SmartStop Self Storage, which operates 164 facilities in 20 states and Canada, has released its financial statement for the quarter and fiscal year that ended Dec. 31, 2014. During the fourth quarter, the company increased same-store revenue 6.7 percent and net operating income (NOI) 14.3 percent compared to the same period in 2013. Same-store revenue and NOI grew 7.7 percent and 13.5 percent for the entire fiscal year, according to a press release.
Company officials attributed the favorable numbers, in part, to SmartStop’s self-administration and investment-management transaction last fall with Strategic Storage Holdings LLC and Strategic Storage Advisor LLC, which enabled it to become a self-managed entity.
“We had another strong year and have achieved our 12th consecutive quarter of year-over-year same-store revenue and net-operating-income growth,” said H. Michael Schwartz, CEO. “In addition, we completed our self-administration and investment-management transaction, which positively impacted income by more than $1 million since the date of the transaction.”
Funds from operations (FFO) for the quarter grew 97 percent to $7.2 million year over year. For the fiscal year, FFO increased 59 percent to $27.3 million.
Same-store average occupancy for the quarter increased to 86.6 percent compared to 83.4 percent during the same period in 2013. Average occupancy for fiscal 2014 was 86.1 percent, up from 83 percent in 2013.
Same-store annualized rent per occupied square foot was $11.20 for the fourth quarter, compared to $10.95 for the same period in 2013. For the year, rent per occupied square foot was $11.02, up from $10.63 for the previous fiscal year.
Formerly Strategic Storage Trust Inc., SmartStop Self Storage is a diversified real estate company that focuses on acquisition, advisory, asset management and property-management services for self-storage properties. The company is also the sponsor, adviser and property manager for Strategic Storage Trust II Inc., a public, non-traded real estate investment trust (REIT) specializing in stabilized properties, and Strategic Storage Growth Trust Inc., a public, non-traded REIT focusing on self-storage acquisition and development.
- SmartStop Self Storage: SmartStop Self Storage Inc. Reports Fourth Quarter and Annual 2014 Results