SmartStop Self Storage REIT Reports Q3 2024 Results

SmartStop Self Storage REIT, Inc. has announced its overall results for the quarter ended September 30, 2024.

“First and foremost, our thoughts and prayers are with the families of those impacted by the devastation from Hurricanes Helene and Milton. We are relieved to report that the SmartStop team members are all safe, and I’m proud of the efforts made by our team to help participate in the recoveries in markets where significant damage has occurred, especially in our Asheville markets where we have such deep ties to the community.

Moving on to our overall third quarter results, despite muted U.S. single-family home market activity relative to historical levels, we saw improving customer demand throughout our peak rental season and into the fall. We saw many of our key metrics stabilizing with strong quarter-end same-store occupancy of 92.6% and a year-over-year increase in our achieved rents. Many of our largest markets like the Greater Toronto Area continue to outperform, proving out our operating strategy.

Lastly, we acquired two properties during the quarter and are encouraged by the increased activity that has been occurring in the transaction market. These acquisitions, along with our operating results, are a testament to our tremendous team, as well as the strength of our best-in-class North American self-storage portfolio.”

- H. Michael Schwartz, Chairman and Chief Executive Officer of SmartStop. 

Key Q3 2024 Highlights:

• Net loss attributable to common stockholders was approximately $6.2 million. This represents a decrease in earnings of approximately $5.6 million when compared to the same period in 2023. Net loss per Class A and Class T shares (basic and diluted) was $0.07, an increase in net loss per share of $0.06 as compared to the same period in 2023.
• Total self storage-related revenues were approximately $55.4 million, an increase of approximately $0.6 million when compared to the same period in 2023.
• FFO, as adjusted (attributable to common stockholders and Operating Partnership (“OP”) unit holders), was approximately $11.7 million, a decrease of approximately $3.0 million when compared to the same period in 2023.
• FFO, as adjusted per share and OP unit outstanding – diluted was $0.11, a decrease of approximately $0.03 when compared to the same period in 2023.
• Same-store revenues decreased by 0.4%, same-store expenses increased by 6.3%, while same-store net operating income (“NOI”) decreased by 3.3% compared to the same period in 2023.
• Same-store average physical occupancy decreased by 0.7% to 92.4% compared to the same period in 2023.
• Same-store annualized rent per occupied square foot was approximately $20.25, an increase of approximately 0.5% when compared to the same period in 2023.

Further Reading:

REIT Q3 2024 Recaps: CubeSmart, Extra Space, NSA, Public Storage