SmartStop Self Storage REIT Releases Q1 2025 Earnings Report

Posted by MSM on May 9, 2025 9:14:39 AM

SmartStop Self Storage REIT, Inc. has announced its overall results for the three months ended March 31, 2025.

“We had a strong first quarter, with same-store revenue growth of 3.2% as compared to the first quarter of 2024, which reflects improving customer demand across our portfolio. Many of our key metrics continued to stabilize and our same-store occupancy ended the quarter at 93.0%, 100 basis points ahead of last year. We are entering the rental season from a position of strength, but are balancing recovering storage fundamentals with the macro-economic uncertainty unfolding in both the U.S. and Canada...

...On April 2, 2025, we began trading on the New York Stock Exchange, a milestone accomplishment for SmartStop. We’d like to thank our employees, our Board and our retail investors who have helped build this company into the remarkable platform that it is today. We are energized by our trajectory as a publicly listed REIT, and look forward to the next chapter of the SmartStop story.”

– H. Michael Schwartz, Chairman and CEO

Key Q1 2025 Financial Highlights:

Net loss attributable to common stockholders was approximately $8.4 million. This represents an increase in net loss of approximately $3.8 million when compared to the same period in 2024. Net loss per Class A and Class T shares (basic and diluted) was $0.35, an increase in net loss per share of approximately $0.15 as compared to the same period in 2024.
Total self storage-related revenues were approximately $59.2 million, an increase of approximately $6.5 million when compared to the same period in 2024.
FFO, as adjusted (attributable to common stockholders and Operating Partnership (OP) unit holders), was approximately $11.2 million, an increase of approximately $0.1 million when compared to the same period in 2024.
FFO, as adjusted per share and OP unit outstanding – diluted was $0.41, an increase of approximately $0.01 when compared to the same period in 2024.
Same-store revenues increased by 3.2%, same-store property operating expenses increased by 5.2%, while same-store net operating income (NOI) increased by 2.3% compared to the same period in 2024.
On a constant currency basis for Canadian properties included in SmartStop's wholly owned same-store pool, aggregate same-store revenues increased by 3.9%, same-store expenses increased by 5.9%, while same-store NOI increased by 3.0% compared to the same period in 2024.
Same-store average physical occupancy increased by 0.5% to 92.6% compared to the same period in 2024.
Same-store annualized rent per occupied square foot was approximately $19.84, an increase of approximately 2.0% when compared to the same period in 2024.