SmartStop reported quarterly revenue of $78.31 million [1] during its first quarter earnings call on Thursday.
The results signal the company's ability to maintain growth and profitability despite shifting market conditions and geopolitical pressures affecting demand.
Revenue grew 19.7% [1] year-over-year, while earnings per share (EPS) reached $0.49 [1]. This marks a significant turnaround from the prior year's EPS of -$0.35 [1]. The company also reported a revenue surprise of 7 [1].
Same-store revenue growth for the quarter was 1.5% [2]. The company's operational health was further reflected in its market performance, with 10 of 15 markets posting positive same-store net operating income (NOI) growth [3].
Founder, Chairman, and CEO H. Schwartz said that external factors influenced performance earlier in the year. "In March, we saw a pullback in demand that directly coincided with the geopolitical news," Schwartz said [4].
Looking ahead, SmartStop narrowed its 2026 same-store revenue guidance to a range between -0.25% and 1.75% [5]. Additionally, the company projected funds from operations (FFO) per share for 2026 to be between $1.94 and $2.04 [5].
The company attributed its current stability to a combination of strategic growth, and effective expense management [6].
“"In March, we saw a pullback in demand that directly coincided with the geopolitical news."”
The shift from a negative EPS to a positive $0.49 indicates a recovery in SmartStop's bottom line. However, the narrowed and relatively flat guidance for same-store revenue suggests a cautious outlook for the remainder of 2026, likely due to the demand volatility mentioned by leadership.
