# SmartStop Raised 2026 FFO Guidance to $2.01-$2.05 After Q3 Same-Store NOI Grew 4.9% > SmartStop's fourth 2026 guidance raise landed a week after the big three REITs posted mixed Q3 prints. Same-store NOI of 4.9% and a 190-basis-point margin gain beat Extra Space's 4.6% NOI, while FFO as adjusted of $0.51 funded another lift in the full-year range. - URL: https://www.yourcaio.co/news/smartstop-q3-2026-same-store-noi-guidance-november-2026 - Published: 2026-11-10 - Author: David Cartolano (https://www.yourcaio.co/about) - Category: Market Trends - Property type: Self-Storage - Tags: SmartStop, Q3 Earnings, Same-Store NOI, FFO Guidance, Deca Initiative - Source: [SmartStop Self Storage REIT](https://investors.smartstopselfstorage.com/news-and-events/press-releases/press-releases-details/2026/SmartStop-Self-Storage-REIT-Inc--Reports-Third-Quarter-2026-Results/default.aspx) ## Key Takeaways - SmartStop reported Q3 2026 same-store NOI growth of 4.9% on November 4, 2026, driven by 2.0% same-store revenue growth and a 3.8% decline in same-store property operating expenses, per the company's earnings release. - Same-store average physical occupancy was 92.2%, down 40 basis points year over year, while annualized rent per occupied square foot rose 2.6% to $20.99. - FFO as adjusted per diluted share and OP unit was $0.51 in Q3 2026, up about 9.4% from $0.47 a year earlier, on approximately $30.3 million of adjusted FFO, $2.9 million above Q3 2025. - Management raised full-year 2026 FFO as adjusted guidance to $2.01 to $2.05 per share from $1.99 to $2.05, the fourth same-store NOI guidance raise of 2026, and lifted USD same-store NOI guidance to 2.00% to 2.50%. - CEO H. Michael Schwartz said 2.0% revenue growth and a 3.8% expense cut expanded operating margin by 190 basis points, the third consecutive quarter of margin improvement. **SmartStop Self Storage REIT (NYSE: SMA) grew Q3 2026 same-store net operating income 4.9%** on **2.0% revenue growth** and a **3.8% drop in same-store operating expenses**, per its November 4, 2026 earnings release. **Occupancy averaged 92.2%**, **annualized rent per occupied square foot was $20.99**, and **FFO as adjusted hit $0.51 per diluted share**, up about **9.4%**. Management raised full-year FFO as adjusted guidance to **$2.01 to $2.05** and called it the **fourth same-store NOI guidance raise of 2026**. The print landed two days after [SST VI closed its merger with SSGT III](https://www.yourcaio.co/news/smartstop-sst-vi-ssgt-iii-merger-closes-november-2026) and a week after [Inside Self-Storage's big-three Q3 roundup](https://www.yourcaio.co/news/iss-big-three-reit-q3-2026-earnings-roundup-november-2026). Extra Space led that group at 4.6% same-store NOI. SmartStop just cleared it. --- ## Why Did Same-Store NOI Reach 4.9% in Q3 2026? The same-store pool is **155 properties**, including **13 Canadian stores**. Revenue rose 2.0% as annualized rent per occupied square foot increased **2.6% to $20.99**. Average physical occupancy was **92.2%**, down about **40 basis points** from Q3 2025. Rate and fee growth more than covered the occupancy dip, the same pattern SmartStop ran in Q2. Expenses fell 3.8%. Schwartz tied the combination to a **190-basis-point operating-margin expansion**, the **third consecutive quarter** of margin gains and the highest third-quarter operating margin since 2023. On a constant-currency basis, same-store revenue was up 2.1%, expenses down 3.6%, and NOI up **5.1%**. Currency was a modest headwind in USD, not the story. > "SmartStop delivered another strong quarter, with sector-leading same-store NOI growth of 4.9% and FFO as adjusted per share growth of over 9%, even with a currency headwind. 2.0% same-store revenue growth and a 3.8% reduction in same-store operating expenses expanded our operating margin by 190 basis points, our third consecutive quarter of margin improvement. These results allowed us to raise our full-year same-store NOI guidance for the fourth time this year." - **H. Michael Schwartz, Founder, Chairman and CEO, SmartStop Self Storage REIT** On the November 5 call, Schwartz said **11 of the top 15 markets** posted positive same-store NOI, move-ins rose **5.6% year over year**, and occupancy was down only about 30 basis points from August to September before recovering in October from the 92.2% month-end print. Year to date through September 30, same-store NOI is up **3.6%** (revenue +1.6%, expenses -2.2%). Q3 accelerated the H1 run rate instead of giving it back. --- ## How Does SmartStop Compare to the Big Three in Q3 2026? ISS's November 2 roundup covered CubeSmart, Extra Space, and Public Storage. SmartStop reported two days later. Put the same-store lines on one table: | REIT | Q3 2026 same-store read | Occupancy | |------|-------------------------|-----------| | SmartStop | NOI +4.9%; revenue +2.0%; expenses -3.8% | 92.2% average | | Extra Space | NOI +4.6%; revenue +2.7% | 94% ending | | CubeSmart | NOI +2.1%; revenue +1.9%; expenses +1.3% | 89% average | | Public Storage | Same-store revenue +0.5%; Core FFO $4.34 | 92.5% average | Extra Space still wins occupancy. SmartStop wins profit growth, and it does it with a **cost cut**, not with Extra Space's 2.7% revenue lift. That is the same expense gap [the Q2 print](https://www.yourcaio.co/news/smartstop-q2-2026-same-store-noi-guidance-raise-august-2026) showed against CubeSmart and Public Storage, when SmartStop's expenses fell 3.4% and those two posted 4.4% cost growth. Net income attributable to common stockholders was **$9.0 million**, or **$0.16 per share**, up $3.8 million and $0.07 per share year over year. Total self-storage-related revenues were **$68.2 million**, up $3.6 million. FFO as adjusted was **$30.3 million**, or **$0.51** per diluted share and OP unit, up $2.9 million and about 9.4% from $0.47. For a REIT that listed in March 2026, beating Extra Space on same-store NOI two quarters after IPO is the operating proof institutional holders asked for. --- ## How Much Did SmartStop Raise 2026 Guidance? November 4 was the fourth same-store NOI raise and another FFO lift. Versus the September 29 outlook: | Metric (FY 2026) | Sept. 29 range | Nov. 4 range | |------------------|----------------|--------------| | Same-store revenue (USD) | 0.75% to 1.75% | 1.25% to 1.75% | | Same-store expense (USD) | 0.00% to 1.00% | -0.25% to 0.25% | | Same-store NOI (USD) | 1.15% to 2.15% | 2.00% to 2.50% | | Same-store NOI (constant currency) | 1.15% to 2.15% | 1.95% to 2.45% | | FFO as adjusted per share | $1.99 to $2.05 | $2.01 to $2.05 | | Acquisitions, loans, bridge, preferred | $190M to $210M | $200M to $220M | The NOI midpoint as translated in USD moved from **1.65% to 2.25%**. FFO as adjusted midpoint is now **$2.03**. CFO James Barry told the call the FFO raise was driven primarily by stronger same-store performance. Track the FFO as adjusted range across 2026: **$1.94-$2.04** on May 6, **$1.98-$2.04** on August 5, **$1.99-$2.05** on September 29, **$2.01-$2.05** on November 4. Each raise followed an operating print, not a one-off gain on sale. The same-store pool remains 155 properties after North Carolina DOT takings removed Asheville III and Asheville IV in Q2. Guidance is not being juiced by shrinking the comp set again. --- ## What Did the Deca Initiative Put on the Scoreboard in Q3? Schwartz used the quarter to show the Deca framework in dollars, not slides. **Acquisitions:** SmartStop is under contract to buy two stabilized properties in **Las Vegas, Nevada, and Asheville, North Carolina**, for about **$37 million**, more than 186,000 net rentable square feet and roughly 1,600 units, expected to close in Q4 2026. **Canada:** On September 29 the company agreed to invest about **$74.3 million CAD** (about $52.3 million USD at quarter end) into Strategic Storage Canada for a 50% GP interest and an expected 34% LP interest in 14 properties (961,000 SF, 9,600 units, about 50% occupied). Closing is targeted for Q4, subject to Competition Act approval. Management said the package would make SmartStop Canada's third-largest operator at **70 operating properties**. **Credit:** Two preferred investments with AXCS Capital totaled **$18.2 million**, plus one **$16.7 million** bridge loan, at a **17.6%** weighted average yield before AXCS fees and promote. A **$10.0 million CAD** delayed-draw facility for two Ontario projects followed in October at 8.5%. **Financing:** The operating partnership closed **$200 million CAD** of Series C senior unsecured notes due February 18, 2031, at about **4.32%**, rated BBB stable by DBRS and KBRA. About **2.4 million** ATM shares were sold on a forward basis at **$32.01** for up to **$78.1 million**, expected to settle in Q4. **Platform:** Third-party management covered about **230 stores** and **17.0 million** net rentable square feet at September 30, up from about 220 stores and 15.7 million square feet at midyear. Managed REIT AUM was about **$1.0 billion** across 52 operating properties at quarter end, before SST VI acquired SSGT III effective **November 1, 2026**. Non-core dispositions of **$75 million to $125 million** are still slated to start in early 2027 so capital recycles into clustered markets. The [September 29 $140 million package](https://www.yourcaio.co/news/smartstop-140-million-deca-initiative-september-2026) is now showing up in the Q3 scorecard rather than in a standalone release. --- ## The Numbers Worth Writing Down - Q3 2026 same-store NOI: **+4.9%** (constant currency **+5.1%**) - Same-store revenue / expense: **+2.0% / -3.8%** - Occupancy: **92.2%** average physical, **-40 bps** year over year - Rent per occupied SF: **$20.99**, **+2.6%** - Operating margin expansion: **+190 bps**, third straight quarter - FFO as adjusted: **$0.51** per share, **~$30.3 million**, **+9.4%** - Net income: **$9.0 million**, **$0.16** per share - FY 2026 FFO as adjusted guidance: **$2.01 to $2.05** - FY 2026 same-store NOI guidance (USD): **2.00% to 2.50%** - Capital deployment guidance: **$200 million to $220 million** - Third-party platform: **~230 stores**, **17.0 million SF** --- ## Expense Control Is Still the Whole Print SmartStop did not out-revenue Extra Space in Q3. It out-expensed the sector, again, and converted that gap into a 4.9% same-store NOI print and a fourth guidance raise. The big three spent late October explaining occupancy inflections and NSA integration. SmartStop spent November 4 showing a 190-basis-point margin gain, a $0.51 FFO as adjusted number, and a $2.01 to $2.05 full-year range that has only moved one direction since May. Operators benchmarking public comps should study the expense line before they study the occupancy line. Rate at $20.99 with occupancy at 92.2% is a healthy store. A 3.8% cost cut on top of that is how a newly listed REIT keeps beating names ten times its size. --- ## Sources - [SmartStop Self Storage REIT, Inc. Reports Third Quarter 2026 Results](https://investors.smartstopselfstorage.com/news-and-events/press-releases/press-releases-details/2026/SmartStop-Self-Storage-REIT-Inc--Reports-Third-Quarter-2026-Results/default.aspx), SmartStop Self Storage REIT - [SmartStop (SMA) Q3 2026 Earnings Call Transcript](https://www.fool.com/earnings/call-transcripts/2026/11/05/smartstop-sma-q3-2026-earnings-call-transcript/), The Motley Fool - [SmartStop Self Storage REIT (SMA) Q3 2026 Earnings Call Transcript](https://stockanalysis.com/stocks/sma/transcripts/726542-q3-2026/), StockAnalysis - [Self-Storage REITs Release Financial Results for Third Quarter 2026](https://www.insideselfstorage.com/facility-operators/self-storage-reits-release-financial-results-for-third-quarter-2026), Inside Self-Storage ## Frequently Asked Questions ### What was SmartStop's Q3 2026 same-store NOI growth? SmartStop grew same-store NOI 4.9% in Q3 2026, with same-store revenue up 2.0% and property operating expenses down 3.8%. On a constant-currency basis for the Canadian stores in the pool, same-store NOI rose 5.1%. Occupancy averaged 92.2% and rent per occupied square foot was $20.99. ### What is SmartStop's updated 2026 FFO guidance? On November 4, 2026, SmartStop raised full-year 2026 FFO as adjusted per diluted share and OP unit to $2.01 to $2.05 from $1.99 to $2.05. Same-store NOI guidance as translated in USD moved to 2.00% to 2.50% from 1.15% to 2.15%, the fourth NOI raise of the year. ### How does SmartStop's Q3 2026 NOI compare to Extra Space and CubeSmart? SmartStop's 4.9% same-store NOI growth topped Extra Space's 4.6% and CubeSmart's 2.1% in the same quarter, per SmartStop's release and Inside Self-Storage's November 2 big-three roundup. Public Storage's same-store revenue was up 0.5%. SmartStop reported a week after those three. ### Did SmartStop raise guidance more than once in 2026? Yes. CEO H. Michael Schwartz said Q3 results allowed a fourth full-year same-store NOI guidance raise in 2026. FFO as adjusted guidance moved from $1.94 to $2.04 in May, to $1.98 to $2.04 in August, to $1.99 to $2.05 in September, and to $2.01 to $2.05 on November 4. ### What else did SmartStop announce with Q3 2026 results? The REIT is under contract on two stabilized properties in Las Vegas and Asheville for about $37 million, raised capital-deployment guidance to $200 million to $220 million, managed about 230 third-party stores, and closed the SST VI acquisition of SSGT III effective November 1, 2026. --- Cite as: David Cartolano, "SmartStop Raised 2026 FFO Guidance to $2.01-$2.05 After Q3 Same-Store NOI Grew 4.9%," YourCAIO.co, 2026-11-10, https://www.yourcaio.co/news/smartstop-q3-2026-same-store-noi-guidance-november-2026