SmartStop Q2 net loss widens to $8.4M; FFO as adjusted per share $0.42; same-store NOI -1.1%

SmartStop Self Storage REIT, Inc.

2025-Q2 EPS reported -$0.43 vs consensus -$0.01 ▼ miss (-5557.9%)

Net loss $8.4M ($0.16/sh) vs $3.8M loss in Q2 2024; FFO as adjusted $24.4M ($0.42/sh) up from $12.4M.
Self storage revenue $60.9M (+10.7% YoY); same-store NOI -1.1%; occupancy 93.1% (+90 bps).
Closed IPO of 31.05M shares at $30, net proceeds ~$875.6M; redeemed Series A Preferred and paid down debt.
Raised $500M CAD in 2028 senior unsecured notes at 3.91%; received DBRS BBB/stable and KBRA BBB/stable ratings.
Board added Lora Gotcheva as independent director; declared July distribution of $0.1359/share payable Aug 15.

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