SmartStop Self Storage is a self-managed REIT that owns, operates, and manages self storage facilities in the U.S. and Canada. As of year-end 2025, SmartStop's wholly-owned portfolio consisted of 177 properties across 19 states, Washington D.C., and Canada, totaling roughly 122,000 units and 13.9M net rentable square feet, primarily in top-100 metro areas. SmartStop operates through two segments: Self Storage Operations and a Managed Platform. The core business rents fully enclosed, secure units on month-to-month leases to residential customers, small businesses, students, and military personnel, with ancillary revenue from tenant insurance, moving supplies, and locks. Because leases are month-to-month, SmartStop can adjust rates in real time using proprietary revenue management algorithms to optimize occupancy and pricing. SmartStop also applies existing customer rent increases to in-place tenants. The Managed Platform, which expanded significantly with the October 2025 acquisition of Argus Professional Storage Management, encompasses 273 managed properties across sponsored non-traded REITs and third-party owners, generating management fees, acquisition fees, and interest income on loans made to managed funds. SmartStop targets geographic clustering of roughly 10 or more properties per metro area to achieve economies of scale in payroll, marketing, and property management. SmartStop also has a 50% JV with SmartCentres to develop self storage properties across Canada, a market SmartStop views as structurally undersupplied relative to the U.S.