SmartStop REIT Releases Q4 2023 Earnings Report

Posted by Modern Storage Media on Mar 19, 2024, 2:25:41 PM

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.