SmartStop Self Storage REIT Reports Increased Revenues and FFO During 2Q21
SmartStop Self Storage REIT Inc., a publicly registered non-traded real estate investment trust, reported its overall results for the second quarter of 2021.
SmartStop Self Storage REIT Inc., a publicly registered non-traded real estate investment trust, reported its overall results for the second quarter of 2021.
Three Months Ended June 30, 2021 Financial Highlights:
Total revenues equaled nearly $42.3 million for the three months ended June 30, 2021, compared to $29.5 million for the same period last year.
Net loss totaled ($1.3 million) in the second quarter of 2021, compared to nearly ($7.1 million) for the same period in 2020.
Net loss attributable to common stockholders equaled ($3.9 million) in the second quarter of 2021, compared to ($8.5 million) for the same period in 2020.
Net loss per Class A and Class T shares (basic and diluted) decreased $0.09, from ($0.14) in the second quarter of 2020 to ($0.05) in the second quarter of 2021.
Self-storage rental revenues increased from nearly $25 million to $38.1 million, year-over-year.
Fund from operations, as adjusted, (attributable to common stockholders and operating partnership unit holders), equaled $9.4 million in the second quarter of 2021, compared to $1.7 million in the same quarter in 2020. This represents an increase of approximately $7.7 million, or 445 percent.
FFO, as adjusted per share and OP unit outstanding – diluted, was $0.10, an increase of $0.07, or 233 percent, when compared to the same period in 2020.
Same-store revenues increased from $24.7 million to $30 million, or 21.5 percent, year-over-year.
Same-store expenses increased from approximately $8.3 million to $8.9 million, or 7.2 percent, year-over-year.
Same-store operating income increased from $16.4 million to $21.1 million, or 28.7 percent, year-over-year.
Same-store average physical occupancy increased by 6.1 percent to 95.8 percent for the three months ended June 30, 2021, compared to 89.7 percent during the same period in 2020.
Same-store annualized rent per occupied square foot was approximately $16.50 for the three months ended June 30, 2021, an increase of approximately 14.7 percent compared to $14.38 during the same period in 2020.
In April, SmartStop purchased a six-story, 81,500-square-foot self-storage facility with 1,070 units in Oakville, Ontario, Canada that was approximately 40 percent occupied at acquisition. In May, SmartStop purchased a 68,700-square-foot self-storage facility in Riverside, California with 379 units and 71 RV parking spaces.
“Our best-in-class portfolio posted strong results in all of our markets throughout North America. Specifically, the Greater Toronto Area was our best performing market this quarter with same-store revenue and NOI growth of 33.6 percent and 45.0 percent, respectively…,” said said H. Michael Schwartz, Chairman and Chief Executive Officer of SmartStop. “On the external growth front, we continue to find accretive acquisitions, acquiring two wholly-owned properties for $31 million during the quarter and our acquisition pipeline remains healthy.”
SmartStop is the tenth-largest self-storage company in the U.S., with approximately $1.8 billion of real estate assets under management, including an owned and managed portfolio of 155 properties in 19 states and Toronto, Canada and comprising approximately 105,000 units and 11.9 million rentable square feet.
