UPLOAD Filing
SmartStop Self Storage REIT, Inc. (SMA) (CIK 0001585389)
Date: April 14, 2026 · CIK: 0001585389 · Accession: 0000000000-26-003763
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File numbers found in text: 001-42584
Letter
Re: SmartStop Self Storage REIT, Inc. Form 10-K for the fiscal year ended December 31, 2025 Form 8-K filed February 25, 2026 File No. 001-42584 Dear James R. Barry:
April 14, 2026
James R. Barry Chief Financial Officer SmartStop Self Storage REIT, Inc. 10 Terrace Road Ladera Ranch, CA 92694
We have limited our review of your filing to the financial statements and related disclosures and have the following comments.
Please respond to this letter within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe a comment applies to your facts and circumstances, please tell us why in your response.
After reviewing your response to this letter, we may have additional comments.
Form 10-K for the fiscal year ended December 31, 2025 Notes to Consolidated Financial Statements Note 6. Investments in Unconsolidated Real Estate Ventures, page F-31
1. Please tell us your consideration of providing financial statements pursuant to Rule 3-09 of Regulation S-X and summarized financial information pursuant to Rule 4-08(g) of Regulation S-X and ASC 323-10-50-3c for your equity method investments in unconsolidated real estate ventures and managed REITs. Form 8-K filed February 25, 2026 Exhibit 99.1 Outlook for Full Year 2026, page 14
2. We note that you disclose full year 2026 guidance for non-GAAP measures, including Net operating income, Managed REIT EBITDA and Third-party platform adjusted EBITDA, without providing a reconciliation to the most directly related GAAP measure. In future filings, please include such reconciliation or, alternatively, provide a statement April 14, 2026 Page 2
that the information could not be presented without unreasonable efforts under Item 10(e)(1)(i)(B) of Regulation S-K. Refer also to Questions 102.10(a) and 102.10(b) of the Corporation Finance Interpretations ("CFIs") for Non-GAAP Financial Measures. In closing, we remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff.
Please contact Jeffrey Lewis at 202-551-6216 or Isaac Esquivel at 202-551-3395 with any questions.
Sincerely,
Division of
Corporation Finance
Office of Real Estate
& Construction
Show Raw Text
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April 14, 2026
James R. Barry
Chief Financial Officer
SmartStop Self Storage REIT, Inc.
10 Terrace Road
Ladera Ranch, CA 92694
Re: SmartStop Self Storage REIT, Inc.
Form 10-K for the fiscal year ended December 31, 2025
Form 8-K filed February 25, 2026
File No. 001-42584
Dear James R. Barry:
We have limited our review of your filing to the financial statements
and related
disclosures and have the following comments.
Please respond to this letter within ten business days by providing the
requested
information or advise us as soon as possible when you will respond. If you do
not believe a
comment applies to your facts and circumstances, please tell us why in your
response.
After reviewing your response to this letter, we may have additional
comments.
Form 10-K for the fiscal year ended December 31, 2025
Notes to Consolidated Financial Statements
Note 6. Investments in Unconsolidated Real Estate Ventures, page F-31
1. Please tell us your consideration of providing financial statements
pursuant to Rule 3-09
of Regulation S-X and summarized financial information pursuant to Rule
4-08(g) of
Regulation S-X and ASC 323-10-50-3c for your equity method investments
in
unconsolidated real estate ventures and managed REITs.
Form 8-K filed February 25, 2026
Exhibit 99.1
Outlook for Full Year 2026, page 14
2. We note that you disclose full year 2026 guidance for non-GAAP measures,
including
Net operating income, Managed REIT EBITDA and Third-party platform
adjusted
EBITDA, without providing a reconciliation to the most directly related
GAAP measure.
In future filings, please include such reconciliation or, alternatively,
provide a statement
April 14, 2026
Page 2
that the information could not be presented without unreasonable efforts
under Item
10(e)(1)(i)(B) of Regulation S-K. Refer also to Questions 102.10(a) and
102.10(b) of the
Corporation Finance Interpretations ("CFIs") for Non-GAAP Financial
Measures.
In closing, we remind you that the company and its management are
responsible for the
accuracy and adequacy of their disclosures, notwithstanding any review,
comments, action or
absence of action by the staff.
Please contact Jeffrey Lewis at 202-551-6216 or Isaac Esquivel at
202-551-3395 with
any questions.
Sincerely,
Division of
Corporation Finance
Office of Real Estate
& Construction
</TEXT>
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