SmartStop Self Storage REIT Reports Same-Store Revenue and NOI Growth in Fourth Quarter 2021
SmartStop Self Storage REIT Inc., a publicly registered non-traded real estate investment trust, reported its overall results for the fourth quarter and full-year 2021.
SmartStop Self Storage REIT Inc., a publicly registered non-traded real estate investment trust, reported its overall results for the fourth quarter and full-year 2021.
Financial Highlights for Three Months Ended December 31, 2021:
Net loss attributable to common stockholders was approximately $9.4 million for the fourth quarter of 2021. This represents an increase of approximately $4.9 million when compared to the same period in 2020. Net loss per Class A and Class T shares (basic and diluted) was $0.11, an increase of $0.04, or 47 percent, when compared to the same period in 2020.
Total revenues equaled $44.3 million for the three months ended December 31, 2021, compared to nearly $29.2 million for the same period in 2020, an increase of 51.7 percent.
Self-storage rental revenues increased from $27.7 million to $42.3 million, year-over-year.
Funds from operations, as adjusted (attributable to common stockholders and operating partnership unit holders), was approximately $14.9 million. This represents an increase of approximately $9.2 million, or 159.3 percent, when compared to the same period in 2020.
FFO, as adjusted per share and OP unit outstanding—diluted, was $0.16, an increase of $0.08 or 100 percent, when compared to the same period in 2020.
Same-store revenues increased from $27.2 million to $32.4 million, or 19 percent, year-over-year.
Same-store expenses increased from approximately $8.7 million to $9 million, or 2.9 percent, year-over-year.
Same-store operating income increased from $18.5 million to $23.5 million, or 26.6 percent, year-over-year.
Same-store average physical occupancy increased by 3.2 percent to 95.4 percent for the three months ended December 31, 2021, compared to 92.2 percent during the same period in 2020.
Same-store annualized rent per occupied square foot was approximately $17.68, which represented an increase of approximately 16 percent when compared to the same period in 2020.
Financial Highlights for Twelve Months Ended December 31, 2021:
Net loss attributable to common stockholders was approximately $29.4 million for the 12 months ended December 31, 2021. This represents a decrease of approximately $25 million when compared to the same period in 2020. Net loss per Class A and Class T shares (basic and diluted) was $0.37, a decrease of $0.54, or 59 percent, when compared to the same period in 2020.
Funds from operations, as adjusted (attributable to common stockholders and operating partnership unit holders), was approximately $43.8 million. This represents an increase of approximately $29.7 million, or 210 percent, when compared to 2020.
FFO, as adjusted per share and OP unit outstanding—diluted, was $0.49, an increase of $0.29 when compared to 2020.
Total self storage-related revenues increased from $110.2 million in 2020 to $158.2 million in 2021, an increase of 43.6 percent.
Same-store revenues increased from $103.8 million in 2020 to $121.9 million in 2021, an increase of 17.4 percent.
Same store expenses increased 3.3 percent from $34.5 million in 2020 to $35.7 million in 2021.
NOI totaled $69.2 million in 2020 to $86.2 million in 2021, a year-over-year increase of 24.5 percent.
Same-store average physical occupancy increased by 4.5 percent to 95.1 percent, compared to 90.6 percent during the same period in 2020.
Same-store annualized rent per occupied square foot was approximately $16.51, which represented an increase of approximately 11.5 percent when compared to the same period in 2020.
“The fourth quarter capped off a truly exceptional year for SmartStop, and we are grateful for the remarkable team that’s worked tirelessly to build SmartStop to the company it is today…,” said H. Michael Schwartz, chairman and chief executive officer of SmartStop. “We are particularly proud that during the quarter, we declared an updated estimated net asset value per share of $15.08 calculated as of June 30, 2021, approximately 45 percent higher than the prior NAV valued as of December 31, 2019, which values the company at an enterprise value of over $2.5 billion. This value creation substantiates the investments we’ve made in our platform, technology and people. Having closed the $375 million Strategic Storage Trust IV Inc. merger along with a new $700 million multi-currency credit facility, we are poised to deliver strong risk-adjusted returns and grow stockholder value in 2022 and beyond.”
Last month, SmartStop Self Storage REIT announced plans to merge with Strategic Storage Growth Trust II Inc., an affiliated private REIT, in a $280 million all-stock transaction.
SmartStop is a self-managed REIT with an owned and managed portfolio of 163 properties in 19 states and Ontario, Canada, comprising approximately 111,000 units and 12.6 million rentable square feet.
