Smartstop Self Storage REIT Inc Q4 FY2025 earnings call

• Strong fourth quarter with same store revenue growth of 40 basis points, average occupancy 92.3%. Year of sector leading revenue growth 1.6% with average occupancy 92.5%. • Last six weeks of year below expectations due to competitive pricing and higher move outs in Asheville. 10 of top 15 markets had positive same store revenue growth. • Acquired Class A operating property in Orlando MSA and land in Canada. Managed REITs had AUM growth over $200 million. Completed bridge capital investment and closed on Argus professional storage management. Deployed about $61 million of capital during quarter. • Industry operations in 2025 incrementally better than 2024 but not as strong as normalized. Recovery in storage happening but choppiness in customer demand. Record-setting lead conversions, high tenant protection penetration rate, auto pay up 250 basis points, delinquencies below average, ECRIs healthy. • 2026 focus: disciplined capital allocation strategy including on-balance sheet acquisitions, development, bridge lending, technology platform, third-party management growth, managed REITs balance sheet optimization, property operation strategy.

Same store revenue growth was 40 basis points, average occupancy 92.3%. FFO as adjusted per share was 55 cents in Q4, up 29.8% YOY. Full year FFO as adjusted per share was $1.87, up 10% from 2024. Same store pool had revenue growth of positive 40 basis points, operating expense growth of positive 2%, leading to NOI decrease of 30 basis points. FX impact from Canadian same store assets was flat. Acquisitions included one Class A operating property in Orlando MSA and land in Canada. Managed REITs had AUM at year end over $1 billion, with gross fees of approx $4.1 million in Q4. Third party management platform had 221 properties under management, EBITDA net of acquisition expenses approx $670,000.

• 2026 same-store revenue growth range: negative 50 basis points to positive 2%. • NOI growth range: negative 1.8% to positive 1%. • Non-same store properties NOI between $18.5 million and $19.8 million. • Mandatory EBITDA $13.3 to $13.9 million. • Third-party management EBITDA $1.8 to $3 million. • GNA range $32 to $34 million. • Capital deployment: between $45 and $65 million between acquisitions and bridge lending, about $10 million on development, about $2.5 million on solar initiative, $16 to $18 million on expansion or redevelopment projects. • FFO as adjusted per share range $1.93 to $2.05.

Q: What are baseline assumptions for moving rate and ACRI at midpoint of same-store revenue guide and cadence of moving rate throughout the year?

A: Some markets turned positive in move-in rents year-to-date, by end of rental season expect to be neutral. Occupancy forecast slightly positive relative to 2025. ECRIs at or better than 2025 level except California wildfire impacted assets.

Q: What was actual achieved move-out rate for average Q4 for entire portfolio?

A: Move-out rates in fourth quarter were down about 5% year-over-year.

Q: Talk about joint venture strategy and opportunities, focus in US or Canada, cap rates.

A: Tremendous acquisition opportunities, looking for institutional joint venture partner in US, cap rates favorable in top 25 markets.

Q: How does growth outlook in 2026 impact cadence of revenue growth?

A: Growth year over year lumpy due to comps, less lumpy as year goes on.

Q: Outlook for largest markets Miami and GTA.

A: Miami expected to be at or above portfolio average. GTA to perform slightly better than US portfolio in 2026 despite tougher comps.

Q: Is move-in rate improvement apples-to-apples and how much due to rates improving vs easier comps?

A: Excluding Asheville metrics improve materially. Move-in rents per square foot down year-to-date but rents per unit up. February results improved over January.

Q: Lease-up trend of Nantucket property and when to fully stabilize?

A: Too early to tell, operating about 50 days, monitoring and using levers.

Q: Managed REIT AUM growth, targeted in specific REIT or broad-based?

A: Guiding modest increase in AUMs, driven by launch of DSTs, preferred in Strategic Storage Trust 6, relaunch of Strategic Storage Trust 10.

Q: Share repurchase program, board contemplation?

A: No share repurchase program in place, but will put ATM program in place. Not planning on buying back stock now.

Q: Year-to-date performance of Canadian markets?

A: Occupancy in GTA outperformed US year-to-date, in-place rates also outperforming.

Q: How to size up acquisition JV vs managed platform and dynamics if cost of capital improves?

A: Joint venture for larger aggregate portfolios, SmartStop has right of first refusal on assets, will be cognizant of cost of capital and shareholders when considering.