SmartStop Self Storage REIT Inc 2025年度报告

Chairman’s LetterFinancial Highlights2025 Performance and PortfolioArgus Powered by SmartStopMultiple Levers Driving Outsized Growth StrategyKey Growth Markets in CanadaHigh-Growth North American MarketsIntegrated Proprietary Operations PlatformEnvironmental InitiativesAwards, Accolades and RatingsOur Values467811121314171819Chairman’s LetterFinancial Highlights2025 Performance and PortfolioArgus Powered by SmartStopMultiple Levers Driving Outsized Growth StrategyKey Growth Markets in CanadaHigh-Growth North American MarketsIntegrated Proprietary Operations PlatformEnvironmental InitiativesAwards, Accolades and RatingsOur Values467811121314171819 We’ve continued to follow our strategy ofgrowing in a disciplined manner in 2025,and we’ve set the foundation for moremomentum heading into 2026.We’ve continued to follow our strategy ofgrowing in a disciplined manner in 2025,and we’ve set the foundation for moremomentum heading into 2026. Chairman’s LetterChairman’s Letter Dear Fellow Stockholders,Dear Fellow Stockholders, Self-Storage Operating EnvironmentSelf-Storage Operating Environment I am honored to present our 2025 Annual Report forSmartStop Self Storage REIT, Inc. (“SmartStop”) (NYSE:SMA), recapping what was truly a transformationalyear for SmartStop. With our initial public offering(IPO) in April, we are now a publicly listed companyon the New York Stock Exchange with an investment-grade rated balance sheet. We have accomplisheda tremendous amount in our short time as a publiclytraded company, executing our business plan to growin a disciplined, differentiated manner. As of year-end, we are now one of the top ten largest storageoperators in the United States and the top fivelargest in Canada. While our external growth remainsa critical part of our overall strategy, several keyaccomplishments highlight the true transformation ofSmartStop in 2025:I am honored to present our 2025 Annual Report forSmartStop Self Storage REIT, Inc. (“SmartStop”) (NYSE:SMA), recapping what was truly a transformationalyear for SmartStop. With our initial public offering(IPO) in April, we are now a publicly listed companyon the New York Stock Exchange with an investment-grade rated balance sheet. We have accomplisheda tremendous amount in our short time as a publiclytraded company, executing our business plan to growin a disciplined, differentiated manner. As of year-end, we are now one of the top ten largest storageoperators in the United States and the top fivelargest in Canada. While our external growth remainsa critical part of our overall strategy, several keyaccomplishments highlight the true transformation ofSmartStop in 2025: As the self-storage sector continues to absorban unprecedented wave of new supply deliveredfrom 2015 to 2025, certain demand drivers alsoremained relatively muted in 2025 which resulted in achallenging and volatile environment during the year.The good news is that 2025 was incrementally betterthan 2024. Historically, one of the primary drivers ofstorage usage in the U.S. is single-family home mobilitywhich was relatively stagnant throughout 2025.However, we were still able to capture an outsizedshare of demand for convenient, well-located andsecure storage space in the U.S. and Canada.As the self-storage sector continues to absorban unprecedented wave of new supply deliveredfrom 2015 to 2025, certain demand drivers alsoremained relatively muted in 2025 which resulted in achallenging and volatile environment during the year.The good news is that 2025 was incrementally betterthan 2024. Historically, one of the primary drivers ofstorage usage in the U.S. is single-family home mobilitywhich was relatively stagnant throughout 2025.However, we were still able to capture an outsizedshare of demand for convenient, well-located andsecure storage space in the U.S. and Canada. Our diversified portfolio weathered this shiftingdemand landscape, producing sector-leading same-store revenue growth for the full year. In addition, oursame-store portfolio maintained strong occupancies,averaging more than 92% for the full year. Lastly, withdifferent demand drivers than those in the UnitedStates, our Canadian portfolio continued to be astrong performer, maintaining high occupancies andgrowing revenue at a higher same-store rate thanour U.S. portfolio. This is a testament to our diversifiedNorth American strategy.Our diversified portfolio weathered this shiftingdemand landscape, producing sector-leading same-store revenue growth for the full year. In addition, oursame-store portfolio maintained strong occupancies,averaging more than 92% for the full year. Lastly, withdifferent demand drivers than those in the UnitedStates, our Canadian portfolio continued to be astrong performer, maintaining high occupancies andgrowing revenue at a higher same-store rate thanour U.S. portfolio. This is a testament to our diversifiedNorth American strategy. •We completed a successful IPO raising $931.5million in some of the most d