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    Is SmartStop Self Storage REIT (SMA) Undervalued Following Its Dividend Reset?

    Simply Wall St·09/09/2026 03:30:12
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    Dividend reset at SmartStop Self Storage REIT

    SmartStop Self Storage REIT (SMA) put its income profile in focus on September 3, 2026, when the board declared a monthly dividend reflecting a targeted annualized payout of $1.60 per share.

    The September common dividend of $0.13150685 per share goes to investors on record as of September 30 and is scheduled to be paid on October 15, a timeline income focused holders will want to track closely.

    Against this dividend reset, SmartStop Self Storage REIT is trading at US$32.60, with the share price return up 5.98% year to date, while the 1 year total shareholder return is down 9.08%, suggesting recent momentum has faded as investors reassess income and risk.

    Compare SmartStop Self Storage REIT's income reset with a curated group of income focused stocks in the 6 dividend fortresses to see how other payouts stack up.

    SmartStop Self Storage REIT has reset its payout while the share price has climbed modestly this year and slipped over the past month. Does that combination justify stepping in now, or does it argue for patience and a lower entry?

    Most Popular Narrative: 9.7% Undervalued

    The most followed narrative for SmartStop Self Storage REIT pegs fair value at $36.10, compared with the recent $32.60 close. This frames the current dividend reset against an undervaluation story built on future earnings power.

    The Argus third party management acquisition nearly doubles the operating footprint, expands the data set for dynamic pricing and creates a captive pipeline of off market deals, which should support higher revenue growth and fee income as the platform scales.

    Read the complete narrative. Read the complete narrative.

    Want to understand why this income focused REIT is being priced for a richer earnings profile than its current profitability suggests? The narrative leans heavily on steadily rising revenue, fatter margins and a future earnings multiple that assumes investors keep paying up for that progress. Curious which specific earnings bridge and cash flow path have to fall into place for $36.10 to hold up.

    Result: Fair Value of $36.10 (UNDERVALUED)

    Have a read of the narrative in full and understand what's behind the forecasts.

    Still, the SmartStop Self Storage REIT narrative can weaken quickly if self storage supply stays elevated in key markets or if occupancy relies too heavily on concessions.

    Find out about the key risks to this SmartStop Self Storage REIT narrative.

    Another View on SmartStop Self Storage REIT's Valuation

    The first story around SmartStop Self Storage REIT leans on future earnings and a fair value of $36.10. A different lens looks at the P/E of 64.2x versus a North American Specialized REITs average of 25.4x and a fair ratio of 33.6x, which signals rich pricing. So is this a mispriced opportunity or just valuation risk building up?

    See what the numbers say about this price and how it could evolve in a simple multiples framework by reviewing the See what the numbers say about this price — find out in our valuation breakdown.

    NYSE:SMA P/E Ratio as at Sep 2026
    NYSE:SMA P/E Ratio as at Sep 2026

    Next Steps

    Mixed messages around SmartStop Self Storage REIT's income reset and valuation can feel confusing, so move quickly to review the underlying data, stress test your own assumptions, and weigh both the upside and the red flags captured in the 2 key rewards and 1 important warning sign.

    Looking for more investment ideas beyond SmartStop Self Storage REIT?

    Do not stop with one income story when there are dozens of other potential opportunities waiting in the data.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.