SmartStop Self Storage REIT (SMA) Q1 2025 earnings summary

Executive summary

• Listed on NYSE in April 2025, raising $931.5 million gross ($875.6 million net), marking a significant milestone as a public REIT.

• Portfolio includes over 17.5 million sq ft across 23 U.S. states, D.C., and four Canadian provinces, with 164 owned properties and 112,700 units as of March 31, 2025.

• Manages 44 additional properties through its Managed REIT Platform, generating management and advisory fees.

• Technology-driven platform and clustering strategy drive operational efficiency and margin expansion.

• Continued portfolio expansion with acquisitions in New York, Nashville, Kelowna, and under contract for additional facilities.

Financial highlights

• Q1 2025 total revenues were $65.4 million, up 14.7% year-over-year; same-store revenue grew 3.2%, with ending occupancy at 93%.

• Net loss attributable to common stockholders was $8.4 million, compared to $4.6 million loss in Q1 2024.

• FFO as adjusted per share was $0.41, up $0.01 year-over-year; FFO as adjusted was $9.4 million, flat year-over-year.

• Canadian portfolio posted 7% same-store revenue growth (constant currency), with 93% occupancy.

• Property operating expenses increased 5.2% year-over-year, driven by higher taxes and insurance.

Outlook and guidance

• 2025 same-store revenue growth expected at 1.5%-4.8%; NOI growth at 0%-2.2%.

• FFO as adjusted per share and unit guidance for 2025: $1.84-$1.92.

• Managed REIT EBITDA expected between $10.75-$11.25M for 2025.

• Liquidity improved significantly post-quarter with public offering proceeds used to pay down debt.

• External growth expected to accelerate as acquisition environment improves.