SMA

Formerly ArgusPSM, the third-party management platform unifies under the SmartStop brand while preserving the flexibility, independence, and customized service owners value. LADERA RANCH, Calif., September 09, 2026--(BUSINESS WIRE)--SmartStop Self Storage REIT, Inc. ("SmartStop") (NYSE: SMA), an internally managed real estate investment trust and a premier owner and operator of self-storage facilities in the United States and Canada, announced that its third-party management platform, formerly Argus Professional Storage Management Powered by SmartStop, has been rebranded as SmartStop 3PM. The new name aligns the platform with the strength and recognition of the SmartStop brand while reinforcing the principle at the heart of the business: giving independent owners the freedom to choose how their business is run, as a true partner backed by the power of the SmartStop platform. SmartStop unveiled the rebrand at the Self Storage Association (SSA) Fall Conference & Trade Show at the Aria Resort & Casino in Las Vegas. SmartStop 3PM operates under the tagline "Smarter Management. Stronger Results," reflecting a platform built to give owners institutional-grade management without asking them to surrender their brand, their independence, or their control. "Owners come to us for one reason: they want their business to perform at its highest level without giving up what makes it theirs," said H. Michael Schwartz, Chairman and CEO of SmartStop. "This rebrand brings the platform under the SmartStop name, but our promise to owners is unchanged. It is about choice. Whether an owner wants to operate under their own brand or ours, scale their support up or down, or gain access to the systems and expertise of one of North America's leading operators, SmartStop 3PM meets them where they are." Benefits to Owners SmartStop 3PM is designed around the needs of independent storage owners, offering: Brand flexibility. Owners can keep their established brand and local identity or operate under the nationally recognized SmartStop brand, whichever best serves their market and goals. Institutional-grade tools and expertise. Access to the same revenue management, marketing, technology, and operational systems that power one of the largest self-storage platforms in North America, scaled to fit an independent operation. Scalable support. A management relationship that adapts to the owner’s needs, from full-service operation to focused support in the areas that matter most. Ownership of relationships. Owners retain the customer relationships, local presence, and community standing they have spent years building. "The name on the door is new, but the team, service, and relationships our clients have built with us remain the same," said Korey Hanson, President of SmartStop 3PM. "We’re carrying forward everything that has made our third-party management successful, while making it even clearer what we deliver: SmartStop’s expertise and performance for entrepreneurial self-storage operators. Our commitment is to build on that foundation and help owners achieve better results, their way." SmartStop invites storage owners attending the SSA Fall Conference to visit the SmartStop 3PM booth #2211 to meet the team and learn how the platform can support their business. About SmartStop Self Storage REIT, Inc. (SmartStop): SmartStop (NYSE: SMA) is a self-managed REIT with a fully integrated operations team of more than 1,000 self-storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self-storage programs, and, through its Managed Platform, offers third-party management services in the U.S. and Canada. As of August 31, 2026, SmartStop has an owned or managed portfolio of nearly 460 operating properties in 36 states, the District of Columbia, and Canada, comprising over 275,000 units and more than 35.3 million rentable square feet. SmartStop and its affiliates own or manage 53 operating self-storage properties across four provinces in Canada, which total approximately 47,000 units and 4.7 million rentable square feet. Additional information regarding SmartStop is available at www.smartstopselfstorage.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260909631966/en/ Contacts David Corak Senior VP of Corporate Finance and StrategySmartStop Self Storage REIT, [email protected] Media Relations Contact: Julie LeberSpotlight Marketing [email protected]

LADERA RANCH, Calif., August 26, 2026--(BUSINESS WIRE)--Strategic Storage Trust VI, Inc. ("SST VI"), a publicly registered non-traded real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT, Inc. ("SmartStop") (NYSE: SMA), announced operating results for the three and six months ended June 30, 2026. "This was a quarter of operational stability and strategic transformation," commented H. Michael Schwartz, President and CEO of Strategic Storage Trust VI, Inc. "Same-store Revenue showed modest increases, and we made important progress across our joint venture portfolio, positioning those assets for future contribution. Most notably, we announced the merger agreement with Strategic Storage Growth Trust III, Inc. that will create a combined company with more than $1.0 billion in total assets, meaningfully strengthening our competitive position and platform for growth. We’re pleased to build on a stable operating quarter with a transaction that we believe sets up a stronger, more efficient company for the future." Key Highlights for the Three Months Ended June 30, 2026: Total revenues were approximately $8.0 million, an increase of approximately $0.4 million when compared to the same period in 2025. Increased Same-Store Revenues by 1.5% for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Net loss attributable to common stockholders increased approximately $6.8 million or 111.9% compared with the same period in 2025. Decreased same-store Net Operating Income ("NOI") by 1.5% for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Increased same-store annualized rent per occupied square foot by approximately 2.7% to $17.73 for the three months ended June 30, 2026 from $17.27 for the three months ended June 30, 2025. Key Highlights for the Six Months Ended June 30, 2026: Total revenues were approximately $15.9 million, an increase of approximately $0.9 million when compared to the same period in 2025. Increased Same-Store Revenues and NOI by 2.8% and 0.2%, respectively, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. Increased same-store annualized rent per occupied square foot by approximately 4.2% to $17.77 for the six months ended June 30, 2026 from $17.05 for the six months ended June 30, 2025. Year To Date Net loss attributable to common stockholders increased approximately $6.8 million or 111.9% compared with the same period in 2025. Potential SSGT III Merger: On July 14, 2026, the Company, Strategic Storage Growth Trust III, Inc. ("SSGT III"), and SSGT III Merger Sub, LLC, a wholly owned subsidiary of the Company ("SSGT III Merger Sub"), entered into a definitive Agreement and Plan of Merger (the "Merger Agreement"). Pursuant to the Merger Agreement, the Company will acquire SSGT III by way of a merger of SSGT III with and into SSGT III Merger Sub, with SSGT III Merger Sub being the surviving entity (the "SSGT III Merger"). Assuming all of the conditions of the Merger Agreement are satisfied and the SSGT III Merger is consummated in accordance with the terms in the Merger Agreement, the Company will acquire all of the real estate owned by SSGT III, which as of June 30, 2026 consisted of (i) 12 wholly owned self storage facilities located in four states and three Canadian provinces comprising approximately 9,215 self storage units and approximately 981,465 net rentable square feet, (ii) SSGT III’s 50% equity interest in three unconsolidated real estate ventures located in the two Canadian provinces (British Columbia and Quebec), and (iii) beneficial interest in three Delaware Statutory Trust ("DST") sponsored programs that own eight self storage properties. The unconsolidated real estate ventures consist of one operating self storage property and two parcels of land being developed into self storage facilities, with subsidiaries of SmartCentres Real Estate Investment Trust, an unaffiliated third party ("SmartCentres"), owning the other 50% of such entities. For additional information please refer to the Company’s Current Report on Form 8-K filed with the SEC on July 14, 2026. Development Projects: As of June 30, 2026, we owned 50% of the equity interests in five unconsolidated real estate ventures in two Canadian provinces (Ontario and Quebec), with subsidiaries of SmartCentres owning the other 50% of such entities. Our unconsolidated real estate ventures consist of five operating self-storage properties in the lease-up phase. We substantially completed development and commenced operations on our fifth unconsolidated real estate venture in May 2026. As of June 30, 2026, the five operating unconsolidated real estate venture properties had an average physical occupancy of approximately 58%. On February 25, 2026, we substantially completed development and commenced operations on our Etobicoke Property. Our Etobicoke Property consists of approximately 980 units and 90,300 net rentable square feet and was approximately 26% occupied as of June 30, 2026. Declared Distributions: On June 29, 2026, our board of directors declared a daily distribution rate of approximately $0.001698 per day per share on the outstanding shares of common stock payable to Class A, Class T, Class W, Class P, Class Y and Class Z stockholders of record of such shares as shown on our books at the close of business on each day of the period commencing on July 1, 2026 and ending September 30, 2026. In connection with this distribution, stockholders who hold Class T and Class Y shares will be paid an amount equal to approximately $0.001698 per day less the stockholder servicing fee payable per share per day. Such distributions payable to each stockholder of record during a month will be paid the following month. About Strategic Storage Trust VI, Inc. (SST VI): SST VI is a public non-traded REIT that elected to qualify as a REIT for federal income tax purposes. SST VI’s primary investment strategy is to invest in income-producing and growth self-storage facilities and related self-storage real estate investments in the United States and Canada. As of August 26, 2026, SST VI owned 25 operating self storage properties of which 13 are located in seven states (Arizona, Delaware, Florida, Nevada, Oregon, Pennsylvania and Washington) comprising approximately 9,015 units and 1,079,395 rentable square feet (including parking) and 12 located in three Canadian provinces (Alberta, British Columbia and Ontario) comprising approximately 11,185 units and 1,158,015 rentable square feet (including parking), in addition to joint venture interests in four operational and one development property in two Canadian provinces (Ontario and Québec) and one wholly owned development property in Florida. About SmartStop Self Storage REIT, Inc. (SmartStop): SmartStop Self Storage REIT, Inc. ("SmartStop") (NYSE: SMA), is a self-managed REIT with a fully integrated operations team of approximately 1,000 self-storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self-storage programs and, through its Managed Platform, offers third-party management services in the United States and Canada. As of August 26, 2026, SmartStop has an owned or managed portfolio of nearly 460 operating self-storage properties across 36 states, Washington, D.C., and Canada, which totaled approximately 275,000 units and 35.3 million rentable square feet. Of this portfolio, SmartStop owned or managed 53 operating self-storage properties across four provinces in Canada, which totaled approximately 47,000 units and 4.7 million rentable square feet. Additional information regarding SmartStop is available at www.smartstopselfstorage.com. Same-Store Facility Results - Three Months Ended June 30, 2026 and 2025 The following table sets forth operating data for our same-store facilities (stabilized and comparable properties that have been included in the consolidated results of operations since January 1, 2025) for the three months ended June 30, 2026 and 2025. We consider the following data to be meaningful as this allows for the comparison of results without the effects of acquisition, lease up, or development activity. Our increase in same-store revenue of approximately $0.1 million was primarily the result of an increase in revenue per occupied square foot of approximately 2.7% for the three months ended June 30, 2026 over the three months ended June 30, 2025 offset by a decrease in average physical occupancy of approximately 2.4%. Our same-store property operating expenses increased by approximately $0.1 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 primarily related to an increase in real estate taxes. Net operating income, or NOI, is a non-GAAP measure that we define as net income (loss), computed in accordance with GAAP, generated from properties before corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization, acquisition expenses, tenant protection economics, and other non-property related income and expense. We believe that NOI is useful for investors as it provides a measure of the operating performance of our operating assets because NOI excludes certain items that are not associated with the ongoing operation of the properties. Additionally, we believe that NOI (sometimes referred to as property operating income) is a widely accepted measure of comparative operating performance in the real estate community. However, our use of the term NOI may not be comparable to that of other real estate companies as they may have different methodologies for computing this amount. In addition, NOI is not a substitute for net income (loss), cash flows from operations, or other related financial measures, in evaluating our operating performance. The following table presents a reconciliation of net loss as presented on our consolidated statements of operations to NOI, as stated above, for the periods indicated: Same-Store Facility Results - Six Months Ended June 30, 2026 and 2025 The following table sets forth operating data for our same-store facilities (stabilized and comparable properties that have been included in the consolidated results of operations since January 1, 2025) for the six months ended June 30, 2026 and 2025. We consider the following data to be meaningful as this allows for the comparison of results without the effects of acquisition, lease up, or development activity. Our increase in same-store revenue of approximately $0.3 million was primarily the result of an increase in revenue per occupied square foot of approximately 4.2% for the six months ended June 30, 2026 over the six months ended June 30, 2025, offset by a decrease in average physical occupancy of approximately 2.4%. Our same-store property operating expenses increased by approximately $0.3 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily related to an increase in real estate taxes. The following table presents a reconciliation of net loss as presented on our consolidated statements of operations to NOI, as stated above, for the periods indicated: Forward-Looking Statements Certain of the matters discussed in this earnings release, other than historical facts, constitute forward-looking statements within the meaning of the federal securities laws, and we intend for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in such federal securities laws. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," or other similar words, or the negative of such terms or other comparable terminology, or by discussions of strategy. We may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by us or on our behalf, are also expressly qualified by these cautionary statements. Such statements include, but are not limited to statements concerning our plans, strategies, initiatives, prospects, objectives, goals, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions and other information that is not historical information. Such statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those projected or anticipated, including, without limitation: disruptions in the economy, including debt and banking markets and foreign currency, including changes in the Canadian Dollar ("CAD")/U.S. Dollar ("USD") exchange rate; significant transaction costs, including financing costs, and unknown liabilities; whether we will be successful in the pursuit of our business plan and investment objectives; changes in the political and economic climate, economic conditions and fiscal imbalances in the United States, and other major developments, including tariffs, wars, natural disasters, epidemics and pandemics, military actions, and terrorist attacks; changes in tax and other laws and regulations, including tenant protection programs and other aspects of our business; difficulties in our ability to attract and retain qualified personnel and management; the effect of competition at our self-storage properties or from other storage alternatives, which could cause rents and occupancy rates to decline; failure to close on pending or future acquisitions on favorable terms or at all; our reliance on information technologies, which are vulnerable to, among other things, attack from computer viruses and malware, hacking, cyberattacks and other unauthorized access or misuse; increases in interest rates; and failure to maintain our REIT status. All forward-looking statements, including without limitation, management’s examination of historical operating trends and estimates of future earnings, are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith, and we believe there is a reasonable basis for them, but there can be no assurance that management’s expectations, beliefs and projections will result or be achieved. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this report is filed with the Securities and Exchange Commission (the "SEC") and are not intended to be a guarantee of our performance in future periods. We cannot guarantee the accuracy of any such forward-looking statements contained in this earnings release, and we do not intend to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. For further information regarding risks and uncertainties associated with our business, and important factors that could cause our actual results to vary materially from those expressed or implied in such forward-looking statements, please refer to the factors listed and described under "Management’s Discussion and Analysis of Financial Condition and Results of Operations" and the "Risk Factors" sections of the documents we file from time to time with the SEC, including, but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2025, as supplemented by the risk factors included in Part II, Item 1A of our Form 10-Qs, copies of which may be obtained from our website at www.strategicreit.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260826910938/en/ Contacts David Corak SVP of Corporate Finance & StrategySmartStop Self Storage REIT, [email protected] Media Relations Contact: Spotlight Marketing [email protected]

Image source: The Motley Fool. Thursday, Aug. 6, 2026 at 12:00 p.m. ET Founder, Chairman, and Chief Executive Officer - H. Michael Schwartz Chief Financial Officer - James R. Barry Senior Vice President of Corporate Finance and Strategy - David Steven Corak Operator: Everyone. Thank you for joining us. Welcome to SmartStop Self Storage's second quarter 26 Earnings Call. After today's prepared remarks, we will host a question-and-answer session. If you would like to ask a question, please press 1. To raise your hand. To withdraw your question, press 1 again. I will now hand the conference over to David Steven Corak, senior vice president of corporate finance and strategy. David? Please go ahead. David Steven Corak: Thank you, operator. Before we begin, I would like to remind everyone that certain statements made during today's call including statements about our future plans, prospects and expectations, may be considered forward looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act. These forward looking statements are subject to numerous risks and uncertainties as described in our filings with the Securities and Exchange Commission. And these risks could cause our actual results to differ materially from those expressed in or implied by our comments. Forward looking statements in our earnings release that we issued last night, along with the comments on this call, are made only as of today. The company assumes no obligation to update any forward looking statements whether as a result of new information, future events or otherwise. In addition, we will also refer to certain non GAAP financial measures. Information regarding our use of these measures and a reconciliation of these measures to GAAP measures can be found in our earnings release and supplemental disclosure that we issued last night and are available for download on our website at investors.smartstopselfstorage.com. In addition to myself, today, we have h Michael Schwartz, founder, chairman, and CEO well as James R. Barry, our CFO. Now I will turn over to Michael. H. Michael Schwartz: Thank you, David. Thank you for joining us today for our second quarter earnings call. SmartStop Self Storage had a strong quarter of results. And we further reinforced our vision by communicating our long term strategy for shareholder value creation with the announcement of our DECA initiative in July. Let me first touch on our results for the second quarter. We posted strong same store revenue growth of 1.3%. an operating expense decrease of 3.4% and an NOI growth of a positive 3.7%. And maintained average occupancy of 92.5%. Operationally, 10 of our top 15 markets post positive same store NOI growth. Our strong focus on expense control led to a 150 basis point year over year growth in our same store operating margin. This is our second quarter in a row of improved margins. This operational performance, coupled with overall efficiencies resulted in reported FFO as adjusted per share of $0.49 up 17.6% year over year. With these results and better than expected momentum into the second half of the year, we raised the midpoint of our same store revenue and same store NOI guidance as well as our FFO as adjusted per share guidance. In July, we introduced the DECA initiative. Which is our multiyear strategic framework that guides our decision making as a management team. The DECA initiative stands for disciplined execution, compounding appreciation, through 6 defined pillars for outsized long term value creation. This value creation is driven by relative outperformance, margin expansion, and outsized FFO as adjusted per share growth. This is the true goal of our DECA initiative. I communicated a $10 billion capitalization level, which will be the output of executing in a disciplined fashion on those goals. And that level is also the size that we think SmartStop's platform can begin to recognize its full potential. Our results and activity this quarter are a perfect reflection of this initiative. Strong same store results driven by our revenue management platform talented operations and store level teams growing efficiencies as we scale, and deliberate expense control. Same store operating margins of 67.3% up 150 basis points year over year. NOI growth of 9.4% in our Canadian joint venture properties year over year. 14% growth of the reoccurring revenue stream for our managed REIT platform, the acquisition of a 3 property portfolio of high quality self storage properties at a high 5% cap rate, the deployment of $16.3 million of bridge capital at a double digit yield. An organic reduction to our cash flow leverage to 6.2x, and finally, sector leading FFO as adjusted per share growth of 17.6% year over year. Sitting here, 16 months post IPO, we are encouraged by the sector's momentum and our successful execution of the plans we laid out at the IPO. We are excited to articulate communicate the DECA initiative with all of you. And while the pillars we outline were on display in the second quarter, we have just begun to scratch the surface of this company's full potential. As I wrote in the letter, the DECA initiative is the future. The foundation is laid. Progress has been made. And the work is underway. Now I am going to turn it over to James. James R. Barry: Thank you, Michael. Starting with our operating performance, our same store pool posted year over year revenue growth of 1.3% with a 3.4% decrease in operating expenses, leading to an NOI increase of 3.7% with quarter ending occupancy of 92.4%. These results were slightly better on a constant currency basis. We were very pleased with our operating expenses with a year over year decrease of 3.4% in the same store pool in the second quarter. This expense control led to an increase in our same store margins of 150 basis points. We saw a decrease in payroll, property insurance, repairs and maintenance and utilities with relatively flat growth in property taxes. Our web rates were down 3.8% during the quarter Our achieved move in rates per square foot were down 4.4% on average. Occupancy in July was 92.1%, down 65 basis points year over year. We felt more comfortable holding our asking rates heading into Q3 as our web rates were actually up 1.2% year over year for the month of July, slightly better than we anticipated. Our 7 properties that were impacted by LA County Fire ECRI restrictions posted negative 2% same store revenue growth in the second quarter. However, with the lift of these restrictions, we are anticipating those returning to positive same store revenue growth for the remainder of the year. On the external growth front, we acquired 3 properties on balance sheet in Spartanburg, South Carolina, approximately $30 million We also closed on a preferred investment on a property in Galita, California for $16.3 million which we assumed property management of that asset at the end of June. The result of all of this for the second quarter of 26 is that we posted fully diluted FFO as adjusted per share in unit of $0.49. Turning to guidance. We raised our same store revenue guidance from a range of -0.25% to 1.75% to a range of 0.5% to 1.5%. The lift of the LA fire restrictions account for about a quarter of that raise or 5 to 7 basis points. The remainder comes from a combination of better than expected second quarter paired with better than expected momentum into the second half. Additionally, we are reducing our overall operating expense growth range from 1.75% to 3.75% to a range of 0.25% to 1.25%. Driven by a combination of controllable expenses and property insurance. Result is an increase of our NOI growth midpoint from -0.25% to a positive 1.15%. Lastly, we raised our guidance on FFO as adjusted per share from $1.94 to $2.04 to $1.98 to $2.04. And with that, operator, we will open it up to questions. Operator: We will now begin the question-and-answer session. You would like to ask a question, please press 1. To raise your hand. To withdraw your question, press 1 again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Wesley Golladay with Baird. Wesley please go ahead. Wesley Golladay: Hey, everyone. Just a question on the acquisition pipeline that you are seeing. Are you expecting to transact around a similar cap rate of 5.9% that you did in the quarter? H. Michael Schwartz: Well, the answer, I think, is yes. I think that is kind of what our target is. I think if I step back I want to reinforce that we do believe this is a solid acquisition cycle. It is here. And it is driven by primarily individuals that have built or bought during COVID heyday. And now a lot of them are quite frankly over their skis. And so the result is a wave of high quality, properties that are coming up for sale. Because owners are effectively out of options. And so today, we are seeing a lot of attractive opportunities out there on the stabilized front. U. S. And Canada. U.S. kind of at that mid, you know, 5.5%, and it is more between 4% to 5%, I would say, in a lot of the Canadian markets. Pricing though, I think, in broker market acquisitions are still a little high. I think there are deals out there. I think a lot of off market deals seem to be the most attractive right now if you can find those. Given where we sit in leverage, which I think is incredibly important to kind of address with respect to that question, we did reduce our cash flow leverage again this quarter. Even while deploying capital. And so we have raised our full year capital deployment guidance to between $55 million and $75 million range. And we definitely have room to be more active if the right opportunities, you know, present themselves. And so I do wanna be clear that, we are not going to just chase volume or size for its sake. You know, we are, obviously, focusing on acquisitions that can be accretive to the platform. And as we have said before, we wanna reemphasize you know, $300 million of acquisitions actually move our market cap by about 10% So that is meaningful growth for SmartStop. SmartStop Self Storage, which is much different, than our peers. They have to chase much larger asset sizes. And so it is a overall, I think, very solid acquisition environment. Wesley Golladay: Okay. And just 1, I guess, housekeeping question. You do have a $2 million 1-time fee that you are gonna earn from the funds consolidating. Would that be included in your third party management guide? David Steven Corak: Hey, Wesley. This is Corak. Yeah. So that will be included in the managed REIT guidance, which falls under the managed platform. And I would I would expect that to hit in the fourth quarter. And that and for what it was, that was a consideration in the initial guidance as well. Wesley Golladay: Alright. Appreciate it. Thanks. Wes. Operator: Your next question comes from the line of Viktor Fediv with Scotiabank. Viktor, please go ahead. Viktor Fediv: Thank you, and hello, everyone. So your same store NOI margin expanded 150 basis points year over year, up from 30 basis points last quarter. So how much of that improvement is actually sustainable operating leverage from increased market density versus more temporary benefits such as insurance and repair and maintenance savings And where do you see the biggest opportunity for further margin expansion going forward? James R. Barry: Yeah. Thanks, Viktor. This is James. I will jump in there. So just to touch on some of the savings we saw from an operating expense perspective in the second quarter. As we mentioned, it was on a number of line items. So payroll was there. Repairs and maintenance, property insurance, and utilities as well. So in terms of what is structurally happening, in those operating expense savings, Obviously, we had our property insurance renewal that occurred in April, and so that is part of a just general softening in that particular market, and that is gonna carry forward through the rest of this year. In addition, repairs and maintenance, that was largely a comp consideration, although we are doing a good job of inspecting and expecting those dollars. I think the larger story is in the payroll, section, right, where we were down about 2.3% for the quarter, and we believe that is part of the overall clustering story that we have been talking about pretty consistently about margins improving as we add. So 1 of the examples we like to talk about is in the Denver market in particular, our operating expenses were down substantially and was almost entirely attributable to payroll. And if you notice, we when we took over the Argus platform in October of last year, we increased our overall presence in that market. By about 4x. Right? And so going from 9 properties to over 50 between owned and managed is really helping drive some of those economies of scale and clustering that we have originally talked about. Viktor Fediv: James. And then my second question is on your assumptions for moving rates and occupancy for the remainder of the year. And how can you end up being on the, for example, upper end of your AFFO per share-- sorry, AFFO per share range? David Steven Corak: Hey, Viktor. it is Corak. So I will just kind of talk through some of the operating assumptions. Not too dissimilar from what we talked about last quarter. So in terms of the move in rent trends and web trends, some markets, as you can see, have already turned positive. Other supply markets are still a little bit negative. We still think by the end of the year, by the end of rental season, in that fourth quarter, I think we are going to start to see a broader inflection. From an occupancy standpoint, you know, slightly negative relative to 25 based on where we are sitting today. And ECRIs, you know, at or better than 25 levels. Right, given the strength and the health of the existing customer. You know, our length of stay continues to increase, and our bad debts are relatively muted. And then, of course, from a supply perspective, we have talked about this, but, you know, the supply impact continues to decrease through the rest of the year and into 2027 and 2028. In terms of, you know, the hitting the top end of our guidance, I am just gonna start on the revenue growth side because that is obviously the most material piece. To the overall AFFO. So if you look back to 2025, and I am gonna talk a little bit the cadence and then talk about the magnitude there. If you look back to 2025, our 3Q revenue growth was 2.5%. While April was only up about 40 basis points. So a fairly lumpy year over year comp that we have in the second half of year, which would in itself dictate know, the fourth quarter growth would be higher than third quarter. The other pieces that work there, of course, the Asheville occupancy comp, which lapsed on October 1, and the California ECI restriction lift that will have a more positive impact on the fourth quarter than the third quarter. So, again, those data points just from a modeling perspective would support a higher growth rate in the fourth quarter versus the third quarter. When you think about, you know, kind of the deceleration baked that you would you would calculate baked into the midpoint of guidance in terms of same store revenue growth, I think 1 of the lessons that we have learned over the past 24 to 36 months in storage is that periods of volatility or choppiness can pop up. Right? It happened a few times in 2025. It happened in March and April of this year with some geopolitical noise. Right? This summer, we have been relatively unscathed. You know? Knock on wood, of course. So if you think about, you know, our guidance this year, we are assuming that there is going to be some more periods of some volatility as we as we head into slow season here. Assigning a probability that there could be some choppiness in the half of the year. But I think if we do not get that volatility and we see a more normal offseason, I think we feel pretty good about hitting the top end of that revenue range. Again, that is the biggest, you know, piece of the, the overall FFO story. I think if you go down the individual line items, right, there is probably if we get some acquisitions in the managed REITs, that can help out as well. But right now, we are we are pretty comfortable with the midpoint of the guidance. Viktor Fediv: Got it. Thank you. Thank you. Operator: Your next question comes from the line of Eric Luebchow with Wells Fargo. Eric, please go ahead. Eric Luebchow: Great. Thanks for taking the question. I wanted to ask a little bit more about Asheville. Couple properties contributed as part of the eminent domain proceeding and the occupancy falloff, as you alluded to, is improving. You could talk about what you are seeing on the ground in Asheville. Obviously, I know comps get easier in Q4, but what are your plans there perhaps grow your presence over time? I know it was your best performing market, I believe, in 2025. H. Michael Schwartz: Absolutely. Let me kind of talk a little bit about the Asheville market and then I will flip it over to James to talk about kind of eminent domain and new development that we have. Many of you know we have been in the national market for a pretty long time. it is been about 10 years. And so we know that market incredibly well. And as you said, the Asheville was our best performing market in 2025 with a 6% same store revenue growth. We are obviously, you know, facing some tough occupancy comps in 2026. But the year over year occupancy gap, you know, has narrowed dramatically since December, and it is averaging down, you know, as we have said, about 230 basis points year over year in the second quarter. And so occupancy currently is solid 91.8%. The web rates in the market have been stronger than we have anticipated. At the beginning of the year, and they are actually now positive year over year as we have moved into July. And so I think what we are seeing is a fairly traditional cadence of occupancy for a natural disaster, you know, of this kind. And now we have moved into kind of the post natural disaster stabilized you know, occupancy level. Overall, we still expect Asheville to be a relative underperformer in 2026, specifically through the end of the third quarter. Now that said, the portfolio's performing slightly better than expected. Currently in July. James R. Barry: James? Yeah. Eric, as you mentioned, we did have 2 properties, and we disclosed this in our, earnings release. We had 2 properties that were subject to eminent domain proceedings in Nashville. There was a large portion of 1 property, about 80% of that asset that was taken in the second quarter. And a small portion of a second property that was taken subsequent to quarter end. That was about 20% of that property. The way these proceedings work is that you receive an initial payment, and then there is a legal process to determine the final value for those, pieces of land that are taken. In addition, the North Carolina Department of Transportation is coordinating with us to relocate existing customers in the affected buildings. And so some of that supply is coming offline. The other thing that we wanted to note is you know, as you may recall, we did have a loss of a property as a result of the flooding that occurred, we are excited to announce that in early 27, we will be breaking ground to rebuild that asset. And this property will be about 83% larger than the original property that was destroyed. it is likely a late 27, early 28 delivery. So you know, we are reinvesting back into this market with some of the supply that is coming back offline. As a result of the flood and these eminent domain proceedings. Eric Luebchow: Thanks, guys, for that. And just 1 follow-up for me. if we could just chat a little bit about Canada and the GTA market. I know that is also going through some pretty tough comp versus last year, but maybe you could talk about what you are seeing in terms of the fundamentals in Canada and once we get past these tougher comps. How you think growth will trend? And then related to that, 1 of your largest competitors is moving into the Canadian market through a pending acquisition. So just wondering if that changes competitive dynamics at all or if you feel pretty confident in your trajectory there? Thank you. H. Michael Schwartz: Yeah. Great question. We get a lot of those questions. Let me first just start by talking about our same store portfolio. Our Canadian self storage same store portfolio, it consists of 13 seasoned stabilized properties, but they are all in the Greater Toronto area and as we, you know, say the GTA. It represents about 1.1 million square feet. The same store revenue for this pool was down 1% on a constant currency basis in the second quarter, but we did have a tough comp. at 2%. However, that was meaningful and tougher than, United States. And so when you take a look at our joint venture properties with smart centers, we have 10 properties, 900 thousand square feet. They are currently at 92.3%. And these skew towards more recently stabilized, assets. Well, we were able to grow revenues at 6.7% and NOI growth of 9.4% in the quarter. So at the end of July, the GTA's same store occupancy was 92.2%. Yes. It was down 60 basis points year over year, but it actually, compares favorably to The US. And so for the full year, we do expect that the GTA will run modestly below The US portfolio, primarily a function of tougher comps for 2025. The GTA delivered approximately 2.7% same store revenue growth last year and about 100 basis points ahead of The US. So part of what, we believe looks like relative softness this year is a flip side of the GTA's outperformance. For last year. And quite frankly, the revenue growth in our GTA portfolio has been about 3x that of The US portfolio over the last 36 months. New supply, we have to talk about in the GTA. We think it is peaked and will moderate over the next 2 plus years. We know that pretty well because SmartStop is the single largest developer in the market and which, will certainly strengthen, I think, our foothold on the GTA. Now in terms of demand, as you brought up, the Canadian consumer is, pretty healthy. You know, our Canadian bad debt is currently less than half of The US levels, and improving year over year. Now macro uncertainty tied to events like the war, tariffs have caused some hesitation and delay in the rental decisions. And you concentrate that in only certain pockets it is not throughout the GTA. there is certain pockets. But other Canadian markets are showing steadier trends. So for an instance, our Alberta portfolio has grown occupancy by 15% in the past, you know, 2 quarters. And so the structural demand drivers such as aging and downsizing population, shrinking home sizes, and continued urban densification, it remains intact. Population growth, we believe, is expected to resume as the immigration policy normalizes. And we are also seeing, I think, a very unique environment as a window for disciplined external growth. We are evaluating currently numerous acquisitions and joint venture opportunities, in this market. And so look, we remain absolutely committed to the GTA. And our growing Canadian portfolio, and I will also say that I wanna emphasize our GTA portfolio is irreplaceable real estate that has been built over the past, you know, 16 years. Now having said that, there is no question we are getting a lot of questions with, Public Storage and their acquisition of PS Canada. And so I think my comments, are that having another competitor like Public Storage in Canada, I think it really just underscores, and it is a true testament to our Canadian vision and strategy and it certainly validates why we entered this market 16 years ago. And so we have been competing with them in The US now. For the last 22 years. And so there is no question it is gonna be a more competitive environment. But, we welcome it, and that is 1 thing you, I think you can guarantee on SmartStop self storage. Is that we are competitors. And so, I think we will rise to the occasion. Great. Thank you, guys. Operator: Your next question comes from the line of R.J. Milligan with Raymond James. RJ, please go ahead. R.J. Milligan: Yeah. Good morning to you guys. Good afternoon. I wanted to follow-up on the question about the margin opportunity. I am just curious, how much more margin expansion is there available by pulling internal levers versus how much more margin expansion do you think you can get through expanding scale? James R. Barry: Yeah. RJ, this is James. I will jump in there. So as we have, consistently said, you know, since our IPO, within in pockets and in markets, MSAs where we have those 10 or more properties, we tend to have margins that are about that we see an improvement of about 300 basis points. And so, for example, with the Argus transaction, because I mentioned the Denver expansion, you know, that is there were 3 markets where we tipped over that 10-property mark. When we transitioned from September 30 to October 1. With that, with that onboarding. And so that we still believe that there is a lot of margin expansion to be realized as those programs and those platforms continue to integrate and as we continue to grow both on balance sheet within joint ventures and within third party management. And so, and that coupled with items such as, you know, property insurance renewals that are favorable, our solar initiative, which is ongoing and producing results in reduced utilities, So we are we continue to be driving on all aspects of that. H. Michael Schwartz: Well, and I would just add if we continue to perform and outperform on our same store pool, that will naturally, contribute to additional margin expansion. R.J. Milligan: Thanks for that. And then you guys talked a little bit about the acquisition opportunities, but thinking about maybe other external growth areas. Can you maybe give an update on the bridge Lending joint venture? David Steven Corak: Hey, RJ. it is Corak. First of all, great to have you back in the world of self storage. The lending access kind of pipeline for us remains very attractive. We have talked previously about a pipeline in excess of a $100 million. With target yields in the 10% to 14% range. Typically structured as mezzanine or preferred. That pipeline remains. As of June 30, we have a book of about $20 million. All pref at this point on 6 properties, all of which we have property management We closed another $3 million pref after the quarter end. And the blended yield of everything we have today is just under 11%. So we are we are actively also working on an A-note, B-note approach or a stretch senior type approach. Where we would sell off an A 50% to 60% LTV a note to another party. So really a broad array of arrows in the quiver for us at this point as the pipeline is really dictating both approaches. As we saw again this quarter, the platform tends to generate third party management assignments, on the underlying property. So really symbiotic relationship there, creating really a, you know, strong attractive returns on a capital light basis. Additionally, you know, the program, we expect will inherently create natural pipeline for future acquisitions at some point. We like the risk adjusted returns on these deals a lot. The deals we are going after, but are certainly sensitive to the to the quality of the underlying properties and the sponsor. And the impact on leverage and, of course, overall earnings quality. But I think you will see you will see us take a more balanced approach to building out this program. R.J. Milligan: that is great. Thank you, guys. Thanks, R.J. Operator: Your next question comes from the line of Spenser Allaway with Green Street. Spenser Allaway, please go ahead. Analyst: Thank you. So pricing regulations specifically, as it relates to surveillance pricing has become a real theme for the sector this year. And we have actually seen some regulation passed in New York. So I am just curious how you are thinking about that to your revenue management systems. And then separately, just given how larger Toronto footprint is, are you guys seeing any similar regulatory moves in Canada at all? James R. Barry: Yeah. I will touch on the US in particular. I mean, obviously, we do not have any direct exposure to the New York City areas that were affected by the recent some of the recent movements and, from a political perspective there. However, it is a it is a topic we are consistently monitoring and evaluating and we are working with local self storage association groups and task force to make sure we are staying abreast of everything going on. And that being said, I think it is it is important to note that everyone has their own proprietary pricing. Systems. Right? And so our algorithms are different than you know, other publicly traded peers as well as private operators. And so yeah, we are making decisions on our own with our own systems that are constantly evolving and changing. And so and at the end of the day, this is still a month to month business structurally. H. Michael Schwartz: Yeah. And I would also just add that I think there is probably some more risk with organizations using off the shelf pricing software that is aggregating a lot of different owners. I think that was 1 of the issues with respect that we saw kind of in the multifamily side. And so you know, our overall pricing, side is just taking into account supply and demand factors, not taking into account, you know, personal data from individuals that can be and are, you know, highly sensitive. In concert with that, you know, we have seen, in areas, let's say, in Montreal, where, there were, some regulatory concerns with respect to, how rentals were being offered up and their discounts and promotions. But as we went through that, what we have found, it was more or less about just making sure that you were transparent to the consumer with respect to you are presenting what you are price is, that the price, can go up, and being clear on any additional fees in the first month and clear what the ongoing, overall, you know, expense is gonna be in the second and third month. And so I think as an industry, I think what I what I have seen, and I think it is been amazing, is that they are adapting to being as transparent as possible. And more importantly, as you have individuals that may have questions or concerns, is having the proper culture, people, and environment to deal with that on a 1-on-1 basis and not allowing people to not have kind of a voice. And I think that, you know, the industry is doing a great job from that perspective. Okay. Great. Thanks for all of that color. And then I know you provided a lot of commentary and color on the expense side and the savings. You experienced this quarter. Is there anything that is been kind of achieved on the AI side that is helping you with cost savings? You know, we I you know, as we said from a from an AI perspective, it is 1 of the kind of 1 of our pillars within the DECA initiative, and that is something that is obviously continually evolving within our organization. There is no question that there are areas where I think we can enhance revenue. I think there is areas that, you know, we can see some cost savings. I think that we are kind of in the early stages of addressing and, developing the technology to do that. So I cannot say that, you know, right off the right now that we have implemented some of the AI strategies yet, with respect to cost savings. And some of those, you know, have to do with you know, from an accounting perspective, they do have to do with our call center. I think some of that is some of the low hanging fruit. In addition, kind of having an analysis of employees and hours and being able to kinda move individuals around appropriately within, you know, an AI-focused structure. And so I think some of those cost savings are going to see over more of a midterm type of, time frame versus the short term. We have gotta be very thoughtful. it is-- we believe and we are all in on artificial intelligence, but we have just seen too often that, some of these companies are just trying to sell you know, axes and picks and shovels to people that are trying to find gold. And what we are trying to do is have a very thoughtful approach in making sure that every dollar that we spend that we can follow it through to the ultimate savings and or revenue enhancement that we believe it can achieve. Thank you so much. Operator: Your next question comes from the line of Todd Thomas with KeyBanc Capital Markets. Todd, please go ahead. Todd Thomas: Yeah. Hi. Thanks. A couple of follow ups, I guess. I wanted to go back first to the PS Canada and Public Storage transaction. Curious what the overlap is like with SmartStop's Canada portfolio. And then do you think that PSA's ownership could lead to, you know, a different operating or revenue management strategy than you have historically seen in those markets? David Steven Corak: Todd, it is Corak. So I will answer the first question about the overlap. it is primarily all of our GTA portfolio. Both in the same store and the joint venture pools there. So it is a decent amount of overlap less so in the in the Alberta pools, but certainly in the in the GTA. In terms of strategy, Todd, I mean, it is really tough for us to sit here and comment on another company's strategy. We can learn from history, but we also, you know, do not know. it is a new market for PS. So we are not going to sit-- I cannot sit here and confidently you know, call out what they are going to do or what the impact could be. Todd Thomas: Okay. And then in terms of, you know, some of the updates around July, I appreciate some of that. Heard the occupancy and, I think, web rates, but look like move in rents improved throughout the quarter. Looked like June was a stronger month than what you reported for April and May, and I was just curious if you could talk about that a little bit and also what move in rents looked like in July. David Steven Corak: Sure, Todd. I will start with the second quarter and then go into July. So the second quarter, we were able to hold web rates fairly steady. We were down about 3.5% year over year for the for the course of the of the entirety of the second quarter. We do have some new disclosure in the sup as I am sure you have seen. So, you can see that move in rates were per square foot for the quarter were down 4.4% year over year. That is an apples to apples stat with the rent cost that we disclose in the sub. And so that was an improvement from the first quarter. Concessions were up were up modestly in the first quarter in the in the second quarter. I am sorry. So we continue to use that tool a little bit more. As we move into July, July ended up being a pretty good overall month for us. We ran we ran a very successful fourth of July in and Canada Day Sale. Web reservations were up 0.7%. Rentals were up 7.2%. And, this is across both The US and Canada. Our concession usage actually declined year over year. And, as you probably heard, web rates were actually up 1% year over year in July. The move in rents were down a little bit, down about 5% year over year. But at the end of July, we were at an occupancy of 92.1%, down, you know, 65 ish basis points year over year. But our in place rates were up over 2%. Year over year. Todd Thomas: So it is a fairly consistent theme with you in terms of balancing the rate occupancy. So I think we are we are fairly encouraged as we enter the, you know, the shoulder seasons. Okay. Yeah. that is helpful. And then, I guess, along those lines and with occupancy, you know, there was some commentary there too. But, you know, it is been unusually stable over the last several quarters, a little less seasonal. Improvement from Q1 to Q2 than we have typically seen. But, you know, also, there was less seasonality in the back half of 2025 as well. Is that primarily a function of some market specific factors? Or is that sort of does that reflect you know, kind of a deliberate operating strategy? And I am just wondering how we should think about seasonality in the back half of 2026 now, and sort of the earlier part of 2027. James R. Barry: Yeah, Todd. it is a it is a good observation because we you are right. Our occupancy has been pretty steady, and that is been a target of ours as to be at that 92% physical occupancy level, give or take. And so moving into the second quarter, you know, there was a bit of a shift in our pricing systems and the way we are approaching things on a on a shift towards rate. As David alluded to with some of the web rates and the reduced promotions and things like that. So our annualized rent per occupied square foot was up 1.9% to kind of counteract the occupancy To your point, there are market dynamics going on, most notably Asheville. And so if you strip out Asheville out of our same store pool, for the second quarter, we were only down 45 basis points in occupancy. Right? So there is some dilution going on and some gives and some takes as we as we go. But overall, we still feel good about our approach into this busy season. As we have consistently said, wanna be highly occupied you know, 92%+ so that we can drive rate during busy season, which we have been doing. And then coming out of busy season, we do wanna maintain a good base of occupancy. And so we are gonna see some seasonal effects. But to your point, we are gonna try and keep, you know, keep tenants in the in our storage units. Okay. Todd Thomas: So it sounds like a more gradual return to seasonality, but perhaps still a little bit more muted in the back half of the year than what we would expect historically. Is that sound about right? James R. Barry: Yes. I think that is how we are approaching the tail off of the business. And that being said, our systems are dynamic. Right? And if we see opportunities, you know, they are gonna respond to them. But, yeah, I think that is, that is how we are thinking about it today. Todd Thomas: Okay. Alright. Thank you. Operator: Your next question comes from the line of Mike Mueller with JPM. Mike, please go ahead. Michael Mueller: Yeah. Hi. A couple more revenue questions. I guess I guess, first, when you are thinking about the move in rate comps, when do you think you crossed the positive territory there? David Steven Corak: Hey, Mike. We when we laid out the sort of building blocks to the guidance as it stands today, you know, we are we are looking at, you know, move in rate kind of the inflection point later this year. Right? So, later, between the end of, rental season and the end of the year, somewhere in that range. Michael Mueller: Okay. Got it. And then if you are looking at ECRI, can you give us a sense as to about you know, what portion of your units get at least 1 increase per year? James R. Barry: Yeah. I would say the majority of our customers get a rate increase at least 1 time once during the bid season. That being said, you know, as our most valuable customers are the ones that are gonna be staying the longest. And so as they evolve in their in their customer journey, they are less likely to actually be receiving 1 of those ECRIs. Just as a reminder, you know, we are always testing. We are always monitoring our ECRI approach We really have not changed the cadence over the course of this year. And, and we continue to be in that, on average, sort of low-20%s on a blended basis. Over the course of 2026. Michael Mueller: Got it. Okay. Thank you. Thanks, Mike. Thanks, Mike. Operator: Your next question comes from the line of Juan Sanabria with BMO Capital Markets. Juan, please go ahead. Robin Haneland: Hi. This is Robin Haneland sitting here for Juan. I was just curious if you can provide an update on the potential timing of a JV partner and transaction and if you could share any hurdles you have overcome to date? H. Michael Schwartz: Yeah. Thank you. I would say the following, and we have been pretty consistent with our communication. We are having numerous conversations that are ongoing. And we feel pretty good, you know, about the direction we are heading, the conversations we have. We do not have anything definitive to announce today. But if and when we have something announced on that front, you know, we will do so, and it is gonna represent incremental capacity on top of what is already embedded, in the updated, you know, guidance. I think what we are finding is there are a lot of organizations in The US and Canada that are very, very, you know, interested in, allocating storage. So it is not if from a SmartStop perspective, it just went. Robin Haneland: Thank you. And then on the momentum building in your third party platform. 1 store added now in Canada, but down on a net basis. Just curious if you can elaborate and provide some color. H. Michael Schwartz: Absolutely. Well, so far, you know, we are very happy with, the Argus third party management platform. We think the receptivity thus far to the SmartStop and the current owner's base and the potential new owners remain strong. Now with any acquisition, you know, you have, you know, different phases of integration and to our platform. And so you know, Phase 1 for us was understanding the people and the entrepreneurial owners at Argus. 2, Phase 2 was introducing, you know, our people. You know, the smart stop people, smart stop culture, the smart stop platform. And then 3, as, some of those private label Argus, individuals entrepreneurial individuals moved over, to SmartStop, getting those testimonials for the strength of the SmartStop and or the SmartStop legacy platform. Overall, owners have been very impressed with the top of the funnel. I think that is 1 of the biggest comments that we get. And in addition, to our communication, our tech platform, and not losing sight of, those entrepreneurial owners. And so the property performance has materially improved with those owners that have moved on in our platform. So we are kind of in Phase 4 now. it is that broader migration onto the Smart Stop platform, but, you know, we still wanna provide options to meet the entrepreneurial spirit, you know, of our owners. And so we are currently coming out of Phase 3 into Phase 4. I think September will start to kick start, Phase 4 as we kind of roll off of the rental season. We move into, the SSA Las Vegas meeting, Now having said that, we do continue to see new contracts being signed across the spectrum of options, and we are encouraged by the adoption of the SmartStop branded and legacy platforms. Now the broader pattern that we have called out the this last quarter Private label owners are seeing stronger lead flow. Once they are on the SmartStop platform, and they are gradually migrating towards either the legacy or the full Smart Stop brand. And this is continuing, and we are we are, you know, each and every month, we are starting to see these, owners transfer. You know, at this time, I would not move up any kind of time line when the full margin synergies will show up in our p and l. I think that is been more of a 2027 story. As the technology migration and the rebranding works. Works its way through the portfolio. but we are starting to see some early signs of this. In addition, the underlying signs of owner satisfaction, lead generation are consistent with what gives us confidence in the longer you know, dated, you know, payoff with respect to Argus 3PM. And so we did have some off boards on the private label platform, but we are seeing improvement in the overall quality of the managed portfolio. So the average square feet of storage, for each onboard, store was approximately 73% larger than our offboards. And so we had 90 thousand net rentable square feet of onboards, as compared to 52 thousand net rentable square feet for the offboard. So the larger stores plus the stronger demographics mean these onboarded stores will have higher overall revenues than the offboards. In addition, as we have announced, we have onboarded our first third party management property in Canada in Q2, and that is obviously, 1 small step with respect to our expansion and the third party in Canada. But, you know, interesting enough, we do have some Canadian owners of US properties that are actually so happy with what we are doing for them in The US there are discussions with respect to their Canadian properties. And so 6 of the properties that we have onboarded, which I think is important, are current bridge lending customers. And I think that demonstrates the symbiotic, relationship between, you know, our bridge program and also this, you know, our third party management. And lastly, I think 1 of the biggest benefits that we are seeing out of Argus is the benefit of scale in terms of margin. And so I kind of talked about that through the call with respect to you know, the Denver presence and, how that has impacted not only, our entrepreneurial owners, but also, you know, our own same store margins. And so you know, the year to date, just wanna reinforce that those Denver margins are up 430 basis points. So I think overall, you know, we are far along within the integration. We still have a lot of work to do. But, we are very happy about the progress thus far. Thank you. Robin Haneland: Thanks, Robin. Operator: Are no further questions at this time. I will now turn the call back to Michael Schwartz for closing remarks. Michael, please go ahead. H. Michael Schwartz: Thank you, operator. Well, SmartStop Self Storage had a phenomenal second quarter. I wanna thank you for your time and interest in SmartStop Self Storage, a smarter way to store. Have a great day. Operator: This concludes today's call. Thank you for attending. You may now disconnect. Before you buy stock in SmartStop Self Storage REIT, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and SmartStop Self Storage REIT wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $400,209!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,375,393!* Now, it’s worth noting Stock Advisor’s total average return is 964% — a market-crushing outperformance compared to 215% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of August 13, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. SmartStop (SMA) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Track your investments for FREE with Simply Wall St, the portfolio command center trusted by over 7 million individual investors worldwide. SmartStop Self Storage REIT (SMA) is back in focus after a fresh monthly dividend declaration and new quarterly earnings results, giving income focused investors updated numbers to work with in early August. See our latest analysis for SmartStop Self Storage REIT. SmartStop Self Storage REIT’s share price has climbed steadily in recent months, with an 8.06% 90 day share price return and 11.54% year to date share price return. The 1 year total shareholder return of 6.39% suggests momentum has been firmer in the shorter term than over the full year. If you are assessing how SmartStop fits alongside other income or real asset ideas, it can help to broaden your watchlist with companies outside traditional property. One useful next step is to scan for 37 power grid technology and infrastructure stocks SmartStop Self Storage REIT looks like a solid income vehicle after its latest dividend and earnings update, yet the recent share price climb raises a sharper question. Are you paying a fair price for that strength today? The most widely followed narrative puts SmartStop Self Storage REIT’s fair value at $36.10, slightly above the latest close of $34.31. This frames the recent share price climb as modest against that estimate. Read the complete narrative. Want to see what kind of revenue path and profit profile SmartStop Self Storage REIT would need to support that fair value? The narrative leans heavily on higher margins, richer fee income and a future earnings multiple more commonly associated with faster growing sectors. Curious which specific growth and profitability assumptions sit underneath that $36.10 figure and how tightly they need to hold for the story to work? Result: Fair Value of $36.10 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, SmartStop Self Storage REIT’s story could shift if self storage supply stays elevated for longer or if its higher leverage limits flexibility in weaker markets. Find out about the key risks to this SmartStop Self Storage REIT narrative. The SWS DCF model currently points to a fair value of $56.76 per share for SmartStop Self Storage REIT, compared with the recent share price of $34.31. That is a wide gap for any income stock. Is this a genuine opportunity or just a sign that the inputs are too optimistic? Look into how the SWS DCF model arrives at its fair value. Seen the mix of optimism and concern running through this SmartStop Self Storage REIT story and wondering where you land on it today? Use the full data set, compare the positives with the potential downsides, and then test your own thesis against the 2 key rewards and 1 important warning sign. If SmartStop Self Storage REIT has sharpened your thinking, do not stop with a single stock. Broaden your opportunity set before the next move passes you by. Target potential mispricing by scanning 52 high quality undervalued stocks that combine solid fundamentals with share prices that may not fully reflect their financial profile. Strengthen your income stream by reviewing 8 dividend fortresses that focus on higher yields backed by business models built around regular cash returns. Reduce portfolio shocks by focusing on 83 resilient stocks with low risk scores that prioritise balance sheet strength and steadier volatility profiles. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include SMA. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Interested in Smartstop Self Storage REIT Inc? Here are five stocks we like better. Strong second-quarter performance: SmartStop reported 1.3% same-store revenue growth, a 3.4% decline in operating expenses and 3.7% same-store NOI growth. Adjusted FFO rose 17.6% to $0.49 per share and unit, while occupancy averaged 92.5%. Full-year guidance was raised: The company increased its same-store revenue outlook to 0.5%-1.5%, lifted the midpoint of same-store NOI growth guidance to 1.15% and raised adjusted FFO guidance to $1.98-$2.04 per share. It also lowered its expected operating-expense growth range to 0.25%-1.25%. Expansion and strategic initiatives continue: SmartStop raised capital deployment guidance to $55 million-$75 million, acquired a three-property South Carolina portfolio and reported a bridge-lending pipeline above $100 million. Management is also advancing the multiyear “Deca Initiative” and integrating the Argus management platform, with larger margin benefits expected in 2027. Smartsheet Is a Smart Buy for Traders and Investors: Here's Why Smartstop Self Storage REIT (NYSE:SMA) reported second-quarter operating results that included same-store revenue growth, lower operating expenses and higher funds from operations, while raising portions of its full-year outlook. Founder, Chairman and Chief Executive Officer H. Michael Schwartz said the company generated 1.3% same-store revenue growth, reduced same-store operating expenses by 3.4% and increased same-store net operating income by 3.7%. Average occupancy was 92.5%, while 10 of the company’s top 15 markets posted positive same-store NOI growth. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling Don’t Miss Smartsheet’s Surge: Strong Growth and Buybacks Ahead “Our strong focus on expense control led to 150 basis point year-over-year growth in our same-store operating margin,” Schwartz said. Same-store operating margin reached 67.3%, marking the company’s second consecutive quarter of margin improvement. Fully diluted FFO as adjusted was $0.49 per share and unit, up 17.6% from the prior-year period. → No Hangover: Revisiting Microsoft One Week After Earnings Why Smartsheet Stock is an Undervalued Gem of an Investment Chief Financial Officer James Barry said the same-store portfolio ended the quarter with occupancy of 92.4%. Operating-expense declines reflected lower payroll, property insurance, repairs and maintenance, and utility costs, while property taxes were relatively flat. Web rates declined 3.8% during the quarter, and achieved move-in rates per square foot declined 4.4% on average. July occupancy was 92.1%, down 65 basis points year over year. However, July web rates increased 1.2% from a year earlier, which Barry said was somewhat better than anticipated. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High Barry also pointed to increased density in certain markets as a contributor to cost efficiencies. In Denver, where the company expanded its presence after assuming the Argus platform last year, operating expenses declined substantially, largely because of payroll savings. SmartStop’s owned and managed presence in Denver increased from nine properties to more than 50 properties following the transition, according to Barry. The company said it continues to target physical occupancy around 92% or higher, seeking to maintain enough occupancy to support rental-rate growth during the busy season. Annualized rent per square foot increased 1.9% during the quarter. SmartStop increased its full-year same-store revenue outlook to a range of 0.5% to 1.5%, compared with its previous range of negative 0.25% to positive 1.75%. Barry said roughly one-quarter of the increase reflects the lifting of Los Angeles County fire-related ECRI restrictions, with the remainder tied to stronger-than-expected second-quarter results and momentum entering the second half. The company reduced its expected operating-expense growth range to 0.25% to 1.25%, from 1.75% to 3.75%, citing controllable costs and property insurance. The revised assumptions lifted the midpoint of same-store NOI growth guidance to 1.15%, from negative 0.25% previously. SmartStop also raised its FFO as adjusted guidance to $1.98 to $2.04 per share, compared with prior guidance of $1.94 to $2.04. David Corak, senior vice president of corporate finance and strategy, said the company expects move-in rates to reach an inflection point later in the year, between the end of the rental season and year-end. Management said a more normal off-season without additional volatility could support results toward the upper end of the revenue guidance range. During the quarter, SmartStop acquired a three-property portfolio in Spartanburg, South Carolina, for approximately $30 million. Schwartz said the acquisition was completed at a high-5% capitalization rate. The company also closed a $16.3 million preferred investment in a Goleta, California, property and assumed management of that asset at the end of June. Management raised full-year capital deployment guidance to between $55 million and $75 million. Schwartz said the company sees what it considers a favorable acquisition cycle, including opportunities in stabilized U.S. and Canadian properties. He said SmartStop is targeting acquisitions that are accretive rather than pursuing transaction volume for its own sake. Corak said the company’s bridge-lending pipeline remains above $100 million, with target yields of 10% to 14%. As of June 30, SmartStop had approximately $20 million of preferred investments across six properties, all of which are managed by the company, with a blended yield just below 11%. In July, SmartStop announced its “Deca Initiative,” a multiyear framework centered on disciplined execution and compounding appreciation. Schwartz said the initiative is intended to drive relative outperformance, margin expansion and FFO as adjusted per-share growth, with the company ultimately targeting a $10 billion capitalization level. In Canada, SmartStop’s 13-property Greater Toronto Area same-store portfolio posted a 1% constant-currency revenue decline in the second quarter. Its Canadian joint venture with SmartCentres, which includes 10 properties, reported revenue growth of 6.7% and NOI growth of 9.4%. Management said the GTA portfolio faced difficult comparisons with the prior year but expects supply to moderate over the next two or more years. Schwartz said SmartStop remains committed to Canada despite the expected entry of Public Storage through its pending PS Canada acquisition. He said the company has substantial overlap with PS Canada in the GTA, but management declined to speculate on Public Storage’s future operating strategy. In Asheville, North Carolina, SmartStop said occupancy was 91.8% and web rates turned positive year over year in July. The company expects Asheville to remain a relative underperformer through the third quarter because of occupancy comparisons following a natural disaster. Barry said portions of two Asheville properties were subject to eminent-domain proceedings, while the company expects to begin rebuilding a flood-damaged property in early 2027. The replacement asset is expected to be about 83% larger than the destroyed property. Management also said it is progressing through the integration of the Argus third-party management platform. Schwartz said full margin synergies from the platform remain more of a 2027 story as technology migration and rebranding continue, though the company is seeing early benefits in lead generation, owner satisfaction and market-level scale. Symmetry Medical Inc (Symmetry) is a medical device solutions company, including surgical instruments, orthopedic implants, and sterilization cases and trays. The Company designs, develops and offers worldwide production and supply chain capabilities for these products to customers in the orthopedic industry, and other medical device markets (including but not limited to arthroscopy, dental, laparoscopy, osteobiologic, and endoscopy segments). It also manufactures specialized non-healthcare products, primarily in the aerospace industry. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Smartstop Self Storage REIT Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance was anchored by the new DECA initiative, a multiyear framework focused on disciplined execution and compounding appreciation to reach a $10 billion capitalization target. Same-store NOI growth of 3.7% was primarily driven by aggressive expense control, resulting in a 150 basis point expansion of operating margins. Management attributed significant payroll savings to 'clustering' strategies, particularly in Denver where increasing market presence from 9 to over 50 properties created substantial economies of scale. The managed REIT platform saw a 14% increase in recurring revenue, benefiting from the integration of the Argus platform and symbiotic growth between bridge lending and third-party management. The Canadian joint venture properties outperformed the U.S. portfolio with 9.4% NOI growth, driven by the successful stabilization of recently developed assets in the Greater Toronto Area. Strategic capital allocation included a $16.3 million bridge loan at a double-digit yield, serving as a capital-light entry point for future property acquisitions and management contracts. Management raised the midpoint for same-store revenue and NOI guidance, citing better-than-expected momentum and the lifting of regulatory fire restrictions in Los Angeles County. Revenue growth is projected to accelerate in the fourth quarter as the company laps difficult occupancy comparisons in Asheville and benefits from a broader inflection in move-in rates. The company expects a 'normal' off-season but has factored potential volatility into guidance, with the top end of the range achievable if the current steady demand environment persists. External growth guidance was increased to a range of $55 million to $75 million, targeting high-quality assets from private owners currently 'over their skis' due to high leverage. The GTA portfolio is expected to modestly underperform the U.S. in the near term due to exceptionally tough 2025 comparisons, though long-term demand drivers like urban densification remain intact. The lifting of LA County Fire ECRI restrictions is expected to return seven impacted properties to positive revenue growth for the remainder of the year. Eminent domain proceedings in Asheville resulted in the loss of significant square footage at two properties, though management plans to rebuild a larger facility by late 2027. A $2 million one-time fee from fund consolidation is expected to hit the managed REIT platform's revenue in the fourth quarter. Management noted that while Public Storage's entry into Canada increases competition, it validates SmartStop's 16-year strategy in the Greater Toronto Area. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management stated that reaching a threshold of 10 properties per market typically yields a 300 basis point margin improvement through payroll and operational efficiencies. Ongoing initiatives in solar energy and property insurance renewals are expected to provide structural, long-term cost reductions beyond temporary repair savings. Current targets remain in the high 5% range for the U.S. and 4% to 5% for Canada, with a focus on off-market deals to avoid high broker-market pricing. Management emphasized that SmartStop's smaller relative size allows $300 million in acquisitions to move their market cap by 10%, a growth lever larger peers cannot easily replicate. The Argus platform is entering 'Phase 4,' focusing on migrating private-label owners to the full SmartStop brand to capture higher margin synergies by 2027. New management contracts are increasingly coming from the bridge lending pipeline, with onboarded stores being 73% larger on average than those leaving the platform. Management clarified they have no exposure to New York's new pricing regulations and use proprietary algorithms rather than 'off-the-shelf' software that aggregates competitor data. The company is focusing on transparency in discounts and fees to mitigate regulatory scrutiny, particularly in the Canadian market.

This article first appeared on GuruFocus. Release Date: August 06, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Smartstop Self Storage REIT Inc (NYSE:SMA) reported strong same-store revenue growth of 1.3% and NOI growth of 3.7% in Q2 2026, with operating expenses down 3.4%. The company achieved a 150 basis point year-over-year improvement in same-store operating margins, reaching 67.3%, driven by disciplined expense control. FFO as adjusted per share grew 17.6% year-over-year to $0.49, and the company raised its full-year guidance for same-store revenue, NOI, and FFO. Smartstop Self Storage REIT Inc (NYSE:SMA) is executing on external growth, acquiring a 3-property portfolio at a high 5% cap rate and deploying $16.3 million in bridge capital at double-digit yields. The company reduced cash flow leverage to 6.2 times and sees a strong acquisition pipeline with attractive off-market opportunities, supported by the DECA initiative for long-term value creation. The managed platform is expanding, with 14% growth in recurring revenue, successful integration of the Argus platform, and the first third-party management property onboarded in Canada. Canadian joint venture properties delivered strong NOI growth of 9.4% year-over-year, and the GTA portfolio remains a strategic asset with long-term demand drivers intact. Same-store web rates were down 3.8% during the quarter, and achieved move-in rates per square foot declined 4.4% on average, indicating pricing pressure. Occupancy in July was 92.1%, down 65 basis points year-over-year, with some markets still experiencing negative move-in rent trends. The Asheville market continues to face occupancy challenges due to natural disaster and eminent domain proceedings, with properties underperforming until at least Q3 2026. The GTA same-store portfolio saw revenue down 1% year-over-year, with occupancy down 60 basis points, reflecting tougher comps and macro uncertainty from tariffs and geopolitical events. The company expects continued volatility and potential choppiness in the back half of the year, which could impact hitting the top end of guidance. Third-party management platform saw some off-boards, and full margin synergies from the Argus integration are not expected until 2027. The company faces increased competition in Canada with Public Storage's entry, which could intensify competitive dynamics in the GTA market. Warning! GuruFocus has detected 7 Warning Sign with SMA. Is SMA fairly valued? Test your thesis with our free DCF calculator. Q: Can you provide an update on the acquisition pipeline and expected cap rates for future transactions?A: Michael Schwartz (CEO) confirmed that the company is targeting similar cap rates around 5.5% in the US and 4-5% in Canada. He noted a solid acquisition cycle driven by owners who built during the COVID era and are now over-leveraged, creating attractive opportunities. The company reduced its full-year capital deployment guidance to $55-75 million but has room to be more active if the right opportunities arise, emphasizing that $300 million of acquisitions would move their market cap by about 10%, making growth meaningful for SmartStop. Q: How much of the 150 basis point same-store margin expansion is sustainable operating leverage versus temporary benefits like insurance and R&M savings?A: James Barry (CFO) explained that savings came from multiple line items including payroll, repairs and maintenance, property insurance, and utilities. The property insurance renewal in April reflects a general softening in that market and will carry through the rest of the year. The larger structural story is in payroll, down 2.3% for the quarter, driven by clustering benefitsexemplified by the Argus platform integration in Denver, where going from 9 to over 50 properties between owned and managed is driving economies of scale. Q: What are your operating assumptions for move-in rates and occupancy for the remainder of the year, and how could you hit the top end of FFO guidance?A: David Korak (SVP of Corporate Finance and Strategy) stated that some markets have already turned positive on web rates, while supply-heavy markets remain negative. They expect a broader inflection by Q4. The 2025 comps were lumpy (Q3 growth of 2.5% vs. Q4 of only 40 bps), which supports higher Q4 growth. The Asheville occupancy comp lapses on October 1st, and the California ECRI restriction lift will have a more positive impact on Q4. If the back half avoids volatility and sees a normal offseason, they feel good about hitting the top end of the revenue range. Q: Can you discuss the Asheville market, the eminent domain proceedings, and plans to grow presence there?A: Michael Schwartz (CEO) noted Asheville was their best-performing market in 2025 with 6% same-store revenue growth. The occupancy gap has narrowed dramatically since December, with occupancy currently at 91.8%. James Barry (CFO) added that two properties were subject to eminent domain proceedings80% of one asset and 20% of another were taken. The North Carolina DOT is coordinating customer relocations. They are excited to announce breaking ground in early 2027 to rebuild a property destroyed by flooding, which will be 83% larger than the original, with delivery expected in late 2027 or early 2028. Q: How are the fundamentals in Canada and the GTA market, and how does Public Storage's entry into Canada change the competitive dynamic?A: Michael Schwartz (CEO) explained that the GTA same-store pool (13 properties, 1.1 million sq ft) saw revenue down 1% on tough comps, but the JV properties with SmartCentres grew revenues 6.7% and NOI 9.4%. The GTA delivered 2.7% same-store revenue growth last year, about 100 bps ahead of the US, so this year's softness is a flip side of outperformance. New supply has peaked and will moderate. Regarding Public Storage's acquisition of PS Canada, Schwartz said it validates their Canadian strategy and they welcome the competition, having competed with them in the US for 22 years. Q: How much more margin expansion is available through internal levers versus expanding scale?A: James Barry (CFO) reiterated that in markets with 10 or more properties, margins improve by about 300 basis points. The Argus transaction pushed three markets over that threshold. They believe significant margin expansion remains as programs integrate and they continue to grow across balance sheet, JVs, and third-party management. Additional drivers include favorable property insurance renewals and the ongoing solar initiative reducing utilities. Q: Can you provide an update on the bridge lending joint venture?A: David Korak (SVP) stated the pipeline remains attractive at over $100 million with target yields of 10-14%, structured as mezzanine or preferred. As of June 30, they have a book of about $20 million on 6 properties, all with property management. They closed another $3 million after quarter end, with a blended yield just under 11%. They are also working on an A-note/B-note approach, selling off a 50-60% LTV note to another party. The program creates a symbiotic relationship with third-party management assignments and a natural pipeline for future acquisitions. Q: How are you thinking about surveillance pricing regulation risk to your revenue management systems, and are there similar moves in Canada?A: Michael Schwartz (CEO) noted no direct exposure to New York City areas affected by recent regulations, but they are monitoring and working with local self-storage associations. He emphasized that everyone has proprietary pricing systems, and their algorithms differ from peers. Their pricing considers supply and demand factors, not personal data. In Montreal, regulatory concerns were more about transparency in presenting prices and fees. The industry is adapting to be as transparent as possible, and having proper culture and people to handle customer questions one-on-one is crucial. Q: What is the overlap with Public Storage's Canadian portfolio, and could PSA's ownership lead to a different operating strategy?A: David Korak (SVP) confirmed the overlap is primarily in the GTA portfolio, both same-store and JV pools, with less in Alberta. Regarding strategy, he said it's tough to comment on another company's strategy, and since it's a new market for PS, they can't confidently predict what they'll do or the impact. Q: Can you provide details on July trends, including move-in rents and occupancy?A: David Korak (SVP) reported that Q2 web rates were held fairly steady, down about 3.5% year-over-year. Move-in rates were down 4.4% for the quarter, an improvement from Q1. July was a good month: web reservations were up 6.7%, rentals up 7.2%, and concession usage declined year-over-year. Web rates were actually up 1% For the complete transcript of the earnings call, please refer to the full earnings call transcript.

LADERA RANCH, Calif., August 05, 2026--(BUSINESS WIRE)--SmartStop Self Storage REIT, Inc. ("SmartStop" or "the Company"), a self-managed and fully-integrated self storage company, announced its overall results for the three and six months ended June 30, 2026. "We posted a strong quarter of growth, highlighted by 17.6% year over year increase in our Funds from Operations as Adjusted per share," said H. Michael Schwartz, Chairman and Chief Executive Officer of SmartStop. "Our strong same-store results were driven by our revenue management platform, talented operations and store level teams, growing efficiencies from scale, and effective expense control. Further, our same-store operating margins were 67.3% this quarter, up 150 basis points year over year. These improvements in our core operations led us to increase our 2026 same store NOI guidance and FFOa per share guidance." "Additionally, we deployed over $46 million this quarter into accretive on balance sheet acquisitions and bridge capital investments, while also organically reducing our cash flow leverage from the prior quarter," continued Mr. Schwartz. "These accomplishments are emblematic of our recently introduced Deca Initiative, the framework that will guide our Company’s growth over the coming years." Three Months Ended June 30, 2026 Financial Highlights: Net income attributable to common stockholders was approximately $11.2 million. This represents an increase of approximately $19.6 million when compared to the same period in 2025. Net income per share of Common Stock, (basic and diluted) was $0.20. This represents an increase of approximately $0.36 per share when compared to the same period in 2025. Total self storage-related revenues were approximately $65.8 million, an increase of approximately $4.9 million when compared to the same period in 2025. FFO, as adjusted (attributable to common stockholders and Operating Partnership ("OP") unit holders), was approximately $29.3 million, an increase of approximately $4.9 million when compared to the same period in 2025. FFO, as adjusted per share and OP unit outstanding – diluted was $0.49, an increase of approximately $0.07 per share when compared to the same period in 2025. Same-store revenues increased by 1.3%, same-store property operating expenses decreased by 3.4%, and same-store net operating income ("NOI") increased by 3.7% compared to the same period in 2025. On a constant currency basis for SmartStop’s Canadian properties included in its wholly-owned same-store pool, its aggregate same-store revenues for all properties included in the pool increased by 1.3%, same-store expenses decreased by 3.4%, and same-store NOI increased by 3.7% compared to the same period in 2025. Same-store average physical occupancy was 92.5%, a decrease of approximately 0.6% compared to the same period in 2025. Same-store annualized rent per occupied square foot was approximately $20.33, an increase of approximately 1.9% when compared to the same period in 2025. Six Months Ended June 30, 2026 Financial Highlights: Net income attributable to common stockholders was approximately $20.8 million. This represents an increase of approximately $37.6 million when compared to the same period in 2025. Net income per share of Common Stock, (basic and diluted) was $0.37. This represents an increase of approximately $0.80 per share when compared to the same period in 2025. Total self storage-related revenues were approximately $130.7 million, an increase of approximately $10.6 million when compared to the same period in 2025. FFO, as adjusted (attributable to common stockholders and OP unit holders), was approximately $58.1 million, an increase of approximately $22.5 million when compared to the same period in 2025. FFO, as adjusted per share and OP unit outstanding – diluted was $0.98, an increase of approximately $0.15 per share when compared to the same period in 2025. Same-store revenues increased by 1.4%, same-store property operating expenses decreased by 1.4%, and same-store NOI increased by 2.9% compared to the same period in 2025. On a constant currency basis for SmartStop’s Canadian properties included in its wholly-owned same-store pool, its aggregate same-store revenues for all properties included in the pool increased by 1.2%, same-store expenses decreased by 1.6%, and same-store NOI increased by 2.6% compared to the same period in 2025. Same-store average physical occupancy was 92.5%, a decrease of approximately 0.2% compared to the same period in 2025. Same-store annualized rent per occupied square foot was approximately $20.22, an increase of approximately 1.5% when compared to the same period in 2025. Acquisitions and Dispositions In June, SmartStop closed on the acquisition of three self storage facilities located in the greater area of Spartanburg, South Carolina from certain indirect DST subsidiaries of SSGT III, (the "Spartanburg Three Properties"). The total consideration for the Spartanburg Three Properties was approximately $29.7 million. In connection with the sale of the Spartanburg Three Properties to SmartStop, the indirect DST subsidiaries of SSGT III (defined below) repaid their mortgage loans in full, including accrued interest. This transaction was approved by the nominating and corporate governance committees of both SmartStop’s board of directors and SSGT III’s board of directors. Third Party Management As of the quarter ended June 30, 2026, SmartStop managed approximately 220 stores, representing approximately 15.7 million net rentable square feet on its third-party platform. Bridge Lending and Preferred Investment Platform In June, SmartStop closed a preferred investment totaling approximately $16.3 million and became the property manager of the associated self storage facility. In August, the Company closed its first preferred investment with joint venture partner AXCS; SmartStop’s portion of this preferred investment is approximately $3.1 million. The weighted average yield between the two investments is approximately 10.9%. Managed REIT Platform Update SmartStop, through an indirect subsidiary, serves as the sponsor of Strategic Storage Growth Trust III, Inc. ("SSGT III"), Strategic Storage Trust VI, Inc. ("SST VI"), and Strategic Storage Trust X ("SST X" together with SSGT III and SST VI, the "Managed REITs"). SmartStop receives asset management fees, property management fees, acquisition fees, and other fees, as applicable and receives substantially all of the tenant protection program revenue earned by the Managed REITs, which had a combined portfolio of 52 operating properties and approximately 43,000 units and 4.6 million rentable square feet at quarter end. Assets under management for the Managed REITs was approximately $1.0 billion at quarter end. On July 14, 2026, SST VI and SSGT III announced the signing of an Agreement and Plan of Merger in which SSGT III will merge (the "Managed REIT Merger") with and into a subsidiary of SST VI. In connection with the Managed REIT Merger, SS Growth Advisor III, LLC (the "SSGT III Advisor"), an indirect subsidiary of SmartStop, entered into a Termination Agreement with SSGT III to terminate the SSGT III advisory agreement, at the effective time of the Managed REIT Merger. While SmartStop will receive a $2.0 million negotiated payment, payable in units of limited partnership interest in the SSGT III operating partnership, under the Termination Agreement immediately prior to the effective time of the Managed REIT Merger, SmartStop will continue to serve as the advisor and property manager to SST VI as the survivor of the Managed REIT Merger and, accordingly, will continue to advise and manage the combined company following the anticipated closing in the fourth quarter of 2026. Eminent Domain Update On April 27, 2026, the North Carolina Department of Transportation (the "NC DOT") took the majority of the Asheville III property in an eminent domain proceeding. SmartStop recognized a gain on disposition of approximately $0.5 million in connection with this taking. Subsequent to quarter end, on July 27, 2026, the NC DOT also took a small portion of the Asheville IV property. Both of these properties were removed from the 2026 same-store pool during the second quarter of 2026. Declared Distributions For the months of June, July and August 2026, SmartStop’s board of directors approved a distribution amount such that all holders of its outstanding common stock will receive a distribution equivalent to an annualized distribution of $1.60 per share. Each monthly distribution was paid, or will be paid, on or about July 15, 2026, August 14, 2026 and September 15, 2026, respectively. Webcast & Conference Call Management will host a conference call and webcast to discuss the results on Thursday, August 6, 2026, at 12:00 p.m. Eastern Time. During the call, company officers will review operating performance, discuss recent events, and conduct a question-and-answer period. The question-and-answer period will be limited to registered financial analysts. All other participants will have listen-only capability. A live webcast of the call will be available in the Investor Relations section of the Company’s website at investors.smartstopselfstorage.com. To access the live webcast, participants are encouraged to visit the site at least 15 minutes before the start time to register and download any necessary software. SMARTSTOP SELF STORAGE REIT, INC. AND SUBSIDIARIESCOMPUTATION OF SAME-STORE OPERATING RESULTS(Unaudited) Same-Store Facility Results - Three Months Ended June 30, 2026 and 2025 The following table sets forth operating data for SmartStop’s same-store facilities (stabilized and comparable properties that have been included in the consolidated results of operations since January 1, 2025, excluding seven other properties) for the three months ended June 30, 2026 and 2025. SmartStop considers the following data to be meaningful as this allows generally for the comparison of results without the effects of acquisition, dispositions, eminent domain proceedings, development activity, properties impacted by casualty events, lease up properties or similar other such factors (dollars in thousands, except per occupied square foot amounts): SmartStop’s same-store revenue increased by approximately $0.7 million, or 1.3%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 primarily due to an approximately 1.9% increase in annualized rent per occupied square foot, slightly offset by a decrease in occupancy of approximately 0.6%, and increased administrative and late fees. SmartStop’s same-store property operating expenses decreased by approximately $0.6 million, or 3.4%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily due to decreased property insurance costs and repairs and maintenance expense. NOI is a non-GAAP measure that SmartStop defines as net income (loss), computed in accordance with GAAP, generated from properties before corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization, acquisition expenses, tenant protection economics, stock compensation related to SmartStop's IPO Grant and other non-property related income and expense, as applicable. SmartStop believes that NOI is useful for investors as it provides a measure of the operating performance of its operating assets because NOI excludes certain items that are not associated with the ongoing operation of the properties. Additionally, SmartStop believes that NOI (sometimes referred to as property operating income) is a widely accepted measure of comparative operating performance in the real estate community. However, its use of the term NOI may not be comparable to that of other real estate companies as they may have different methodologies for computing this amount. In addition, NOI is not a substitute for net income (loss), cash flows from operations, or other related financial measures, in evaluating SmartStop’s operating performance. The following table presents a reconciliation of net income (loss) as presented on SmartStop’s consolidated statements of operations to net operating income, as stated above, for the periods presented (in thousands): Same-Store Facility Results - Six Months Ended June 30, 2026 and 2025 The following table sets forth operating data for SmartStop's same-store facilities (stabilized and comparable properties that have been included in the consolidated results of operations since January 1, 2025, excluding seven other properties) for the six months ended June 30, 2026 and 2025. SmartStop considers the following data to be meaningful as this allows generally for the comparison of results without the effects of acquisition, dispositions, eminent domain proceedings, development activity, properties impacted by casualty events, lease up properties or similar other such factors (dollars in thousands, except per occupied square foot amounts): SmartStop’s same-store revenue increased by approximately $1.5 million, or 1.4%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to an approximately 1.5% increase in annualized rent per occupied square foot, slightly offset by a decrease in occupancy of approximately 0.2%, and increased administrative and late fees. SmartStop’s same-store property operating expenses decreased by approximately $0.5 million, or 1.4%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to decreased property insurance costs and repairs and maintenance expense. NOI is a non-GAAP measure that SmartStop defines as net income (loss), computed in accordance with GAAP, generated from properties before corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization, acquisition expenses, tenant protection economics, stock compensation related to SmartStop's IPO Grant and other non-property related income and expense, as applicable. SmartStop believes that NOI is useful for investors as it provides a measure of the operating performance of its operating assets because NOI excludes certain items that are not associated with the ongoing operation of the properties. Additionally, SmartStop believes that NOI (sometimes referred to as property operating income) is a widely accepted measure of comparative operating performance in the real estate community. However, SmartStop’s use of the term NOI may not be comparable to that of other real estate companies as they may have different methodologies for computing this amount. In addition, NOI is not a substitute for net income (loss), cash flows from operations, or other related financial measures, in evaluating its operating performance. The following table presents a reconciliation of net income (loss) as presented on SmartStop’s consolidated statements of operations to net operating income, as stated above, for the periods presented (in thousands): The following tables present a reconciliation of same-store as reported net operating income to same-store constant currency net operating income (dollars in thousands): Reconciliation of the Range of Estimated GAAP Fully Diluted Net Income Per Share and OP Unit to Estimated Fully Diluted FFO, As Adjusted Per Share and OP Unit The following table presents a reconciliation of the range of estimated GAAP net income (loss) per share to estimated fully diluted FFO, as adjusted per share, as provided in SmartStop’s Outlook for Full Year 2026: Reconciliation of Estimated GAAP Net Income to Estimated Same-Store Net Operating Income The following table presents a reconciliation of the range of estimated GAAP net income (loss) per share to total same-store net operating income, as provided in SmartStop’s Outlook for Full Year 2026: ADDITIONAL INFORMATION REGARDING NOI, FFO, and FFO, as adjusted NOI NOI is a non-GAAP measure that SmartStop defines as net income (loss), computed in accordance with GAAP, generated from properties, excluding tenant protection plan revenue, before corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization, acquisition expenses, tenant protection economics, stock compensation related to SmartStop’s IPO Grant and other non-property related income and expense. SmartStop believes that NOI is useful for investors as it provides a measure of the operating performance of its operating assets because NOI excludes certain items that are not associated with the ongoing operation of the properties. Additionally, SmartStop believes that NOI is a widely accepted measure of comparative operating performance in the real estate community. However, SmartStop’s use of the term NOI may not be comparable to that of other real estate companies as they may have different methodologies for computing this amount. In addition, NOI is not a substitute for net income (loss), cash flows from operations, or other related financial measures, in evaluating SmartStop’s operating performance. Funds from Operations ("FFO") and FFO, as Adjusted FFO FFO is a non-GAAP financial metric promulgated by NAREIT that SmartStop believes is an appropriate supplemental measure to reflect operating performance. SmartStop defines FFO consistent with the standards established by the white paper on FFO approved by the board of governors of NAREIT, or the White Paper. The White Paper defines FFO as net income (loss) computed in accordance with GAAP, excluding gains or losses from sales of property and real estate related asset impairment write downs, plus depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures. Additionally, gains and losses from change in control are excluded from the determination of FFO. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO on the same basis. SmartStop’s FFO calculation complies with NAREIT’s policy described above. FFO, as Adjusted SmartStop uses FFO, as adjusted, as an additional non-GAAP financial measure to evaluate their operating performance. FFO, as adjusted, provides investors with supplemental performance information that is consistent with the performance models and analysis used by management. In addition, FFO, as adjusted, is a measure used among SmartStop’s peer group, which includes publicly traded REITs. Further, SmartStop believes FFO, as adjusted, is useful in comparing the sustainability of their operating performance with the sustainability of the operating performance of other real estate companies. In determining FFO, as adjusted, SmartStop makes further adjustments to the NAREIT computation of FFO to exclude the effects of non-real estate related asset impairments and intangible amortization, acquisition related costs, other write-offs incurred in connection with acquisitions, contingent earnout expenses, accretion of fair value of debt adjustments, amortization of debt issuance costs, gains or losses from extinguishment of debt, adjustments of deferred tax assets and liabilities, realized and unrealized gains/losses on foreign exchange transactions, gains/losses on certain foreign exchange and interest rate derivatives not designated for hedge accounting, provision for (recovery of) non-cash reserve adjustments, and other select non-recurring income or expense items which SmartStop believes are not indicative of their overall long-term operating performance. SmartStop excludes these items from GAAP net income (loss) to arrive at FFO, as adjusted, as they are not the primary drivers in their decision-making process and excluding these items provides investors a view of their continuing operating portfolio performance over time, which in any respective period may experience fluctuations in such acquisition, merger or other similar activities that are not of a long-term operating performance nature. FFO, as adjusted, also reflects adjustments for unconsolidated partnerships and jointly owned investments. SmartStop uses FFO, as adjusted, as one measure of their operating performance when they formulate corporate goals and evaluate the effectiveness of their strategies. Presentation of FFO and FFO, as adjusted, is intended to provide useful information to investors as they compare the operating performance of different REITs. However, not all REITs calculate FFO and FFO, as adjusted, the same way, so comparisons with other REITs may not be meaningful. Furthermore, FFO and FFO, as adjusted, are not necessarily indicative of cash flow available to fund cash needs and should not be considered as an alternative to net income (loss) as an indication of SmartStop’s performance, as an alternative to cash flows from operations as an indication of SmartStop’s liquidity or indicative of funds available to fund their cash needs including their ability to make distributions to their stockholders. FFO and FFO, as adjusted, should be reviewed in conjunction with other measurements as an indication of SmartStop’s performance. Neither the SEC, NAREIT, nor any other regulatory body has passed judgment on the acceptability of the adjustments to FFO that SmartStop uses to calculate FFO, as adjusted. In the future, the SEC, NAREIT or another regulatory body may decide to standardize the allowable adjustments across the REIT industry and SmartStop may have to adjust its calculation and characterization of FFO, as adjusted. This press release, a financial supplement, and additional information about SmartStop are available on SmartStop’s website, investors.smartstopselfstorage.com. About SmartStop: SmartStop (NYSE: SMA) is a self-managed REIT with a fully integrated operations team of more than 1,000 self-storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC also sponsors other self-storage programs, and through its Managed Platform offers third party management services in the U.S. and Canada. As of August 5, 2026, SmartStop has an owned or managed portfolio of more than 460 operating properties in 36 states, the District of Columbia, and Canada, comprising over 275,000 units and more than 35 million rentable square feet. SmartStop and its affiliates own or manage 53 operating self-storage properties across four provinces in Canada, which total approximately 47,000 units and 4.7 million rentable square feet. Forward-Looking Statements Certain of the matters discussed in this earnings release, other than historical facts, constitute forward-looking statements within the meaning of the federal securities laws, and SmartStop intends for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in such federal securities laws. Such forward-looking statements can generally be identified by SmartStop's use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," or other similar words, or the negative of such terms or other comparable terminology, or by discussions of strategy. SmartStop may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by SmartStop or on its behalf, are also expressly qualified by these cautionary statements. Such statements include, but are not limited to statements concerning SmartStop's plans, strategies, initiatives, prospects, objectives, goals, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions and other information that is not historical information. Such statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those projected or anticipated, including, without limitation: disruptions in the economy, including debt and banking markets and foreign currency, including changes in the Canadian Dollar ("CAD")/U.S. Dollar ("USD") exchange rate; significant transaction costs, including financing costs, and unknown liabilities; whether SmartStop will be successful in the pursuit of its business plan and investment objectives; changes in the political and economic climate, economic conditions and fiscal imbalances in the United States, and other major developments, including tariffs, wars, natural disasters, epidemics and pandemics, military actions, and terrorist attacks; changes in tax and other laws and regulations, including tenant protection programs and other aspects of SmartStop’s business; difficulties in SmartStop’s ability to attract and retain qualified personnel and management; the effect of competition at SmartStop’s self-storage properties or from other storage alternatives, which could cause rents and occupancy rates to decline; SmartStop’s ability to identify and complete future acquisitions, joint ventures, and third-party management or development relationships on favorable terms or at all; SmartStop’s ability to successfully integrate businesses and opportunities that it acquires, including but not limited to, the potential failure to fully realize expected cost savings and synergies from transactions or the risk that those expected cost savings and synergies may take longer than anticipated to be realized; the outcome of any pending or later instituted legal or regulatory proceedings or governmental inquiries or investigations; general competitive, economic, political and market conditions and other factors that may affect SmartStop’s future results; SmartStop’s reliance on information technologies, which are vulnerable to, among other things, attack from computer viruses and malware, hacking, cyberattacks and other unauthorized access or misuse; fluctuations in interest rates and capitalization rates, and their effect on acquisition, development, and financing activity; and failure to maintain SmartStop’s REIT status. All forward-looking statements, including without limitation, SmartStop management’s examination of historical operating trends and estimates of future earnings, are based upon its current expectations and various assumptions. SmartStop’s expectations, beliefs and projections are expressed in good faith, and it believes there is a reasonable basis for them, but there can be no assurance that SmartStop management’s expectations, beliefs and projections will result or be achieved. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this report is filed with the SEC and are not intended to be a guarantee of SmartStop’s performance in future periods. SmartStop cannot guarantee the accuracy of any such forward-looking statements contained in this earnings release, and does not intend to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. For further information regarding risks and uncertainties associated with SmartStop’s business, and important factors that could cause its actual results to vary materially from those expressed or implied in such forward-looking statements, please refer to the factors listed and described under "Management’s Discussion and Analysis of Financial Condition and Results of Operations" and the "Risk Factors" sections of the documents SmartStop files from time to time with the SEC, including, but not limited to, its Annual Report on Form 10-K for the year ended December 31, 2025, and its quarterly reports on Form 10-Q for the quarters ended March 31, 2026 and June 30, 2026, copies of which may be obtained from SmartStop’s website at investors.smartstopselfstorage.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260805501989/en/ Contacts David Corak SVP of Corporate Finance & StrategySmartStop Self Storage REIT, Inc.investors.smartstopselfstorage.com [email protected]

LADERA RANCH, Calif., July 07, 2026--(BUSINESS WIRE)--SmartStop Self Storage REIT, Inc. ("SmartStop") (NYSE: SMA), an internally managed real estate investment trust and a premier owner and operator of self-storage facilities in the United States and Canada, announced today that it will release its financial results for the second quarter ended June 30, 2026, after market close on Wednesday, August 5, 2026. Management will host a conference call and webcast to discuss the results on Thursday, August 6, 2026, at 12:00 p.m. Eastern Time. During the call, company officers will review operating performance, discuss recent events, and conduct a question-and-answer session. The question-and-answer portion will be limited to registered financial analysts. All other participants will have a listen-only capability. Webcast Details: A live webcast of the call will be available on the Investor Relations section of the Company’s website at investors.smartstopselfstorage.com. To access the live webcast, participants are encouraged to visit the site at least 15 minutes before the scheduled start time in order to register, download and install any necessary software. A replay of the webcast will be available on the Company’s website following the live event. About SmartStop Self Storage REIT, Inc. (SmartStop): SmartStop Self Storage REIT, Inc. ("SmartStop") (NYSE: SMA) is a self-managed REIT with a fully integrated operations team of more than 1,000 self-storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary, SmartStop REIT Advisors, LLC, also sponsors other self-storage programs and, through its Managed Platform, offers third-party management services in the U.S. and Canada. As of July 7, 2026, SmartStop has an owned or managed portfolio of 460 operating properties in 36 states, Washington, D.C., and Canada, comprising over 275,000 units and more than 35 million rentable square feet. SmartStop and its affiliates own or manage 52 operating self-storage properties across four provinces in Canada, which total approximately 46,000 units and 4.6 million rentable square feet. Additional information regarding SmartStop is available at www.smartstopselfstorage.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260707636474/en/ Contacts Investor Relations Contact: David CorakSenior VP of Corporate Finance and StrategySmartStop Self Storage REIT, [email protected] Media Relations Contact: Julie LeberSpotlight Marketing [email protected]

- Total revenues increased approximately $0.5 million or 6.5% compared to the same period in 2025.- Same-Store Revenues increased by approximately $0.2 million or 4.2% for the Quarter.- Net loss attributable to common stockholders increased approximately $1.9 million or 18.7% compared to the same period in 2025.- Same-Store Net Operating Income ("NOI") increased by approximately $0.1 million or 2.0% for the Quarter. LADERA RANCH, Calif., May 20, 2026--(BUSINESS WIRE)--Strategic Storage Trust VI, Inc. ("SST VI"), a publicly registered non-traded real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT, Inc. ("SmartStop") (NYSE: SMA), announced operating results for the three months ended March 31, 2026. "We delivered solid top-line growth in the quarter, with total revenues increasing 6.5% year over year and same-store revenues up 4.2%, reflecting steady demand across our portfolio," commented H. Michael Schwartz, President and CEO of Strategic Storage Trust VI, Inc. "Same-store NOI growth of 2.0% underscores the resilience of SmartStop's operating platform. During the quarter, we also successfully opened a ground-up development, marking an important milestone in our growth strategy and expanding our presence in the Greater Toronto Area. While net loss attributable to common stockholders increased compared to the prior year period, this was largely driven by foreign currency adjustment and investments in unconsolidated real estate ventures that we believe will support long-term value creation. We remain focused on disciplined capital allocation, optimizing portfolio performance, and driving sustainable growth for our stockholders." Key Highlights for the Three Months Ended March 31, 2026: Total revenues were approximately $7.8 million, an increase of approximately $0.5 million when compared to the same period in 2025. Increased same-store revenues and NOI by 4.2% and 2.0%, respectively, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. Decreased same-store average physical occupancy by approximately 1.5% to 90.3% for the three months ended March 31, 2026 from 91.8% for the three months ended March 31, 2025. Increased same-store annualized rent per occupied square foot by approximately 5.8% to $17.81 for the three months ended March 31, 2026 from $16.83 for the three months ended March 31, 2025. Development Projects: As of March 31, 2026, we owned 50% of the equity interests in five unconsolidated real estate ventures in two Canadian provinces (Ontario and Quebec), with subsidiaries of SmartCentres Real Estate Investment Trust ("SmartCentres") owning the other 50% of such entities. Our unconsolidated real estate ventures consist of four operating self storage properties in the lease-up phase and one parcel of land that is intended to be developed into a self storage facility. As of March 31, 2026, the four operating unconsolidated real estate venture properties had an average physical occupancy of approximately 49%. The to-be-developed unconsolidated real estate venture property is currently under development and we expect to commence operations in mid-2026. On February 25, 2026, we substantially completed development and commenced operations on our Etobicoke Property. Our Etobicoke Property consists of approximately 980 units and 90,300 net rentable square feet and was approximately 3% occupied as of March 31, 2026. As of March 31, 2026, our operating self storage portfolio had an average physical occupancy of approximately 85%. Declared Distributions: On March 27, 2026, our board of directors declared a daily distribution rate of approximately $0.001698 per day per share on the outstanding shares of common stock payable to Class A, Class T, Class W, Class P, Class Y and Class Z stockholders of record of such shares as shown on our books at the close of business on each day of the period commencing on April 1, 2026 and ending June 30, 2026. In connection with this distribution, stockholders who hold Class T and Class Y shares, will be paid an amount equal to approximately $0.001698 per day less the stockholder servicing fee payable per share per day. Such distributions payable to each stockholder of record during a month will be paid the following month. About Strategic Storage Trust VI, Inc. (SST VI): SST VI is a public non-traded REIT that elected to qualify as a REIT for federal income tax purposes. SST VI’s primary investment strategy is to invest in income-producing and growth self-storage facilities and related self-storage real estate investments in the United States and Canada. As of May 19, 2026, SST VI owned 25 operating self storage properties of which 13 are located in seven states (Arizona, Delaware, Florida, Nevada, Oregon, Pennsylvania and Washington) comprising approximately 9,015 units and 1,079,395 rentable square feet (including parking) and 12 located in three Canadian provinces (Alberta, British Columbia and Ontario) comprising approximately 11,185 units and 1,158,015 rentable square feet (including parking), in addition to joint venture interests in four operational and one development property in two Canadian provinces (Ontario and Québec) and one wholly owned development property in Florida. About SmartStop Self Storage REIT, Inc. (SmartStop): SmartStop Self Storage REIT, Inc. ("SmartStop") (NYSE:SMA), is a self-managed REIT with a fully integrated operations team of approximately 1,000 self-storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self-storage programs and, through its Managed Platform, offers third-party management services in the U.S. and Canada. As of May 19, 2026, SmartStop has an owned or managed portfolio of nearly 460 operating properties in 35 states, Washington, D.C., and Canada, comprising approximately 270,000 units and 35 million rentable square feet. SmartStop and its affiliates own or manage 50 operating self-storage properties across four provinces in Canada, which total approximately 43,400 units and 4.3 million rentable square feet. Additional information regarding SmartStop is available at www.smartstopselfstorage.com. STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIESCOMPUTATION OF SAME-STORE OPERATING RESULTS(UNAUDITED) Same-Store Facility Results - three months ended March 31, 2026 and 2025 The following table sets forth operating data for our same-store facilities (stabilized and comparable properties that have been included in the consolidated results of operations since January 1, 2025) for the three months ended March 31, 2026 and 2025. We consider the following data to be meaningful as this allows for the comparison of results without the effects of acquisition, lease up, or development activity. Our increase in same-store revenue of approximately $0.2 million was primarily the result of an increase in revenue per occupied square foot of approximately 5.8% for the three months ended March 31, 2026 over the three months ended March 31, 2025 offset by a decrease in average physical occupancy of approximately 1.5%. Our same-store property operating expenses increased by approximately $0.2 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily related to an increase in real estate taxes and payroll. Net operating income, or NOI, is a non-GAAP measure that we define as net income (loss), computed in accordance with GAAP, generated from properties before corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization, acquisition expenses, tenant protection economics, and other non-property related income and expense. We believe that NOI is useful for investors as it provides a measure of the operating performance of our operating assets because NOI excludes certain items that are not associated with the ongoing operation of the properties. Additionally, we believe that NOI (sometimes referred to as property operating income) is a widely accepted measure of comparative operating performance in the real estate community. However, our use of the term NOI may not be comparable to that of other real estate companies as they may have different methodologies for computing this amount. In addition, NOI is not a substitute for net income (loss), cash flows from operations, or other related financial measures, in evaluating our operating performance. The following table presents a reconciliation of net loss as presented on our consolidated statements of operations to NOI, as stated above, for the periods indicated: Forward-Looking Statements Certain of the matters discussed in this earnings release, other than historical facts, constitute forward-looking statements within the meaning of the federal securities laws, and we intend for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in such federal securities laws. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," or other similar words, or the negative of such terms or other comparable terminology, or by discussions of strategy. We may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by us or on our behalf, are also expressly qualified by these cautionary statements. Such statements include, but are not limited to statements concerning our plans, strategies, initiatives, prospects, objectives, goals, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions and other information that is not historical information. Such statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those projected or anticipated, including, without limitation: disruptions in the economy, including debt and banking markets and foreign currency, including changes in the Canadian Dollar ("CAD")/U.S. Dollar ("USD") exchange rate; significant transaction costs, including financing costs, and unknown liabilities; whether we will be successful in the pursuit of our business plan and investment objectives; changes in the political and economic climate, economic conditions and fiscal imbalances in the United States, and other major developments, including tariffs, wars, natural disasters, epidemics and pandemics, military actions, and terrorist attacks; changes in tax and other laws and regulations, including tenant protection programs and other aspects of our business; difficulties in our ability to attract and retain qualified personnel and management; the effect of competition at our self-storage properties or from other storage alternatives, which could cause rents and occupancy rates to decline; failure to close on pending or future acquisitions on favorable terms or at all; our reliance on information technologies, which are vulnerable to, among other things, attack from computer viruses and malware, hacking, cyberattacks and other unauthorized access or misuse; increases in interest rates; and failure to maintain our REIT status. All forward-looking statements, including without limitation, management’s examination of historical operating trends and estimates of future earnings, are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith, and we believe there is a reasonable basis for them, but there can be no assurance that management’s expectations, beliefs and projections will result or be achieved. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this report is filed with the Securities and Exchange Commission (the "SEC") and are not intended to be a guarantee of our performance in future periods. We cannot guarantee the accuracy of any such forward-looking statements contained in this earnings release, and we do not intend to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. For further information regarding risks and uncertainties associated with our business, and important factors that could cause our actual results to vary materially from those expressed or implied in such forward-looking statements, please refer to the factors listed and described under "Management’s Discussion and Analysis of Financial Condition and Results of Operations" and the "Risk Factors" sections of the documents we file from time to time with the SEC, including, but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2025, as supplemented by the risk factors included in Part II, Item 1A of our Form 10-Qs, copies of which may be obtained from our website at www.strategicreit.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260519894672/en/ Contacts David Corak SVP of Corporate Finance & StrategySmartStop Self Storage REIT, [email protected] Media Relations Contact: Spotlight Marketing [email protected]