SmartStop REIT Releases Q4 2023 Earnings Report
SmartStop Self Storage REIT, Inc., a self-managed and fully-integrated self storage company, has announced its overall results for Q4 2023.
CEO Statement
"Coming off of the strongest period in the history of the self storage industry in 2021 and 2022, SmartStop posted a solid year in 2023. Operationally, we posted same-store revenue growth above the long-term average, while leasing up the majority of our non-stabilized properties, ending the year at 91.6% occupancy for our entire wholly-owned portfolio... Our solid year of results in 2023 are a testament to SmartStop as a company and our tremendous team, as well as the strength and value of our best-in-class North American self storage portfolio."
- H. Michael Schwartz, Chairman and CEO of SmartStop
Q4 2023 Financial Highlights
- Net loss attributable to common stockholders was approximately $1.1 million. This represents an increase in the Company’s earnings of approximately $0.2 million when compared to the same period in 2022. Net loss per Class A and Class T shares (diluted) was $0.01, which was unchanged when compared to the same period in 2022.
- Total self storage-related revenues were approximately $53.2 million, a decrease of approximately $0.1 million when compared to the same period in 2022.
- FFO, as adjusted (attributable to common stockholders and Operating Partnership ("OP") unit holders), was approximately $13.3 million, a decrease of approximately $2.5 million when compared to the same period in 2022.
- FFO, as adjusted per share and OP unit outstanding – diluted was $0.12, a decrease of $0.02 when compared to the same period in 2022.
- Same-store revenues, expenses and net operating income ("NOI") decreased by 0.3%, 0.7% and 0.1%, respectively, compared to the same period in 2022.
- Same-store average physical occupancy decreased by 0.9% to 92.4% compared to the same period in 2022.
- Same-store annualized rent per occupied square foot was approximately $19.94, an increase of approximately $0.08 when compared to the same period in 2022.
The full press release and additional information about SmartStop are available on the investor page the SmartStop website.
More Content
Popular Posts
The self storage industry is in a precarious...
The REITs new pricing strategy – lowering...
There are an estimated 700,000 hotels in the...
In a booming economy, expendable income...
Boat and RV storage has morphed and...
Self-storage is not an industry that is...
The question of “abandonment” of stored...
With the approval of both companies’...
National Storage Affiliates Trust (NSA), the...
It’s said that necessity is the mother of...
It’s odd that I ever get the “last word,”...
Mother Nature can be a cruel mistress....
As children, most of us played “follow the...
Over the last five years, as the use of...
XYZ Storage wants to make life for its...
Recent Posts
"It was one of my first shifts as a new...
Joe Shoen, CEO of U-Haul, has had enough.
If you’ve read the story about our 2024...
Self-storage is a space that’s full of...
Forty miles from Manhattan but feeling a...
Every industry has noteworthy members. This...
According to Harvard Business Review, 80...