Smartstop Self Storage Reit, Inc. · NYSE:SMA
Smartstop Self Storage Reit — Investor Presentation (June 2025)
40 slides from Smartstop Self Storage Reit's investor presentation, Jun 2, 2025
Slide 1: Investor Presentation June 2025
Exhibit 99.1 Investor Presentation June 2025 Location: 970 Industrial Blvd, Chula Vista, CA
Slide 2: Disclaimer & Forward-Looking Disclosure
C O N F I D E N T I A L Disclaimer & Forward-Looking Disclosure Certain of the matters discussed in this investor presentation, 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
Slide 3: SmartStop is a Premier, Growth-Oriented Self Storage Platform
C O N F I D E N T I A L SmartStop is a Premier, Growth-Oriented Self Storage Platform SMARTSTOP OVERVIEW ATTRACTIVE FINANCIAL AND OPERATING PROFILE • SmartStop Self Storage REIT, Inc. (“SmartStop” or the “Company”) is a premier self storage owner and operator that maintains a high-quality and divers
Slide 4: Key Investment Highlights
C O N F I D E N T I A L Key Investment Highlights Multi-Pronged Growth Strategy 1 High Quality, Diversified Portfolio In Key Growth Markets 2 Gartrell Road Aurora, CO Differentiated Exposure to the GTA 3 Scalable, Branded Platform Positioned to Drive Growth 4 Texas Avenue South Unique Managed REIT P
Slide 5: Successful Track Record of Growing the SmartStop Platform
C O N F I D E N T I A L 1 Successful Track Record of Growing the SmartStop Platform JUNE 2022 SEPTEMBER 2015 APRIL 2025 SmartStop SmartStop REIT SST closes a $1.4 JUNE 2024 MARCH 2022 completes 100% JANUARY 2014 billion all-cash merger prices IPO at SmartStop stock-for-stock SmartStop SST II declare
Slide 6: The SmartStop Opportunity
C O N F I D E N T I A L 1 The SmartStop Opportunity Scalable platform positioned to Highly fragmented sector that is going generate outsized returns with through a wave of consolidation improved cost of capital ⚫ Over 52,000 self storage facilities in the US with only 22.5% penetration from public s
Slide 7: Multi-Pronged North American Growth Strategy
C O N F I D E N T I A L 1 Multi-Pronged North American Growth Strategy ADDITIONAL GROWTH DRIVERS ACQUISITIONS ORGANIC Joint ventures GROWTH DRIVERS ⚫ Accretive development opportunities within Acquisitions on balance sheet Canadian JV SmartCentres Property revenue maximization ⚫ Leverage institution
Slide 8: SmartStop Owns a High Quality Portfolio in Key Growth Markets
C O N F I D E N T I A L 2 SmartStop Owns a High Quality Portfolio in Key Growth Markets (1) (3) GEOGRAPHIC FOOTPRINT (OWNED AND MANAGED) TOP MARKETS BY NRSF (OWNED) Toronto 3 15% BC AB SK MB Miami - Fort 4 All Other Lauderdale QC ON 40% WA ND 9% 13.7 5 MT MN Los ME million 12 ID SD WI Angeles VT OR
Slide 9: SmartStop Maintains a High-Performing Portfolio Relative to Peers
C O N F I D E N T I A L 2 SmartStop Maintains a High-Performing Portfolio Relative to Peers High quality portfolio with strong rents and demographics Q1 2025 SAME-STORE RENT / SQUARE FOOT (RENTPOF) Q1 2025 ENDING SAME-STORE OCCUPANCY $22.55 $22.48 93.4% 93.0% $19.84 $19.75 91.5% $15.70 89.7% 83.6% (
Slide 10: Portfolio Focused on Large Markets with Attractive Demographics
C O N F I D E N T I A L 2 Portfolio Focused on Large Markets with Attractive Demographics POPULATION GROWTH IN SMARTSTOP’S MARKETS IS EXPECTED TO OUTPACE SMARTSTOP’S MARKETS DISPLAY OUTSIZED INCOME GROWTH PROJECTIONS THE U.S. AVERAGE (4) 2025 – 2030 Claritas/SNL Financial Projected Population Growth
Slide 11: Key SmartStop U.S. Markets – Miami / Ft. Lauderdale and Los Angeles
C O N F I D E N T I A L 2 Key SmartStop U.S. Markets – Miami / Ft. Lauderdale and Los Angeles MIAMI/FT. LAUDERDALE, FLORIDA LOS ANGELES, CALIFORNIA $74,730 $89,860 Average 5-mi Household Average 5-mi (1) (1) Income Household Income 232,570 414,360 Average 5-mi Population Average 5-mi Population 1,22
Slide 12: Toronto and Greater Canada Represent an Untapped Growth Opportunity
C O N F I D E N T I A L 3 Toronto and Greater Canada Represent an Untapped Growth Opportunity POPULATION GROWTH VS. SUPPLY RATIO – SELECT LARGE CITIES OPPORTUNITY TO EXPAND IN SEVERAL UNDERPENETRATED CANADIAN MARKETS 14% Supply Ratio Edmonton 12% Alberta Toronto vs. Top 25 U.S. MSA Avg. Delta Vanouv
Slide 13: SmartStop's GTA and Broader Canadian Expansion is a Differentiated Strategy
C O N F I D E N T I A L 3 SmartStop’s GTA and Broader Canadian Expansion is a Differentiated Strategy (5) STRATEGIC RATIONALE SMARTSTOP GTA OWNED AND MANAGED PORTFOLIO ✓ The Canadian storage market is less mature than the U.S. and meaningfully (1) (2) underpenetrated with only 3,390 storage properti
Slide 14: Our Success in Canada: Case Studies
C O N F I D E N T I A L 3 Our Success in Canada: Case Studies BRAMPTON, ONTARIO GTA – 8 FACILITY PORTFOLIO ACQUISITION (1) • Ground-up JV development property with 1,050 • In 1H23, the Managed REITs acquired an eight- Vaughan storage units facility portfolio in the GTA for approximately CAD $300 mil
Slide 15: Introducing: Dash, SmartStop's Proprietary Integrated Technology Platform
C O N F I D E N T I A L 4 Introducing: Dash, SmartStop’s Proprietary Integrated Technology Platform CUSTOM-BUILT ⚫ Collaborative development with vendor ⚫ Designed for real-time data access and availability ⚫ Focus on customer-centric and mobile engagement SCALABLE ⚫ Built to operate with hundreds o
Slide 16: Ability to Deliver Leading Customer Experience
C O N F I D E N T I A L 4 Ability to Deliver Leading Customer Experience Technology-driven platform gives SmartStop the ability to meet customers’ unique service needs Modern & convenient website ✓ experience Integrated into revenue Dedicated In-House Online Rentals and management system to update W
Slide 17: Award Winning Customer Service and Strong Brand Awareness
C O N F I D E N T I A L 4 Award Winning Customer Service and Strong Brand Awareness CONSISTENT BRAND STANDARDS CUSTOMER SERVICE AWARDS AND ACCOLADES Newsweek Awards Named the top-ranked self storage company for customer service by Newsweek and Statista in 2021, 2023 and 2024 SMARTSTOP SPONSORSHIP Sp
Slide 18: Internal Growth Strategy
C O N F I D E N T I A L 4 Internal Growth Strategy (1) INTERNAL GROWTH STRATEGIC HIGHLIGHTS HISTORICAL SAME-STORE AVERAGE OCCUPANCY 95.5% Average: 93.3% 95.1% 94.5% 93.7% 93.3% 93.2% 92.4% 92.5% 92.5% 93.1% 92.4% 92.6% 92.3% Maximize net operating income with a balanced ✓ approach to rate and occupa
Slide 19: Strong Track Record of Internal Growth
C O N F I D E N T I A L 4 Strong Track Record of Internal Growth SmartStop’s internal growth strategies have translated into successful long-term growth HISTORY OF OPERATIONAL EXCELLENCE HIGHLIGHTED BY SAME-STORE PERFORMANCE VS. PEERS EMBEDDED NOI UPSIDE FROM NON SAME-STORE ASSETS (5) 1Q 2025 Ending
Slide 20: Existing Embedded Internal Growth Opportunities
C O N F I D E N T I A L 4 Existing Embedded Internal Growth Opportunities (2)(3) SMARTSTOP SAME-STORE RENTAL RATE AND NOI MARGIN EXPANSION PEER COMPARISON - NOI MARGIN AND ADJ. EBITDA (1) (3) (4) FY 2024 Same-Store NOI Margin FY 2024 Adj. EBITDA Margin Rent POF NOI Margin 71.3% 69.6% 73.9% 70% $25 7
Slide 21: Operations Update
C O N F I D E N T I A L 4 Operations Update POST QUARTER-END OPERATIONAL UPDATES (1) (2) Same-Store Ending Occupancy Same-Store In-Place Rates March April May March April May 93.1% 93.1% 93.0% 92.6% $1.63 $1.63 $1.63 $1.62 $1.62 92.1% 92.0% $1.60 Mavis Road Surprise, AZ Mississauga, ONT 2024 2025 20
Slide 22: Management's Track Record of External Growth
C O N F I D E N T I A L 4 Management’s Track Record of External Growth SMARTSTOP AND AFFILIATES’ INVESTMENT ACTIVITY 2016 – YTD 2025 (in millions) (3) ✓ Stabilized Acquisitions: ~$1.5bn of investments on balance (1) $595 (3) • Acquired approximately $1.1bn of stabilized properties sheet or on behalf
Slide 23: Recent Acquisition Activity (2025 YTD)
C O N F I D E N T I A L 4 Recent Acquisition Activity (2025 YTD) Recently Under 1 closed contract Kelowna Total Properties 5 5 Total Purchase Price ($mm) $125 $108 5 10 Total NRSF (Storage Only) ~432,000 ~423,000 13 New Jersey 6 4 Denver Total Units (Storage Only) ~4,400 ~1,900 2 2 1 12 10 2 5 3 9 N
Slide 24: Solar Initiative
C O N F I D E N T I A L 4 Solar Initiative (1) HIGHLIGHTS ACTUAL GWH PRODUCTION $888K $1.2M $8.1M $11.2M 57 67 10.8 GWh 8.1 GWh Existing Est. Expected Est. Existing Expected Live Solar Expected Solar Cumulative Expected Annual Annual Savings Annual Savings Investment Investment Sites Sites Productio
Slide 25: SmartStop Managed REIT Platform Provides Additional Capital Allocation Flexibility
C O N F I D E N T I A L 5 SmartStop Managed REIT Platform Provides Additional Capital Allocation Flexibility Managed REIT and third-party platforms represent a significant expansion opportunity for SmartStop OPERATIONAL PROPERTIES (1) STRATEGIC STORAGE TRUST VI, INC. • Acquire growth-oriented proper
Slide 26: Experienced Senior Management Team
C O N F I D E N T I A L 6 Experienced Senior Management Team SMARTSTOP EXECUTIVE MANAGEMENT TEAM H. Michael Schwartz James Barry Wayne Johnson Joe Robinson Chairman & Chief Executive Officer CFO & Treasurer President & CIO Chief Operations Officer 19 Years of Storage Experience 12 Years of Storage E
Slide 27: Experienced Board of Directors
C O N F I D E N T I A L 6 Experienced Board of Directors • Founder, CEO, and Chairman of SmartStop H. Michael Schwartz • In 2007, founded Strategic Storage Trust (“SST”), which was ultimately sold to Extra Space Storage in 2015 • Negotiated the all-cash merger of Strategic Storage Growth Trust, Inc.
Slide 28: Investment Grade Rated Balance Sheet Positioned for Growth
C O N F I D E N T I A L 7 Investment Grade Rated Balance Sheet Positioned for Growth (3)(4) SMARTSTOP AS ADJUSTED BALANCE SHEET HIGHLIGHTS nd • On April 2 , 2025, SmartStop REIT priced its IPO at $30.00 per share raising (1) $932mm and started trading on the NYSE under SMA • Net IPO proceeds used to
Slide 29: Appendix
Appendix
Slide 30: Debt Schedule and Asset Pool Schedule – Adjusted for IPO
C O N F I D E N T I A L Debt Schedule and Asset Pool Schedule – Adjusted for IPO ADJ 1Q25 1Q25 Annualized Annualized NOI NOI (USD) (USD) Loan Name REIT Name Denom. Bal. (USD) Maturity Date # of Properties Debt Yield Total Secured Debt 406.7 60 58.5 58.5 14.4% (1) 206.8 97 83.9 83.9 2024 KeyBank Cred
Slide 31: MSA Exposure – Total Portfolio Wholly-Owned
C O N F I D E N T I A L MSA Exposure – Total Portfolio Wholly-Owned Total Portfolio at 3/31/25 Net % of Portfolio % of Portfolio Rentable # of (1) Units MSA/CMA by NRSF by NOI Sq. Ft. Stores Miami - Fort Lauderdale 9.5% 12.0% 1,221,100 12 10,470 Toronto 8.7% 9.5% 1,110,700 13 10,610 Los Angeles 6.9%
Slide 32: MSA Exposure – Owned & Managed Portfolio
C O N F I D E N T I A L MSA Exposure – Owned & Managed Portfolio Owned and Managed Total Portfolio at 3/31/25 % of Portfolio Net Rentable (1) # of Stores Units MSA/CMA by NRSF Sq. Ft. Toronto 18.4% 3 ,239,300 35 3 1,315 Miami - Fort Lauderdale 7.3% 1,289,600 13 11,230 Los Angeles 5.6% 9 79,300 13 9
Slide 33: Reconciliation: Net Income (Loss) to Net Operating Income
C O N F I D E N T I A L Reconciliation: Net Income (Loss) to Net Operating Income ($ in thousands) 2025 Q1 2024 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 2023 Q4 2023 Q3 2023 Q2 2023 Q1 Net income (loss) ($5,456) ($5,888) ($151) ($3,392) ($705) ($1,640) $11,647 $2,356 $2,979 $4,279 $2,033 Adjusted to exc
Slide 34: Reconciliation: Net Income (Loss) to Adjusted EBITDA: Trailing 9 Quarters
C O N F I D E N T I A L Reconciliation: Net Income (Loss) to Adjusted EBITDA: Trailing 9 Quarters ($ in thousands) 2025 Q1 2024 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 2023 Q4 2023 Q3 2023 Q2 2023 Q1 Net income (loss) ($5,456) ($5,887) ($151) ($3,392) ($705) ($1,640) $11,647 $2,356 $2,979 $4,279 $2,033
Slide 35: Reconciliation: Same-Store Net Operating Income to Total Net Operating Income
C O N F I D E N T I A L Reconciliation: Same-Store Net Operating Income to Total Net Operating Income ($ in thousands) Net Rent / Occupied Sq. NOI for the Three Revenue for the Three Expenses for the Three Ft. for the Three Months Months Ended March Ending Occupancy Months Ended Months Ended (1) (3)
Slide 36: Reconciliation: Same-Store Facility Results — Years Ended December 31, 2024 and 2023
C O N F I D E N T I A L Reconciliation: Same-Store Facility Results — Years Ended December 31, 2024 and 2023 ($ in thousands) Same-Store Facilities Non Same-Store Facilities Total 2024 2023 % Change 2024 2023 % Change 2024 2023 % Change (1) $202,523 $201,728 0.4% $8,156 $5,809 N/M $210,679 $207,537
Slide 37: Reconciliation: Same-Store Facility Results — Years Ended December 31, 2023 and 2022
C O N F I D E N T I A L Reconciliation: Same-Store Facility Results — Years Ended December 31, 2023 and 2022 ($ in thousands) Same-Store Facilities Non Same-Store Facilities Total 2023 2022 % Change 2023 2022 % Change 2023 2022 % Change (1) $184,822 $177,539 4.1% $22,715 $15,200 N/M $207,537 $192,73
Slide 38: Reconciliation: Same-Store Facility Results — Years Ended December 31, 2022 and 2021
C O N F I D E N T I A L Reconciliation: Same-Store Facility Results — Years Ended December 31, 2022 and 2021 ($ in thousands) Same-Store Facilities Non Same-Store Facilities Total (6) 2022 2021 % Change 2022 2021 % Change 2022 2021 % Change (1) $139,627 $123,649 12.9% $53,112 $27,993 N/M $192,739 $1
Slide 39: Additional Information Regarding NOI, Adjusted EBITDA and Adjusted Leverage
C O N F I D E N T I A L Additional Information Regarding NOI, Adjusted EBITDA and Adjusted Leverage Net Operating Income or (“NOI”) 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 administ
Slide 40: Thank you!
Thank you!
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