Principal units report 5.7% stake in SmartStop REIT

SmartStop Self Storage REIT, Inc. is reported as having a significant shareholder group made up of Principal Global Investors LLC and Principal Real Estate Investors LLC.

Rhea-AI Filing Summary

SmartStop Self Storage REIT, Inc. is reported as having a significant shareholder group made up of Principal Global Investors LLC and Principal Real Estate Investors LLC. These Delaware-organized investment entities report beneficial ownership of 3,136,322 shares of SmartStop common stock, representing 5.7% of the class.

Within this total, Principal Global Investors reports shared voting and dispositive power over 40,000 shares, while Principal Real Estate Investors LLC reports shared voting and dispositive power over 3,096,322 shares. Neither entity reports any sole voting or sole dispositive power over SmartStop shares. The firms file jointly under a Joint Filing Agreement signed by J. Markham Penrod, Chief Compliance Officer – North America, Principal Asset Management.

Key Figures

Beneficial ownership: 3,136,322 shares Percent of class: 5.7% Shared voting power – Principal Global Investors: 40,000 shares +3 more

6 metrics

Beneficial ownership 3,136,322 shares Total SmartStop common shares beneficially owned by the Principal entities

Percent of class 5.7% Portion of SmartStop common stock class held by the Principal entities

Shared voting power – Principal Global Investors 40,000 shares Shares of SmartStop with shared voting and dispositive power

Shared voting power – Principal Real Estate Investors LLC 3,096,322 shares Shares of SmartStop with shared voting and dispositive power

CUSIP 83192D402 CUSIP for SmartStop Self Storage REIT, Inc. common stock

Signature date 07/31/2026 Date J. Markham Penrod signed on behalf of the filing entities

Key Terms

beneficially owned, shared voting power, shared dispositive power, Schedule 13G, +1 more

5 terms

beneficially owned financial

"Item 4. | Ownership (a) | Amount beneficially owned: 3,136,322"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

shared voting power financial

"Shared Voting Power 40,000.00 ... Shared Voting Power 3,096,322.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power financial

"Shared Dispositive Power 40,000.00 ... Shared Dispositive Power 3,096,322.00"

Schedule 13G regulatory

"This statement is filed by Principal Global Investors LLC ... Schedule 13G"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

Joint Filing Agreement regulatory

"jointly pursuant to a Joint Filing Agreement, which is filed ... as Exhibit 99.1"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many SmartStop Self Storage REIT (SMA) shares are beneficially owned by the Principal entities?

Principal Global Investors LLC and Principal Real Estate Investors LLC together beneficially own 3,136,322 shares of SmartStop Self Storage REIT, Inc. common stock, according to the Schedule 13G, representing a combined 5.7% of the outstanding class.

What percentage of SmartStop Self Storage REIT (SMA) does the Principal group report owning?

The Principal entities report 5.7% beneficial ownership of SmartStop Self Storage REIT, Inc. common stock. This percentage is based on their 3,136,322 shares relative to the issuer’s total outstanding shares as reflected in the Schedule 13G filing.

How are SmartStop (SMA) shares split between Principal Global Investors and Principal Real Estate Investors LLC?

Principal Global Investors reports shared voting and dispositive power over 40,000 shares, while Principal Real Estate Investors LLC reports shared voting and dispositive power over 3,096,322 shares. Together, these positions total the 3,136,322 shares reported as beneficially owned.

Do the Principal entities have sole voting power over any SmartStop Self Storage REIT (SMA) shares?

No. Both Principal Global Investors and Principal Real Estate Investors LLC report 0 shares with sole voting power and 0 shares with sole dispositive power. All reported authority over SmartStop shares is characterized as shared voting and shared dispositive power.

Who signed the SmartStop (SMA) Schedule 13G on behalf of the Principal entities?

The Schedule 13G was signed by J. Markham Penrod, identified as Chief Compliance Officer - North America, Principal Asset Management. Penrod signed separately for each of the filing entities on 07/31/2026, under a Joint Filing Agreement included as Exhibit 99.1.

Where are the Principal entities that filed regarding SmartStop (SMA) organized and based?

Principal Global Investors LLC and Principal Real Estate Investors LLC are each organized in Delaware, with principal business offices at 711 High Street, Des Moines, Iowa 50392-0300. The issuer, SmartStop Self Storage REIT, Inc., is based in Ladera Ranch, California.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/05/2026 - 01:10 PM Accepted by SEC EDGAR 08/05/2026 - 01:09 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

SmartStop Self Storage REIT, Inc.

(Name of Issuer)

Common Stock, $0.001 par value

(Title of Class of Securities)

83192D402

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 83192D402

1

Names of Reporting Persons

PRINCIPAL GLOBAL INVESTORS

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 40,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 40,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

40,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.1 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP Number(s): 83192D402

1

Names of Reporting Persons

PRINCIPAL REAL ESTATE INVESTORS LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,096,322.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,096,322.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,096,322.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.6 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: SmartStop Self Storage REIT, Inc.
(b)	Address of issuer's principal executive offices: 10 TERRACE ROAD, LADERA RANCH, CALIFORNIA 92694
Item 2.
(a)	Name of person filing: PRINCIPAL GLOBAL INVESTORS PRINCIPAL REAL ESTATE INVESTORS LLC
(b)	Address or principal business office or, if none, residence: PRINCIPAL GLOBAL INVESTORS 711 HIGH STREET DES MOINES, Iowa 50392-0300 PRINCIPAL REAL ESTATE INVESTORS LLC 711 HIGH STREET DES MOINES, Iowa 50392-0300
(c)	Citizenship: PRINCIPAL GLOBAL INVESTORS - DELAWARE PRINCIPAL REAL ESTATE INVESTORS LLC - DELAWARE
(d)	Title of class of securities: Common Stock, $0.001 par value
(e)	CUSIP Number(s): 83192D402
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 3,136,322
(b)	Percent of class: 5.7 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: PRINCIPAL GLOBAL INVESTORS - 0 PRINCIPAL REAL ESTATE INVESTORS LLC - 0
	(ii) Shared power to vote or to direct the vote: PRINCIPAL GLOBAL INVESTORS - 40,000 PRINCIPAL REAL ESTATE INVESTORS LLC - 3,096,322
	(iii) Sole power to dispose or to direct the disposition of: PRINCIPAL GLOBAL INVESTORS - 0 PRINCIPAL REAL ESTATE INVESTORS LLC - 0
	(iv) Shared power to dispose or to direct the disposition of: PRINCIPAL GLOBAL INVESTORS - 40,000 PRINCIPAL REAL ESTATE INVESTORS LLC - 3,096,322
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

PRINCIPAL GLOBAL INVESTORS

Signature:	/s/ J. Markham Penrod
Name/Title:	J. Markham Penrod, Chief Compliance Officer - North America, Principal Asset Management
Date:	07/31/2026

PRINCIPAL REAL ESTATE INVESTORS LLC

Signature:	/s/ J. Markham Penrod
Name/Title:	J. Markham Penrod, Chief Compliance Officer - North America, Principal Asset Management
Date:	07/31/2026

Exhibit Information

This statement is filed by Principal Global Investors LLC and Principal Real Estate Investors LLC jointly pursuant to a Joint Filing Agreement, which is filed with this Schedule 13G as Exhibit 99.1.