Filing Flows › SmartStop Self Storage REIT (SMA) › Q1 2026
SmartStop Self Storage REIT (SMA) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 8, 2026
SmartStop Self Storage REIT (SMA) reported revenue of $78.3M for the first quarter 2026 (Q1 2026), +20% from a year earlier and -0.2% from the quarter before. Operating margin was 20.7%, net earnings $9.6M (12.2% of revenue).
SmartStop Self Storage REIT, Q1 2026: revenue $78.3M (+20% year over year), operating margin 20.7%, net earnings $9.6M, operating cash flow $24.2M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $78.3M | -0.2% | +20% |
| Gross profit | $44.9M | -6% | +7% |
| Operating profit | $16.2M | -14% | -6% |
| Net earnings | $9.6M | +244% | — |
| Operating cash flow | $24.2M | +69% | +130% |
What changed
Revenue was $78.3M in Q1 2026, up 20% year over year and roughly flat from the previous quarter. Self Storage Rental Revenue was the largest line at 79% of revenue. Self Storage Rental Revenue added $5.3M year over year (up 9%), 41% of the total change.
Gross margin was 57.3%, down 6.8 points from Q1 2025. Operating profit was $16.2M, a 20.7% margin (down 5.6 points year over year). Operating profit fell $1.0M even though revenue rose $12.9M versus Q1 2025, so costs grew faster than sales. Operating expenses grew 16% against revenue growth of 20%. The fastest-growing cost line was General & admin (+16%). Net earnings were $9.6M. The effective tax rate was 3.1%.
Operating cash flow was $24.2M (up 130% year over year), 237% of net income including minority interests. Non-cash charges added back $20.0M of depreciation and amortization and $2.8M of share-based compensation. Working capital and other items used $8.8M.
Questions
What was SmartStop Self Storage REIT's revenue in the first quarter 2026?
SmartStop Self Storage REIT (SMA) reported revenue of $78.3M for the first quarter 2026 (Q1 2026), +20% from a year earlier and -0.2% from the quarter before.
Was SmartStop Self Storage REIT profitable in the first quarter 2026?
Operating profit was $16.2M (20.7% of revenue) and net earnings $9.6M.