Overview
US self-storage REIT's Q1 same-store revenue rose 1.5%, with NOI up 2.0% yr/yr
Adjusted FFO per share increased to $0.49 from $0.41 a year earlier
Company entered new $500 mln senior unsecured credit facility during quarter
Outlook
SmartStop sees 2026 same-store revenue growth between -0.25% and 1.75%
Company expects 2026 FFO, as adjusted per share, between $1.94 and $2.04
SmartStop plans 2026 acquisitions and investments between $45 mln and $65 mln
Result Drivers
EXPENSE CONTROL - Co said muted operating expenses and scale led to NOI margin expansion in same-store portfolio
RENT INCREASES - Co said same-store revenue growth was primarily due to 1.2% increase in annualized rent per occupied square foot and higher administrative and late fees
NOI GROWTH - Co posted sector-leading same-store NOI growth of 2.0% despite difficult year-over-year comparisons
Company press release: ID:nBw8CqKPza
Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q1 EPS
$0.17
Q1 Net Income
$9.60 mln
Q1 Adjusted FFO
$28.80 mln
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)