SmartStop Self Storage REIT, Inc.

Listed Company

SMACIK 0001585389NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$281.14M

Net Income

$-1.74M

Total Assets

$2.43B

Equity

$1.18B

Shares Out

55.36M

Op. Cash Flow

$84.97M

Business

SmartStop Self Storage REIT, Inc. is a self-managed, fully integrated REIT that acquires, owns and operates self storage properties. It offers month-to-month storage rentals and ancillary products and services such as tenant protection plans, moving and packing supplies, and property management services. The company operates through two reportable segments: self storage operations (wholly owned facilities) and its Managed REIT Platform (asset, property and construction/development management for affiliated and third-party programs). It serves markets across the United States and Canada, concentrating on top metropolitan areas and leveraging centralized call center and digital marketing channels.

Summary from filing dated 2025-03-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	281	237	233	213	169
General and administrative	38	30	27	28	23
Depreciation	63	55	54	49	41
Intangible amortization expense	10	935,000	7	15	12
Acquisition expenses	2	413,000	193,000	888,000	934,838
Contingent earnout adjustment	221,000	0	0	2	13
Total operating expenses	222	168	162	163	152
Income from operations	59	69	71	66	17
Gain on disposition of real estate	284,000	0	0	—	—
Other, net	−21,000	−1	−231,000	−998,000	−937,631
Interest income	4	3	3	2	—
Interest expense	−60	−72	−62	−42	−33
Loss on debt extinguishment	−3	−471,000	0	−2	−2
Income tax (expense) benefit	−2	−1	3	555,000	2
Net (loss) income	−2	−6	12	22	−20
Net loss (income) attributable to noncontrolling interests	190,000	266,000	−2	−3	3
Less: Distributions to preferred stockholders	−4	−13	−13	−13	−13
Less: Accretion- preferred equity costs	−4	0	0	—	—
Net loss attributable to SmartStop Self Storage REIT, Inc. common stockholders	−9	−18	−3	6	−29

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land	541	481	431	421	398
Buildings	1,783	1,516	1,402	1,377	1,117
Site improvements	103	95	92	89	79
Real estate investment property, gross	2,427	2,091	1,925	1,887	1,594
Accumulated depreciation	−366	−305	−256	−203	−156
Real estate investment property	2,061	1,786	1,669	1,685	1,438
Construction in process	6	10	6	4	2
Real estate facilities, net	2,067	1,796	1,675	1,689	1,439
Cash and cash equivalents	54	23	45	39	37
Restricted cash	5	6	8	7	7
Investments in unconsolidated real estate ventures (Note 6)	37	39	36	29	19
Investments in and advances to Managed REITs	131	58	34	62	12
Deferred tax assets	3	4	4	0	—
Other assets, net	27	34	22	34	15
Intangible assets, net of accumulated amortization	18	7	1	16	14
Trademarks, net of accumulated amortization	16	16	16	16	16
Goodwill	70	54	54	54	54
Debt issuance costs, net of accumulated amortization	3	7	377,000	2	3
Total assets	2,432	2,042	1,896	1,947	1,618
Debt, net	1,098	1,317	1,087	1,068	874
Accounts payable and accrued liabilities	39	38	29	28	23
Due to affiliates	0	362,000	416,000	409,730	—
Distributions payable	9	9	9	9	8
Deferred tax liabilities	7	6	6	6	8
Total liabilities	1,152	1,371	1,132	1,112	943
Commitments and contingencies (Note 14)	—	—	—	—	—
Additional paid-in capital	1,837	895	895	894	725
Distributions	−463	−382	−324	−266	−211
Accumulated deficit	−194	−186	−167	−165	−171
Accumulated other comprehensive income (loss)	733,000	−2	847,000	4	−279,975
Total SmartStop Self Storage REIT, Inc. equity	1,180	326	404	467	343
Noncontrolling interests in our Operating Partnership	100	86	91	94	65
Other noncontrolling interests	0	380,000	35,000	54,479	10,900
Total noncontrolling interests	100	87	92	94	65
Total equity	1,280	413	496	562	407
Total liabilities, temporary equity and equity	2,432	2,042	1,896	1,947	1,618

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	73	56	60	65	53
Change in deferred tax assets and liabilities	1	845,000	−3	−1	−2
Accretion of fair market value adjustment of secured debt	717,000	120,000	13,000	−36,000	−110,942
Amortization of debt issuance costs	4	4	3	3	2
Equity based compensation expense	17	5	5	4	3
Non-cash adjustment - equity method investments in unconsolidated real estate ventures	407,000	1	2	—	—
Non-cash adjustment - equity method investments in Managed REITs	995,000	1	2	930,000	489,799
Accretion of financing fee revenues	−399,000	−181,000	−664,000	−681,000	0
Contingent earnout adjustment	221,000	0	0	2	13
Unrealized foreign currency and derivative (gains) losses	−2	2	−1	8	467,989
Issuance of noncontrolling interest in SST VI Advisor	0	330,000	0	0	—
Sponsor funding reduction	1	844,000	34,000	—	—
Gain on disposition of real estate	−284,000	0	0	—	—
Other assets, net	141,000	−639,000	958,000	−780,000	−1
Managed REITs receivables and other	−5	−10	−3	—	—
Due to affiliates	−359,000	−54,000	6,000	−18,000	−537,527
Accounts payable and accrued liabilities	−6	8	−3	3	99,039
Net cash provided by operating activities	85	64	73	88	59
Third Party Platform Acquisition, net of cash acquired	−8	0	0	—	—
Purchase of real estate	−304	−146	−16	−73	−65
Net proceeds from the disposition of real estate	8	0	0	—	—
Additions to real estate and construction in process	−14	−11	−10	−10	—
Insurance proceeds on insured property damage	4	500,000	2	0	0
Deposits on acquisitions	−543,000	−4	−753,000	—	—
Settlement of foreign currency hedges designated for hedge accounting	1	2	3	—	—
Capital distributions from Managed REITs	616,000	616,000	597,000	0	0
Investments in unconsolidated real estate ventures	−7	−9	−10	−5	−6
Capital distributions from unconsolidated real estate ventures	11	2	1	0	0
Purchase of SST VI Subordinated Class C Units	−658,000	−1	−3	0	0
Purchase of other assets	−73,000	−79,000	−183,000	0	−2
Purchase of other investments	−5	0	0	0	−2
Redemption of other investments	1	0	0	—	—
Net cash (used in) provided by investing activities	−381	−181	262,000	−205	−120
Gross proceeds- Underwritten Public Offering	932	0	0	—	—
Offering costs	−57	−144,000	−11,000	−601,000	−971,752
Gross proceeds - issuance of Canadian Notes	511	0	0	—	—
Gross proceeds - issuance of non-credit facility debt	75	175	80	150	272
Repayment - non-credit facility debt	−279	−20	−12	−86	−422
Scheduled principal payments on non-credit facility debt	−3	−4	−3	−3	−1
Proceeds from issuance of credit facility debt	320	670	135	318	—
Repayment of credit facility debt	−875	−624	−185	−183	−15
Debt issuance costs	−3	−10	−871,000	−2	−7
Debt defeasance costs	−754,000	0	0	−3	−525,467
Payment of payroll withholding tax on stock vesting	−3	−219,000	−247,000	—	—
Redemptions of noncontrolling interests in our OP	−230,000	0	0	—	—
Redemption of Series A Convertible Preferred Stock	−200	0	0	—	—
Redemption of fractional common shares	−290,000	0	0	—	—
Redemption of common stock	0	−34	−19	−2	−5
Repurchase of noncontrolling interest in SST VI advisor	−2	0	0	—	—
Distributions paid - preferred stockholders	−7	−13	−13	−13	−12
Distributions paid - common stockholders	−75	−37	−41	−49	−26
Distributions paid - noncontrolling interests in our OP	−7	−9	−8	−7	−6
Distributions paid - other noncontrolling interests	−365,000	−466,000	−588,000	−269,000	0
Net cash provided by (used in) financing activities	325	95	−66	120	26
Impact of foreign exchange rate changes on cash and restricted cash	626,000	−2	35,000	−1	−196,135
Change in cash, cash equivalents, and restricted cash	30	−24	7	1	−36
Cash paid for interest, net of capitalized interest	56	66	56	37	27
Cash paid for income taxes	470,000	298,000	407,000	266,000	0
Issuance of shares pursuant to distribution reinvestment plan	3	21	18	5	20
Distributions payable	9	9	9	9	8
Real estate and construction in process included in accounts payable and accrued liabilities	884,000	873,000	433,000	516,000	19,056
Acquisition of real estate with loans payable	25	41	0	—	—
Deposit applied to the purchase of real estate	3	0	400,000	190,000	—
Redemption of common stock included in accounts payable and accrued liabilities	0	0	4	0	2
Earnest deposits on acquisitions assigned to the Managed REITs, amounts reclassified to Managed REITs receivables	1	0	1	0	0
Intangible assets applied to the purchase of real estate	0	0	8	0	0

Filings

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