Smartstop Self Storage Reit, Inc. · NYSE:SMA

Smartstop Self Storage Reit — Q1 2026 Earnings Presentation

44 slides from Smartstop Self Storage Reit's earnings presentation, May 7, 2026

  1. Slide 1: Investor Presentation

    Investor Presentation March 2026 Location: 1071 Marshall Farms Rd, Ocoee, FL

  2. Slide 2: Disclaimer & Forward-Looking Disclosure

    CONFIDENTIAL Disclaimer & Forward-Looking Disclosure Certain of the matters discussed in this investor presentation, other than historical facts, may be considered forward-looking statements within the meaning of the federal securities laws, and we intend for all such forward-looking statements to b

  3. Slide 3: SmartStop is a Premier, Growth-Oriented Self Storage Platform

    CONFIDENTIAL 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 an NYSE listed (NYSE: SMA) premier self storage owner and operator that maintains a high-qual

  4. Slide 4: Key Investment Highlights

    CONFIDENTIAL Key Investment Highlights 1 Multi-Pronged Growth Strategy 2 High Quality, Diversified Portfolio In Key Growth Markets Las Vegas Blvd. S. Las Vegas, NV 3 Differentiated Exposure to the GTA 4 Scalable, Branded Platform Positioned to Drive Growth Unique Third-Party Management & Managed REI

  5. Slide 5: Successful Track Record of Growing the SmartStop Platform

    CONFIDENTIAL 1 Successful Track Record of Growing the SmartStop Platform JUNE 2019 JUNE 2022 OCTOBER DECEMBER SST II completes Self MARCH 2022 SmartStop 2025 2024 Administration completes SmartStop JANUARY 2014 SmartStop Completed MAY 2025 MARCH Transaction; 100% stock-for- SEPTEMBER closes SST II d

  6. Slide 6: The SmartStop Opportunity

    CONFIDENTIAL 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 self storage

  7. Slide 7: Multiple Levers Driving Outsized Growth Strategy

    CONFIDENTIAL 1 Multiple Levers Driving Outsized Growth Strategy ORGANIC GROWTH ADDITIONAL ACQUISITIONS GROWTH DRIVERS DRIVERS Property Revenue Maximization Acquisitions on Balance Sheet Development Joint Ventures  Accretive development opportunities within  Same-store pool: sector leading 2025 rev

  8. Slide 8: SmartStop Owns a High Quality Portfolio in Key Growth Markets

    CONFIDENTIAL 2 SmartStop Owns a High Quality Portfolio in Key Growth Markets GEOGRAPHIC FOOTPRINT (OWNED)(1) TOP MARKETS BY NRSF(3) (OWNED) Toronto 14% Miami - Fort Lauderdale 8% All Other4 40% 14.9 million Houston 8% Total NRSF Los Angeles 6% Dayton Las Vegas 3% 6% New York - Asheville Newark Tampa

  9. Slide 9: SmartStop Maintains a High-Performing Portfolio Relative to Peers

    CONFIDENTIAL 2 SmartStop Maintains a High-Performing Portfolio Relative to Peers High quality portfolio with strong rents and demographics Q4 2025 SAME-STORE RENT / SQUARE FOOT (RENTPOF) Q4 2025 ENDING SAME-STORE OCCUPANCY $22.95 92.6% 92.1% $22.53 91.0% $20.07 $20.04 88.6% $15.76 84.0% (1) (1) Q4 2

  10. Slide 10: Portfolio Focused on Large Markets with Attractive Demographics

    CONFIDENTIAL 2 Portfolio Focused on Large Markets with Attractive Demographics POPULATION GROWTH IN SMARTSTOP’S MARKETS IS EXPECTED TO OUTPACE THE U.S. SMARTSTOP’S MARKETS DISPLAY OUTSIZED INCOME GROWTH PROJECTIONS AVERAGE 2025 – 2030 Claritas/SNL Financial Projected Population Growth 2025 – 2030 Cl

  11. Slide 11: Key SmartStop U.S. Markets – Houston, Miami / Ft. Lauderdale, and Los Angeles

    CONFIDENTIAL 2 Key SmartStop U.S. Markets – Houston, Miami / Ft. Lauderdale, and Los Angeles HOUSTON, TEXAS MIAMI/FT. LAUDERDALE, FLORIDA LOS ANGELES, CALIFORNIA $142,177 184,491 1,145,550 $81,464 237,760 1,193,210 $98,996 421,245 882,000 Average 5-mi Average 5-mi Average 5-mi Average 5-mi Average 5

  12. Slide 12: Toronto and Greater Canada Represent an Untapped Growth Opportunity

    CONFIDENTIAL 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 Vanouver Toronto vs. Top 25 U.S. MSA Avg. Delta 5 3 10%

  13. Slide 13: SmartStop's GTA and Broader Canadian Expansion is a Differentiated Strategy

    CONFIDENTIAL 3 SmartStop’s GTA and Broader Canadian Expansion is a Differentiated Strategy STRATEGIC RATIONALE SMARTSTOP GTA OWNED AND MANAGED PORTFOLIO(5)  The Canadian storage market is less mature than the U.S. and meaningfully underpenetrated with only 3,390 storage properties(1) (vs. ~52,300 i

  14. Slide 14: Our Success in Canada: Case Studies

    CONFIDENTIAL 3 Our Success in Canada: Case Studies BRAMPTON, ONTARIO GTA – 8 FACILITY PORTFOLIO ACQUISITION • Ground-up JV development property with 1,050 • In 1H23, the Managed REITs(1) acquired an eight- Vaughan storage units facility portfolio in the GTA for approximately CAD $300 million • Situa

  15. Slide 15: Introducing: Dash, SmartStop's Proprietary Integrated Technology Platform

    CONFIDENTIAL 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 of propertie

  16. Slide 16: Ability to Deliver Leading Customer Experience

    CONFIDENTIAL 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 Call Center

  17. Slide 17: Award Winning Customer Service and Strong Brand Awareness

    CONFIDENTIAL 4 Award Winning Customer Service and Strong Brand Awareness CUSTOMER SERVICE AWARDS AND ACCOLADES CONSISTENT BRAND STANDARDS Newsweek Awards Named the top-ranked self storage company for customer service by Newsweek and Statista in 2021, 2023 and 2024 SMARTSTOP SPONSORSHIP Sports / Ente

  18. Slide 18: Internal Growth Strategy

    CONFIDENTIAL 4 Internal Growth Strategy INTERNAL GROWTH STRATEGIC HIGHLIGHTS HISTORICAL SAME-STORE AVERAGE OCCUPANCY(1) Average: 92.8% 93.7% 93.2% 93.1% 93.3% 93.1% 92.4% 92.5% 92.5% 92.4% 92.3% 92.6% 92.6% 92.3% Maximize net operating income with a balanced  approach to rate and occupancy Majority

  19. Slide 19: Strong Track Record of Internal Growth

    CONFIDENTIAL 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 4Q 2025 Ending Non Same-Store

  20. Slide 20: Existing Embedded Internal Growth Opportunities

    CONFIDENTIAL 4 Existing Embedded Internal Growth Opportunities SMARTSTOP SAME-STORE RENTAL RATE AND NOI MARGIN EXPANSION PEER COMPARISON - NOI MARGIN AND ADJ. EBITDA(2)(5) Rent POF (1) (3) NOI Margin(4) FY 2025 Same-Store NOI Margin FY 2025 Adj. EBITDA Margin 71.3% 69.6% 71.7% $25 67.8% 70% 66.9% 70

  21. Slide 21: Operations Update

    CONFIDENTIAL 4 Operations Update POST QUARTER-END OPERATIONAL UPDATES Same-Store Ending Occupancy(1) Same-Store In-Place Rates(2) December January February December January February 92.7% 92.7% 92.7% $1.64 $1.64 $1.64 $1.64 $1.65 92.3% 92.1% 92.1% $1.63 N. Walden Circle Aurora, CO 2024 2025 2025 202

  22. Slide 22: Full Year 2025 Acquisition Activity

    CONFIDENTIAL 4 Full Year 2025 Acquisition Activity Operating Properties(1) Total Properties 17 Total Purchase Price ($mm)(2) $332 Total Net Rentable Square Feet ~1,386,075 Total Units ~12,385 PORTFOLIO STRATEGY • 17 properties primarily located in Top 25 MSAs / CMAs • Maximize efficiencies in top ma

  23. Slide 23: Bridge Lending Joint Venture – Overview

    CONFIDENTIAL 5 Bridge Lending Joint Venture – Overview DEAL SUMMARY AND AXCS BACKGROUND BRIDGE LENDING JOINT VENTURE OVERVIEW Overview:  The equity split between SMA and AXCS is 95% / 5% with a 1.0% asset management fee to AXCS.  In March of 2026, SmartStop Self Storage REIT, Inc. Deal Structure 

  24. Slide 24: APSM – Overview and Deal Summary

    CONFIDENTIAL 5 APSM – Overview and Deal Summary APSM BACKGROUND & DEAL SUMMARY SELF STORAGE FACILITY-MANAGEMENT OVERVIEW Overview: Top 10 Self Storage Facility-  On October 1, 2025, SmartStop Self Storage REIT, Inc. (“SmartStop”) closed its transaction Management Companies(1) with Argus Professiona

  25. Slide 25: APSM – Investment Highlights & Portfolio Overview

    CONFIDENTIAL 5 APSM – Investment Highlights & Portfolio Overview INVESTMENT HIGHLIGHTS PRO FORMA PORTFOLIO OVERVIEW  APSM will immediately expand SmartStop’s managed portfolio, create new operational APSM(2) SMA(3) SMA + APSM Vertically Integrated infrastructure, and leverage experienced talent to

  26. Slide 26: APSM – Significant Expansion of SMA's Managed Portfolio and Capabilities

    CONFIDENTIAL 5 APSM – Significant Expansion of SMA’s Managed Portfolio and Capabilities EXPANSION & NEW MARKETS SmartStop has existing presence in 11 of APSM’s top 20 states:  Expanded SMA's presence in # APSM Top States Total Units SMA Presence Central Florida, Denver, Las 1 Colorado 21,107  Vega

  27. Slide 27: APSM – SMA's Differentiated Third-Party Offerings

    CONFIDENTIAL 5 APSM – SMA’s Differentiated Third-Party Offerings A SMARTSTOP B SMARTSTOP LEGACY C FULL PRIVATE LABEL A traditional SmartStop-branded A hybrid model where partners A fully white-labeled solution that approach that leverages our full retain their existing brand identity preserves the p

  28. Slide 28: SmartStop Managed REIT Platform Provides Additional Capital Allocation Flexibility

    CONFIDENTIAL 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 STRATEGIC STORAGE TRUST VI, INC.(1) NRSF ALLOCATION OR, 2% • Acquire growth-orie

  29. Slide 29: Experienced Senior Management Team

    CONFIDENTIAL 6 Experienced Senior Management Team SMARTSTOP EXECUTIVE MANAGEMENT TEAM H. Michael Schwartz James Barry Wayne Johnson Joe Robinson Chairman, Chief Executive Officer & President CFO & Treasurer Chief Investment Officer Chief Operations Officer 21 Years of Storage Experience 14 Years of

  30. Slide 30: Experienced Board of Directors

    CONFIDENTIAL 6 Experienced Board of Directors • Founder, CEO, President, 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.

  31. Slide 31: Investment Grade Rated Balance Sheet Positioned for Growth

    CONFIDENTIAL 7 Investment Grade Rated Balance Sheet Positioned for Growth SMARTSTOP AS ADJUSTED BALANCE SHEET HIGHLIGHTS(1) BBB/with Stable Trends 5.7x 3.2 Years DBRS rating Normalized Net Debt to Adjusted EBITDA(2) Wtd. Avg. Debt Maturity BBB/Stable 3.6x $2.9 Billion KBRA rating Fixed Charge Covera

  32. Slide 32: Appendix

    Appendix

  33. Slide 33: Solar Initiative

    CONFIDENTIAL Solar Initiative HIGHLIGHTS(1) ACTUAL GWH PRODUCTION $1M $1.7M $9.4M $17.3M 62 90 14.9 GWh 11.8 GWh Existing Est. Expected Est. Existing Expected Live Solar Expected Solar Cumulative Expected Annual Annual Savings Annual Savings Investment Investment Sites Sites Production Production Li

  34. Slide 34: MSA Exposure – Total Portfolio

    CONFIDENTIAL MSA Exposure – Total Portfolio Wholly-Owned Total Portfolio at 12/31/25 % of % of Net Portfolio by Portfolio by Rentable (1) MSA/CMA NRSF NOI Sq. Ft. # of Stores Units Miami - Fort Lauderdale 8.6% 11.9% 1,193,210 12 10,470 Houston 8.3% 8.3% 1,145,550 14 9,000 Toronto 8.0% 9.4% 1,110,700

  35. Slide 35: MSA Exposure – Owned & Managed Portfolio

    CONFIDENTIAL MSA Exposure – Owned & Managed Portfolio Owned and Managed Total Portfolio at 12/31/25 % of Portfolio by Net Rentable MSA/CMA(1) NRSF Sq. Ft. # of Stores Units Toronto 9.7% 3,429,600 37 34,200 Denver 6.7% 2,378,199 36 18,581 Phoenix 4.9% 1,725,228 19 11,325 Houston 4.2% 1,486,127 18 11,

  36. Slide 36: Reconciliation: Net Income (Loss) to Net Operating Income

    CONFIDENTIAL Reconciliation: Net Income (Loss) to Net Operating Income ($ in thousands) 2025 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 2023 Q4 Net income (loss) ($1,736) 2,971 $5,548 ($4,799) ($5,456) ($5,887) ($151) ($3,392) ($705) ($1,639) $11,647 $2,356 Adjusted to

  37. Slide 37: Reconciliation: Net Income (Loss) to Adjusted EBITDA: Trailing 9 Quarters

    CONFIDENTIAL Reconciliation: Net Income (Loss) to Adjusted EBITDA: Trailing 9 Quarters ($ in thousands) 2025 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 2023 Q4 Net income (loss) ($1,736) $2,971 $5,548 ($4,799) ($5,456) ($5,887) ($151) ($3,392) ($705) ($1,640) $11,647 $

  38. Slide 38: Reconciliation: Same-Store Net Operating Income to Total Net Operating Income

    CONFIDENTIAL Reconciliation: Same-Store Net Operating Income to Total Net Operating Income ($ in thousands) Net Rent / Occupied Sq. Ft. Revenue for the Three Expenses for the Three for the Three Months Ending Occupancy as Months Ended Months Ended NOI for the Three Months Ended December 31,(1) of De

  39. Slide 39: Reconciliation: Same-Store Facility Results — Years Ended December 31, 2025 and 2024

    CONFIDENTIAL Reconciliation: Same-Store Facility Results — Years Ended December 31, 2025 and 2024 ($ in thousands) Same-Store Facilities Non Same-Store Facilities Total 2025 2024 % Change 2025 2024 % Change 2025 2024 % Change Revenue (1) $ 206,896 $ 203,590 1.6% $ 32,872 $ 7,090 N/M $ 239,768 $ 210,

  40. Slide 40: Reconciliation: Same-Store Facility Results — Years Ended December 31, 2024 and 2023

    CONFIDENTIAL Reconciliation: Same-Store Facility Results — Years Ended December 31, 2024 and 2023 ($ in thousands) Sam e-Sto re Fac ilities No n Sam e-Sto re Fac ilities To tal 2024 2023 % Change 2024 2023 % Change 2024 2023 % Change Revenue (1) $202,523 $201,728 0.4% $8,156 $5,809 N/M $210,679 $207

  41. Slide 41: Reconciliation: Same-Store Facility Results — Years Ended December 31, 2023 and 2022

    CONFIDENTIAL Reconciliation: Same-Store Facility Results — Years Ended December 31, 2023 and 2022 ($ in thousands) Sam e-Sto re Fac ilities No n Sam e-Sto re Fac ilities To tal 2023 2022 % Change 2023 2022 % Change 2023 2022 % Change Revenue (1) $184,822 $177,539 4.1% $22,715 $15,200 N/M $207,537 $1

  42. Slide 42: Reconciliation: Same-Store Facility Results — Years Ended December 31, 2022 and 2021

    CONFIDENTIAL Reconciliation: Same-Store Facility Results — Years Ended December 31, 2022 and 2021 ($ in thousands) Sam e-Sto re Fac ilities No n Sam e-Sto re Fac ilities To tal 2022 2021 % Change 2022 2021 (6) % Change 2022 2021 % Change Revenue (1) $139,627 $123,649 12.9% $53,112 $27,993 N/M $192,7

  43. Slide 43: Outlook for Full Year 2026

    CONFIDENTIAL Outlook for Full Year 2026 ($ in thousands, except share and per share data) Ranges for 2026 Annual Assumptions Notes for Annual Assumptions as of February 25, 2026 as of February 25, 2026 Same-store growth (as translated in U.S. dollars) Low High 2026 Same-store pool: 157 Properties Re

  44. Slide 44: Additional Information Regarding NOI, FFO, and FFO, as Adjusted, and Adjusted EBITDA

    CONFIDENTIAL Additional Information Regarding NOI, FFO, and FFO, as Adjusted, and Adjusted EBITDA 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, excluding tenant protection plan reven

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