What to Know About This Fund's $4 Million Exit From SmartStop Self Storage

On May 14, 2026, GSI Capital Advisors sold out its position in SmartStop Self Storage REIT (NYSE:SMA), exiting 124,919 shares in a transaction estimated at $4.01 million based on quarterly average pricing.

What happened

According to a Securities and Exchange Commission (SEC) filing dated May 14, 2026, GSI Capital Advisors sold all 124,919 shares of SmartStop Self Storage REIT, fully liquidating its stake. The estimated transaction value was $4.01 million, calculated using the average unadjusted closing price for the first quarter of 2026. The quarter-end net position change, which incorporates both share sale and price movements, was $3.86 million.

What else to know

• Top five holdings after the filing:
  • NASDAQ: EQIX: $21,048,694 (11.4% of AUM)
  • NYSE: WELL: $19,598,795 (10.6% of AUM)
  • NYSE: PLD: $17,393,831 (9.4% of AUM)
  • NYSE: DLR: $8,850,474 (4.8% of AUM)
  • NYSE: SPG: $8,092,790 (4.4% of AUM)
• As of May 14, 2026, shares of SmartStop Self Storage REIT were priced at $30.76, down 10% over the past year and underperforming the S&P 500 by close to 38 percentage points.

Company overview

Metric	Value
Revenue (TTM)	$294 million
Net income (TTM)	$12.98 million
Dividend yield	5%
Price (as of market close May 14, 2026)	$30.76

Company snapshot

• SmartStop Self Storage REIT operates and manages self-storage facilities across North America, offering storage solutions for individuals and businesses.
• The firm generates revenue primarily through rental income from storage units, leveraging a technology-driven, fully integrated platform.
• It serves a diverse customer base, including residential, commercial, and small business clients in high-growth U.S. and Canadian markets.

SmartStop Self Storage REIT is one of the largest self-storage operators in North America, with a portfolio spanning high-growth regions in the United States and Canada. The company utilizes a fully integrated, technology-driven approach to maximize operational efficiency and customer service. Its scale and focus on both U.S. and Canadian markets provide a competitive edge in the specialty REIT sector.

What this transaction means for investors

Given that GSI Capital remains heavily invested in real estate through positions in Equinix, Digital Realty, Simon Property Group, and more, the firm’s SMA exit suggests the firm is staying in the sector while moving away from simply this specific name. It’s also worth noting that the firm sold out of Extra Space Storage last quarter, but had a position in Public Storage as of March 31.

Meanwhile, SmartStop's underlying business has actually been showing signs of improvement. First-quarter revenue climbed 20% to $78.3 million, while net income swung to a $9.6 million profit from an $8.4 million loss a year earlier. Adjusted funds from operations rose to $28.8 million, and same-store NOI increased 2.0%, which management described as sector-leading growth despite difficult comparisons. CEO Michael Schwartz also highlighted margin expansion and lower operating expense growth as key drivers of performance.

For long-term investors, the key question is whether SmartStop can translate modest same-store growth into stronger earnings over time. Management still expects adjusted FFO of $1.94 to $2.04 per share in 2026, suggesting it sees room for continued progress even in a challenging storage market.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Digital Realty Trust, Equinix, Prologis, and Simon Property Group. The Motley Fool has a disclosure policy.