SmartStop Self Storage REIT, Inc. (NYSE: SMA)

SmartStop Self Storage REIT, Inc. is a self-managed and fully-integrated self storage real estate investment trust focused on the acquisition, ownership, and operation of self storage properties primarily in the top 100 metropolitan statistical areas across the United States and Canada. As of December 31, 2025, the company owned 177 operating self storage properties comprising approximately 122,000 units and 13.9 million net rentable square feet across 19 states, the District of Columbia, and Canada. SmartStop Self Storage REIT, Inc. also holds a 50% equity interest in 13 unconsolidated real estate ventures in Canada, which include 10 operating self storage properties and three under development. The company serves as the sponsor and property manager for Strategic Storage Trust VI, Inc., Strategic Storage Growth Trust III, Inc., and Strategic Storage Trust X, collectively known as the Managed REITs, and through its Managed Platform oversees a total of 273 operating self storage properties it does not own, consisting of approximately 140,000 units and 20.4 million rentable square feet. Its primary business model emphasizes revenue optimization and expense minimization through centralized operations, digital marketing, and economies of scale in property management.

SmartStop Self Storage REIT, Inc. generates revenue primarily from month-to-month rental income and ancillary services at its wholly-owned self storage facilities, including tenant insurance, protection plans, moving and packing supplies, locks, and boxes. The company earns asset management fees, property management fees, acquisition fees, and other fees from its Managed REITs and third-party properties under its Third Party Platform, which includes the acquired Argus Professional Storage Management, LLC business managing over 221 properties across 27 states. Additionally, SmartStop Self Storage REIT, Inc. receives substantially all of the tenant protection program revenue earned by the Managed REITs and is reimbursed for certain expenses incurred while providing property management and advisory services to third-party owners. Revenue is also derived from financing activities such as mezzanine loans, bridge loans, promissory notes, and preferred equity provided to the Managed REITs and potential joint venture properties. The company’s diversified capital strategy includes cash from operations, borrowings under its syndicated revolving line of credit, secured and unsecured debt financing, and equity offerings to support portfolio growth and distribution to stockholders.

The company operates through the following segments:

• Self storage operations: This segment consists of the company's wholly-owned self storage facilities that generate month-to-month rental revenue and related ancillary revenue from services such as tenant insurance, protection plans, moving and packing supplies, locks, and boxes. The properties are primarily located in high-growth markets within the top 100 metropolitan statistical areas in the United States and Canada. SmartStop Self Storage REIT, Inc. focuses on acquiring physically stabilized, recently developed, or lease-up facilities to maximize net operating income through proprietary management and technology.

• Managed Platform business: This segment encompasses the property management, asset management, and construction and development management services provided to the Managed REITs and third-party owned properties under the Third Party Platform, including those managed via the acquired Argus Professional Storage Management, LLC. The segment includes oversight of properties owned by Strategic Storage Trust VI, Inc., Strategic Storage Growth Trust III, Inc., and Strategic Storage Trust X, as well as properties managed for Delaware statutory trusts sponsored by the Managed REITs. SmartStop Self Storage REIT, Inc. also provides financing to the Managed REITs and earns fees for originating, structuring, and managing additional self storage investment programs through its indirect subsidiary, SmartStop REIT Advisors, LLC.

SmartStop Self Storage REIT, Inc. is the 10th largest owner and operator of self storage properties in the United States based on rentable square footage, according to the Inside Self Storage Top-Operators List ranking for 2025. The company operates in a highly fragmented industry with approximately 58,000 self storage facilities in the U. S. representing 2.7 billion rentable square feet, giving it a significant opportunity to acquire under-managed facilities and enhance profitability through professional management, digitalization, and physical expansion. Its competitive advantages include scale, an experienced management team with strong industry relationships, a proprietary underwriting methodology, and a network of operators, brokers, and market participants across the U. S. and Canada that provides insight into desirable acquisition opportunities. The company’s ability to implement centralized call centers, digital marketing, and streamlined operations further strengthens its position relative to smaller, local operators.

SmartStop Self Storage REIT, Inc. serves a diverse customer base including local residential customers typically within a 3- to 5-mile radius of its facilities, as well as commercial, military, and student users. Residential customers store furniture, household items, appliances, cars, boats, and recreational vehicles. Commercial customers include small business owners needing access to goods, records, inventory, or seasonal storage, and increasingly use self storage for distribution logistics due to its accessibility, security, flexible lease terms, climate control, and proximity to distribution destinations. While military and student users represent a smaller portion of the overall mix, their presence varies by facility location, with higher concentrations near military bases and universities.