SmartStop Reports Q3 Revenue of $68.2 Million
The self-storage REIT posted higher revenue and FFO year over year while under contract to buy two properties for $37 million.
Updated on Nov. 6, 2026 in Commercial
SmartStop Self Storage REIT Inc. released financial results for the third quarter of 2026, which ended September 30, 2026, reporting revenue of $68.2 million, up $3.6 million from the same period last year. The company is also under contract to acquire two properties in Las Vegas and Asheville, North Carolina, for $37 million.
Why it matters
Same-store results show rent growth and expanded margins even as average occupancy slipped slightly, a mix that signals pricing power for self-storage owners. The pending acquisitions and a fourth raise to full-year same-store NOI guidance this year point to continued expansion for the REIT.
Same-store NOI grew 4.9% and FFO, as adjusted, reached about $30.3 million, up $2.9 million from last year. Same-store operating expenses fell 3.8% while revenue grew 2%, expanding operating margin by 190 basis points, though it is not stated how much of the margin gain will persist.
The players
SmartStop Self Storage REIT Inc.
A real estate investment trust that owns and operates self-storage facilities across the United States.
The details
Net income attributable to common stockholders was approximately $9 million for the quarter. SmartStop declared a quarterly common stock dividend of $0.16 per share, payable October 15, 2026, to stockholders of record.
Timeline
Sept. 30, 2026: Third quarter 2026 ended.
Oct. 15, 2026: Common stock dividend paid to stockholders of record.
Q4 2026: Expected closing of the Las Vegas and Asheville property acquisitions.
Market Landscape
Self-storage REITs commonly report rent-per-occupied-square-foot growth alongside occupancy metrics, and SmartStop's 2.6% rent gain with a 0.4% occupancy dip fits that pattern. The quarter's same-store NOI growth of 4.9% places the company in line with the sector's focus on pricing over volume.
Shareholders receive a $0.16 per share quarterly dividend paid October 15, 2026, to stockholders of record. The FFO growth and raised same-store NOI guidance indicate improving cash generation for holders of the stock.
The takeaway
Rising rents paired with cost cuts drove SmartStop's margin gains even as occupancy eased, a combination investors watch closely in self-storage. The quarter shows that pricing power can offset soft occupancy when operating costs are controlled.
What happens next
The Las Vegas and Asheville property acquisitions, totaling $37 million, are expected to close in the fourth quarter of 2026.
Further reading
Explore more commercial real estate coverage for context on REIT performance and property deals.
