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SmartStop Self Storage REIT, Inc.

SIC 6798 · Real Estate Investment Trusts
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$SMA

SmartStop Self Storage REIT, Inc.

CIK:0001585389|SEC Filings
v3.26.1
Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenues:        
Total revenues $ 79,276 $ 66,816 $ 157,586 $ 132,264
Operating expenses:        
General and administrative 9,893 [1] 11,695 [2] 19,033 [3] 19,545 [4]
Depreciation 16,505 15,374 33,080 30,468
Intangible amortization expense 3,245 1,929 6,698 3,527
Acquisition expenses 219 359 298 561
Contingent earnout adjustment 399 0 1,043 0
Total operating expenses 61,890 56,553 125,210 104,761
Income from operations 17,875 10,263 34,102 27,503
Gain on disposition of real estate 489 0 1,726 0
Other income (expense):        
Investment income, net 2,107 723 4,078 1,448
Other, net 6,409 (1,416) 12,477 (964)
Interest expense (13,339) (12,030) (26,476) (34,052)
Loss on debt extinguishment 0 (1,745) (262) (2,533)
Income tax expense (379) (318) (710) (924)
Net income (loss) 12,075 (4,799) 22,290 (10,255)
Net (income) loss attributable to noncontrolling interests (829) 196 (1,468) 699
Less: Distributions to preferred stockholders 0 (115) 0 (3,567)
Less: Accretion - preferred equity costs 0 (3,644) 0 (3,644)
Net income (loss) attributable to SmartStop Self Storage REIT, Inc. common stockholders 11,246 (8,362) 20,822 (16,767)
Self Storage Rental Revenue        
Revenues:        
Total revenues 62,880 58,156 124,794 114,741
Ancillary Operating Revenue        
Revenues:        
Total revenues 2,957 2,728 5,860 5,335
Managed Platform Revenue        
Revenues:        
Total revenues 6,747 [5] 4,036 13,359 [6] 8,149
Operating expenses:        
Operating expenses 3,711 3,250 8,050 4,484
Reimbursable costs from Managed Platform        
Revenues:        
Total revenues 6,692 [7] 1,896 13,573 [8] 4,039
Operating expenses:        
Operating expenses 6,692 [8] 1,896 13,573 [8] 4,039
Property Operating Expenses        
Operating expenses:        
Operating expenses $ 21,226 $ 22,050 $ 43,435 $ 42,137
Class A and T Common Stock        
Other income (expense):        
Net income (loss) per Common Stock Class A & Class T share - basic $ 0.2 $ (0.16) $ 0.37 $ (0.43)
Net income (loss) per Common Stock Class A & Class T share - diluted $ 0.2 $ (0.16) $ 0.37 $ (0.43)
Weighted average number of common shares outstanding- basic 55,255,522 54,419,801 55,246,492 39,303,159
Weighted average common shares outstanding - diluted 55,454,084 54,419,801 55,450,403 39,303,159
Real Estate Ventures        
Other income (expense):        
Equity in losses from investments $ (154) $ (119) $ (290) $ (361)
Managed REITs        
Other income (expense):        
Equity in losses from investments $ (444) $ (157) $ (629) $ (372)
[1] Included within General and administrative was approximately $0.7 million of stock and related compensation expense related to our IPO Grant (as defined in Note 13 – Equity-Based Compensation).
[2] Included within Payroll, Managed Platform expenses, and General and administrative expenses was approximately $1.7 million, $1.0 million, and $1.6 million, respectively, of stock compensation expense related to our IPO Grant (as defined in Note 13 – Equity-Based Compensation).
[3] Included within General and administrative was approximately $1.3 million of stock and related compensation expense related to our IPO Grant (as defined in Note 13 – Equity-Based Compensation).
[4] Included within Payroll, Managed Platform expenses, and General and administrative expense was approximately $1.7 million, $1.0 million, and $1.6 million, respectively, of stock compensation expense related to our IPO Grant (as defined in Note 13 – Equity-Based Compensation).
[5] Included within Managed Platform revenue was approximately $2.8 million of revenue related to our Third Party Platform acquired on October 1, 2025.
[6] Included within Managed Platform revenue was approximately $5.6 million of revenue related to our Third Party Platform acquired on October 1, 2025.
[7] Included within Reimbursable costs from Managed Platform was approximately $3.6 million related to our Third Party Platform acquired on October 1, 2025.
[8] Included within Reimbursable costs from Managed Platform was approximately $7.1 million related to our Third Party Platform acquired on October 1, 2025.