Monitor upcoming earnings for same-store revenue growth trends; declining move-in and web rates may pressure future revenue growth despite stable occupancy.
Price Chart
Executive Summary
SmartStop Self Storage REIT disclosed same-store operating metrics for December 2025 through February 2026. Physical occupancy remained stable at ~92.7%, while monthly web and move-in rates declined year-over-year, suggesting softer pricing power. In-place rates were flat to slightly up, indicating existing tenant retention at current rates.
Key Facts
- Same-store physical occupancy was 92.1% as of Dec 31, 2025 (vs 92.3% YoY), 92.7% as of Jan 31, 2026 (vs 92.1% YoY), and 92.7% as of Feb 28, 2026 (vs 92.7% YoY)
- Monthly web rates were $0.93 as of Dec 31, 2025 (vs $0.97 YoY), $0.91 as of Jan 31, 2026 (vs $1.05 YoY), and $0.95 as of Feb 28, 2026 (vs $1.01 YoY)
- Monthly move-in rates were $0.89 as of Dec 31, 2025 (vs $0.94 YoY), $0.85 as of Jan 31, 2026 (vs $1.00 YoY), and $0.87 as of Feb 28, 2026 (vs $0.90 YoY)
- Monthly in-place rates were $1.64 as of Dec 31, 2025 (vs $1.64 YoY), $1.64 as of Jan 31, 2026 (vs $1.63 YoY), and $1.65 as of Feb 28, 2026 (vs $1.64 YoY)
Financial Impact
Web rates down ~5-14% YoY, move-in rates down ~5-15% YoY, in-place rates flat to +0.6% YoY
Risk Factors
- Declining move-in and web rates suggest weakening demand or increased promotional activity
- Flat in-place rate growth indicates limited rent growth on renewals
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001585389-26-000005 |
| Document: 0001585389-26-000005-index-headers.html | 0001585389-26-000005 |
| Document: 0001585389-26-000005-index.html | 0001585389-26-000005 |
| Document: 0001585389-26-000005.txt | 0001585389-26-000005 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 1, 2026 17w ago | 8-K | $30.71 $33.96 | ▲ +10.58% | ▲ +9.47% | $32.39 (+5.47%) |
May 6, 2026 21w ago | 8-K | $33.48 $33.62 | ▲ +0.42% | ▼ −3.41% | $32.39 (−3.26%) |
May 4, 2026 21w ago | 8-K | $31.00 $33.56 | ▲ +8.26% | ▲ +5.52% | $32.39 (+4.48%) |
Mar 3, 2026 30w ago | 8-K | $32.21 $31.34 | ▼ −2.69% | ▼ −13.01% | $32.39 (+0.57%) |
Feb 25, 2026 31w ago | 8-K | $32.52 $30.82 | ▼ −5.23% | ▼ −12.18% | $32.39 (−0.40%) |
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