SmartStop Self Storage REIT, Inc. (“SmartStop”) declared continued growth in operations as part of its overall results for the three and six months ended June 30, 2019

SmartStop Self Storage REIT, Inc. (“SmartStop”) declared continued growth in operations as part of its overall results for the three and six months ended June 30, 2019, alongside the transformation of the company into a self-managed and fully-integrated self-storage company.

Second Quarter 2019 Highlights:

  • Raised total revenues by about $5.9 million, or 30%, when contrast to the same period in 2018, mainly as a result of the SSGT merger.
  • Raised same-store revenues by 0.2% in contrast to the same period in 2018. SmartStop adopted ASU 2016-02 Leases (Topic 842) on January 1, 2019, which required bad debt expense to be reflected as a reduction of self-storage revenue instead of as a property operating expense. If SmartStop had applied ASU 2016-02 to its 2018 results, same-store revenue would have raised by about 1.8%.
  • The same-store annualized revenue per occupied square foot was about $15.78 for the second quarter of 2019, which represented a decrease of about 0.6% when contrast to the same period in 2018. If SmartStop had applied ASU 2016-02 Leases (Topic 842) to its 2018 results, annualized revenue per occupied square foot would have raised about 1.1% for the three months ended June 30, 2019 when contrast to the same period in 2018.
  • Stated same-store average physical occupancy of 89.1% for the three months ended June 30, 2019, contrast to 88.6% during the same period in 2018.
  • Raised same-store NOI by 1.2% contrast to the same period in 2018, mainly attributable to increases in same-store revenues.
  • Modified funds from operations reduced by about $4.2 million, or 89%, when contrast to the same period in 2018, mainly related to increases in interest expense as a result of the SSGT merger financing.

Six Months Ended June 30, 2019 Highlights:

  • Raised total revenues by about $10 million, or 25%, when contrast to the same period in 2018, mainly as a result of the SSGT merger.
  • Reduced same-store revenues by 0.3% contrast to the same period in 2018. SmartStop adopted ASU 2016-02 Leases (Topic 842) on January 1, 2019, which required bad debt expense to be reflected as a reduction of self storage revenue instead of as a property operating expense. If SmartStop had applied ASU 2016-02 to its 2018 results, same-store revenue would have raised about 1.2%.
  • Same-store annualized revenue per occupied square foot was about $15.76 for the six months ended June 30, 2019, which represented a decrease of about 0.3% when contrast to the same period in 2018. If SmartStop had applied ASU 2016-02 Leases (Topic 842) to its 2018 results, annualized revenue per occupied square foot would have raised about 1.2% for the six months ended June 30, 2019 when contrast to the same period in 2018.
  • Stated same-store average physical occupancy of 88.5% for the six months ended June 30, 2019, contrast to 88.6% during the same period in 2018.
  • Reduced same-store NOI by 1.8% contrast to the same period in 2018, mainly attributable to increases in property operating expenses related to raised advertising, payroll, and property taxes.
  • Modified funds from operations reduced by about $8.1 million, or 81%, when contrast to the same period in 2018, mainly related to increases in interest expense as a result of the SSGT merger financing.