Strategic Storage Growth Trust Inc. (SSGT), a public, non-traded real estate investment trust (REIT) focused on self-storage acquisition and development, has released its financial statement for the quarter that ended Sept. 30, 2016. During the third quarter, SSGT increased same-store revenue 21.3 percent, with net operating income (NOI) growing 49.5 percent, compared to the same period in 2015.
Same-store occupancy was 91.8 percent as of Sept. 30, up from 81.9 percent a year ago. The REIT also reported growth in same-store annualized rent per occupied square foot, showing an increase of 10 percent ($10.63) year over year.
"We are particularly pleased with our increases in occupancy, both in our same-store year-over-year comparisons and in our brand new self-storage facility in Phoenix, which just opened in late May and was already 46 percent occupied as of Sept. 30," said H. Michael Schwartz, CEO. "From a financing perspective, we are also pleased to report we have fully redeemed the preferred units in our operating partnership and look forward to the positive impact that will have to our common stockholders."
After factoring operating and other income expenses, SSGT reported a net loss for the quarter of $964,000. The REIT took in more than $2.4 million in self-storage rental revenue and $19,000 in ancillary operating revenue during the quarter.
SSGT focuses on the acquisition, development, redevelopment and lease-up of self-storage properties. Its portfolio currently consists of 14 storage facilities in seven states comprising approximately 1.1 million net rentable square feet in 9,300 storage units. The company is sponsored by SmartStop Asset Management LLC, a diversified real estate company with a managed portfolio of 89 self-storage facilities in Canada and the United States. Its managed properties comprise approximately 6.7 million rentable square feet.