Smartstop Self Storage REIT Inc (SMA) financial statements: income statement, balance sheet and cash flow

Smartstop Self Storage REIT Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Smartstop Self Storage REIT Inc reported revenue of $281.1M (+18.6% year on year) and net income of ($8.8M) (+52.3% year on year).

Income statement

Smartstop Self Storage REIT Inc income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Total revenues	$281.1M	$237.0M	$233.0M	$212.6M
Operating expenses	$108.7M	$81.3M	$74.5M	$65.6M
General and administrative	$38.2M	$29.9M	$27.5M	$28.3M
Depreciation	$63.2M	$55.2M	$53.6M	$49.4M
Intangible amortization expense	$10.0M	$935.0K	$6.6M	$15.2M
Acquisition expenses	$2.0M	$413.0K	$192.4K	$888.0K
Contingent earnout adjustment	$221.0K	$0	$0	$1.5M
Total operating expenses	$222.3M	$167.8M	$162.4M	$162.9M
Income from operations	$59.1M	$69.2M	$70.6M	$65.9M
Gain on disposition of real estate	$284.0K	—	—	—
Equity in losses from investments	($851.0K)	($2.8M)	($2.9M)	—
Other, net	($21.0K)	($1.3M)	$3.1M	($848.8K)
Interest income	$4.4M	$3.2M	—	—
Interest expense	($59.9M)	($72.3M)	($61.8M)	($41.5M)
Loss on debt extinguishment	($2.5M)	($471.0K)	$0	($2.4M)
Income tax (expense) benefit	($1.9M)	($1.5M)	$2.6M	$554.8K
Net (loss) income	($1.7M)	($5.9M)	$11.6M	$21.7M
Net loss (income) attributable to noncontrolling interests	$190.0K	$266.0K	($1.9M)	($2.8M)
Less: Distributions to preferred stockholders	($3.6M)	($12.8M)	($12.5M)	($12.5M)
Less: Accretion- preferred equity costs	($3.6M)	—	—	—
Net loss attributable to SmartStop Self Storage REIT, Inc. common stockholders	($8.8M)	($18.4M)	($2.7M)	$6.3M
Net income (loss) per Class A & Class T share - basic	-$0.20	-$0.20	-$0.03	$0.07
Net income (loss) per Class A & Class T share - diluted	-$0.20	-$0.20	-$0.03	$0.07
Weighted average number of shares outstanding - basic	47.3M	193.1M	193.6M	91.9M
Weighted average number of shares outstanding - diluted	47.3M	193.1M	193.6M	92.1M

Smartstop Self Storage REIT Inc income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Total revenues	$79.3M	$78.3M	$70.4M	$66.8M
Operating expenses	$31.6M	$33.4M	$27.6M	$27.2M
General and administrative	$9.9M	$9.1M	$10.4M	$11.7M
Depreciation	$16.5M	$16.6M	$16.3M	$15.4M
Intangible amortization expense	$3.2M	$3.5M	$2.9M	$1.9M
Acquisition expenses	$219.0K	$80.0K	$480.0K	$359.0K
Contingent earnout adjustment	$399.0K	$644.0K	—	—
Total operating expenses	$61.9M	$63.3M	$57.7M	$56.6M
Income from operations	$17.9M	$16.2M	$12.8M	$10.3M
Gain on disposition of real estate	$489.0K	$1.2M	—	—
Equity in losses from investments	($598.0K)	($320.0K)	($295.0K)	($276.0K)
Investment income, net	$2.1M	—	—	—
Other, net	$6.4M	$6.1M	$4.7M	($1.4M)
Interest expense	($13.3M)	($13.1M)	($12.5M)	($12.0M)
Loss on debt extinguishment	$0	($262.0K)	$0	($1.7M)
Income tax expense	($379.0K)	($331.0K)	($615.0K)	($318.0K)
Net income (loss)	$12.1M	$10.2M	$5.5M	($4.8M)
Net (income) loss attributable to noncontrolling interests	($829.0K)	($640.0K)	($321.0K)	$196.0K
Less: Distributions to preferred stockholders	$0	$0	$0	($115.0K)
Less: Accretion - preferred equity costs	$0	—	$0	($3.6M)
Net income (loss) attributable to SmartStop Self Storage REIT, Inc. common stockholders	$11.2M	$9.6M	$5.2M	($8.4M)
Net income (loss) per Common Stock Class A & Class T share - basic	$0.20	$0.17	$0.09	-$0.16
Net income (loss) per Common Stock Class A & Class T share - diluted	$0.20	$0.17	$0.09	-$0.16
Weighted average number of common shares outstanding- basic	55.3M	55.2M	55.1M	54.4M
Weighted average common shares outstanding - diluted	55.5M	55.3M	55.3M	54.4M

Balance sheet

Smartstop Self Storage REIT Inc balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Land	$541.3M	$480.5M	$430.9M	$420.5M
Buildings	$1.8B	$1.5B	$1.4B	$1.4B
Site improvements	$103.1M	$94.6M	$91.9M	$89.4M
Real estate investment property, gross	$2.4B	$2.1B	$1.9B	$1.9B
Accumulated depreciation	($366.4M)	($305.1M)	($255.8M)	($202.7M)
Real estate investment property	$2.1B	$1.8B	$1.7B	$1.7B
Construction in process	$6.4M	$9.5M	$6.0M	$4.5M
Real estate facilities, net	$2.1B	$1.8B	$1.7B	$1.7B
Cash and cash equivalents	$54.2M	$23.1M	$45.1M	$39.5M
Restricted cash	$5.1M	$6.2M	$8.3M	$6.6M
Investments in unconsolidated real estate ventures (Note 6)	$36.7M	$38.8M	$35.8M	$28.5M
Investments in and advances to Managed REITs	$131.0M	$57.7M	$34.4M	$62.4M
Deferred tax assets	$3.2M	$4.3M	$4.4M	—
Other assets, net	$27.2M	$33.5M	$21.7M	$34.1M
Intangible assets, net of accumulated amortization	$18.4M	$6.8M	$1.2M	$15.6M
Trademarks, net of accumulated amortization	$15.7M	$15.7M	$15.8M	$15.9M
Goodwill	$70.0M	$53.6M	$53.6M	$53.6M
Debt issuance costs, net of accumulated amortization	$3.4M	$6.7M	$377.3K	$2.0M
Total assets	$2.4B	$2.0B	$1.9B	$1.9B
Debt, net	$1.1B	$1.3B	$1.1B	$1.1B
Accounts payable and accrued liabilities	$38.6M	$38.1M	$29.0M	$28.2M
Due to affiliates	$0	$362.0K	$416.0K	$409.7K
Distributions payable	$8.8M	$9.3M	$9.2M	$9.3M
Deferred tax liabilities	$6.6M	$6.0M	$6.2M	$6.2M
Total liabilities	$1.2B	$1.4B	$1.1B	$1.1B
Redeemable common stock	$0	$258.4M	$267.6M	$272.9M
Common stock, value	$55.0K	$97.0K	$96.9K	$96.9K
Additional paid-in capital	$1.8B	$895.1M	$894.9M	$894.3M
Distributions	($463.2M)	($382.2M)	($324.2M)	($266.2M)
Accumulated deficit	($194.4M)	($185.6M)	($167.3M)	($164.5M)
Accumulated other comprehensive income (loss)	$733.0K	($1.7M)	$847.2K	$3.7M
Total SmartStop Self Storage REIT, Inc. equity	$1.2B	$325.7M	$404.3M	$467.4M
Noncontrolling interests in our Operating Partnership	$99.5M	$86.5M	$91.5M	$94.4M
Other noncontrolling interests	$0	$380.0K	$34.9K	$54.5K
Total noncontrolling interests	$99.5M	$86.8M	$91.5M	$94.5M
Total equity	$1.3B	$412.5M	$495.9M	$561.8M
Total liabilities, temporary equity and equity	$2.4B	$2.0B	$1.9B	$1.9B

Smartstop Self Storage REIT Inc balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Land	$539.0M	$540.4M	$538.8M	$524.5M
Buildings	$1.8B	$1.8B	$1.8B	$1.7B
Site improvements	$106.0M	$103.2M	$101.6M	$100.4M
Real estate investment property, gross	$2.4B	$2.4B	$2.4B	$2.3B
Accumulated depreciation	($395.7M)	($382.0M)	($349.8M)	($336.6M)
Real estate investment property	$2.0B	$2.0B	$2.1B	$2.0B
Construction in process	$8.4M	$8.0M	$7.7M	$7.2M
Real estate facilities, net	$2.1B	$2.1B	$2.1B	$2.0B
Cash and cash equivalents	$38.2M	$38.2M	$47.8M	$37.7M
Restricted cash	$6.0M	$5.6M	$6.4M	$5.4M
Investments in unconsolidated real estate ventures (Note 6)	$37.5M	$37.4M	$41.9M	$40.7M
Investments in and advances to Managed REITs	$152.3M	$156.4M	$110.6M	$105.2M
Deferred tax assets	$2.9M	$3.1M	$4.4M	$4.5M
Other assets, net	$40.8M	$23.9M	$25.3M	$21.4M
Intangible assets, net	$12.8M	$14.9M	$13.3M	$12.7M
Trademarks, net	$15.7M	$15.7M	$15.7M	$15.7M
Goodwill	$70.0M	$70.0M	$53.6M	$53.6M
Debt issuance costs, net	$5.4M	—	—	—
Total assets	$2.4B	$2.4B	$2.4B	$2.3B
Debt, net	$1.1B	$1.1B	$1.0B	$950.0M
Accounts payable and accrued liabilities	$44.3M	$44.6M	$45.3M	$35.3M
Distributions payable	$8.4M	$8.6M	$8.6M	$8.4M
Deferred tax liabilities	$6.4M	$6.5M	$6.5M	$6.4M
Total liabilities	$1.2B	$1.2B	$1.1B	$1.0B
Common Stock, $0.001 par value; 175,000,000 and 141,250,000 shares authorized at June 30, 2026 and December 31, 2025, respectively; 55,368,903 shares and 55,359,250 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	55.0K	55.0K	55.0K	55.0K
Additional paid-in capital	$1.8B	$1.8B	$1.8B	$1.8B
Distributions	($507.1M)	($485.0M)	($440.9M)	($418.6M)
Accumulated deficit	($173.6M)	($184.8M)	($197.2M)	($202.4M)
Accumulated other comprehensive (loss) income	($383.0K)	$245.0K	$268.0K	$840.0K
Total SmartStop Self Storage REIT, Inc. equity	$1.2B	$1.2B	$1.2B	$1.2B
Noncontrolling interests in our Operating Partnership	$102.6M	$100.8M	$87.1M	$86.0M
Total noncontrolling interests	$102.6M	$100.8M	$87.1M	$86.0M
Total equity	$1.3B	$1.3B	$1.3B	$1.3B
Total liabilities and equity	$2.4B	$2.4B	$2.4B	$2.3B

Cash flow statement

Smartstop Self Storage REIT Inc cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income (loss)	($1.7M)	($5.9M)	$11.6M	$21.7M
Depreciation and amortization	$73.2M	$56.1M	$60.2M	$64.6M
Change in deferred tax assets and liabilities	$1.0M	$845.0K	($3.3M)	—
Accretion of fair market value adjustment of secured debt	$717.0K	$120.0K	$12.9K	($35.7K)
Amortization of debt issuance costs	$3.9M	$4.1M	$2.7M	$2.6M
Equity based compensation expense	$16.6M	$5.3M	$5.3M	$4.0M
Non-cash adjustment - equity method investments in unconsolidated real estate ventures	$407.0K	—	—	—
Non-cash adjustment - equity method investments in Managed REITs	$995.0K	$1.4M	$1.7M	—
Accretion of financing fee revenues	($399.0K)	($181.0K)	($664.1K)	—
Contingent earnout adjustment	$221.0K	$0	$0	$1.5M
Unrealized foreign currency and derivative (gains) losses	($2.3M)	$2.1M	($1.0M)	$8.5M
Loss on debt extinguishment	$2.5M	$471.0K	$0	$2.4M
Issuance of noncontrolling interest in SST VI Advisor	$0	$330.0K	—	—
Sponsor funding reduction	$1.1M	—	—	—
Gain on disposition of real estate	($284.0K)	—	—	—
Other assets, net	$141.0K	($639.0K)	$992.0K	($780.7K)
Managed REITs receivables and other	($5.1M)	—	—	—
Due to affiliates	($359.0K)	($54.0K)	$6.3K	($18.4K)
Accounts payable and accrued liabilities	($5.6M)	$7.9M	($3.3M)	$3.3M
Net cash provided by operating activities	$85.0M	$64.0M	$73.2M	$87.9M
Third Party Platform Acquisition, net of cash acquired	($8.1M)	—	—	—
Purchase of real estate	($304.1M)	($146.4M)	($15.6M)	($72.5M)
Net proceeds from the disposition of real estate	$7.9M	—	—	—
Additions to real estate and construction in process	($13.6M)	($11.5M)	—	—
Insurance proceeds on insured property damage	$4.2M	$500.0K	$1.7M	—
Deposits on acquisitions	($543.0K)	—	—	—
Settlement of foreign currency hedges designated for hedge accounting	$1.1M	$1.9M	$2.9M	$0
Capital distributions from Managed REITs	$616.0K	$616.0K	$597.4K	—
Investments in unconsolidated real estate ventures	($7.4M)	($8.9M)	($9.5M)	($4.8M)
Capital distributions from unconsolidated real estate ventures	$11.0M	$1.8M	$1.3M	—
Funding of loans	($86.8M)	—	—	—
Repayment of Loans	$55.9M	—	—	—
Preferred investment	($36.4M)	$0	($15.0M)	—
Preferred investment redemption	$0	$0	$15.0M	—
Purchase of SST VI Subordinated Class C Units	($658.0K)	($1.2M)	($3.2M)	—
Purchase of other assets	($73.0K)	($79.0K)	($183.2K)	—
Purchase of other investments	($4.8M)	—	—	$0
Redemption of other investments	$1.0M	—	—	—
Net cash (used in) provided by investing activities	($380.8M)	($180.9M)	$261.3K	($205.2M)
Gross proceeds- Underwritten Public Offering	$931.5M	—	—	—
Offering costs	($57.3M)	($144.0K)	($10.5K)	($601.3K)
Gross proceeds - issuance of Canadian Notes	$511.5M	—	—	—
Gross proceeds - issuance of non-credit facility debt	$74.8M	$175.4M	$80.1M	$150.0M
Repayment - non-credit facility debt	($278.9M)	($20.0M)	($12.0M)	($86.2M)
Scheduled principal payments on non-credit facility debt	($2.9M)	($3.5M)	($2.6M)	($2.5M)

Smartstop Self Storage REIT Inc cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net income (loss)	$22.3M	$10.2M	($4.7M)	($10.3M)
Depreciation and amortization	$39.8M	$20.0M	$53.2M	$34.0M
Change in deferred tax assets and liabilities	$268.0K	$109.0K	$883.0K	$440.0K
Accretion of fair market value adjustment of secured debt	$349.0K	$174.0K	$544.0K	$366.0K
Amortization of debt issuance costs	$1.8M	$1.1M	$2.9M	$2.0M
Equity-based compensation expense	$6.0M	$2.8M	$14.2M	$8.0M
Non-cash adjustment - equity method investments in unconsolidated real estate ventures	$290.0K	$135.0K	—	—
Non-cash adjustment - equity method investments in Managed REITs	$629.0K	$185.0K	$620.0K	$372.0K
Accretion of financing fee revenues	($550.0K)	($45.0K)	($252.0K)	($129.0K)
Contingent earnout adjustment	$1.0M	$644.0K	—	—
Unrealized foreign currency and derivative (gains) losses	($12.1M)	($5.4M)	($7.5M)	($979.0K)
Loss on debt extinguishment	$262.0K	$262.0K	$2.5M	$2.5M
Non-cash adjustments	$886.0K	—	—	—
Gain on disposition of real estate	($1.7M)	($1.2M)	—	—
Other assets, net	($1.1M)	$509.0K	$2.3M	$2.2M
Accounts payable and accrued liabilities	$4.2M	$4.5M	$6.3M	($5.3M)
Managed REITs receivables and other	($18.5M)	($10.0M)	($1.2M)	—
Due to affiliates	$0	$0	($350.0K)	($353.0K)
Net cash provided by operating activities	$43.9M	$24.2M	$70.6M	$18.6M
Purchase of real estate	($29.7M)	$0	($288.9M)	($203.2M)
Net proceeds from the disposition of real estate	$7.0M	—	—	—
Additions to real estate and construction in process	($7.5M)	($2.4M)	—	—
Deposits on acquisitions	$0	$0	($5.6M)	—
Insurance proceeds on insured property damage	$3.1M	$3.1M	$3.6M	$3.6M
Capital distributions from unconsolidated real estate ventures	$834.0K	$152.0K	$1.1M	$1.0M
Capital distributions from Managed REITs	$307.0K	—	$462.0K	$307.0K
Investments in unconsolidated real estate ventures	($2.9M)	($1.3M)	($3.5M)	($1.6M)
Funding of loans	($19.1M)	($15.6M)	($48.0M)	($41.0M)
Repayment of Loans	$16.0M	$0	$21.9M	$9.9M
Purchase of SST VI Subordinated Class C Units	$0	$0	($658.0K)	($572.0K)
Settlement of foreign currency hedges	$0	—	$1.1M	$1.1M
Purchase of other investments	($16.3M)	$0	—	—
Net cash used in investing activities	($48.3M)	($16.0M)	($351.0M)	($235.5M)
Scheduled principal payments on non-credit facility debt	($1.9M)	($945.0K)	($2.2M)	($1.6M)
Proceeds from issuance of former credit facility debt	$8.5M	$8.5M	—	—
Repayments of former credit facility debt	($68.3M)	($68.3M)	—	—
Proceeds from issuance of current credit facility debt	$137.9M	$71.8M	$222.0M	$116.0M
Repayment of current credit facility debt	($34.0M)	($7.0M)	($825.0M)	($676.6M)
Gross proceeds - Underwritten Public Offering	$0	—	$931.5M	$931.5M
Offering costs	$0	$0	($57.3M)	($56.8M)
Gross proceeds from issuance of 2028 Canadian Notes	$0	—	$511.5M	$368.0M
Gross proceeds - issuance of non-credit facility debt	$0	$0	$74.8M	$74.8M
Repayment - non-credit facility debt	($181.0K)	$0	($278.9M)	($278.9M)
Debt issuance costs	($3.4M)	($3.3M)	($2.7M)	($1.9M)
Payment of payroll withholding tax on stock vesting	($399.0K)	($66.0K)	($192.0K)	($192.0K)

Smartstop Self Storage REIT Inc score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.