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…
Earnings analysis · 10-Q
SMA earnings analysis
Filed August 7, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.49
What stood out
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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%.
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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.
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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.
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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.
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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.
What to watch
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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.
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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.
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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.
Management's outlook
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.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.