LIABILITIES AND EQUITY
Debt, net	$1,137,847	$1,098,248
Accounts payable and accrued liabilities	55,166	38,646
Distributions payable	8,535	8,796
Deferred tax liabilities	6,497	6,559
Total liabilities	1,208,045	1,152,249
Commitments and contingencies (Note 14)
Equity:
SmartStop Self Storage REIT, Inc.:
Common Stock, $0.001 par value; 175,000,000 and 141,250,000 shares authorized at September 30, 2026 and December 31, 2025, respectively; 55,367,820 shares and 55,359,250 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively	55	55
Additional paid-in capital	1,837,814	1,837,194
Distributions	(529,425)	(463,165)
Accumulated deficit	(164,596)	(194,407)
Accumulated other comprehensive (loss) income	(353)	733
Total SmartStop Self Storage REIT, Inc. equity	1,143,495	1,180,410
Noncontrolling interests in our Operating Partnership	103,653	99,513
Other noncontrolling interests	844	—
Total noncontrolling interests	104,497	99,513
Total equity	1,247,992	1,279,923
Total liabilities and equity	$2,456,037	$2,432,172

CONSOLIDATED STATEM ENTS OF OPERATIONS

	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
Revenues:
Self storage rental revenue	$65,061	$61,768	$189,855	$176,509
Ancillary operating revenue	3,114	2,825	8,975	8,161
Managed Platform revenue	6,680	3,841	20,039	11,990
Reimbursable costs from Managed Platform	6,924	1,995	20,497	6,035
Total revenues	81,779	70,429	239,366	202,695
Operating expenses:
Property operating expenses	21,592	23,491	65,026	65,628
Managed Platform expenses	3,766	2,074	11,816	6,559
Reimbursable costs from Managed Platform	6,924	1,995	20,497	6,035
General and administrative	9,697	10,435	28,730	29,980
Depreciation	16,511	16,274	49,591	46,741
Intangible amortization expense	2,285	2,904	8,983	6,431
Acquisition expenses	791	480	1,090	1,042
Contingent earnout adjustment	504	—	1,547	—
Total operating expenses	62,070	57,653	187,280	162,416
Gain on disposition of real estate	238	—	1,963	—
Income from operations	19,947	12,776	54,049	40,279
Other income (expense):
Equity in losses from investments in unconsolidated real estate ventures	(54)	(47)	(343)	(408)
Equity in losses from investments in Managed REITs	(281)	(248)	(910)	(620)
Investment income, net	1,723	1,536	5,800	2,984
Other, net	2,489	4,667	14,966	3,703
Interest expense	(13,353)	(12,521)	(39,830)	(46,573)
Loss on debt extinguishment	(59)	—	(321)	(2,533)
Income tax expense	(773)	(615)	(1,483)	(1,538)
Net income (loss)	9,639	5,548	31,928	(4,706)
Net (income) loss attributable to noncontrolling interests	(650)	(321)	(2,117)	377
Less: Distributions to preferred stockholders	—	—	—	(3,567)
Less: Accretion - preferred equity costs	—	—	—	(3,644)
Net income (loss) attributable to SmartStop Self Storage REIT, Inc. common stockholders	$8,989	$5,227	$29,811	$(11,540)
Net income (loss) per Common Stock, Class A & Class T share:
Basic	$0.16	$0.09	$0.53	$(0.27)
Diluted	$0.16	$0.09	$0.53	$(0.27)
Weighted average Common Stock, Class A & Class T shares outstanding:
Basic	55,260,375	55,097,961	55,251,170	44,625,950
Diluted	55,296,739	55,345,663	55,281,884	44,625,950

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
Net income (loss)	$9,639	$5,548	$31,928	$(4,706)
Other comprehensive income (loss):
Foreign currency translation adjustment	32	(608)	(1,162)	989
Foreign currency hedge contract losses	—	—	—	(498)
Interest rate swap and cap contract gains	—	—	—	1,606
Other comprehensive income (loss)	32	(608)	(1,162)	2,097
Comprehensive income (loss)	9,671	4,940	30,766	(2,609)
Comprehensive (income) loss attributable to noncontrolling interests:
Comprehensive (income) loss attributable to noncontrolling interests	(652)	(285)	(2,041)	256
Comprehensive income (loss) attributable to SmartStop Self Storage REIT, Inc. stockholders	$9,019	$4,655	$28,725	$(2,353)

CONSOLIDATED STATEMENTS OF EQUITY AND TEMPORARY EQUITY

For the Three Months Ended September 30, 2026

	Common Stock
	Numberof Shares	CommonStockPar Value	AdditionalPaid-inCapital	Distributions	AccumulatedDeficit	AccumulatedOtherComprehensiveIncome (Loss)	TotalSmartStop Self Storage REIT, Inc. Equity	NoncontrollingInterests	TotalEquity
Balance as of June 30, 2026	55,368,903	$55	$1,837,467	$(507,097)	$(173,585)	$(383)	$1,156,457	$102,559	$1,259,016
Issuance of restricted stock, net of forfeitures	(1,083)	—	—	—	—	—	—	—	—
Distributions ($0.40 per share)	—	—	—	(22,328)	—	—	(22,328)	—	(22,328)
Issuance of other noncontrolling interest	—	—	—	—	—	—	—	834	834
Distributions to noncontrolling interests in our Operating Partnership	—	—	—	—	—	—	—	(1,837)	(1,837)
Equity-based compensation expense	—	—	347	—	—	—	347	2,289	2,636
Net income attributable to SmartStop Self Storage REIT, Inc. common stockholders	—	—	—	—	8,989	—	8,989	—	8,989
Net income attributable to the noncontrolling interests in our Operating Partnership	—	—	—	—	—	—	—	640	640
Net income attributable to other noncontrolling interests	—	—	—	—	—	—	—	10	10
Foreign currency translation adjustment	—	—	—	—	—	30	30	2	32
Balance as of September 30, 2026	55,367,820	$55	$1,837,814	$(529,425)	$(164,596)	$(353)	$1,143,495	$104,497	$1,247,992

For the Three Months Ended September 30, 2025

	Common Stock
Common Stock · Class A · Class T
	Numberof Shares	CommonStockPar Value	Numberof Shares	CommonStockPar Value	Numberof Shares	CommonStockPar Value	AdditionalPaid-inCapital	Distributions	AccumulatedDeficit	AccumulatedOtherComprehensiveIncome (Loss)	TotalSmartStop Self Storage REIT, Inc. Equity	NoncontrollingInterests	TotalEquity
Balance as of June 30, 2025	31,050,000	$31	22,350,411	$22	2,044,146	$2	$1,836,662	$(418,557)	$(202,416)	$840	$1,216,584	$85,991	$1,302,575
Offering costs of Underwritten Public Offering	—	—	—	—	—	—	(42)	—	—	—	(42)	—	(42)
Issuance of restricted stock, net of forfeitures	—	—	(669)	—	—	—	—	—	—	—	—	—	—
Distributions ($0.40 per share)	—	—	—	—	—	—	—	(22,293)	—	—	(22,293)	—	(22,293)
Distributions to noncontrolling interests in our Operating Partnership	—	—	—	—	—	—	—	—	—	—	—	(1,693)	(1,693)
Repurchase of noncontrolling interest in our Operating Partnership	—	—	—	—	—	—	67	—	—	—	67	(297)	(230)
Fractional share redemption	—	—	(7,158)	—	(973)	—	(291)	—	—	—	(291)	—	(291)
Equity-based compensation expense	—	—	—	—	—	—	3,427	—	—	—	3,427	2,837	6,264
Net income attributable to SmartStop Self Storage REIT, Inc. common stockholders	—	—	—	—	—	—	—	—	5,227	—	5,227	—	5,227
Net income attributable to the noncontrolling interests in our Operating Partnership	—	—	—	—	—	—	—	—	—	—	—	321	321
Foreign currency translation adjustment	—	—	—	—	—	—	—	—	—	(572)	(572)	(36)	(608)
Balance as of September 30, 2025	31,050,000	$31	22,342,584	$22	2,043,173	$2	$1,839,823	$(440,850)	$(197,189)	$268	$1,202,107	$87,123	$1,289,230

For the Nine Months Ended September 30, 2026

	Common Stock
	Numberof Shares	CommonStockPar Value	AdditionalPaid-inCapital	Distributions	AccumulatedDeficit	AccumulatedOtherComprehensiveIncome (Loss)	TotalSmartStop Self Storage REIT, Inc. Equity	NoncontrollingInterests	TotalEquity
Balance as of December 31, 2025	55,359,250	$55	$1,837,194	$(463,165)	$(194,407)	$733	$1,180,410	$99,513	$1,279,923
Tax withholding (net settlement redemption) related to vesting of restricted stock	(11,951)	—	(398)	—	—	—	(398)	—	(398)
Issuance of restricted stock, net of forfeitures	20,521	—	—	—	—	—	—	—	—
Distributions ($1.20 per share)	—	—	—	(66,260)	—	—	(66,260)	—	(66,260)
Issuance of other noncontrolling interest	—	—	—	—	—	—	—	834	834
Distributions to noncontrolling interests in our Operating Partnership	—	—	—	—	—	—	—	(5,593)	(5,593)
Equity-based compensation expense	—	—	1,018	—	—	—	1,018	7,702	8,720
Net income attributable to SmartStop Self Storage REIT, Inc. common stockholders	—	—	—	—	29,811	—	29,811	—	29,811
Net income attributable to the noncontrolling interests in our Operating Partnership	—	—	—	—	—	—	—	2,107	2,107
Net income attributable to other noncontrolling interests	—	—	—	—	—	—	—	10	10
Foreign currency translation adjustment	—	—	—	—	—	(1,086)	(1,086)	(76)	(1,162)
Balance as of September 30, 2026	55,367,820	$55	$1,837,814	$(529,425)	$(164,596)	$(353)	$1,143,495	$104,497	$1,247,992

For the Nine Months Ended September 30, 2025

Common Stock · AdditionalPaid-inCapital · Distributions · AccumulatedDeficit · AccumulatedOtherComprehensiveIncome (Loss) · TotalSmartStop Self Storage REIT, Inc. Equity · NoncontrollingInterests · TotalEquity · PreferredStock · RedeemableCommonStock
Common Stock · Class A · Class T
Numberof Shares · CommonStockPar Value · Numberof Shares · CommonStockPar Value · Numberof Shares · CommonStockPar Value
Balance as of December 31, 2024	—	$—	21,970,817	$89	2,038,466	$8	$895,118	$(382,160)	$(185,649)	$(1,708)	$325,698	$86,850	$412,548	$196,356	$62,042
Issuance of shares in Underwritten Public Offering	31,050,000	31	—	—	—	—	931,469	—	—	—	931,500	—	931,500	—	—
Offering costs of Underwritten Public Offering	—	—	—	—	—	—	(57,535)	—	—	—	(57,535)	—	(57,535)	—	—
Tax withholding (net settlement redemption) related to vesting of restricted stock	—	—	(3,362)	—	—	—	(192)	—	—	—	(192)	—	(192)	—	—
Changes to redeemable common stock	—	—	—	—	—	—	62,042	—	—	—	62,042	—	62,042	—	(62,042)
Par value adjustment due to Reverse Stock Split	—	—	—	(67)	—	(6)	73	—	—	—	—	—	—	—	—
Issuance of restricted stock, net of forfeitures	—	—	331,376	—	—	—	—	—	—	—	—	—	—	—	—
Distributions ($1.40 per share)	—	—	—	—	—	—	—	(58,690)	—	—	(58,690)	—	(58,690)	—	—
Distributions to noncontrolling interests in our Operating Partnership	—	—	—	—	—	—	—	—	—	—	—	(5,587)	(5,587)	—	—
Distributions to other noncontrolling interests	—	—	—	—	—	—	—	—	—	—	—	(365)	(365)	—	—
Issuance of shares for distribution reinvestment plan	—	—	50,911	—	5,680	—	3,452	—	—	—	3,452	—	3,452	—	—
Equity-based compensation expense	—	—	—	—	—	—	7,150	—	—	—	7,150	7,098	14,248	—	—
Repurchase of noncontrolling interest in SST VI advisor	—	—	—	—	—	—	(1,530)	—	—	—	(1,530)	(320)	(1,850)	—	—
Repurchase of noncontrolling interest in our Operating Partnership	—	—	—	—	—	—	67	—	—	—	67	(297)	(230)	—	—
Fractional share redemption	—	—	(7,158)	—	(973)	—	(291)	—	—	—	(291)	—	(291)	—	—
Redemption of Series A Convertible Preferred Stock	—	—	—	—	—	—	—	—	—	—	—	—	—	(196,356)	—
Net loss attributable to SmartStop Self Storage REIT, Inc. common stockholders	—	—	—	—	—	—	—	—	(11,540)	—	(11,540)	—	(11,540)	—	—
Net loss attributable to the noncontrolling interests in our Operating Partnership	—	—	—	—	—	—	—	—	—	—	—	(682)	(682)	—	—
Net income attributable to other noncontrolling interests	—	—	—	—	—	—	—	—	—	—	—	305	305	—	—
Foreign currency translation adjustment	—	—	—	—	—	—	—	—	—	929	929	60	989	—	—
Foreign currency hedge contract loss	—	—	—	—	—	—	—	—	—	(476)	(476)	(22)	(498)	—	—
Interest rate hedge contract gain	—	—	—	—	—	—	—	—	—	1,523	1,523	83	1,606	—	—
Balance as of September 30, 2025	31,050,000	$31	22,342,584	$22	2,043,173	$2	$1,839,823	$(440,850)	$(197,189)	$268	$1,202,107	$87,123	$1,289,230	$—	$—

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Nine Months Ended September 30,
	2026	2025
Cash flows from operating activities:
Net income (loss)	$31,928	$(4,706)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	58,574	53,172
Change in deferred tax assets and liabilities	495	883
Accretion of fair market value adjustment of secured debt	525	544
Amortization of debt issuance costs	2,544	2,912
Equity-based compensation expense	8,636	14,248
Non-cash adjustment - equity method investments in unconsolidated real estate ventures	343	408
Non-cash adjustment - equity method investments in Managed REITs	910	620
Accretion of financing fee revenues	(643)	(252)
Other non-cash adjustments	2,038	779
Contingent earnout adjustment	1,547	—
Paid-in-kind interest	(708)	—
Unrealized foreign currency and derivative (gains) losses	(14,900)	(7,543)
Loss on debt extinguishment	321	2,533
Gain on disposition of real estate	(1,963)	—
Increase (decrease) in cash from changes in assets and liabilities:
Other assets, net	(1,281)	2,275
Accounts payable and accrued liabilities	14,992	6,289
Managed REITs receivables and other	(24,550)	(1,199)
Due to affiliates	—	(350)
Net cash provided by operating activities	78,808	70,613
Cash flows from investing activities:
Purchase of real estate	(29,693)	(288,876)
Net proceeds from the disposition of real estate	8,650	—
Additions to real estate and construction in process	(14,765)	(7,770)
Deposits on acquisitions	(144)	(5,552)
Insurance proceeds on insured property damage	3,068	3,618
Capital distributions from unconsolidated real estate ventures	866	1,050
Capital distributions from Managed REITs	462	462
Investments in unconsolidated real estate ventures	(4,190)	(3,490)
Investment in SST VI Series D Preferred Units	—	(24,750)
Funding of loans - SSGT III and SSGT III sponsored DSTs	(15,552)	(46,000)
Repayment of loans - SSGT III and SSGT III sponsored DSTs	18,033	21,919
Funding of loans - SST VI	(6,500)	(2,000)
Purchase of SST VI Series C Units	—	(658)
Settlement of foreign currency hedges	—	1,065
Purchase of debt and preferred investments	(50,344)	—
Purchase of other assets	(20)	(63)
Net cash used in investing activities	(90,129)	(351,045)
Cash flows from financing activities:
Scheduled principal payments on non-credit facility debt	(2,647)	(2,221)
Proceeds from issuance of former credit facility debt	8,500	222,000
Repayment of former credit facility debt	(68,326)	(825,005)
Proceeds from issuance of current credit facility debt	268,820	—
Repayments of current credit facility debt	(201,093)	—
Gross proceeds - Underwritten Public Offering	—	931,500
Offering costs	—	(57,281)
Gross proceeds from issuance of Canadian Notes	144,034	511,462
Gross proceeds - issuance of non-credit facility debt	—	74,800
Repayment - non-credit facility debt	(86,393)	(278,880)
Debt issuance costs	(4,131)	(2,727)
Payment of payroll withholding tax on stock vesting	(399)	(192)
Proceeds from issuance of noncontrolling interest	834	—
Distributions paid - common stockholders	(66,450)	(52,646)
Distributions paid - noncontrolling interests in our Operating Partnership	(5,665)	(5,475)
Distributions paid - preferred stockholders	—	(6,967)
Distributions paid - other noncontrolling interests	—	(365)
Redemptions of noncontrolling interests in our Operating Partnership	—	(230)
Redemption of Series A Convertible Preferred Stock	—	(200,000)
Redemption of fractional common shares	—	(290)
Repurchase of noncontrolling interest in SST VI advisor	—	(1,850)
Debt defeasance costs	—	(754)
Net cash (used in) provided by financing activities	(12,916)	304,879
Impact of foreign exchange rate changes on cash and restricted cash	(1,083)	464
Change in cash, cash equivalents, and restricted cash	(25,320)	24,911
Cash, cash equivalents, and restricted cash beginning of period	59,368	29,301
Cash, cash equivalents, and restricted cash end of period	$34,048	$54,212

CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

Supplemental disclosure of cash flow information:
Cash paid for interest, net of capitalized interest	$32,876	$39,999
Cash paid for income taxes	$1,456	$294
Supplemental disclosure of noncash activities:
Acquisition of real estate through assumption of debt	$—	$25,236
Issuance of shares pursuant to distribution reinvestment plan	$—	$3,452
Distributions payable	$8,535	$8,559
Real estate and construction in process included in accounts payable and accrued liabilities	$1,215	$1,941
Deposit applied to the purchase of real estate	$217	$2,745
Earnest deposits on acquisitions assigned to the Managed REITs, amounts reclassified to Managed REITs receivables	$—	$1,098

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.