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SmartStop Self Storage REIT Announces Second Quarter 2024 Results
Revenue Growth Continues with Same-Store NOI Increasing 11.1%
LADERA RANCH, Calif. (August 13, 2024) – SmartStop Self Storage REIT, Inc. (“SmartStop” or the “Company”) (NYSE: STOR), a self-managed and fully integrated self storage REIT, today announced financial results for the second quarter ended June 30, 2024.
Second Quarter 2024 Highlights
- Revenue increased 17.6% to $265.3 million, driven by a 11.1% increase in same-store net operating income (“NOI”)
- Net income increased 35.4% to $50.6 million, or $0.57 per diluted share
- Funds from operations (“FFO”) increased 23.3% to $82.3 million, or $0.93 per diluted share
- Acquired 11 properties for $117.1 million and developed 1 property for $14.7 million
“We are pleased to report another quarter of strong financial performance, driven by the continued growth of our same-store portfolio,” said Michael McClure, Chief Executive Officer of SmartStop. “Our team remains focused on executing our strategic initiatives, including acquiring high-quality properties, developing new locations, and enhancing the customer experience.
“Looking ahead, we remain confident in our ability to continue to drive growth and deliver value for our shareholders,” added McClure.
About SmartStop Self Storage REIT, Inc.
SmartStop Self Storage REIT, Inc. is a self-managed and fully integrated self storage REIT with a diversified portfolio of 264 properties located in 22 states. The Company is the tenth largest self storage company in the United States and the largest self storage REIT focused on the acquisition and development of self storage facilities. Additional information is available at www.smartstop.com.