SmartStop Self Storage REIT Reports First Quarter 2021 Results
SmartStop Self Storage REIT Inc., a publicly registered non-traded real estate investment trust, announced its results for the three months ended March 31, 2021.
SmartStop Self Storage REIT Inc., a publicly registered non-traded real estate investment trust, announced its results for the three months ended March 31, 2021.
Three Months Ended March 31, 2021 Financial Highlights:
Total revenues equaled nearly $34.6 million for the three months ended March 31, 2021, compared to $30.3 million for the same period last year.
Total self-storage related revenues for the three months ended March 31, 2021 and 2020, were approximately $31.1 million and $26.7 million, respectively.
Net loss totaled ($12.3 million) for the first quarter of 2021, compared to ($37.7 million) for the same period last year. Net loss attributable to common stockholders totaled ($13.9 million) during the first quarter of 2021, compared to roughly ($35.1 million) for the same period last year.
Funds from operations attributable to common stockholders totaled ($6 million) for the first quarter of 2021, compared to ($26.6 million) for the same period last year.
Funds from operations, as adjusted, totaled nearly $4.8 million for the three months ended March 31, 2021, compared to $1.6 million for the same period in 2020.
Same-store revenues increased by 9.7 percent, from $25.4 million in the first quarter of 2020 to $27.9 million in the first quarter of 2021.
Same-store property operating income totaled nearly $19.1 million for the first quarter of 2021, compared to $16.7 million during the same period last year, an increase of 14.2 percent.
Same-store average physical occupancy increased by 4.4 percent to 93.1 percent for the three months ended March 31, 2021, compared to 88.7 percent during the same period in 2020.
Same-store annualized rent per occupied square foot was approximately $15.43 for the three months ended March 31, 2021, which represented an increase of approximately 3.6 percent when compared to the same period in 2020.
Managed REIT platform revenue totaled approximately $2.3 million for the three months ended March 31, 2021, up 28.3 percent from the same period in 2020.
On March 17, 2021, SmartStop and Strategic Storage Trust IV completed an all-stock merger transaction valued at approximately $375 million. The merger resulted in SmartStop acquiring all of the real estate owned by Strategic Storage Trust IV, consisting of 24 self-storage facilities located across nine states and six joint venture properties (three operating and three under development) located in the Greater Toronto area of Ontario, Canada.
At the closing of the merger, SmartStop’s consolidated portfolio consisted of 136 properties and six joint venture properties with a combined value of approximately $1.5 billion. The company also closed on a $500 million multi-currency credit facility.
