SmartStop Self Storage REIT Reports Same-Store Revenue and NOI Growth During 3Q21
SmartStop Self Storage REIT Inc., a publicly registered non-traded real estate investment trust, reported its overall results for the third quarter of 2021.
SmartStop Self Storage REIT Inc., a publicly registered non-traded real estate investment trust, reported its overall results for the third quarter of 2021.
Three Months Ended September 30, 2021 Financial Highlights:
Net loss attributable to common stockholders was approximately $2.2 million for the three months ended September 30, 2021. This represents a decrease of approximately $4.0 million when compared to the same period in 2020. Net loss per Class A and Class T shares (basic and diluted) was $0.03, a decrease of $0.07, or 70 percent, when compared to the same period in 2020.
Total revenues equaled $44.9 million for the three months ended September 30, 2021, compared to nearly $31.4 million for the same period last year.
Self-storage rental revenues increased from $26.7 million to $40.7 million, year-over-year.
Funds from operations, as adjusted (attributable to common stockholders and operating partnership unit holders), was approximately $13.6 million. This represents an increase of approximately $9.2 million, or 209 percent, when compared to the same period in 2020.
FFO, as adjusted per share and OP unit outstanding—diluted, was $0.14, an increase of $0.08 or 124.7 percent, when compared to the same period in 2020.
Same-store revenues increased from $26.4 million to $31.6 million, or 19.4 percent, year-over-year.
Same-store expenses increased from approximately $8.8 million to $9 million, or 2.3 percent, year-over-year.
Same-store operating income increased from $17.6 million to $22.5 million, or 28.1 percent, year-over-year.
Same-store average physical occupancy increased by 4.2 percent to 95.9 percent for the three months ended September 30, 2021, compared to 91.7 percent during the same period in 2020.
Same-store annualized rent per occupied square foot was approximately $16.92, which represented an increase of approximately 15.3 percent when compared to the same period in 2020.
“This was a truly exciting quarter for SmartStop. We posted year-over-year same-store revenue and NOI growth of 19.4 percent and 28.1 percent for the quarter, respectively, both higher than all of our publicly-traded peers,” said H. Michael Schwartz, chairman and chief executive officer of SmartStop. “Gross margins on our same-store pool improved to 71.4 percent, a year-over-year increase of 480 basis points, and the highest in our company’s history.”
Late last month, SmartStop reported an estimated net asset value per share of $15.08 for its Class A and Class T shares, as of June 30, 2021.
SmartStop has approximately $1.8 billion of real estate assets under management, including an owned and managed portfolio of 158 properties in 19 states and Ontario, Canada comprising approximately 107,000 units and 12.2 million rentable square feet.
