SmartStop (SMA) Q1 2026 Earnings Transcript

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DATE

Thursday, May 7, 2026 astatine 12:00 p.m. ET

CALL PARTICIPANTS

• Founder, Chairman, and CEO — H. Schwartz

• Chief Financial Officer — James Barry

• Investor Relations — David Corak

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Full Conference Call Transcript

H. Schwartz, founder, chairman, and CEO, arsenic good arsenic James Barry, our CFO. Now I volition crook it implicit to Michael.

H. Schwartz: Thank you, David, and convey you for joining america contiguous for our archetypal 4th net call. We posted beardown same-store gross maturation of 1.5%, NOI maturation of 2%, and maintained mean occupancy of 92.5% portion facing our toughest quarterly comp of the year. Operationally, we posted precise beardown results contempt caller geopolitical news. With that said, 10 of our apical 15 markets posted affirmative same-store NOI maturation and bully disbursal power led to a 30 ground constituent maturation successful our same-store operating margins. Likewise, different areas of our concern outperformed expectations. We reported FFO arsenic adjusted per stock of $0.49, up 19.3% twelvemonth implicit year.

In February, we completed the recast of our $500 cardinal syndicated slope installation astatine an all-in outgo of astir 30 ground points beneath the erstwhile facility. Additionally, we acquired a parcel of onshore successful Canada that we mean to make into Class A retention successful our SmartCentres associated venture. Lastly, successful March, we entered into a strategical associated task with Axxess Capital focused connected providing span superior to self-storage sponsors crossed the United States. In presumption of guidance, we are present narrowing our same-store gross maturation from a scope of antagonistic 0.5% to 2% to a scope of antagonistic 0.25% to 1.75%. Additionally, we are reducing our wide OpEx maturation scope from 2% to 4% to 1.75% to 3.75%.

The effect is an summation of our NOI maturation midpoint from antagonistic 40 ground points to antagonistic 25 ground points. Additionally, we are narrowing our FFO arsenic adjusted per stock from $1.93 to $2.05 to a scope of $1.94 to $2.04. Turning to operations, January and February were beardown months for us, somewhat supra our archetypal expectations. In March, we saw a pullback successful request that straight coincided with the geopolitical news. This played done from March until astir April erstwhile things truly started to crook for the better. Demand has returned, and it appears rental play is upon us.

We are inactive precise aboriginal successful the year, and successful the self-storage business, rental play tin extremity up impacting yearly results. That said, we are surely encouraged going into the rental season. With that, I volition crook it implicit to James to sermon the quarter.