SmartStop Self Storage Inc., which operates 168 facilities in 21 states and Canada, has released its financial statement for the quarter that ended March 31, 2015. During the first quarter, the company increased same-store revenue 5.5 percent and net operating income (NOI) 15.3 percent compared to the same period in 2014.
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 continue to execute on our income and growth strategy," said H. Michael Schwartz, CEO. "We are happy to report that we have achieved our 13th consecutive quarter of year-over-year, same-store-revenue and net-operating-income growth."
Funds from operations (FFO) for the quarter grew 34 percent to $7.1 million year over year. Same-store average occupancy for the quarter increased to 86.8 percent compared to 84 percent during the same period in 2014.
Same-store annualized rent per occupied square foot was $11.10 for the first quarter, compared to $10.85 for the same period in 2014. Cash flow from operations increased 14 percent to $7.1 million year over year.
SmartStop acquired one self-storage facility, in Tempe, Ariz., during the quarter for $4.4 million.
On March 18, the company’s board of directors declared a dividend distribution rate for the second quarter of $0.001917808 per day per share of outstanding common stock payable to stockholders of record at the close of each day during the period.
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.