Filing Flows › SmartStop Self Storage REIT (SMA) › Q2 2025
SmartStop Self Storage REIT (SMA) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 8, 2025
SmartStop Self Storage REIT (SMA) reported revenue of $66.8M for the second quarter 2025 (Q2 2025), +13% from a year earlier and +2% from the quarter before. Operating margin was 15.4%, net loss $4.8M (7.2% of revenue).
SmartStop Self Storage REIT, Q2 2025: revenue $66.8M (+13% year over year), operating margin 15.4%, net loss $4.8M, operating cash flow $8.0M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $66.8M | +2% | +13% |
| Operating profit | $10.3M | -40% | — |
| Net earnings | −$4.8M | — | — |
| Operating cash flow | $8.0M | -24% | -54% |
What changed
Revenue was $66.8M in Q2 2025, up 13% year over year and up 2% from the previous quarter. Self Storage Rental Revenue was the largest line at 87% of revenue. Self Storage Rental Revenue added $5.5M year over year (up 10%), 72% of the total change.
Gross margin was 59.3%, down 7.1 points from a year earlier. Operating profit was $10.3M, a 15.4% margin (down 14.5 points year over year). Operating profit fell $7.4M even though revenue rose $7.7M versus a year earlier, so costs grew faster than sales. Operating expenses grew 36% against revenue growth of 13%. The fastest-growing cost line was General & admin (+50%). The quarter ended with a net loss of $4.8M, narrower than the previous quarter's $5.5M loss. Net interest and other expense of $14.7M was the main reason.
Operating cash flow was $8.0M (down 54% year over year). Non-cash charges added back $17.3M of depreciation and amortization and $6.7M of share-based compensation. Working capital and other items used $11.2M.
Questions
What was SmartStop Self Storage REIT's revenue in the second quarter 2025?
SmartStop Self Storage REIT (SMA) reported revenue of $66.8M for the second quarter 2025 (Q2 2025), +13% from a year earlier and +2% from the quarter before.
Was SmartStop Self Storage REIT profitable in the second quarter 2025?
Operating profit was $10.3M (15.4% of revenue) and net loss $4.8M.