# SmartStop Self Storage REIT, Inc. (SMA)

> Source: Nexqual · https://nexqual.com/SMA · data as of 2026-10-23 18:14 UTC · cite as "Nexqual, SmartStop Self Storage REIT, Inc. (SMA), nexqual.com/SMA" · informational, not investment advice.

**Price:** USD 35.52 (+0.23% today) · US market open, as of October 23, 2026 at 18:14 UTC; quotes may be delayed. Prev close 35.44 · day 35.36–35.92 · 52w 29.41–38.69 · market cap $2.04B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $306M, net income $28.8M (9.4% margin) (SEC filings).
- Valuation: P/E 70.7x, EV/EBITDA 22.6x, net debt $1.09B.
- Insider open-market sales, last ~7 months: 8 Form 4 filings, $132K; 1 not under a Rule 10b5-1 plan ($35K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.55 on a 1–5 scale) (11 analysts), mean target USD 36.36 (range 33–40).
- Total return with dividends: 1Y -1.6% vs S&P 500 +14.5%; 5Y +16.1% vs S&P 500 +77.2%.
- Next earnings: 2026-11-04, EPS estimate USD 0.13, revenue estimate $80.6M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $169M | $213M | $233M | $237M | $281M | $306M |
| Gross profit | — | $147M | $159M | $156M | $172M | — |
| Operating income | $16.5M | $65.9M | $70.6M | $69.2M | $59.1M | $65.7M |
| Net income | -$19.6M | $21.7M | -$2.7M | -$18.4M | -$8.8M | $28.8M |
| EPS (diluted) | -$0.37 | $0.07 | -$0.03 | -$0.20 | — | — |
| Gross margin | — | 69.2% | 68.0% | 65.7% | 61.3% | — |
| Operating margin | 9.8% | 31.0% | 30.3% | 29.2% | 21.0% | 21.4% |
| Net margin | -11.6% | 10.2% | -1.2% | -7.8% | -3.1% | 9.4% |
| Revenue growth | +36.1% | +26.0% | +9.6% | +1.7% | +18.6% | — |
| Cash + short-term investments | $37.3M | $39.5M | $45.1M | $23.1M | $54.2M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 70.7x · P/S 6.7x · EV/EBITDA 22.6x · EV/Sales 10.2x · P/B 1.8x · Earnings yield 1.41% · Dividend yield (paid, TTM) 4.34% · Net debt $1.09B · EV $3.13B

## Insider sales (SEC Form 4, open-market, last ~7 months)
7 of 8 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-16 | Mueller David J | Director | 425 | $14K | 10.1% | Yes (adopted December 15, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-09-16 | Mueller David J | Director | 425 | $14K | 9.2% | Yes (adopted December 15, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-17 | Mueller David J | Director | 425 | $14K | 8.4% | Yes (adopted December 15, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-14 | Look Nicholas | General Counsel and Secretary | 1,025 | $35K | 63.5% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-16 | Mueller David J | Director | 425 | $14K | 7.7% | Yes (adopted December 15, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-16 | Mueller David J | Director | 425 | $14K | 7.2% | Yes (adopted December 15, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-18 | Mueller David J | Director | 425 | $13K | 6.7% | Yes (adopted December 15, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-04-16 | Mueller David J | Director | 425 | $14K | 6.3% | Yes (adopted December 15, 2025) | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.55 on a 1–5 scale), 11 analysts; mean target USD 36.36 (low 33, high 40).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-02 | Truist Securities | Downgrade | Buy → Hold | $36 → $33 |
| 2026-10-02 | Baird | Target lowered | Outperform | $37 → $36 |
| 2026-09-21 | JP Morgan | Target raised | Underweight | $33 → $34 |
| 2026-09-01 | Wells Fargo | Target raised | Equal-Weight | $33 → $35 |
| 2026-08-27 | BMO Capital | Downgrade | Outperform → Market Perform | $38 |
| 2026-08-10 | Baird | Target raised | Outperform | $36 → $37 |
| 2026-07-24 | Wells Fargo | Target raised | Equal-Weight | $32 → $33 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2025-03-31) |
|---|---|---|
| Total return | -1.6% | +16.1% |
| S&P 500 (SPY) | +14.5% | +77.2% |
| Per year | -1.6% | +10.0% |
| Volatility (annualized) | 26.8% | 24.4% |
| Max drawdown | -19.9% (Oct 2025→Mar 2026) | -21.5% (Sep 2025→May 2026) |

## Peers (REIT - Industrial)
IIPR (Innovative Industrial Propertie) USD 54.01 -1.02% · LXP (LXP Industrial Trust) USD 61.09 -0.00% · COLD (Americold Realty Trust, Inc.) USD 14.25 +0.18% · TRNO (Terreno Realty Corporation) USD 64.71 -1.42% · STAG (Stag Industrial, Inc.) USD 36.41 -0.29% · FR (First Industrial Realty Trust, ) USD 54.26 -1.86%

## More
Full page: https://nexqual.com/SMA · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SMA's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/1585389/000119312526082573/ck0001585389-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | KeyBanc Capital Markets | "On March 17, 2021, we, through our Operating Partnership (the "Borrower"), entered into a credit facility with KeyBank, National Association, as administrative agent, KeyBanc Capital Markets, Inc., Wells Fargo Securities…" |
| Partner | BMO Capital Markets | "On March 17, 2021, we, through our Operating Partnership (the "Borrower"), entered into a credit facility with KeyBank, National Association, as administrative agent, KeyBanc Capital Markets, Inc., Wells Fargo Securities…" |
| Partner | SS&C GIDS | "Effective as of April 29, 2024, we transitioned to a new transfer agent, SS&C GIDS, Inc. In connection with such transfer, we simultaneously terminated the transfer agent agreement with Strategic Transfer Agent Services,…" |
| Partner | Strategic Transfer Agent Services | "Effective as of April 29, 2024, we transitioned to a new transfer agent, SS&C GIDS, Inc. In connection with such transfer, we simultaneously terminated the transfer agent agreement with Strategic Transfer Agent Services,…" |

Other companies that name SMA in their own reports (relationship from SMA's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Extra Space Storage Inc. (EXR) | 10-K 2026-02-20 | "Investments in unconsolidated real estate entities and cash distributions in unconsolidated real estate ventures represent the Company's interest in preferred stock of SmartStop Self Storage REIT, Inc…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Self Storage | $65.8M | 83.0% | +8.1% | $25.7M | 39.0% |
| Managed Platform | $13.4M | 17.0% | +126.6% | $2.3M | 17.3% |
| Total revenue | $79.3M | 100% | — | $17.9M | 22.5% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Self Storage Rental Revenue | $62.9M | 79.3% | +8.1% |
| Managed Platform Revenue | $6.7M | 8.5% | +67.2% |
| Reimbursable Costs From Managed Platform | $6.7M | 8.4% | +253.0% |
| Ancillary Operating Revenue | $3.0M | 3.7% | +8.4% |
| Total revenue | $79.3M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.13 | $0.11 | +16.8% | $80.6M | 2 |
| Next quarter (ends 2026-12-31) | $0.18 | $0.14 | +35.5% | $82.7M | 2 |
| Current fiscal year (ends 2026-12-31) | $0.64 | $0.51 | +26.5% | $321.8M | 1 |
| Next fiscal year (ends 2027-12-31) | $0.62 | $0.54 | +14.3% | $341.5M | 1 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±7.5%; last 6 reports averaged ±2.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 33.2% | ±7.5% |
| 2027-01-15 | 84 | 30.1% | ±11.5% |
| 2027-04-16 | 175 | 33.0% | ±17.8% |