SMA: Strategic Land Acquisition Fuels Growth in Toronto!

Company Overview and Recent Listing

SmartStop Self Storage REIT, Inc. (NYSE: SMA) is an internally managed self-storage REIT with a portfolio concentrated in high-growth markets across the U.S. and Canada (^[1]). After operating as a non-traded REIT for years, SmartStop completed a public listing in April 2025, raising ~$875 million in net proceeds by issuing 31.05 million new common shares at $30 each (^[2]) (^[1]). The IPO proceeds were used to significantly de-lever the balance sheet – SmartStop fully repaid a $175 million acquisition bridge loan, paid down $472 million on its credit line, and redeemed $200 million of preferred stock (^[1]). This strengthened financial footing helped the company attain investment-grade ratings (BBB/Stable) from agencies like DBRS and KBRA (^[1]) (^[1]). As of late 2025, SmartStop (together with its affiliates) owns or manages over 460 self-storage properties in 35 U.S. states, D.C., and Canada (^[3]), making it one of the top operators in the sector. Notably, ~9% of its rental income comes from the Greater Toronto Area (GTA) (^[4]), underscoring its strong presence in Toronto and other dense markets. The company’s growth strategy blends property acquisitions, joint-venture developments, and third-party management – exemplified by a new strategic land purchase in Toronto (detailed below) that supports its expansion in a key market.

Dividend Policy, AFFO, and Coverage

SmartStop offers a monthly dividend, consistent with its history as an income-focused REIT. In late 2025, the board declared a monthly distribution of $0.1359 per share for December 2025 (paid January 15, 2026) (^[5]). This rate equates to an annualized dividend of about $1.60 per share, or roughly a 5% yield at the recent share price (around $31). Dividend increases have been modest – for example, the monthly payout was ~$0.1315 earlier in 2025 (^[3]), implying a slight bump by year-end. As a self-storage REIT, Adjusted FFO (AFFO) is a key earnings metric: in 3Q 2025 SmartStop generated $0.47 in FFO per diluted share, bringing year-to-date FFO (as adjusted) to $1.31 (^[3]). Management’s full-year 2025 guidance calls for AFFO of about $1.87–$1.91 per share (^[3]), so the $1.60 annual dividend represents a payout ratio in the ~83–85% range. This indicates the dividend is well-covered by operating cash flows – for the third quarter, the company’s AFFO comfortably exceeded the ~$0.40 paid in dividends over that span. The monthly distribution policy also signals confidence in recurring cash flow stability. It’s worth noting that SmartStop’s legacy Class A and Class T shares (issued pre-listing) receive the same per-share distributions as the new listed common stock (^[3]), aligning all shareholders’ interests in the current dividend. Overall, the REIT’s 5% yield is in line with self-storage peer yields and is supported by steady occupancy (~93%) and modest growth in cash NOI (^[3]) (^[3]). Going forward, investors will watch if AFFO growth (management is targeting low single-digit same-store NOI growth in 2025 (^[3]) (^[3])) can drive incremental dividend increases, or if the payout will hold at current levels to retain more capital for expansion.

Leverage, Debt Maturities & Coverage

SmartStop entered the public markets with a much-improved balance sheet thanks to its IPO-related deleveraging. Total debt stood at ~$1.04 billion as of 3Q 2025, about 43% of total assets ($2.39B) (^[3]). Key balance sheet actions in 2025 included transitioning from secured to unsecured debt financing and terming out maturities. In June 2025, SmartStop issued C$500 million of unsecured notes due 2028 at a fixed 3.91% interest rate (a “Maple bond” in Canada) (^[2]), and in September it priced an additional C$200 million of 5-year notes due 2030 with a 3.888% coupon (^[6]). These investment-grade notes (rated BBB by DBRS) were used primarily to repay floating-rate credit facility borrowings and other loans (^[6]). As a result, the company’s debt maturity profile is well-laddered: no major debt comes due until 2028, and a large portion of total debt now carries fixed rates in the low-4% range or below. Beyond the unsecured notes, SmartStop’s only significant debt consists of its revolving credit facility ($600M capacity) – largely undrawn after the IPO proceeds pay-down (^[2]) – and a few assumed mortgages on acquired properties (e.g. a C$24.5M loan at 3.45% fixed due 2028 on a Kelowna, BC property) (^[2]). The company also refinanced its Canadian joint-venture debt: in late 2025, ten JV properties with partner SmartCentres were rolled into a C$160M term loan due 2030 at a 3.87% fixed rate (^[3]).

Leverage metrics have improved but remain moderate. According to DBRS, SmartStop’s debt-to-EBITDA is expected to decline to the low-8× range by year-end 2025, down from about 10.9× prior to the IPO-driven debt reduction (^[1]). This is a meaningful improvement in leverage, though 8× net debt/EBITDA is still higher than some larger self-storage REIT peers. The rating agency also anticipates interest coverage will strengthen: EBITDA-to-interest should rise into the mid-2× range (from about 1.7× before the refinancing) as interest expense has dropped (^[1]). In the third quarter, interest expense was $12.5 million, down sharply from ~$19.1 million in the prior-year quarter (^[3]), reflecting these balance sheet changes. With an annualized EBITDA now covering interest roughly 2.5× and a BBB credit rating in hand, SmartStop has a stable financial footing – but it also has less headroom than the lowest-levered peers. The investment-grade rating is predicated on maintaining discipline: DBRS cautions it could reconsider the outlook if debt/EBITDA rises above ~8.6× or interest coverage falls below ~1.8× on a sustained basis (^[1]). In other words, SmartStop’s management must balance its growth plans with preserving the coverage and leverage ratios that underpin its ratings and investor confidence. The good news is that most of the company’s debt is fixed-rate and long-dated, insulating it from near-term rate volatility and refinancing risk – a prudent position as interest rates remain elevated. Overall, SmartStop’s liquidity also appears adequate: post-IPO it has significant unused revolver capacity and ongoing cash flow to fund dividends and smaller acquisitions, while larger deals might be funded with a mix of strategic debt (e.g. Maple bonds) or future equity raises if needed.

Valuation and Peer Comparison

Since its April 2025 NYSE debut, SMA shares have traded in the low-to-mid $30s, reflecting investor reception to the newly listed REIT. At a price around $31–$32, SmartStop is valued at roughly 16–17× its adjusted FFO per share (using the ~$1.89 midpoint of 2025 guidance) (^[3]). This places its P/FFO multiple in line with, or a tad below, larger self-storage peers. For context, industry leaders Public Storage (PSA) and Extra Space Storage (EXR) have often traded in the high-teens FFO multiples in recent years, while mid-size peers like CubeSmart (CUBE) are in the mid-teens and smaller player National Storage Affiliates (NSA) has tended to trade at a discount (reflecting a higher leverage and external management until recently). SmartStop’s multiple suggests the market is pricing it similar to the self-storage sector average despite its relatively short track record as a public company. Its 5% dividend yield likewise is in a comparable range: PSA and EXR yields are around 4–5%, CUBE near 4%, and NSA higher around 6% given its risk profile. SmartStop’s yield being slightly on the higher side of the big names likely reflects its smaller size and liquidity, and the complex share structure (since a portion of shares are still unlisted Class A/T, potentially creating an overhang if those holders seek liquidity over time).

Wall Street analysts appear constructive on SmartStop’s prospects. For example, J.P. Morgan initiated coverage overweight, and even after a recent moderation they maintain a price target in the high-$30s (e.g. ~$39) (^[1]). The average analyst price target is around $39–$40, implying upside of ~25% from current levels (^[7]). This optimism likely stems from expectations that SmartStop can continue to grow its earnings and possibly narrow any valuation gap with peers as it gains seasoning as a public company. The company’s internal management structure is a positive in this regard – unlike some smaller REITs, it doesn’t pay external management fees, which often warrants a valuation discount. Moreover, SmartStop’s portfolio is concentrated in attractive markets (California, Florida, Toronto, etc.) and has a sizeable growth pipeline (discussed below), which could support above-industry-average FFO growth in coming years. On a net asset value (NAV) basis, if we consider the quality of assets and cap rates for self-storage properties (~5.5% to 6% for stabilized assets in top markets), SmartStop’s implied capitalization rate is roughly in that range – suggesting it is not trading at a steep discount to underlying real estate value. In summary, valuation metrics for SMA appear reasonable: investors are paying a mid-teens multiple for a 5% yield and mid-single-digit growth prospects, which is competitive with other REIT opportunities. Future re-rating potential could come from successful execution (proving out its development projects and acquisitions) and improved scale/liquidity, potentially moving SMA’s multiple closer to the larger peers over time. However, any stumbles in performance or capital allocation could just as easily pressure the stock, so the current valuation embeds expectations of solid execution.

Growth Strategy and Toronto Expansion Initiatives

SmartStop is pursuing a multi-pronged growth strategy, combining strategic acquisitions, new developments (often via joint ventures), and expansion of its management platform. The recent headline news – and the inspiration for this report’s title – is SmartStop’s “strategic land acquisition” in Toronto, which exemplifies its approach to fueling growth in core markets. On December 23, 2025, SmartStop announced the purchase of a 1.78-acre parcel in Toronto, Ontario, to develop a Class A self-storage facility (^[8]). The site, located at 1125 Finch Avenue about 9 miles north of downtown Toronto and near York University, sits in “one of the most densely populated and supply-constrained trade areas” of the city (^[8]). SmartStop will develop this facility in partnership with SmartCentres (TSX: SRU.UN) (^[8]), a major Canadian REIT known for its retail centers. This partnership leverages SmartCentres’ local real estate expertise and land bank (often adjacent to retail properties) while providing SmartStop a capital-light way to enter prime locations. “By partnering with SmartCentres, we are advancing a premier self-storage development that expands our Canadian footprint and positions us to capture long-term value in a high-growth market,” said CEO H. Michael Schwartz (^[8]). The Toronto project underscores SmartStop’s focus on the Greater Toronto Area (GTA) as a key growth region – a focus noted by credit analysts as well (^[1]). Importantly, developing new facilities in supply-constrained urban markets like Toronto allows SmartStop to build state-of-the-art properties with high rent potential, rather than only buying existing assets at low cap rates. It’s a strategic way to fuel future FFO growth once these developments stabilize.

Beyond this Toronto initiative, SmartStop has been extremely active in acquisitions and development across North America in 2025. In the U.S., the company expanded in several target MSAs: for example, in 2Q 2025 it acquired five self-storage facilities in the Houston, TX area for ~$108 million total (^[2]), and in 4Q 2025 it purchased a facility in the Orlando, FL market for ~$15 million (^[3]). In Canada, SmartStop is rapidly increasing its footprint – in 3Q 2025 it acquired five properties in Alberta, Canada for ~C$97.4 million (roughly $70 million USD) (^[3]), immediately boosting its presence in Western Canada. Earlier in the year, it also bought a facility in Kelowna, British Columbia (~$29 million) and even a development site in Alberta via a JV with SmartCentres (^[3]). As of September 2025, SmartStop and its affiliates owned or managed 49 operating self-storage properties in Canada (^[6]), up from 41 at the time of listing, illustrating its rapid Canadian expansion. The company’s growth pipeline remains robust: as of August, SmartStop had agreements to acquire eight additional self-storage properties or development sites in Canada for ~$80 million (split between SmartStop and one of its managed private REITs) (^[2]). This highlights a healthy deal flow and the ability to allocate opportunities between the public REIT and its sponsored vehicles.

Another avenue of growth has been the expansion of SmartStop’s managed and third-party platforms. In late 2025, SmartStop acquired Argus Professional Storage Management, LLC, a third-party property management company, for ~$21 million in cash and OP units (^[3]). Argus is a large management platform, and this deal instantly vaulted SmartStop into the third-party management business, adding over 200 additional facilities under management. Post-acquisition, SmartStop’s total owned or managed portfolio more than doubled to 460+ properties (^[3]). While third-party managed properties do not contribute to rental revenue, they generate fee income (management fees, tenant insurance participations, etc.) and give SmartStop a broader reach and relationships in the industry. It’s an “asset-light” growth driver that can be accretive and also potentially a pipeline for future acquisitions (as property owners in the Argus network may eventually seek to sell assets, giving SmartStop a first look). Additionally, SmartStop sponsors several non-traded storage REITs (e.g. Strategic Storage Trust series) and has a new retail distribution partnership to raise capital for those programs (^[2]) (^[2]). These managed funds business lines diversify revenue and expand the overall platform. However, SmartStop remains primarily focused on its core self-storage operations, which continue to see organic growth. Same-store occupancy has been healthy (around 92–93% through 2025) and rental rates are holding firm – same-store revenues ticked up ~2% year-on-year in the first nine months of 2025 (^[3]), although NOI growth was only ~1% due to expense pressures (^[3]). The company notes that sector fundamentals are stabilizing after a period of heavy new supply, and it has been investing in technology and revenue management to capture demand and optimize rates (^[3]).

In sum, SmartStop’s growth outlook is driven by a combination of external acquisitions, strategic developments (like the Toronto project), and new revenue streams from its expanded platform. The strategic Toronto land acquisition – partnered with a reputable local REIT – is a marquee example of how SmartStop is deploying capital to high-value opportunities that can fuel its FFO and NAV growth in the years ahead. If executed well, these projects and acquisitions should strengthen SmartStop’s competitive position in key markets (Toronto, Florida, Texas, etc.) and justify investors’ bullishness on its expansion story.

Risks, Challenges, and Red Flags

While SmartStop’s growth story is compelling, investors should be mindful of several risks and potential red flags associated with the company:

– Self-Storage Cycle and Supply Risks: The self-storage industry enjoyed a boom in demand and rents over 2020–2022, but it has since entered a normalization phase with choppier growth. SmartStop itself noted that while fundamentals are solidifying, customer demand can vary month-to-month and new supply had been elevated in prior years (^[3]). Same-store rent growth has decelerated to low single digits (and even dipped slightly negative in some markets earlier in 2025) (^[2]). If rental rates stagnate or decline due to oversupply or recessionary pressures, SmartStop’s NOI growth could disappoint. Additionally, with ~21% of revenue from California and 21% from Florida (^[4]), the company is somewhat exposed to regional oversupply dynamics – for instance, certain Sunbelt cities have seen many new storage facilities come online. Occupancy risk is mitigated by strong current levels (~93%), but any softening in demand (e.g. during economic downturns when moving/storage needs might decline) could pressure both occupancy and pricing power.

– High (But Improving) Leverage: Despite the progress post-IPO, SmartStop still carries higher leverage than many established peers. Debt-to-EBITDA is around 8×, which leaves relatively less flexibility if earnings were to decline or if interest rates rise further. The company’s interest coverage, expected in the mid-2× range (^[1]), means debt service consumes a significant share of operating income. While current cash flow easily covers the dividend and interest, a sharp increase in debt costs or drop in NOI could tighten that coverage. The investment-grade ratings are a positive, but they hinge on SmartStop maintaining discipline – DBRS explicitly warned that a sustained rise in leverage above ~8.6× or a fall in coverage below ~1.8× could trigger negative rating action (^[1]). Investors should monitor the company’s future capital deployment: aggressive acquisition spending funded by debt, or any erosion in EBITDA (e.g. from falling rental rates), could weaken credit metrics. On a related note, foreign exchange risk exists since part of earnings is in Canadian dollars (CAD) while debt is partly in CAD as a natural hedge. Major swings in USD/CAD could impact reported results, though the effect so far has been modest (^[3]).

– Execution and Integration Risk: SmartStop’s growth plan involves multiple moving pieces – absorbing large acquisitions, executing ground-up developments, and integrating the Argus management platform. Each carries execution risk. For the Toronto development project, there is the usual development risk of cost overruns, construction delays, or leasing the new facility slower than expected. Partnering with SmartCentres should help mitigate some development risk (given SmartCentres’ experience), but as a 50/50 JV SmartStop will share control and economics. Integration of Argus is another area to watch: SmartStop paid ~$21 million to acquire Argus (^[3]), and now suddenly manages a much larger number of third-party properties. Challenges could include retaining Argus’s client base, merging systems and teams, and doing so without distracting from the core business. While management described the Argus entry as “accretively launching” them into third-party management (^[3]), investors will want to see evidence of accretive fee income and cross-selling opportunities. If Argus’s performance disappoints or incurs unexpected costs, it could be a minor drag on earnings (though the investment is relatively small in the scheme of things).

– Share Structure and Liquidity: An often overlooked issue is SmartStop’s unusual share structure stemming from its non-traded REIT origins. In addition to the ~31 million new common shares listed on NYSE, the company still has about 22.3 million Class A shares and 2.0 million Class T shares outstanding (as of 3Q 2025) (^[3]). These legacy shares (held by early investors) have the same economic rights as the common stock but are not listed. Over time, one would expect these classes to convert or be absorbed into the listed common stock – but if/when that happens, it could effectively increase the public float significantly. There’s a risk that some legacy shareholders, finally getting liquidity through listing/conversion, might sell their holdings, potentially adding selling pressure on the stock. Even absent a formal conversion event, the presence of multiple classes is a governance complexity. So far, SmartStop has navigated this well (treating all classes equally in dividends and ensuring voting alignment), but it’s an area for continued investor scrutiny. Additionally, being a newly listed small-cap REIT, trading liquidity in SMA shares is lower than large peers. The stock could be more volatile, and large investors might find it harder to enter/exit positions efficiently until the float increases.

– Managed REITs and Conflicts: SmartStop’s role as a sponsor for other non-traded storage REITs (e.g. SSGT III, SST VI, SST X) and its involvement in programs like DSTs introduce potential conflicts of interest. The company must allocate acquisition opportunities among itself and the programs it manages. For example, it noted that of eight properties under contract, six were to be acquired by SmartStop and two by a Managed REIT (^[2]) – presumably based on agreed criteria. Still, investors should be aware that the external programs could compete (in a limited way) with SmartStop for deals, and management has to ensure fiduciary fairness in such allocations. The upside is SmartStop earns fees from those vehicles, but the downside is the complexity of juggling multiple entities. Any misstep or perceived self-dealing could tarnish management’s reputation. So far, there have been no red flags on this front; in fact, SmartStop took steps to simplify relationships (e.g. buying out a dealer manager affiliate to streamline fundraising (^[2])). Nonetheless, the multi-platform structure adds a layer of risk not present for pure-play REITs.

– Sector and Macro Risks: Broader economic factors can impact SmartStop as well. Self-storage demand correlates with life events (moving, divorce, college, etc.) and economic activity. A severe recession could soften demand for storage units. Inflation can be double-edged: on one hand self-storage leases are month-to-month, allowing operators to raise rents quickly; on the other, expense inflation (property taxes, utilities, labor) can squeeze margins, as seen with same-store expenses up ~4–5% in 2025 (^[3]). SmartStop will need to continue driving efficiency to protect NOI margins if expense growth outpaces revenue. Additionally, interest rate risk bears mentioning: while SmartStop fixed a lot of its debt, its floating-rate credit facility could cost more if rates rise further (though current usage is low). Higher rates also raise acquisition cap rates, which could lower the value of existing properties (an implicit risk to NAV) or make accretive acquisitions harder. Finally, environmental and climate risks shouldn’t be ignored – with assets in Florida, Texas, and California, climate events (hurricanes, floods, wildfires) could impact certain properties or insurance costs. The company did have a property severely damaged by a hurricane in 2024, which they removed from collateral and presumably repaired or sold (^[9]). While not a primary concern, investors may want to know if SmartStop has adequate insurance and disaster preparedness given its geographic spread.

In summary, SmartStop’s main challenges revolve around executing its aggressive growth strategy without overstretching financially or operationally. The company must prove that it can integrate new acquisitions, successfully lease-up developments like the Toronto project, and steadily grow AFFO – all while keeping leverage in check and sustaining its dividend. Most risks appear manageable, but any signs of mis-execution (delays in Toronto, a dip in occupancy, etc.) or an adverse turn in the market could weigh on the stock, especially given its short trading history. Vigilant investors will keep an eye on those key risk indicators.

Outlook and Open Questions

SmartStop enters 2026 with positive momentum: a bolstered balance sheet, an active pipeline of projects (like the Toronto development and other acquisitions), and inclusion in major indexes (Russell 3000, MSCI US REIT) which should aid investor visibility (^[10]) (^[10]). The outlook for the company is cautiously optimistic. Analysts expect mid-single-digit FFO per share growth as new acquisitions and developments come online, which, combined with the ~5% dividend yield, could drive attractive total returns. There is also the prospect that as SmartStop grows larger and demonstrates a track record as a public entity, its valuation multiple could expand (narrowing the gap with bigger peers), providing upside to the stock. Additionally, the integration of Argus and the managed REIT platform could start contributing more meaningfully via fee income and perhaps strategic “farm system” acquisitions, though this is more of a long-term angle.

That said, a few open questions remain, which investors should consider in forming their view on SMA:

– How smoothly will the Toronto development and other JV projects progress? The success of the 1125 Finch Ave Toronto facility will be an important proof point. If SmartStop and SmartCentres can bring it to completion on budget and quickly lease it at premium rates, it validates the strategy of land acquisition in supply-constrained markets. If there are hiccups (e.g. zoning or construction delays), it could temper enthusiasm for similar projects. The timeline to stabilization and the return on cost achieved will be key data to watch through 2026–2027.

– Can SmartStop sustain acquisition-driven growth without additional equity raises? The company deployed over $200 million on acquisitions in just mid-2025 (Houston, Alberta, etc.) (^[3]) (^[2]). It still has dry powder (unused credit line and cash flows), but if management continues to find accretive deals, will they need to issue more stock or take on more debt? A secondary equity offering could dilute existing shareholders if done below NAV, whereas taking on significantly more debt could pressure credit metrics. The good news is that SmartStop’s current payout ratio (~85%) leaves some retained cash, and its stock price strength (holding around $30+) would make equity issuance less dilutive if needed. This balance between growth and funding is an ongoing question.

– When and how will the Class A and T shares be consolidated into the common stock? SmartStop’s unique share classes could gradually convert (for example, Class A/T holders might be allowed to exchange for NYSE-listed shares at some ratio). Clarity on this process would be helpful. An open question is whether these legacy shareholders will remain long-term holders or seek an exit. If a large volume decide to sell upon any conversion, it could create technical pressure on the stock. Management’s strategy for handling this – perhaps through staggered liquidity windows or buybacks – could be a factor in stock performance.

– What is the long-term plan for the Managed REITs and third-party platform? Now that SmartStop has a foothold in the fund management side, will it consider merging or acquiring some of the sponsored vehicles outright if/when they reach maturity? Such roll-up transactions could grow SmartStop’s asset base but might require significant capital. Alternatively, SmartStop could remain content collecting fees and offering those investors liquidity through listing the vehicles separately down the road. The trajectory here is unclear, but it poses strategic choices. Likewise, with Argus aboard, how large does SmartStop envision its third-party management arm growing? Will it aggressively pursue more management contracts (which could be a low-risk revenue source), or focus mainly on owned assets? How the company balances being an owner/operator versus an asset-light manager will be something to watch.

– Can SmartStop continue to drive internal growth (SSI) in a normalized market? As pandemic-era storage demand normalizes, the company’s same-store performance will be a barometer of its operational prowess. In 2024–2025 SmartStop’s same-store revenue growth hovered ~2%, which lagged some larger peers that achieved higher rates coming out of the pandemic. Management maintained its 2025 same-store NOI guidance around 0.9%–1.1% growth (^[3]) (^[3]), which is fairly modest. An open question is whether SmartStop’s markets will allow a reacceleration of same-store growth (via occupancy gains or pushing rents) or if low-single-digit growth is the “new normal.” This will affect how much earnings can grow without acquisitions. Any improvement here – perhaps through yield management or operational efficiencies (tenant insurance, ancillary income, etc.) – would be a positive surprise. Conversely, if economic pressures cause even these modest growth targets to be missed, it may raise concerns.

In conclusion, SmartStop’s story is one of strategic expansion balanced with financial discipline. The headline-grabbing Toronto land deal embodies the REIT’s opportunity: invest today in high-value locations to reap outsized rewards tomorrow. The company’s strong yield and portfolio of well-located assets provide a solid foundation, and its entry into new ventures (joint developments, third-party management) add potential upside. However, as a recently listed company, SmartStop still has to prove itself to public investors by hitting its targets and navigating the risks outlined. If management can execute – delivering new projects on time, maintaining stable dividends, and keeping leverage in check – SMA could very well justify the optimism reflected in its high-$30s analyst targets. Investors should keep an eye on the upcoming milestones (earnings, project updates, any capital moves) to gauge whether SmartStop is on track to fulfill its growth ambitions in Toronto and beyond. The next few quarters will be telling, but for now SmartStop appears to be a unique growth-and-income self-storage play with strategic land investments (like the Toronto site) planting seeds for future growth in key markets (^[8]) (^[8]). How those seeds germinate is the question that 2026 will begin to answer.

Sources

1. https://marketscreener.com/quote/stock/SMARTSTOP-SELF-STORAGE-RE-185779743/news/Morningstar-DBRS-Assigns-Credit-Ratings-to-SmartStop-OP-L-P-at-BBB-With-Stable-Trends-50099357/
2. https://investors.smartstopselfstorage.com/news-and-events/press-releases/press-releases-details/2025/SmartStop-Self-Storage-REIT-Inc–Reports-Second-Quarter-2025-Results/default.aspx
3. https://investors.smartstopselfstorage.com/news-and-events/press-releases/press-releases-details/2025/SmartStop-Self-Storage-REIT-Inc–Reports-Third-Quarter-2025-Results/default.aspx
4. https://sec.gov/Archives/edgar/data/1585389/000095017025068012/ck0001585389-20250331.htm
5. https://zonebourse.com/actualite-bourse/smartstop-self-storage-reit-inc-annonce-un-dividende-pour-le-mois-de-decembre-2025-payable-le-15-ce7d5edcd98df623
6. https://businesswire.com/news/home/20250922367634/en/SmartStop-Prices-5-Year-Canadian-Maple-Bond-Offering
7. https://tipranks.com/stocks/sma/forecast
8. https://streetinsider.com/Business%2BWire/SmartStop%2BSelf%2BStorage%2BREIT%2C%2BInc.%2BAnnounces%2BStrategic%2BLand%2BAcquisition%2Bfor%2BClass%2BA%2BSelf-Storage%2BDevelopment%2Bin%2BToronto/25778414.html
9. https://investors.smartstopselfstorage.com/news-and-events/press-releases/press-releases-details/2025/SmartStop-Self-Storage-REIT-Inc–Reports-First-Quarter-2025-Results/default.aspx
10. https://investors.smartstopselfstorage.com/news-and-events/press-releases/press-releases-details/2025/SmartStop-Self-Storage-REIT-Inc–to-Join-the-Russell-3000-Index/default.aspx

For informational purposes only; not investment advice.