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SmartStop Self Storage REIT cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$34.9M in Q3 2026 · $93.2M over twelve months

Operating cash flow$34.9M
Free cash flow+$34.9M
Cash / net income3.6×

Analysis

In Q3 2026, SmartStop Self Storage REIT generated $34.9M of operating cash flow. That is $17.2M less than in Q3 2025 ($52.1M).

Over the twelve months to Sep 30, 2026, operating cash flow was $93.2M; the largest uses were net borrowing (+) / repaid (−) ($574M), other investing ($96.3M), dividends ($88.6M); besides operations, cash came from other financing ($670M), asset & business sales ($16.5M); the cash balance fell by $20.2M.

Operating cash flow was $34.9M against net income of $9.6M — 3.6× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$18.8M, payables +$10.8M, stock-based pay +$2.6M.

Free cash flow

SmartStop Self Storage REIT: free cash flow by quarterSmartStop Self Storage REIT: free cash flow by quarter$10.6MQ4 2024$10.6MQ1 2025$8.0MQ2 2025$52.1MQ3 2025$14.4MQ4 2025$24.2MQ1 2026$19.7MQ2 2026$34.9MQ3 2026
Operating cash flow less capital spending.
SmartStop Self Storage REIT: operating cash flow against capital spendingSmartStop Self Storage REIT: operating cash flow against capital spendingOperating cash flowCapital spending$10.6M$0Q4 2024$10.6M$0Q1 2025$8.0M$0Q2 2025$52.1M$0Q3 2025$14.4M$0Q4 2025$24.2M$0Q1 2026$19.7M$0Q2 2026$34.9M$0Q3 2026
Latest (Q3 2026): Operating cash flow $34.9M, Capital spending $0.

Capital allocation, year by year

SmartStop Self Storage REIT: where the cash came from (up) and went (down), by fiscal yearSmartStop Self Storage REIT: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesAcquisitionsDividendsFY2021: Operating cash flow $58.8MFY2021: Net borrowing −$166MFY2021: Dividends −$26.2M$58.8MFY2021FY2022: Operating cash flow $87.9MFY2022: Net borrowing $199MFY2022: Dividends −$49.4M$287MFY2022FY2023: Operating cash flow $73.2MFY2023: Net borrowing $18.6MFY2023: Acquisitions −$753KFY2023: Dividends −$40.6M$91.8MFY2023FY2024: Operating cash flow $64.0MFY2024: Net borrowing $202MFY2024: Acquisitions −$3.8MFY2024: Dividends −$37.4M$266MFY2024FY2025: Operating cash flow $85.0MFY2025: Net borrowing −$759MFY2025: Asset sales $7.9MFY2025: Acquisitions −$543KFY2025: Dividends −$74.8M$92.8MFY2025
Over these 5 years operating cash flow totalled $369M; the largest uses were net borrowing ($925M) and dividends ($228M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$31.0M
Debt$1.1B
Net debt$1.1B
Due within a year$93.0M

SmartStop Self Storage REIT funds itself: free cash flow was $93.2M over the last twelve months, and $31.0M of cash and investments stands against $1.1B of debt ($93.0M due within a year, 0.3× covered by cash).

SmartStop Self Storage REIT: debt maturities by year (FY2025)SmartStop Self Storage REIT: debt maturities by year (FY2025)$93.0MYear 1$104MYear 2$459MYear 3$104MYear 4$187MYear 5$157MAfter year 5
Principal due in each year as disclosed in the annual report, against $31.0M of cash and investments now.

Where the cash came from and went

SmartStop Self Storage REIT: sources (+) and uses (−) of cash, Q3 2026SmartStop Self Storage REIT: sources (+) and uses (−) of cash, Q3 2026Other financing$142MNet borrowing (+) / repaid (−)−$122MOther investing−$43.4MOperating cash flow$34.9MDividends−$22.3MCash drawn (+) / kept (−)$10.1MAsset & business sales$1.7MAcquisitions−$144KExchange rates−$106K
SmartStop Self Storage REIT: sources (+) and uses (−) of cash, TTM to Q3 2026SmartStop Self Storage REIT: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$670MNet borrowing (+) / repaid (−)−$574MOther investing−$96.3MOperating cash flow$93.2MDividends−$88.6MReal estate bought−$45.0MCash drawn (+) / kept (−)$20.2MAsset & business sales$16.5MAcquisitions$4.9MExchange rates−$921K

From profit to cash

SmartStop Self Storage REIT: net income to operating cash flow, Q3 2026SmartStop Self Storage REIT: net income to operating cash flow, Q3 2026Net income$9.6MDepreciation & amortization$18.8MStock-based pay$2.6MDeferred taxes$228KOther non-cash$1.2MPayables$10.8MPrepaid and other assets−$198KOperating cash flow$34.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowAcquisitionsDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$34.9M−$144K−$22.3M−$122M$10.1M$34.9M
Q2 2026$19.7M—−$22.3M$38.9M−$337K$19.7M
Q1 2026$24.2M—−$21.8M−$945K$15.5M$24.2M
Q4 2025$14.4M$5.0M−$22.2M−$555M−$5.2M$14.4M
Q3 2025$52.1M−$4.7M−$22.2M—−$11.1M$52.1M
Q2 2025$8.0M$161K−$19.6M−$229M−$3.2M$8.0M
Q1 2025$10.6M−$1.0M−$10.8M$25.0M−$10.6M$10.6M
Q4 2024$10.6M−$3.3M−$10.7M$106M$15.7M$10.6M

SmartStop Self Storage REIT: income statement and cash flow

SmartStop Self Storage REIT, Q3 2026: revenue $81.8M (+16% year over year), operating margin 24.4%. The chart follows the revenue to costs, profit and cash.

SmartStop Self Storage REIT: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.