v3.25.4
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues:      
Total revenues $ 281,141 $ 237,006 $ 232,992
Operating expenses:      
General and administrative 38,211 [1] 29,948 27,452
Depreciation 63,226 55,175 53,636
Intangible amortization expense 9,974 935 6,594
Acquisition expenses 2,030 413 193
Contingent earnout adjustment 221 0 0
Total operating expenses 222,329 167,784 162,367
Income from operations 59,096 69,222 70,625
Gain on disposition of real estate 284 0 0
Other (expense) income:      
Other, net (21) (1,282) (231)
Interest income 4,368 3,247 3,360
Interest expense (59,895) (72,325) (61,805)
Loss on debt extinguishment (2,533) (471) 0
Income tax (expense) benefit (1,901) (1,484) 2,596
Net (loss) income (1,737) (5,887) 11,647
Net loss (income) attributable to noncontrolling interests 190 266 (1,893)
Less: Distributions to preferred stockholders (3,567) (12,758) (12,500)
Less: Accretion- preferred equity costs (3,644) 0 0
Net loss attributable to SmartStop Self Storage REIT, Inc. common stockholders (8,758) (18,379) (2,746)
Self Storage Rental Revenue      
Revenues:      
Total revenues 238,501 209,579 206,494
Ancillary Operating Revenue      
Revenues:      
Total revenues 11,014 9,397 8,827
Managed Platform revenue      
Revenues:      
Total revenues 19,166 [2] 11,383 11,906
Operating expenses:      
Operating expenses 9,843 3,982 3,365
Reimbursable costs from Managed Platform      
Revenues:      
Total revenues 12,460 6,647 5,765
Operating expenses:      
Operating expenses 12,460 [3] 6,647 5,764
Property Operating Expenses      
Operating expenses:      
Operating expenses $ 86,364 $ 70,684 $ 65,363
Class A and T Common Stock      
Other (expense) income:      
Net income (loss) per Class A & Class T share - basic $ (0.2) $ (0.78) $ (0.13)
Net income (loss) per Class A & Class T share - diluted $ (0.2) $ (0.78) $ (0.13)
Weighted average number of shares outstanding - basic 47,299,813 24,139,414 24,201,985
Weighted average number of shares outstanding - diluted 47,299,813 24,139,414 24,201,985
Real Estate Ventures      
Other (expense) income:      
Equity in losses from investments $ (407) $ (1,380) $ (1,625)
Managed REITs      
Other (expense) income:      
Equity in losses from investments $ (444) $ (1,414) $ (1,273)
[1] Included within Payroll, Managed Platform expense, and General and administrative was approximately $3.6 million, $2.1 million, and $3.8 million, respectively, of stock and related compensation expense related to our IPO Grant (as defined in Note 13 – Equity Based Compensation).
[2] Included within Managed Platform revenue was approximately $2.9 million of revenue related to our Third Party Platform acquired on October 1, 2025.
[3] Included within Reimbursable costs from Managed Platform was approximately $3.8 million related to our Third Party Platform acquired on October 1, 2025.