SmartStop Reports Increased Net Income and Revenues in 2Q22
SmartStop Self Storage REIT Inc., a publicly registered non-traded real estate investment trust, reported its overall results for the second quarter of 2022.
SmartStop Self Storage REIT Inc., a publicly registered non-traded real estate investment trust, reported its overall results for the second quarter of 2022.
Net income attributable to common stockholders was approximately $9.1 million, an increase of approximately $13 million when compared to the same period in 2021 when the REIT reported a net loss of ($3.9 million).
Net income per Class A and Class T shares (diluted) was $0.10, an increase of $0.15 when compared to a net loss of ($0.05) the same period in 2021.
Total revenues equaled $51.8 million for the second quarter 2022, compared to nearly $42.3 million for 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.
Funds from operations as adjusted (attributable to common stockholders and operating partnership unit holders) was approximately $17.4 million, an increase of approximately $8 million when compared to the same period in 2021. FFO per share and OP unit was $0.17, an increase of $0.07 when compared to the same period in 2021.
Same-store revenues increased 14.1 percent from $30.4 million in the second quarter of 2021 to $34.7 million in second quarter of 2022.
Same-store expenses increased 0.6 percent from $9.49 million in the second quarter of 2021 to $9.54 million in second quarter of 2022.
Same-store net operating income increased 20.3 percent from $20.9 million in the second quarter of 2021 to $25.2 million in second quarter of 2022.
Same-store average physical occupancy decreased by 0.3 percent to 95.5 percent 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 percent when compared to $16.02 in the same period in 2021.
SmartStop Self Storage REIT and Strategic Storage Growth Trust II Inc., an affiliated private REIT, completed a $260 million all-stock transaction at the beginning of June.
“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,” said H. Michael Schwartz, chairman and chief executive officer. “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…”
SmartStop is a self-managed REIT with an owned or managed portfolio of 174 properties in 22 states and Ontario, Canada, comprising approximately 119,200 units and 13.5 million rentable square feet, as of August 11, 2022.
