Smartstop Self Storage Reit, Inc. · NYSE:SMA
Smartstop Self Storage Reit — Investor Presentation (September 2026)
32 slides from Smartstop Self Storage Reit's investor presentation, Sep 29, 2026
Slide 1: Investor Presentation September 2026
Investor Presentation September 2026
Slide 2: Disclaimer
Disclaimer 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 to be covered by the applicable safe harbor provision
Slide 3: SmartStop: A Scalable Platform Positioned for Growth and Value Creation
35.4 million Owned and Managed Square Feet(6) SmartStop: A Scalable Platform that is Positioned for Growth and Value Creation Smartstop overview Premier self storage owner and operator with a high-quality and uniquely diversified portfolio across the United States and Canada Demonstrated track recor
Slide 4: SmartStop's Key Drivers for Accelerated Growth
1 2 3 4 5 SmartStop’s Key Drivers for Accelerated Growth The Deca Initiative: A Multi-Pronged Growth Strategy High quality, diversified portfolio with differentiated exposure to Canada Operational excellence and technology platform driving long-term growth Capital Light Scaling: Third-Party Manageme
Slide 5: Business Update – Strong Operating Momentum Delivering Outperformance
Business Update – Strong Operating Momentum Delivering Outperformance 1 Source: Company data and filings. Note: Monthly same-store in-place rates and move-in rates are not perfectly comparable to metrics disclosed in the Financial Supplement, such as RentPOF. The rates disclosed above do not conside
Slide 6: The Deca Initiative: Six Integrated Pillars for Future Growth
Operations The Deca Initiative: Six Integrated Pillars for Future Growth (1) ~500bps NOI margin opportunity compared to large cap peers; (2) As of the quarter ended June 30, 2026; (3) Total AUM for the Managed REIT Platform consists of $570.3 million in SST VI, $445.0 million in SSGT III, and $10.1
Slide 7: New Investments Add Scale and Leverage SMA Capabilities to Drive Significant Accretion
New Investments Add Scale and Leverage SMA Capabilities to Drive Significant Accretion 1 SMA expects the investments to generate FFO, as Adjusted accretion of $0.05 to $0.06 to 2027 estimated FFO, as Adjusted per share Source: SMA Management Estimates. (1) Transaction expected to close in the quarte
Slide 8: Transactions Enhance Platform Operating Metrics
Transactions Enhance Platform Operating Metrics 1 transactions overview Source: Company filings as of 6/30/26. (1) Based on midpoint of management guidance as of 8/5/2026; see revised 2026 Outlook for Full Year 2026 (2) The transactions included in these pro forma figuresare subject to closing condi
Slide 9: Highly Synergistic Expansion Across Core SmartStop Markets
22 9 16 52 4 11 4 20 13 22 21 19 10 39 8 5 6 6 7 4 8 6 5 5 5 5 19 2 2 2 2 26 24 2 4 7 4 3 3 3 3 2 4 4 2 2 8 2 2 2 Wholly owned, managed, and JV operating properties (460) New properties in new SMA markets (11)(1) New properties in existing SMA markets (14)(1) Highly Synergistic Expansion Across Core
Slide 10: Strategic Storage Canada Joint Venture Investment – Canadian Portfolio Footprint
Strategic Storage Canada Joint Venture Investment – Canadian Portfolio Footprint 1 Currently owned / managed (53) New assets (17)(1) WESTERN CANADA EASTERN CANADA British Columbia Alberta 5 3 2 2 7 Calgary 2 Victoria Ontario Quebec Nova Scotia 39 2 2 Halifax Toronto British Columbia Source: Company
Slide 11: Strategic Storage Canada Joint Venture Investment – Transaction Overview
Strategic Storage Canada Joint Venture Investment – Transaction Overview 1 Positions SMA as Canada’s third-largest storage operator, with 70 operating properties Expands presence across Vancouver, Calgary and Toronto CMAs Enters new markets including Halifax and Quebec City Gives SmartStop a fund ve
Slide 12: Programmatic Investment Overview – Investment in Six Class A Self-Storage Assets
Programmatic Investment Overview – Investment in Six Class A Self-Storage Assets 1 San Gabriel, CA(2) NRSF ~130K UNITS 1,470 Hawthorne, CA (2) NRSF ~90K UNITS 945 OPERATING Bethesda, MD(1) NRSF ~132K UNITS 1,560 UNDER CONSTRUCTION Annapolis, MD(2) NRSF ~70K UNITS 730 OPERATING OPERATING Cave Creek,
Slide 13: SmartStop Owns a High-Quality Portfolio in Key Growth Markets
SmartStop Owns a High-Quality Portfolio in Key Growth Markets 2 Top markets by nrsf(3) (OWNED) Key portfolio statistics (owned) 65%+ NRSF concentrated in top 25 MSAs⁽²⁾ TOP-MARKET EXPOSURE SUPPORTS ABOVE-AVERAGE GROWTH 15.1 million Square feet(1)(5) $20.43 RentPOF(7) 91.7% Ending Occupancy(6) 191 Ow
Slide 14: SmartStop Maintains a High-Performing Portfolio Relative to Peers
SmartStop Maintains a High-Performing Portfolio Relative to Peers High-quality portfolio with strong same-store revenue and NOI growth 2 (2.2%) (2) (2) Q2 2026 Same-Store noi growth(1) Q2 2026 Same-store revenue growth Sources: Public company filings and financial supplements for the quarter ended J
Slide 15: Toronto and Greater Canada Represent an Untapped Growth Opportunity
Québec Ontario Toronto 2.3x 2.0x Montreal 2.5x Vancouver British Columbia 2.3x Calgary 2.8x Edmonton Alberta 2.2x Manitoba Supply Ratio Saskatchewan Toronto and Greater Canada Represent an Untapped Growth Opportunity 3 Opportunity to expand in several underpenetrated Canadian markets POPULATION GROW
Slide 16: Dash: SmartStop's Proprietary Integrated Technology Platform
Dash: SmartStop’s Proprietary Integrated Technology Platform 4 Innovative proprietary technology positioned to accelerate SmartStop’s scale and growth trajectory Cloud-based Technology Backbone of Our Platform Accelerates innovation | Facilitates delivery of strategic objectives Custom-built Collabo
Slide 17: Strong Track Record of Internal Growth
Strong Track Record of Internal Growth SmartStop’s internal growth strategies have translated into successful long-term results 4 Sources: Public company filings and financial supplements. Note: peers may have different definitions of same-store metrics. (1) Represents the simple average of quarterl
Slide 18: Investment Grade Rated Balance Sheet Positioned for Growth
Investment Grade Rated Balance Sheet Positioned for Growth 5 6.3x Normalized Net Debt to Adjusted EBITDA(2) 2.9 Years Wtd. Avg. Debt Maturity BBB/Stable KBRA rating (as of 6/30/26) BBB/with Stable Trends DBRS rating (as of 6/30/26) 90.8% Fixed rate debt $3.0 Billion Total Capitalization(4) ~6.3x Nor
Slide 19: Capital-light Strategies Leverage SMA Platform and Drive Additional Earnings Growth
Capital-light Strategies Leverage SMA Platform and Drive Additional Earnings Growth 5 (1) As of August 5, 2026; (2) Not all amounts fall under the AXCS Joint Venture; (3) Third party platform portfolio data as of 6/30/2026, unadjusted for subsequent onboard and offboards following this date; New 3PM
Slide 20: Revised Outlook for 2026
Revised Outlook for 2026 Ranges for 2026 Annual (As of August 5, 2026) Ranges for 2026 Annual (As of September 29, 2026) Metric Low High Low High Same-store growth (as translated in U.S. dollars) Revenue 0.50% 1.50% 0.75% 1.75% Operating expense 0.25% 1.25% 0.00% 1.00% Net operating income(1) 0.65%
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Slide 22: Reconciliation: Net Income (Loss) to Net Operating Income: Trailing 6 Quarters
Reconciliation: Net Income (Loss) to Net Operating Income: Trailing 6 Quarters Note: During the second quarter of 2026, we removed two properties from our same-store pool in connection with the taking of one property, and the anticipated taking of a second property, by the North Carolina Department
Slide 23: Reconciliation: Net Income (Loss) to Adjusted EBITDA: Trailing 6 Quarters
Reconciliation: Net Income (Loss) to Adjusted EBITDA: Trailing 6 Quarters Note: During the second quarter of 2026, we removed two properties from our same-store pool in connection with the taking of one property, and the anticipated taking of a second property, by the North Carolina Department of Tr
Slide 24: Reconciliation: Same-Store Net Operating Income to Total Net Operating Income
Reconciliation: Same-Store Net Operating Income to Total Net Operating Income N/M: Not meaningful comparison. (1) RentPOF defined as annualized rental revenue net of discounts & concessions, excluding late fees, administrative fees and parking income, divided by occupied square feet of storage. Not
Slide 25: Reconciliation: Same-Store Facility Results — Years Ended December 31, 2025 and 2024
Reconciliation: Same-Store Facility Results — Years Ended December 31, 2025 and 2024 N/M Not meaningful. (1) Revenue includes rental income, certain ancillary revenue, administrative and late fees, and excludes Tenant Protection Program revenue. (2) Among other expenses, property operating expenses
Slide 26: Reconciliation: Same-Store Facility Results — Years Ended December 31, 2024 and 2023
Reconciliation: Same-Store Facility Results — Years Ended December 31, 2024 and 2023 N/M: Not meaningful comparison. (1) Revenue includes rental income, certain ancillary revenue, administrative and late fees, and excludes Tenant Protection Program revenue. (2) Property operating expenses excludes T
Slide 27: Reconciliation: Same-Store Facility Results — Years Ended December 31, 2023 and 2022
Reconciliation: Same-Store Facility Results — Years Ended December 31, 2023 and 2022 N/M: Not meaningful comparison. (1) Revenue includes rental revenue, certain ancillary revenue, administrative and late fees, and excludes Tenant Protection Program revenue. (2) Property operating expenses excludes
Slide 28: Reconciliation: Same-Store Facility Results — Years Ended December 31, 2022 and 2021
Reconciliation: Same-Store Facility Results — Years Ended December 31, 2022 and 2021 N/M: Not meaningful comparison. (1) Revenue includes rental revenue, certain ancillary revenue, administrative and late fees, and excludes Tenant Protection Program revenue. (2) Property operating expenses excludes
Slide 29: Outlook for Full Year 2026
Outlook for Full Year 2026 Note: The Company’s estimates are forward-looking and based on management’s view of current and future market conditions. The Company’s actual results may differ materially from these estimates. (1) Stores in Canada are operated in Canadian Dollars (CAD), and their financi
Slide 30: Reconciliation of Estimated GAAP Net Income Per Share to Estimated FFO, As Adjusted
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. Note: The Company’s estimates are forward-looking and based on management’s view of current and future market conditions. The Company’s actu
Slide 31: Reconciliation of Estimated GAAP Net Income to Estimated Same-Store Net Operating Income
Reconciliation of Estimated GAAP Net Income to Estimated Same-Store Net Operating Income Note: The Company’s estimates are forward-looking and based on management’s view of current and future market conditions. The Company’s actual results may differ materially from these estimates. (1) Includes Ten
Slide 32: SmartStop Self Storage
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