Key Highlights

  • SmartStop's September 2026 monthly Dividend of $0.13150685 per share trades ex-date/record September 30, payable October 15, reflecting a targeted annualized rate of $1.60 per share.
  • Second-quarter Revenue was $65.8 million, up $4.9 million, with Net Income attributable to common stockholders of $11.2 million, or $0.20 per share, up $19.6 million year over year.
  • Same-store revenue increased 1.3%, expenses decreased 3.4%, and same-store NOI increased 3.7%, with operating margins reaching 67.3%, up 150 basis points.
  • FFO as adjusted was $29.3 million, or $0.49 per share, up $4.9 million and $0.07 per share, prompting the company to raise its 2026 same-store NOI and FFOa per share guidance.

Overview

SmartStop Self Storage REIT, Inc.'s (NYSE:SMA) September 2026 monthly dividend of $0.13150685 per share, reflecting a targeted annualized rate of $1.60, yields approximately 4.91%. The dividend was declared alongside second-quarter same-store NOI growth of 3.7% and Operating Margin expansion of 150 basis points to 67.3%, results management attributed to its revenue management platform and effective expense control.

Dividend Program and Shareholder Returns

SmartStop's board declared a dividend for the month of September 2026 on September 3, 2026, reflecting a targeted annualized dividend of $1.60 per share, with a Record Date of September 30 and payment date of October 15, in the per-share amount of $0.13150685. The rate has remained consistent with the targeted $1.60 annualized dividend across recent monthly declarations.

About the Company

SmartStop Self Storage REIT is a self-administered REIT that owns, operates and manages self-storage facilities in the United States and Canada, also operating a managed REIT platform for third-party self-storage assets.

Financial Performance Behind the Payout

SmartStop reported second-quarter revenue of $65.8 million, up $4.9 million from the prior-year period. Net income attributable to common stockholders was approximately $11.2 million, or $0.20 per basic and diluted share, an increase of approximately $19.6 million compared with the same period in 2025. Same-store revenues increased 1.3%, same-store property operating expenses decreased 3.4%, and same-store NOI increased 3.7%, with same-store operating margins reaching 67.3%, up 150 basis points year over year. Same-store average physical occupancy was 92.5%, down 0.6 percentage points from a year earlier. Same-store annualized rent per occupied square foot was $20.33, up 1.9%.

Revenue Management and Expense Discipline Drive Margin Expansion

FFO, as adjusted, was approximately $29.3 million, or $0.49 per diluted share, up $4.9 million and $0.07 per share from a year earlier, a growth rate management attributed to its revenue management platform, operations teams, growing efficiencies from scale, and effective expense control across the portfolio. As of the quarter-end, SmartStop managed approximately 220 stores representing approximately 15.7 million net rentable square feet on its third-party managed REIT platform, a fee-generating Business distinct from the company's owned same-store portfolio. Subsequent to the quarter, the company closed a CAD $200 million Canadian Maple Bond offering, a financing transaction supporting continued portfolio growth.

Outlook

SmartStop raised its 2026 same-store NOI guidance and FFO, as adjusted, per share guidance following the quarter's margin-driven outperformance. Continued same-store NOI growth relative to the 3.7% pace this quarter, occupancy trends relative to the current 92.5% level, and growth of the third-party managed REIT platform relative to its current approximately 220-store scale are the relevant considerations.