SmartStop Q1 net loss $8.4M; FFO as adjusted $0.41/diluted share; same-store revenue +3.2%

SmartStop Self Storage REIT, Inc.

2025-Q1 EPS reported -$0.35 revenue$65,449,000

Net loss attributable to common stockholders $8.4M (loss per Class A & T $0.35), vs loss $4.6M ($0.20) in Q1 2024.
FFO as adjusted (attributable to common stockholders + OP unit holders) $11.2M ($0.41/diluted), vs $11.1M ($0.40) YoY.
Same-store revenue +3.2%, same-store NOI +2.3%; same-store occupancy 92.6% (+0.5 ppts), annualized rent per sq ft $19.84 (+2.0%).
Closed IPO of 31.05M shares at $30/share, net proceeds ~$875.6M; used to redeem all Series A Preferred ($203.6M), pay down debt ($472M to credit facility, $175M acquisition facility).
Acquired three storage facilities in Q1 for ~$82.5M; post-quarter purchased Kelowna, BC facility for ~$28.3M and assumed $17.7M loan at 3.45%.

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