SMASmartStop Self Storage REIT, Inc.

Real Estate Investment Trusts

Revenue: $281M; 19% YoY
Operating margin: 21.0%; 28% YoY
EBITDA: $132M; 5.6% YoY
Market cap: $2.0B
Employees: 400; $703K revenue each
Net debt / EBITDA: 8.2×; $1.1B net debt
AI in 10-K: 0.6; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
6% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
88% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
3% of assets
Over 40% of assets
Shareholder dissentNo
89% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$703K · 45th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.6 per 10K words · 24th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
8.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.0B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$58K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$169M	$213M	$233M	$237M	$281M	19%
Operating income	$17M	$66M	$71M	$69M	$59M	15%
Net income	−$20M	$22M	$12M	−$6M	−$2M	70%
Operating cash flow	$59M	$88M	$73M	$64M	$85M	33%
Stock-based comp	$3M	$4M	$5M	$5M	$17M	216%
Dividends	$26M	$49M	$41M	$37M	$75M	100%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Apr 7, 2025	Schwartz H. Michael	SCHEDULE 13D/A	4.8%	Passive
Oct 31, 2022	Schwartz H. Michael	SC 13D/A	9.9%	Passive
Aug 10, 2022	Schwartz H. Michael	SC 13D/A	9.9%	Passive
Dec 10, 2021	Schwartz H. Michael	SC 13D/A	9.8%	Passive
Sep 3, 2021	Schwartz H. Michael	SC 13D	11.1%	Passive

Insider trading

Open-market buys, 12 mo: $218K · 2
Open-market sells, 12 mo: $161K · 10
Net: $58K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	93	127
FY2024	—	—	166	124
FY2023	—	—	168	118
FY2022	—	—	161	106
FY2021	—	—	153	141