SMA - Slightly Lowering NFFO Estimates and Price Target to $36 From $37, Maintaining Buy Rating

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SMA - Slightly Lowering NFFO Estimates and Price Target to $36 From $37, Maintaining Buy Rating

Truist Securities

Equity Research Report June 18, 2026

REAL ESTATE INVESTMENT SmartStop Self Storage REIT, Inc. (SMA)

TRUSTS: Self Storage REITs

SMA - Slightly Lowering NFFO Estimates and Price Target to $36

Michael Lewis, CFA From $37, Maintaining Buy Rating

212-319-5659

Michael.R.Lewis@truist.com

What’s Incremental to Our View: We are lowering our 2026 normalized FFO estimate by

Alex Murphy 1.0% and our 2027 estimate by 0.5%, which still imply healthy annual earnings growth. We

212-319-2173 are trimming our 12-month price target by $1ps to $36, which implies roughly one turn of

Alex.Murphy@truist.com multiple expansion and a 17.8% potential total return.

Lowering Normalized FFO Estimates: We are reducing our 2026 normalized FFO

Stock Rating BUY estimate to $1.99 per share from $2.01 ps, which matches the midpoint of management’s

Unchanged $1.94-$2.04ps guidance range and is in line with the consensus.

Price Target $36.00 We are also lowering our 2027 normalized FFO estimate by a penny per share to

↓ $2.10ps from $2.11ps, which is a penny below the consensus. Our estimates imply 6.3%

from YOY normalized FFOps growth in 2026, followed by 5.3% growth in 2027. We project 4.3%

$37.00 average annual normalized FFOps growth from 2026-2031.

TR to Target 17.8%

Price (Jun. 17, 2026) $31.91

52-Wk Range $38.99-$29.63

Market Cap ($M) $1,876,990

ADTV 542,049

Slightly Lowering Price Target: We are trimming our 12-month price target to $36ps Shares Out (M) 58,821 from $37ps, based on a $37.42 discounted cash flow estimate (one-third weighting), an

Short Interest Ratio/% Of Float 8.1% 8% assumed discount to our 1Q26 NAV estimate (one-third) and 16.3x 2026E FFOps (one-