Smartstop Self Storage REIT Inc earnings

Management highlights

• Posted strong same-store revenue growth of 1.5%, NOI growth of 2%, average occupancy 92.5% despite tough comp. • 10 of top 15 markets had positive same-store NOI growth, same-store operating margins grew 30 basis points. • FFO as adjusted per share 49 cents, up 19.3% year over year. • Completed recast of $500 million syndicated bank facility at lower cost. • Acquired land in Canada for Class A storage in joint venture. • Entered strategic joint venture with Access Capital for bridge capital. • January and February strong, March pullback due to geopolitical news, demand returned in April. • Same store pool had 1.5% year-over-year revenue growth, 60 basis points operating expense growth, NOI increase 2%, quarter-ending occupancy 92.3%. • FX tailwind, Canadian same-store assets had 4.1% revenue growth, -50 basis points constant currency. • Occupancy gap narrowed, end of April occupancy 92.2% down 130 basis points year over year. • Third-party management platform had 227 properties under management. • Balance sheet: $500 million syndicated bank facility matures 2030 with extension option, 94% debt fixed, Canadian FX exposure hedged

Guidance

• Narrowed same-store revenue growth range from -0.5% to 2% to -0.25% to 1.75%. • Reduced overall OpEx growth range from 2% to 4% to 1.75% to 3.75%, NOI growth midpoint increased from -40 basis points to -25 basis points. • Narrowed FFO as adjusted per share range from $1.93 to $2.05 to $1.94 to $2.04. • Second and third quarters likely best revenue growth quarters year over year, but impacted by Asheville and L.A. rent restrictions. • Move-in rent assumption: by end of rental season (end of August/September) largely back to neutral inflection point. • Occupancy modeling: fairly flat to slightly positive relative to 2025 except Asheville. • Managed REIT platform recurring revenues had annualized run rate over $16 million in first quarter

Segment performance

Same-store revenue growth of 1.5%, NOI growth of 2%, average occupancy of 92.5%. 10 of top 15 markets had positive same-store NOI growth. Canadian same-store assets had 4.1% same-store revenue growth, -50 basis points on constant currency. Joint venture properties met same-store definition had ~10% year-over-year revenue growth on constant currency. GTA same-store occupancy at 93.1% flat year-over-year, in-place rates up 1.5% year-over-year in April. Third-party management platform ended quarter with 227 properties under management

Analyst Q&A

• Q: Details on April move-in rent trends, promotional activity.

  A: Move-in rates on unit basis up ~1% year over year in April, move-in rents per square foot down ~6.5% year over year. Record number of web reservations over 10,000, call center rentals up 25% over last year with low abandonment rate.

• Q: Canada performance.

  A: On constant currency basis, same store revenue down ~50 basis points in Q1, joint venture properties met same-store definition had ~10% year-over-year revenue growth. GTA same-store occupancy 93.1% flat year-over-year, in-place rates up 1.5% year-over-year in April.

• Q: Increase in vacate activity.

  A: Result of tougher comp from Q1 25 and uptick in vacates starting early March due to geopolitical uncertainty.

• Q: Argus professional storage management platform operational integration.

  A: Six months since close, migrating employees, margins expected to increase, operating margin synergies expected in next couple of quarters to 2027.

• Q: Acquisition environment.

  A: Attractive opportunities on stabilized front in U.S. and Canada, pipeline deal flow healthy.

• Q: Shaping of same-store revenue growth.

  A: First quarter toughest comp, second and third quarters easier, fourth quarter harder. Impacted by Asheville and L.A. rent restrictions.

• Q: Move-in rate expectations, bridge loan prep program.

  A: Move-in rent assumption: end of rental season largely back to neutral. Bridge lending partnership with Access Capital has strong pipeline, deals in various markets.

• Q: Expense growth, managed free EBITDA guide.

  A: Favorable expense growth due to good property tax, insurance renewals. Managed free EBITDA guide higher due to recurring revenues from managed REIT platform growing at outsized pace