SMA
SmartStop Self Storage REIT, Inc.
OpenVolumeMkt capP/EEPSDiv yield
Day – 52-wk –
Expected move
InputsNext report
Last report
Largest filed tie
13F top-10 QoQ
Top fund weight
SmartStop Self Storage REIT, Inc.
Expected move
InputsNext report
Last report
Largest filed tie
13F top-10 QoQ
Top fund weight
Last report0 of 4 at or beyond impliedshaded = implied▲▼ = realized× = |realized| ÷ implied
We are a premier owner and operator of self storage facilities in the United States and Canada. We are internally managed and have built a fully integrated, technology-enabled, data-driven, and scalable platform that is positioned for growth. We operate an institutional-quality portfolio of self storage properties that are located primarily within top metropolitan statistical areas, or MSAs, throughout the United States and within top census metropolitan areas, or CMAs, in Canada, including the Greater Toronto Area, or GTA. According to the Inside Self Storage Top-Operators List for 2024, we are the tenth largest owner and operator of self storage properties in the United States and according to Colliers, the largest in the GTA based on rentable square footage. As of December 31, 2024, we owned or managed 208 operating stores across 22 states, the District of Columbia and three provinces in Canada, comprising approximately 148,275 units and 16.7 million net rentable square feet. The following table summarizes our owned and managed operating properties in our portfolio as of December 31, 2024: 4Q24 Net Rentable Ending Operating Portfolio Snapshot # of Stores Sq. Ft. Units Occupancy Wholly-owned Stores 161 12,550,500 109,835 91.8 % Joint Venture Stores 10 897,400 9,440 86.9 % Total Owned Stores 171 13,447,900 119,275 Managed Stores 37 3,204,900 29,000 Total Stores 208 16,652,800 148,275 We believe the self storage sector has distinguished itself as a core asset class with attractive long-term organic growth characteristics and strong free cash flow generation. We expect long-term self storage drivers, which include population growth, the percentage of renter occupied housing units and self storage supply constraints, to continue to underpin competitive risk adjusted returns relative to the broader real estate sector. Since our founding, we have built a leading self storage brand in the United States and Canada, growing our total operating portfolio to 208 operating properties as of December 31, 2024. We have seen meaningful growth in our owned and managed portfolio, growing from 83 stores as of January 1, 2019 to 208 as of December 31, 2024 (representing a 16.5% CAGR). We maintain an investment strategy focused on acquiring or developing properties located in high quality sub-markets that offer our customers convenient, affordable and secure access to self storage units. Furthermore, we have created a scalable, leading technology-enabled platform that drives customer acquisition, customer service efficiencies and revenue management capabilities that optimize profitability across the portfolio. A unique element to our growth story has been the successful expansion of our Canadian portfolio. Upon completion of this offering, we believe we will be the only U.S. listed self storage REIT with an owned portfolio and operating platform in Canada (including in the GTA, one of the fastest growing and undersupplied markets in North America). Supported by strong demographic trends (according to Claritas, S&P Global, and Statistics Canada), GTA population growth from 2025 through 2030 is expected to be approximately 115 bps greater than the U.S. average. We believe Canada presents a compelling investment opportunity as home to several of the most attractive North American storage markets, highlighted by low supply per capita (2.3x square feet of existing self-storage space per capita in the GTA vs. 6.3x in the United States, according to Colliers and the 2024 Self-Storage Almanac), increasing product utilization, top-tier demographic trends, and limited institutional competition. Our joint venture in Canada with SmartCentres, one of the largest Toronto Stock Exchange-listed REITs, provides a pipeline of development opportunities at well trafficked locations within demographically advantaged CMAs. As of December 31, 2024, we owned or managed a portfolio of 34 operating properties comprising 3.1 million square feet in the GTA. This number included 13 wholly-owned facilities and 10 facilities in unconsolidated joint ventures in which we maintain a 50% equity interest. This number also included 10 facilities under management that were wholly-owned by the Managed REITs and one property in which one of our Managed REITs maintains a 50% equity interest. We employ a multi-pronged growth strategy focused on organic and external growth. We aim to grow the cash flow of our existing portfolio by utilizing our revenue management systems to grow revenue and leverage the scalability of our platform to increase expense efficiencies over time. Additionally, we expect to grow externally via acquisitions of newly built properties, ground up developments and strategic stabilized acquisitions, all of which we can execute either on-balance sheet or off-balance sheet through our Managed REITs. Our same-store portfolio, which represents 85% of our owned operating portfolio as measured by net rentable square feet, has averaged 6.0% NOI growth over the three-year period ended December 31, 2024. We have deep acquisition capabilities that allow us to focus on properties across the asset life cycle, from ground-up development to stabilized property acquisitions in many of the top MSAs in the United States and CMAs in Canada. Additionally, through a subsidiary, we serve as the sponsor of the Managed REITs. Our Managed REITs not only generate fees that offset our operating and general and administrative expenses but also enable us to strategically expand our platform off-balance sheet while providing potential future acquisition opportunities. Upon completion of this offering, we expect to have a fortified balance sheet with low leverage and ample liquidity that will position us to take advantage of growth opportunities. Our Founder, Chairman and Chief Executive Officer, H. Michael Schwartz, founded our company in 2013, recognizing a market opportunity for a differentiated public self storage REIT focused on high quality self storage assets in high growth markets across the United States and Canada. Mr. Schwartz entered the self storage business in 2005 and has established a successful 20-year track record in the sector. In 2007, Mr. Schwartz founded Strategic Storage Trust, Inc., which became a fully integrated and self-managed self storage company that grew to own and/or operate 169 self storage properties and was ultimately sold to Extra Space Storage, Inc. for $1.4 billion in October 2015. In addition to Mr. Schwartz, we maintain a seasoned and multidisciplined executive management team with over 20 years of storage experience, on average. SmartStop was formed as a Maryland corporation in January 2013. Our principal executive office is located in Ladera Ranch, California.
We are a premier owner and operator of self storage facilities in the United States and Canada. We are internally managed and have built a fully integrated, technology-enabled, data-driven, and scalable platform that is positioned for growth. We operate an institutional-quality portfolio of self storage properties that are located primarily within top metropolitan statistical areas, or MSAs, throughout the United States and within top census metropolitan areas, or CMAs, in Canada, including the Greater Toronto Area, or GTA. According to the Inside Self Storage Top-Operators List for 2024, we are the tenth largest owner and operator of self storage properties in the United States and according to Colliers, the largest in the GTA based on rentable square footage. As of December 31, 2024, we owned or managed 208 operating stores across 22 states, the District of Columbia and three provinces in Canada, comprising approximately 148,275 units and 16.7 million net rentable square feet. The following table summarizes our owned and managed operating properties in our portfolio as of December 31, 2024: 4Q24 Net Rentable Ending Operating Portfolio Snapshot # of Stores Sq. Ft. Units Occupancy Wholly-owned Stores 161 12,550,500 109,835 91.8 % Joint Venture Stores 10 897,400 9,440 86.9 % Total Owned Stores 171 13,447,900 119,275 Managed Stores 37 3,204,900 29,000 Total Stores 208 16,652,800 148,275 We believe the self storage sector has distinguished itself as a core asset class with attractive long-term organic growth characteristics and strong free cash flow generation. We expect long-term self storage drivers, which include population growth, the percentage of renter occupied housing units and self storage supply constraints, to continue to underpin competitive risk adjusted returns relative to the broader real estate sector. Since our founding, we have built a leading self storage brand in the United States and Canada, growing our total operating portfolio to 208 operating properties as of December 31, 2024. We have seen meaningful growth in our owned and managed portfolio, growing from 83 stores as of January 1, 2019 to 208 as of December 31, 2024 (representing a 16.5% CAGR). We maintain an investment strategy focused on acquiring or developing properties located in high quality sub-markets that offer our customers convenient, affordable and secure access to self storage units. Furthermore, we have created a scalable, leading technology-enabled platform that drives customer acquisition, customer service efficiencies and revenue management capabilities that optimize profitability across the portfolio. A unique element to our growth story has been the successful expansion of our Canadian portfolio. Upon completion of this offering, we believe we will be the only U.S. listed self storage REIT with an owned portfolio and operating platform in Canada (including in the GTA, one of the fastest growing and undersupplied markets in North America). Supported by strong demographic trends (according to Claritas, S&P Global, and Statistics Canada), GTA population growth from 2025 through 2030 is expected to be approximately 115 bps greater than the U.S. average. We believe Canada presents a compelling investment opportunity as home to several of the most attractive North American storage markets, highlighted by low supply per capita (2.3x square feet of existing self-storage space per capita in the GTA vs. 6.3x in the United States, according to Colliers and the 2024 Self-Storage Almanac), increasing product utilization, top-tier demographic trends, and limited institutional competition. Our joint venture in Canada with SmartCentres, one of the largest Toronto Stock Exchange-listed REITs, provides a pipeline of development opportunities at well trafficked locations within demographically advantaged CMAs. As of December 31, 2024, we owned or managed a portfolio of 34 operating properties comprising 3.1 million square feet in the GTA. This number included 13 wholly-owned facilities and 10 facilities in unconsolidated joint ventures in which we maintain a 50% equity interest. This number also included 10 facilities under management that were wholly-owned by the Managed REITs and one property in which one of our Managed REITs maintains a 50% equity interest. We employ a multi-pronged growth strategy focused on organic and external growth. We aim to grow the cash flow of our existing portfolio by utilizing our revenue management systems to grow revenue and leverage the scalability of our platform to increase expense efficiencies over time. Additionally, we expect to grow externally via acquisitions of newly built properties, ground up developments and strategic stabilized acquisitions, all of which we can execute either on-balance sheet or off-balance sheet through our Managed REITs. Our same-store portfolio, which represents 85% of our owned operating portfolio as measured by net rentable square feet, has averaged 6.0% NOI growth over the three-year period ended December 31, 2024. We have deep acquisition capabilities that allow us to focus on properties across the asset life cycle, from ground-up development to stabilized property acquisitions in many of the top MSAs in the United States and CMAs in Canada. Additionally, through a subsidiary, we serve as the sponsor of the Managed REITs. Our Managed REITs not only generate fees that offset our operating and general and administrative expenses but also enable us to strategically expand our platform off-balance sheet while providing potential future acquisition opportunities. Upon completion of this offering, we expect to have a fortified balance sheet with low leverage and ample liquidity that will position us to take advantage of growth opportunities. Our Founder, Chairman and Chief Executive Officer, H. Michael Schwartz, founded our company in 2013, recognizing a market opportunity for a differentiated public self storage REIT focused on high quality self storage assets in high growth markets across the United States and Canada. Mr. Schwartz entered the self storage business in 2005 and has established a successful 20-year track record in the sector. In 2007, Mr. Schwartz founded Strategic Storage Trust, Inc., which became a fully integrated and self-managed self storage company that grew to own and/or operate 169 self storage properties and was ultimately sold to Extra Space Storage, Inc. for $1.4 billion in October 2015. In addition to Mr. Schwartz, we maintain a seasoned and multidisciplined executive management team with over 20 years of storage experience, on average. SmartStop was formed as a Maryland corporation in January 2013. Our principal executive office is located in Ladera Ranch, California.
No other changes.
No other changes.
No thesis.
Annual filing, covered
10-K parsed · Feb 27 '26
Supply-chain ties, covered
Disclosed · both directions
Fund holders, covered
N-PORT holdings
13F holdings, covered
13F quarter · Jun 30 '26
Management, not covered
Not covered · DEF 14A, 8-K 5.02
Company IR feed, not covered
News via newswires & EDGAR
Products, patents, hiring, not covered
Not covered
Annual filing, covered
10-K parsed · Feb 27 '26
Supply-chain ties, covered
Disclosed · both directions
Fund holders, covered
N-PORT holdings
13F holdings, covered
13F quarter · Jun 30 '26
Management, not covered
Not covered · DEF 14A, 8-K 5.02
Company IR feed, not covered
News via newswires & EDGAR
Products, patents, hiring, not covered
Not covered
SmartStop Self Storage REIT, Inc.
37.41
+0.16 · +0.43%
post 36.69 −1.92%
+1.80%
vs ±4.5% implied · ×0.40
shaded = implied · ▲▼ = realized
| Manager | Value | % base | |
|---|---|---|---|
| BlackRockindex-like | $176.0M | 10.54% | +5.33% |
| T. Rowe Price | $171.3M | 10.25% | −11.71% |
| Principal Financial | $104.2M | 6.24% | +23.48% |
| Vanguard Portfolioindex-like | $94.2M | 5.64% | +4.02% |
| Goldman Sachs | $89.2M | 5.34% | −19.93% |
| Manager | Value | % base | |
|---|---|---|---|
| BlackRockindex-like | $176.0M | 10.54% | +5.33% |
| T. Rowe Price | $171.3M | 10.25% | −11.71% |
| Principal Financial | $104.2M | 6.24% | +23.48% |
| Vanguard Portfolioindex-like | $94.2M | 5.64% | +4.02% |
| Goldman Sachs | $89.2M | 5.34% | −19.93% |
Same SIC code · 6
Same SEC industry code: Welltower Inc., Prologis, Inc., Equinix Inc and 3 more; of SmartStop Self Storage REIT, Inc.'s 6 closest co-movers, none share that code.
Same SIC code · 6
Same SEC industry code: Welltower Inc., Prologis, Inc., Equinix Inc and 3 more; of SmartStop Self Storage REIT, Inc.'s 6 closest co-movers, none share that code.
Bull3
Bear1
Expected move
Inputs8Q avg ±2.0%·×4.59·rich
straddle ±9.2%
spot 36.65exp Nov 20ATM strike 35ATM straddle 3.95IV 60%