SmartStop Self Storage REIT, Inc. Reports Second Quarter 2023 Results
August 10, 2023 | BusinessWire
SmartStop Self Storage REIT, Inc. (“SmartStop” or “the Company”), a self-managed and fully-integrated self storage company, announced its overall results for the three months and six months ended June 30, 2023.
“In the face of difficult year over year comparables, normalization of pandemic-related demand drivers, and a slowdown in the housing market, our performance in the second quarter demonstrated both the power of the SmartStop platform as well as the benefits of the strategic diversification of our North American portfolio,” said H. Michael Schwartz, Chairman and Chief Executive Officer of SmartStop. “Notably, of all of our major markets, Toronto was our best performing market. Additionally, our Managed REIT Platform continues to grow overall property count and net rentable square feet, with assets under management of nearly $700 million at quarter end, resulting in continued growth of our overall Managed REIT Platform revenues. This off-balance sheet growth within the Managed REITs was capped off by the acquisition of seven facilities located in the Greater Toronto Area in June. With the acquisition of these facilities, we now own or manage 33 operating self-storage properties in Canada, making us the fifth largest operator in Canada. With our resilient performance and demonstrated ability to grow this quarter, we are confident in the ability of the SmartStop platform and team to deliver outstanding results for our stockholders in 2023 and beyond.”
