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SmartStop REIT Reports 16.5% Same Store NOI Growth in 2022

Wood blocks number 2022 on Coins stack. 2022 NEW YEAR Business and saving money concept.

SmartStop Self Storage REIT Inc., a publicly registered non-traded real estate investment trust, announced its overall results for 2022.

“The fourth quarter capped off another exceptional year for SmartStop,” H. Michael Schwartz, chairman and chief executive officer of SmartStop, said. “Coming off of a record year of growth in 2021, which saw the highest level of same-store NOI growth in our company’s history, we posted 16.5% same-store NOI growth in 2022. Likewise, our managed REIT Platform continues to provide us with attractive returns, as assets under management for our two Managed REITs increased by approximately $287 million over the course of 2022 and fees increased by approximately 379%.”

Highlights of SmartStop REIT’s 2022 Financial Results:

  • Net income attributable to common stockholders was approximately $6.3 million. This represents an improvement of approximately $35.7 million when compared to the same period in 2021. Net income per Class A and Class T shares (diluted) was $0.07, an improvement of $0.44, when compared to the same period in 2021.
  • Total self-storage-related revenues were approximately $200.2 million, an increase of approximately $42.0 million when compared to the same period in 2021.
  • Funds from operations, as adjusted (attributable to common stockholders and OP unit holders), was approximately $66.3 million, an increase of approximately $22.6 million when compared to the same period in 2021.
  • Funds from operations, as adjusted per share and OP unit outstanding – diluted was $0.64, an increase of $0.15 when compared to the same period in 2021.
  • Same-store revenues, expenses and NOI increased by 12.9%, 4.9% and 16.5%, respectively, compared to the same period in 2021.
  • Same-store average physical occupancy decreased by 0.5% to 94.6% compared to the same period in 2021.
  • Same-store annualized rent per occupied square foot was approximately $18.79, which represented an increase of approximately $2.33 when compared to the same period in 2021.

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