Key Highlights

● SmartStop furnished a press release and presentation describing roughly $140 million of new investments across Canada and the United States.

● The largest piece is a CAD $74 million Investment in a Strategic Storage Canada joint venture holding 14 self-storage properties.

● The company raised 2026 guidance for FFO, as adjusted, per share to $1.99 to $2.05 from $1.98 to $2.04.

● SmartStop also announced a program targeting $75 million to $125 million of noncore property sales beginning in early 2027.

SmartStop Self Storage REIT, Inc. (NYSE:SMA) filed a Form 8-K on September 29, 2026, furnishing a press release and a presentation that describe roughly $140 million of new investments across Canada and the United States, an Equity raise of about $78 million through its at-the-market program, and an increase in its 2026 guidance for funds from operations, as adjusted, per share.

The Canadian Joint Venture

The largest piece is an investment of CAD $74 million, or approximately US$54 million, in a Strategic Storage Canada joint venture. SmartStop would hold a 50 percent general partner interest and about a 34 percent limited partner interest in 14 self-storage properties totaling roughly 961,000 net rentable square feet and 9,600 units. The release says the properties are approximately 50 percent physically occupied.

The investment consists of CAD $49 million of limited partner equity and CAD $25 million of convertible preferred equity with a 6.5 percent coupon. The company also describes an option to invest up to CAD $228 million, approximately US$163 million, over the coming years. The release says the deal would make SmartStop Canada's third-largest storage operator, with 70 properties, adding Halifax and Quebec City to its markets. Completion is expected in the fourth quarter of 2026.

U.S. Acquisitions and Preferred Equity

In the United States, SmartStop describes approximately $37 million of on-balance-sheet acquisitions of two stabilized facilities, in Las Vegas, Nevada and Asheville, North Carolina. Together they contain over 186,000 net rentable square feet and about 1,600 units. The release says Las Vegas becomes the company's tenth wholly owned asset in that metropolitan area.

A third component is a programmatic Partnership with a vertically integrated Class A self-storage developer. SmartStop closed an initial investment of $13.2 million net in September 2026 and expects five more preferred equity or mezzanine investments by the fourth quarter, totaling approximately $35 million to $40 million net. The release cites average maturities of about five years and mid-teens yields, and says SmartStop holds a right of first offer on all six assets.

Financing and Guidance

SmartStop reports selling approximately 2.4 million shares under its at-the-market program on a forward basis at an average price of $32.01 per share, for gross proceeds of up to approximately $78 million, with settlement expected in the fourth quarter of 2026. It also notes a CAD $200 million Maple bond offering that closed on August 18, 2026, with a fixed rate of 4.317 percent and a 2031 maturity.

The company raised its full-year 2026 guidance for FFO, as adjusted, per share to $1.99 to $2.05 from $1.98 to $2.04, on an unchanged weighted average share count of 59.4 million. Same-store net Operating Income growth guidance moved to 1.15 to 2.15 percent. Planned 2026 acquisitions, loans and preferred investments rose to $190 million to $210 million from $55 million to $75 million.

The release calls the transactions modestly accretive to 2026 FFO, as adjusted, per share and expects approximately $0.05 to $0.06 of accretion in 2027 on a roughly leverage-neutral basis. H. Michael Schwartz, Founder, Chairman and Chief Executive Officer, is described in the release as tying the announcement to the company's Deca Initiative and to clustering in core markets.

SmartStop also announced a strategic asset management program to sell select properties in noncore markets with limited density, targeting $75 million to $125 million of sales beginning in early 2027, with net proceeds to be redeployed in core markets.

SmartStop Fourth-Quarter Closings and 2027 Disposition Plan

Several items carry dates in the release: the Canadian joint venture is expected to complete in the fourth quarter of 2026, the forward equity is expected to settle in the same quarter, and five further preferred equity or mezzanine investments are expected by year-end. The disposition program is slated to begin in early 2027.