Filing Flows › SmartStop Self Storage REIT (SMA) › Q3 2025
SmartStop Self Storage REIT (SMA) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
SmartStop Self Storage REIT (SMA) reported revenue of $70.4M for the third quarter 2025 (Q3 2025), +17% from a year earlier and +5% from the quarter before. Operating margin was 18.1%, net earnings $5.2M (7.4% of revenue).
SmartStop Self Storage REIT, Q3 2025: revenue $70.4M (+17% year over year), operating margin 18.1%, net earnings $5.2M, operating cash flow $52.1M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $70.4M | +5% | +17% |
| Gross profit | $42.9M | +8% | +10% |
| Operating profit | $12.8M | +24% | -28% |
| Net earnings | $5.2M | — | — |
| Operating cash flow | $52.1M | +550% | +139% |
What changed
Revenue was $70.4M in Q3 2025, up 17% year over year and up 5% from the previous quarter. Self Storage Rental Revenue was the largest line at 88% of revenue. Self Storage Rental Revenue added $8.8M year over year (up 17%), 86% of the total change.
Gross margin was 60.9%, down 4.0 points from a year earlier. Operating profit was $12.8M, a 18.1% margin (down 11.3 points year over year). Operating profit fell $4.9M even though revenue rose $10.3M versus a year earlier, so costs grew faster than sales. Operating expenses grew 41% against revenue growth of 17%. The fastest-growing cost line was General & admin (+45%). Net earnings were $5.2M. The effective tax rate was 10.0%.
Operating cash flow was $52.1M (up 139% year over year), 938% of net income including minority interests. Non-cash charges added back $19.2M of depreciation and amortization and $6.3M of share-based compensation. Working capital and other items added $21.1M.
Questions
What was SmartStop Self Storage REIT's revenue in the third quarter 2025?
SmartStop Self Storage REIT (SMA) reported revenue of $70.4M for the third quarter 2025 (Q3 2025), +17% from a year earlier and +5% from the quarter before.
Was SmartStop Self Storage REIT profitable in the third quarter 2025?
Operating profit was $12.8M (18.1% of revenue) and net earnings $5.2M.