KBRA affirms its BBB issuer rating for SmartStop OP, L.P. KBRA also affirms its BBB rating for SmartStop OP, L.P.'s senior unsecured notes and assigns its BBB rating to SmartStop OP's outstanding CAD200 million senior unsecured notes due 2030. The Outlook for the issuer and all senior note ratings is Stable. Approximately $650 million of rated debt is affected by the KBRA rating actions. SmartStop OP, L.P. is the principal operating subsidiary of parent SmartStop Self Storage REIT, Inc. (NYSE: SMA or SmartStop).

The affirmation reflects improved access to capital following SmartStop's 2025 initial public offering that has resulted in a diversified expansion strategy including both on-balance sheet properties, growth in managed non-traded REITs, and expansion into third-party property management. Financial metrics remain satisfactory for the ratings including loan-to-value (LTV) in the low-30% range, focus on an unsecured financing strategy and laddered debt maturities, and above-average flexibility reflecting moderate usage under a $500 million revolving credit facility expiring 2030. These positives are tempered by a slower U.S. housing market that has limited expectations for same-property NOI growth, and leverage metrics (company-reported 6.3x for Q1 2026) that remain near the upper end of SMA's 5x-6x target range.

Headquartered in Ladera Ranch, California, SmartStop Self Storage REIT, Inc. is a $3.5 billion equity REIT specializing in the ownership and management of 460 self-storage properties in 36 states, Washington, D.C., and Canada. The company is the 10th largest owner of storage facilities in the U.S. according to published sources and is among the largest operators in Canada.

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Methodology

• Corporates: Global Equity REIT & REOC Rating Methodology

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1015910

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