SmartStop Self Storage REIT, Inc. Reports Second Quarter 2022 Results
August 11, 2022 | SmartStop Self Storage REIT, Inc.
SmartStop Self Storage REIT, Inc. (“SmartStop”), a self-managed and fully-integrated self storage company, announced its overall results for the three and six months ended June 30, 2022.
“The second quarter was another strong period of growth, both organically and externally, culminating with the closing of the previously announced SSGT II merger at the beginning of June,” said H. Michael Schwartz, Chairman and CEO of SmartStop. “Prior to the closing of the SSGT II merger, we launched a new private REIT within our Managed REIT Platform, Strategic Storage Growth Trust III. Storage fundamentals remain robust in our busy summer rental season, as we were able to continue to increase rental rates throughout our owned portfolio. Additionally, we transformed the right side of our balance sheet with the closing of SmartStop’s inaugural private placement notes and the receipt of a BBB- investment grade credit rating. With our healthy balance sheet and Managed REIT Platform, we believe that we have ample levers to continue to execute on our overall growth strategies.”
Three Months Ended June 30, 2022 Financial Highlights:
• Net income attributable to common stockholders was approximately $9.1 million. This represents an improvement of approximately $13.0 million when compared to the same period in 2021. Net income per Class A and Class T shares (diluted) was $0.10, an improvement of $0.15 when compared to the same period in 2021.
• Total self storage-related revenues were approximately $48.6 million, an increase of approximately $8.4 million when compared to the same period in 2021.
• FFO, as adjusted (attributable to common stockholders and Operating Partnership (“OP”) unit holders), was approximately $17.4 million, an increase of approximately $8.0 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 $0.07 when compared to the same period in 2021.
• Same-store revenues, expenses and NOI increased by 14.1%, 0.6% and 20.3%, respectively compared to the same period in 2021.
• Same-store average physical occupancy decreased by 0.3% to 95.5% compared to the same period in 2021.
• Same-store annualized rent per occupied square foot was approximately $18.47, an increase of approximately 15.3% when compared to the same period in 2021.
Six Months Ended June 30, 2022 Financial Highlights:
• Net income attributable to common stockholders was approximately $8.9 million. This represents an improvement of approximately $26.7 million when compared to the same period in 2021. Net income per Class A and Class T shares (diluted) was $0.10, an improvement of $0.34, when compared to the same period in 2021.
• Total self storage-related revenues were approximately $93.6 million, an increase of approximately $22.4 million when compared to the same period in 2021.
• Same-store revenues, expenses and NOI increased by 16.2%, 2.1% and 22.9%, respectively compared to the same period in 2021.
• Same-store average physical occupancy increased by 0.8% to 95.3%, compared to the same period in 2021.
• Same-store annualized rent per occupied square foot was approximately $18.12, which represented an increase of approximately 15.8% when compared to the same period in 2021.
