SmartStop Self Storage REIT, Inc. (“SmartStop”), a self-managed and fully-integrated self storage company, announced its overall results for the three months ended March 31, 2022.
“We posted another quarter of double-digit same-store revenue and NOI growth, at 18.4% and 25.7% respectively,” said H. Michael Schwartz, Chairman and Chief Executive Officer of SmartStop. “This organic growth coupled with our disciplined investment strategy, led to year-over-year growth of FFO, as adjusted per share and OP unit – diluted of approximately 113% in the quarter. On the external growth front, we continue to find accretive acquisitions, acquiring one property in Chicago during the quarter and another in Sacramento subsequent to quarter end.”
Three Months Ended March 31, 2022 Financial Highlights:
- Net loss attributable to common stockholders was approximately $0.2 million. This represents an improvement of approximately $13.7 million when compared to the same period in 2021. Net loss per Class A and Class T shares (basic and diluted) was $0.00, an improvement of $0.22 when compared to the same period in 2021.
- Total self storage-related revenues were approximately $45.0 million, an increase of approximately $14.0 million when compared to the same period in 2021.
- FFO, as adjusted (attributable to common stockholders and Operating Partnership (“OP”) unit holders), was approximately $16.2 million, an increase of approximately $10.4 million when compared to the same period in 2021.
- FFO, as adjusted per share and OP unit outstanding – diluted was $0.17, an increase of $0.09 when compared to the same period in 2021.
- Same-store revenues, expenses and NOI increased by 18.4%, 3.7% and 25.7%, respectively compared to the same period in 2021.
- Same-store average physical occupancy increased by 1.9% to 95.1% compared to 93.2% during the same period in 2021.
- Same-store annualized rent per occupied square foot was approximately $17.77, an increase of approximately 16.6%…