| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 23 | 70.5x | 17.8x | Bottom tier | |
Growth | 71 | 21.1% | 7.1% | Top tier | |
Quality | 36 | 3.1% | 4.5% | Bottom tier | |
Safety | 38 | 7.1x | 2.6x | Bottom tier | |
Capital Return | 48 | 4.21% | 2.12% | Around median | |
Momentum | 46 | -5.7% | 2.9% | Around median | |
Sentiment | 35 | 3 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
SmartStop Self Storage REIT Inc is a real estate investment company specializing in self-storage facilities in the United States and Canada. Its income is generated from operating owned properties, its interests in joint ventures, managing third-party facilities through the SmartStop and Argus platforms, and preferred financing investments linked to properties it manages. In fiscal Q2 2026, the Canadian same-store portfolio comprised 13 stabilized properties spanning 1.1 million square feet in the Greater Toronto Area, while the joint venture with SmartCentres included ten properties spanning 900 thousand square feet.
The latest available EDGAR statements for fiscal Q1 2026 showed revenue of $78.3 million, gross profit of $44.9 million, and net income of $9.6 million, equivalent to a calculated gross margin of approximately 57.3%. By comparison, fiscal 2025 revenue was approximately $281.1 million and gross profit was $172.5 million, while the company recorded a net loss of $8.8 million; the twelve months ended in fiscal 2026 recorded revenue of $294.0 million and net income of $12.8 million.
In fiscal Q2 2026, same-store property revenue increased 1.3%, while operating expenses declined 3.4%, resulting in a 3.7% increase in net operating income and a 150-basis-point expansion in the same-store operating margin to 67.3%. Quarter-end occupancy was 92.4%, and diluted adjusted FFO per share was $0.49, up 17.6% year over year. Within the operating mix, revenue from the Canadian same-store portfolio declined 1% in constant currency, while the Canadian joint venture properties delivered revenue growth of 6.7% and net operating income growth of 9.4%.
Automated analysis for informational purposes only — not investment advice.
The average analyst price target is $37.2, within a range of $35 to $39, with the consensus rated "Buy." The average is approximately 6.5% below the 52-week range high of $39.77, while the data does not provide a valid comparable P/E ratio; therefore, analyst valuation relies more on improving FFO, margins, and guidance, balanced against the risks of weak move-in rates, occupancy, and Canadian competition.
Figures in the text are as of 2026-09-01; the live price is shown at the top of the page.
Same-store property revenue increased 1.3%, while operating expenses declined 3.4%, resulting in a 3.7% increase in net operating income. This led to a 150-basis-point expansion in the same-store operating margin to 67.3%. Diluted adjusted FFO per share also increased 17.6% year over year to $0.49.
On August 6, 2026, management raised the same-store property revenue growth range to 0.5%–1.5% from negative 0.25%–1.75%. It lowered the operating expense growth range to 0.25%–1.25%, raising the midpoint of net operating income growth guidance to positive 1.15%. It also raised the adjusted FFO per share range to $1.98–2.04, while keeping the midpoint of the range closer to management's preferred estimate.
The Canadian same-store portfolio includes 13 stabilized properties spanning 1.1 million square feet, all located in the Greater Toronto Area. Revenue from this group declined 1% in constant currency in fiscal Q2 2026, and its occupancy was 92.2% at the end of July 2026. In contrast, the ten properties in the joint venture with SmartCentres, spanning 900 thousand square feet, delivered revenue growth of 6.7% and net operating income growth of 9.4%.
The Argus transaction expanded SmartStop's presence in Denver from nine properties to more than 50 owned and managed properties and helped increase market margins by 430 basis points since the start of fiscal 2026. The preferred financing portfolio totaled approximately $20 million across six properties as of June 30, 2026, followed by an additional $3 million transaction after quarter-end, with a blended yield slightly below 11%. Six properties added to the management platform during fiscal Q2 2026 were linked to financing program clients, illustrating the connection between financing returns and management fees.
Achieved move-in rates per square foot declined 4.4% during fiscal Q2 2026, while online asking rates fell 3.8%. In July 2026, asking rates improved approximately 1%, and new rentals increased 7.2%, but move-in rates remained approximately 5% lower. July 2026 ended with occupancy of 92.1%, approximately 65 basis points lower year over year, keeping the balance between pricing and occupancy central to results.
Asheville occupancy was 91.8%, with a year-over-year gap averaging approximately 230 basis points during fiscal Q2 2026, so management expects the market to continue underperforming the portfolio through the end of fiscal Q3 2026. Approximately 80% of one Asheville property and approximately 20% of another property were subject to condemnation proceedings, while the company plans to begin rebuilding a flood-destroyed property in early 2027 with approximately 83% more capacity than the original. Meanwhile, the seven properties affected by ECRI restrictions related to the Los Angeles County wildfires recorded a 2% decline in same-store property revenue during the quarter, and management expects them to return to positive growth after the restrictions are lifted during the remainder of fiscal 2026.
