Quarterly ResultMay 6, 2026, 04:16 PM
SmartStop Q1 FFO, as adjusted, up 19.3% to $28.8M; Net Income $9.6M
AI Summary
SmartStop Self Storage REIT, Inc. reported strong financial results for the first quarter ended March 31, 2026. The company saw a significant increase in net income attributable to common stockholders, rising by $18.0 million to $9.6 million, and FFO, as adjusted, grew by 19.3% to $28.8 million. Same-store revenues increased by 1.5% and same-store net operating income (NOI) grew by 2.0%, driven by effective expense control. Additionally, SmartStop secured a new $500 million senior unsecured credit facility and updated its full-year 2026 FFO, as adjusted per share guidance to $1.94 - $2.04.
Key Highlights
- Net income attributable to common stockholders was $9.6 million, an increase of $18.0 million year-over-year.
- Net income per share (basic and diluted) was $0.17, an increase of $0.52 year-over-year.
- Total self storage-related revenues increased by $5.6 million to $64.8 million.
- FFO, as adjusted, increased by $17.6 million to $28.8 million year-over-year.
- FFO, as adjusted per share, was $0.49, an increase of $0.08 year-over-year.
- Same-store revenues increased by 1.5% and same-store net operating income (NOI) increased by 2.0%.
- Entered a new $500 million senior unsecured credit facility with an accordion feature up to $1.1 billion.
- Updated full-year 2026 FFO, as adjusted per share guidance to $1.94 - $2.04.