SmartStop Self Storage REIT announced a series of strategic investments totaling approximately $140 million to expand its North American platform. The transactions include a significant joint venture in Canada, acquisitions in core U.S. markets, and a new programmatic investment partnership. In conjunction with these growth initiatives, the company raised its full-year 2026 guidance for FFO, as adjusted, and same-store revenue and NOI.
Key Details
- Canadian Joint Venture: The company will invest approximately $54 million (CAD $74 million) in the Strategic Storage Canada, LP joint venture, gaining interests in 14 properties. This transaction positions SmartStop as Canada's third-largest self-storage operator.
- U.S. Acquisitions & Partnerships: SmartStop is acquiring two properties in Las Vegas, NV, and Asheville, NC, for ~$37 million and has established a programmatic partnership for preferred equity/mezzanine investments, with an initial net investment from SmartStop of ~$48M to $53M expected by Q4 2026.
- Strategic Asset Sales: The company initiated a strategic asset management program to sell $75 million to $125 million of properties in non-core markets, with plans to redeploy the capital into core markets starting in early 2027.
- Updated 2026 Guidance: Full-year guidance for FFO, as adjusted, was raised to $1.99 - $2.05 per share. Guidance for same-store revenue growth was increased to 0.75% - 1.75%, and same-store NOI growth was raised to 1.15% - 2.15%.
- Financial Impact: The collective transactions are expected to be modestly accretive to 2026 FFO, as adjusted, and accretive by approximately $0.05 to $0.06 per share to estimated 2027 FFO, as adjusted.