SMA earnings analysis
What we found in SMA's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
The quarter showed strong operating momentum, with revenue of $79.276 million up 1.6% sequentially and 18.3% year over year, while diluted EPS rose to $0.49 from $0.17 in the prior quarter and a $0.16 loss a year earlier. The filing does not provide segment, margin, free-cash-flow or formal numeric guidance data in the available disclosure. Balance-sheet risk is concentrated in foreign-currency and interest-rate exposure: net debt was $1,119.6 million, including $585.6 million of USD-equivalent Canadian-dollar debt and $103.9 million of variable-rate debt.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue grew sequentially and year over year
- Revenue was $79.276 million, up approximately 1.6% from $78 million in 2026Q1 and 18.3% from $67 million in 2025Q2. Revenue also exceeded the $75.568 million consensus estimate by approximately 4.9%.
- EPS improved materially year over year
- Diluted EPS was $0.49, versus $0.17 in 2026Q1 and a $0.16 loss in 2025Q2. EPS matched the $0.49 consensus estimate.
- Debt remained broadly stable
- Net debt was approximately $1,119.6 million at June 30, 2026, compared with $1,098.2 million at December 31, 2025, an increase of approximately $21.4 million.
- Debt maturity was refinanced
- Subsequent to quarter-end, the company fully repaid the KeyBank CMBS Loan; $86.4 million of fixed-rate debt due in 2026 became variable-rate debt due in 2030 after refinancing through the Credit Facility.
- No reported control deficiencies
- Management reported that disclosure controls were effective at the reasonable assurance level as of June 30, 2026, and that there were no changes in internal control over financial reporting that materially affected, or were reasonably likely to materially affect, controls.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Canadian-dollar debt creates FX exposure
- The company had approximately $585.6 million of USD-equivalent debt denominated in Canadian dollars. An adverse 1%, 5% or 10% foreign-exchange move would produce an immediate non-cash translation loss of approximately $4.9 million, $24.6 million or $49.2 million, respectively.
- Variable-rate debt remains rate-sensitive
- Variable-rate debt totaled approximately $103.9 million at June 30, 2026. A 100-basis-point increase in the underlying index would reduce future earnings and cash flow by approximately $1.0 million annually.
- Debt mix shifted toward variable rates
- Net debt increased to approximately $1,119.6 million from $1,098.2 million at December 31, 2025, while fixed-rate debt declined to $1,020.7 million from $1,044.5 million and variable-rate debt rose to $103.9 million from $59.8 million, increasing exposure to floating rates.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.49
What they said about what is next.
The 10-Q provides no formal quantitative revenue or EPS guidance range. The filing states that there have been no material changes to the risk factors in the 2025 Annual Report.
The filing reads better than the one before it.
What came before.
- 10-Q · May 8, 2026
- SmartStop Self Storage REIT, Inc. reported strong Q1 2026 results, achieving revenues of approximately $78.31 million and an EPS of $0.49, exceeding consensus estimates. The company indicated a solid operating…
- 10-K · February 27, 2026
- SmartStop (SMA) positions itself as a top-10 U.S. self-storage operator focused on acquiring, operating and managing facilities in top MSAs while scaling a third-party Managed Platform. In 2025 the company materially…
- 10-Q · November 7, 2025
- SmartStop reported Q3 results showing revenue growth to $70,429 (thousands) from $60,157 in Q3 2024 (+$10,272, +17.1%) and returned to GAAP profitability with net income of $5,548 versus a loss of $(3,392) last year.…
- 10-Q · August 8, 2025
- SmartStop reported Q2 2025 revenue of $66,816,000, up from $59,163,000 a year ago (+~12.9%), driven by higher self-storage rental and Managed REIT Platform revenues. Operating income fell to $10,263,000 from $17,677,000…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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