August 11, 2022 | SmartStop Self Storage REIT, Inc.<\/p>\n
SmartStop Self Storage REIT, Inc. (\u201cSmartStop\u201d), a self-managed and fully-integrated self storage company, announced its overall results for the three and six months ended June 30, 2022.<\/p>\n
\u201cThe second quarter was another strong period of growth, both organically and externally, culminating with the closing of the previously announced SSGT II merger at the beginning of June,\u201d said H. Michael Schwartz, Chairman and CEO of SmartStop. \u201cPrior to the closing of the SSGT II merger, we launched a new private REIT within our Managed REIT Platform, Strategic Storage Growth Trust III. Storage fundamentals remain robust in our busy summer rental season, as we were able to continue to increase rental rates throughout our owned portfolio. Additionally, we transformed the right side of our balance sheet with the closing of SmartStop\u2019s inaugural private placement notes and the receipt of a BBB- investment grade credit rating. With our healthy balance sheet and Managed REIT Platform, we believe that we have ample levers to continue to execute on our overall growth strategies.\u201d<\/p>\n
Three Months Ended June 30, 2022 Financial Highlights:<\/strong><\/p>\n \u2022 Net income attributable to common stockholders was approximately $9.1 million. This represents an improvement of approximately $13.0 million when compared to the same period in 2021. Net income per Class A and Class T shares (diluted) was $0.10, an improvement of $0.15 when compared to the same period in 2021.<\/p>\n \u2022 Total self storage-related revenues were approximately $48.6 million, an increase of approximately $8.4 million when compared to the same period in 2021.<\/p>\n \u2022 FFO, as adjusted (attributable to common stockholders and Operating Partnership (\u201cOP\u201d) unit holders), was approximately $17.4 million, an increase of approximately $8.0 million when compared to the same period in 2021.<\/p>\n \u2022 FFO, as adjusted per share and OP unit outstanding \u2013 diluted was $0.17, an increase of $0.07 when compared to the same period in 2021.<\/p>\n \u2022 Same-store revenues, expenses and NOI increased by 14.1%, 0.6% and 20.3%, respectively compared to the same period in 2021.<\/p>\n \u2022 Same-store average physical occupancy decreased by 0.3% to 95.5% compared to the same period in 2021.<\/p>\n \u2022 Same-store annualized rent per occupied square foot was approximately $18.47, an increase of approximately 15.3% when compared to the same period in 2021.<\/p>\n