SmartStop Self Storage REIT, Inc. Reports Strong Fourth Quarter 2021 Results with Best in Class Same-Store Revenue & NOI Growth
March 29, 2022 | SmartStop Self Storage REIT, Inc.
SmartStop Self Storage REIT, Inc. (“SmartStop”), a self-managed and fully-integrated self storage company, announced its overall results for the three and twelve months ended December 31, 2021.
“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. “In addition to posting best in class same-store revenue and NOI growth every quarter this year and for the full year, our fourth quarter FFO, as adjusted grew approximately 182% over the prior year. We are particularly proud that during the quarter, we declared an updated estimated Net Asset Value (‘NAV’) per share of $15.08 calculated as of June 30, 2021, approximately 45% 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. (‘SST IV’) 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.”
