SmartStop Self Storage REIT, Inc. ( (SMA) ) has released its Q1 earnings. Here is a breakdown of the information SmartStop Self Storage REIT, Inc. presented to its investors.
SmartStop Self Storage REIT, Inc. is a self-managed and fully-integrated real estate investment trust specializing in self-storage facilities, with a notable presence in the United States and Canada. The company operates under the SmartStop® Self Storage brand and manages a portfolio of properties across North America.
In its first quarter as a publicly traded company, SmartStop Self Storage REIT, Inc. reported a net loss of $8.4 million, despite a 3.2% increase in same-store revenue compared to the previous year. The company also achieved a significant milestone by listing on the New York Stock Exchange, marking a new chapter in its growth trajectory.
Key financial highlights for the first quarter of 2025 include a total revenue increase to $59.2 million, driven by improved customer demand and a higher same-store occupancy rate of 93.0%. The company also completed an underwritten public offering, raising approximately $875.6 million, which was used to redeem preferred stock and pay down existing debt.
SmartStop’s strategic activities included the acquisition of several self-storage facilities in the United States and Canada, contributing to its external growth strategy. The company also managed a portfolio of properties through its Managed REITs, generating additional revenue streams.
Looking ahead, SmartStop Self Storage REIT, Inc. remains focused on leveraging its position as a publicly traded entity to drive growth and enhance shareholder value, while navigating macroeconomic uncertainties in its operating markets.