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REITs · Real Estate · Fiscal year ends Dec 31
SmartStop Self Storage REIT reported revenue of $281M in the fiscal year ended Dec 2025, up 18.6% from the year before. Operating income was $59M, an operating margin of 21.0%, and net income was −$9M. Net debt was $1B.
Ranks among the 77 reits companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 169 | 213 | 233 | 237 | 281 |
| Gross profit | – | 147 | 159 | 156 | 172 |
| Operating income | 16.5 | 65.9 | 70.6 | 69.2 | 59.1 |
| Interest expense | 33.4 | 41.5 | 61.8 | 72.3 | 59.9 |
| Pre-tax income | −21.4 | 21.1 | 9.1 | −4.4 | 0.2 |
| Income tax | −1.8 | −0.6 | −2.6 | 1.5 | 1.9 |
| Net income | −19.6 | 21.7 | −2.7 | −18.4 | −8.8 |
| Diluted EPS | −0.37 | 0.07 | −0.03 | −0.20 | – |
| Diluted shares | 79.4 | 92.1 | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 37.3 | 39.5 | 45.1 | 23.1 | 54.2 |
| Goodwill | 53.6 | 53.6 | 53.6 | 53.6 | 70.0 |
| Total assets | 1,618 | 1,947 | 1,896 | 2,042 | 2,432 |
| Long-term debt | 874 | 1,068 | 1,087 | 1,317 | 1,098 |
| Total liabilities | 943 | 1,112 | 1,132 | 1,371 | 1,152 |
| Shareholders' equity | 343 | 467 | 404 | 326 | 1,180 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 58.8 | 87.9 | 73.2 | 64.0 | 85.0 |
| Depreciation & amortisation | 53.4 | 64.6 | 60.2 | 56.1 | 73.2 |
| Stock-based compensation | 2.9 | 4.0 | 5.3 | 5.3 | 16.6 |
| Dividends paid | 26.2 | 49.4 | 40.6 | 37.4 | 74.8 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 26.0% | 9.6% | 1.7% | 18.6% |
| Operating income growth (YoY) | – | 299.0% | 7.2% | −2.0% | −14.6% |
| EPS growth (YoY) | – | – | −142.9% | – | – |
| Gross margin | – | 69.2% | 68.0% | 65.7% | 61.3% |
| Operating margin | 9.8% | 31.0% | 30.3% | 29.2% | 21.0% |
| Net margin | −11.6% | 10.2% | −1.2% | −7.8% | −3.1% |
| Return on equityBlank when equity is negative | −5.7% | 4.6% | −0.7% | −5.6% | −0.7% |
| Cash conversion (CFO ÷ net income) | −3.00x | 4.06x | −26.7x | −3.48x | −9.70x |
| Interest cover | 0.49x | 1.59x | 1.14x | 0.96x | 0.99x |
| Debt ÷ equity | 2.55x | 2.29x | 2.69x | 4.04x | 0.93x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 837 | 1,029 | 1,042 | 1,294 | 1,044 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.