SmartStop Self Storage REIT raises 2026 guidance after about $140 million investments

S. 06 per share to 2027 estimated FFO, as adjusted; Raises full-year 2026 same-store revenue and NOI guidance, and raises full-year 2026 FFO, as adjusted, per share guidance Initiates a strategic asset management program for the disposition of properties in select noncore markets to redeploy capital into core markets SmartStop Self Storage REIT, Inc. (“SmartStop”) (NYSE: SMA), an internally managed real estate investment trust and a premier owner and operator of self-storage facilities in the United States and Canada, announced a series of strategic investments totaling approximately $140 million across Canada and the United States.

These transactions align with four of the Deca Initiative’s growth pillars including 1) Disciplined Capital Allocation, 2) Acquisitions Joint Venture, 3) Third-Party Management further enhanced by bridge investment activity and 4) continued clustering across SmartStop's core markets. 6% year-over-year. “Today’s announcement is a perfect reflection of The Deca Initiative,” said H. Michael Schwartz, Founder, Chairman, and Chief Executive Officer of SmartStop.

S. markets, and growing a new programmatic investment relationship with an exceptionally high-quality sponsor, all while funding this growth on a leverage-neutral basis. The addition of 25 Class A self-storage properties increases clustering and operating efficiencies in many of our core markets. We expect these transactions and the associated financing to be materially accretive to our 2027 FFO, as adjusted per share on an approximately leverage-neutral basis.

” “Scale within a market is one of the most important drivers of margin in our business,” continued Mr. Schwartz. “As we addressed in our IPO Road Show, we believe our portfolio has tremendous upside driven by scale, one of the primary drivers of entry into third-party management. Our strategic asset management program will expedite this by divesting from markets where we lack density and reinvesting in markets where we already operate at scale.

” Strategic Storage Canada Joint Venture Investment SmartStop has agreed to invest approximately CAD $74 million (approximately USD $54 million) into a Canadian joint venture fund. The investment provides SmartStop with a 50% General Partner ownership interest and an approximate 34% Limited Partner ownership interest in 14 self-storage properties in Canada, comprising approximately 961,000 net rentable square feet and 9,600 units; the portfolio is in early lease-up and is approximately 50% physically occupied.

5% coupon, convertible to LP equity in stages over the following 24 months at the Net Asset Value established at close, to provide an LP ownership of approximately 44% at the end of year two. SmartStop also has the opportunity to make additional investments of up to CAD $228 million (approximately USD $163 million) over the next few years primarily in connection with additional self-storage properties being acquired by the fund.

In connection with the investment, SmartStop will provide property management services on properties in the fund under five-year contracts, will receive a Right of First Offer on all fund properties, and has been awarded third-party management contracts on three additional Canadian properties outside the fund, along with exclusivity on future third-party management for future development projects by the fund’s affiliates.

The investment positions SmartStop as Canada's third-largest self-storage operator, with 70 operating properties, expanding SmartStop's presence in the existing markets of Vancouver, British Columbia, Calgary, Alberta, and the Greater Toronto Area, and establishing a new presence in the markets of Halifax, Nova Scotia and Quebec City, Quebec. Strategic Storage Canada also serves as a Canadian-domiciled vehicle, which can be utilized for future contributions from Canadian self-storage owners in a tax-efficient manner. SmartStop's investment reflects its continued conviction in the Canadian self-storage market. S.

portfolio over the same period. The investment and related transactions pertaining to this closing are subject to approval under the Canadian Competition Act and certain other closing conditions customary in transactions of this nature. SmartStop anticipates completing the transaction in the fourth quarter of 2026. National Bank of Canada served as financial advisor and McMillan LLP served as legal advisor to SmartStop in connection with the Strategic Storage Canada joint venture investment.

S. Acquisitions SmartStop expects to acquire two stabilized properties in Las Vegas, Nevada, and Asheville, North Carolina, for approximately $37 million, comprising more than 186,000 net rentable square feet and approximately 1,600 units. S. markets, including being SmartStop’s 10th wholly owned asset in the Las Vegas MSA.

Programmatic Investment Partnership SmartStop and its joint venture partner AXCS Capital have established a new programmatic investment relationship with a vertically integrated Class A self-storage developer. 2 million from SmartStop. The joint venture expects to close five additional preferred equity and/or mezzanine loan investments, reflecting a net investment from SmartStop of approximately $35 to $40 million by the end of the fourth quarter of 2026. The investments are expected to have average maturities of approximately five years with yields in the mid-teens.

SmartStop is expected to receive a Right of First Offer on all six assets, in addition to entering property management agreements. 0 million net rentable square feet, provides a robust pipeline of potential future investment opportunities beyond the initial six transactions. 01 per share for gross proceeds of up to approximately $78 million, depending on the forward settlement dates. SmartStop anticipates settling the shares forward in the fourth quarter of 2026, consistent with the timing of the above investment activity.

The Canadian portion of these investments is further supported by SmartStop's previously announced CAD $200 million Maple Bond offering, which closed on August 18, 2026. 317% and matures in 2031. 06 to full-year 2027 estimated FFO, as adjusted, per share. Strategic Asset Management Program SmartStop has initiated a strategic asset management program to pursue the opportunistic disposition of select wholly owned properties located in noncore markets, initially targeting $75 million to $125 million of property sales beginning in early 2027.

These noncore markets are generally markets in which SmartStop owns only a handful of properties and where management believes the Company is unlikely to achieve the scale necessary to realize meaningful operating efficiencies or clustering benefits. SmartStop intends to use net proceeds from these dispositions to recycle capital into its core markets, where greater density allows SmartStop to leverage shared on-site staffing, marketing spend, and revenue management across multiple properties. 01, primarily attributable to increased same-store guidance. 65%).

Smartstop Self Storage Reit, Inc. S. 72x. 72x.

72x. 72x. 05 Weighted average share count (Not in thousands) 59,400,000 59,400,000 59,400,000 59,400,000 Low High Low High Non same-store net operating income $ 19,900 $ 20,700 $ 20,000 $ 20,600 Includes properties in the non same-store pool as of June 30, 2026. Excludes Tenant Protection Program net margin.

Tenant Protection Program net margin $ 9,625 $ 9,925 $ 9,625 $ 9,925 Represents Tenant Protection Program revenues less Tenant Protection Program related expense for the same-store and non same-store pools. Managed REIT adjusted EBITDA ((4)) $ 13,650 $ 14,250 $ 13,600 $ 14,100 Represents Managed REIT Platform revenues less Managed REIT Platform expenses. Assumes average AUM of $1,040 million (low) to $1,090 million (high) for the year ending December 31, 2026. 3 million of equity based compensation expense related to IPO grants.

(Not in thousands) Third-party management adjusted EBITDA ((4)) $ 1,750 $ 2,250 $ 1,850 $ 2,350 Represents third-party management revenues less third-party management expenses. 7 million of acquisition related expenses and transactional expenses. 5 million of equity based compensation expense related to IPO grants and legacy stock compensation. 8%.

8%. Capital Deployment Low High Low High Acquisitions, loans, bridge loans & preferred investments $ 55,000 $ 75,000 $ 190,000 $ 210,000 Includes wholly-owned acquisitions, the Company's investment in joint ventures, bridge loans to or investments in third parties and investments in the Managed REITs, net of any repayments of existing loans or investments. Solar spend $ 2,250 $ 2,750 $ 2,250 $ 2,750 Development spend $ 9,000 $ 10,000 $ 9,000 $ 10,000 Related to the Company's portion of properties under construction in the SmartCentres joint venture.

Redevelopment and expansion spend $ 13,000 $ 15,000 $ 13,000 $ 15,000 Note: The Company’s estimates are forward-looking and based on management’s view of current and future market conditions. The Company’s actual results may differ materially from these estimates. S. dollars (USD) in accordance with GAAP.

These stores represent 13 of the Company’s 155 stores in the 2026 same-store pool. Constant currency results are calculated by translating current-year results at prior-year average exchange rates. 72x. (2) FFO, as adjusted, estimates for the year are fully diluted for an estimated average number of shares and OP units outstanding during the year.

” The reconciliation includes details related to same-store revenue and same-store expense outlooks. ” (4) Consistent with applicable Securities and Exchange Commission (“SEC”) rules, SmartStop does not provide a reconciliation of estimated 2026 Managed REIT Adjusted EBITDA or third-party management adjusted EBITDA to estimated GAAP net income because SmartStop is unable to reasonably predict certain items that are included in these measures.

05 (1) Includes the following: Intangible amortization expense — contracts, accretion of fair market value of secured debt, foreign currency, contingent earnout adjustment, interest rate derivative (gains) losses, net, net loss on extinguishment of debt, noncash adjustments and adjustment of deferred tax liabilities.